Shareholders of an Alaskan oil field will take an enlarged 38.2 per cent stake in Alpha Energy Holdings in exchange for injecting their share of the oil field into the Singapore-listed company.
Alpha Energy said it will issue 219.7 million new shares to TP Alaska, a subsidiary of Thyssen Petroleum, and Neo Alaska Venture. In exchange, it will receive an additional 29.3 per cent stake in Mustang, which will increase its stake in the oil field to 76.6 per cent from the current 47.3 per cent.
TP Alaska, a holding company, will renounce the consideration shares in favour of its beneficial shareholders, which comprise Thyssen and other parties.
The deal is valued at $17.1 million, based on the consideration of 219.7 million new Alpha Energy shares issued at 7.79 cents per share.
In a separate announcement, offshore and marine group Ezion Holdings is selling up to 98 million options in Alpha Energy to TP Alaska and Neo Alaska Venture for a nominal sum of $1.
Each of the buyers has agreed not to exercise the options in a manner that will make either become the single largest shareholder of Alpha Energy.
The exercise price for each option is nine cents.
Standard Chartered Bank
Standard Chartered yesterday said its global chief executive officer of the commercial and private banking business, Ms Anna Marrs, has resigned.
She is also the current regional CEO for Asean and South Asia (ASA) - a title that was due to be handed over to StanChart Singapore CEO Judy Hsu by the fourth quarter of this year.
Ms Marrs will leave the group in September to return to London with another financial services company, StanChart said.
She will continue in her role until May 31.
Ms Hsu will now take over as regional CEO, ASA, on June 1, subject to regulatory approval. She will remain as CEO, Singapore, until a successor is appointed.