Pacific Radiance gets more time to release full-year 2017, Q1 2018 results

Pacific Radiance will have until July 16 to hold its annual general meeting.
Pacific Radiance will have until July 16 to hold its annual general meeting.PHOTO: PACIFIC RADIANCE

SINGAPORE - Pacific Radiance has been granted an extension by the Singapore Exchange of up to July 2 to announce its full-year results for the financial year ended Dec 31, 2017.

The extension also applies for its first-quarter results for the period ended March 31.

The offshore marine group will also have until July 16 to hold its annual general meeting.

Pacific Radiance said in a bourse filing before market open on Wednesday (Feb 21) that the group expects that ongoing discussions of its restructuring terms with potential investors, existing lenders and noteholders will require more time to reach a conclusion.

"Release of financial results prior to the conclusion of the main terms of the restructuring may potentially reflect incomplete information," it said.

"An extension will therefore allow the group to release its financial results after the main terms of the restructuring are finalised and presented to all stakeholders, including the existing shareholders, enabling the market to better assess the financial impact of the restructuring."

The group will also need more time for its auditor to complete the audit of the group's results before convening the annual general meeting for the fiscal year 2017, said the company.

It added it will submit an application to the Accounting And Corporate Regulatory Authority for more time to hold its annual general meeting, and that it will provide updates in due course.

Pacific Radiance began a consent solicitation exercise earlier this month for its S$100 million 4.3 per cent medium-term notes due later this year, on Aug 29.

It is offering a debt to equity conversion of 950,000 new ordinary shares for every S$250,000 held. This works out to 26.3 Singapore cents per share.

The group has called for a noteholders' meeting on Feb 26 to approve resolutions pertaining to the proposal.

Shares of Pacific Radiance closed flat at 10.8 Singapore cents on Tuesday.