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Saturday 4 April 2009
Fund manager may inject US$15m into Oceanus
Marine aquaculture specialist Oceanus Group has announced a proposed loan investment of between US$12 million and US$15 million in the group by a fund manager.
Marine aquaculture specialist Oceanus Group has announced a proposed loan investment of between US$12 million and US$15 million in the group by a fund manager.
Oceanus said it has entered into a conditional term sheet yesterday with Hupomone Capital Partners Singapore, described as an independent private equity fund manager supported by international financial institutions from Asia, Europe and North America.
As part of the cash term loan deal, the lender will be issued warrants that are convertible to Oceanus shares at an exercise price of 15 cents each.
The number of warrants issued will be the investment amount divided by the exercise price. Shares in Oceanus closed trading yesterday at 12.5 cents each.
Oceanus, which focuses on abalones, said loan proceeds will be for farm expansion, downstream activities and working capital. The loan will be denominated in Singapore dollars and will have an interest rate of 9 per cent per annum, payable semi-annually in arrears.
Precedent conditions for the loan include completion of due diligence on the group and approval by Hupomone investment committee.
As previously announced, Oceanus intends to secure further investments with a view to raising up to US$45 million in total. Last month, it also signed a term sheet for a proposed investment in the group by Ocean Wonder International.
The fund managed by Hupomone targets primarily mid-market companies in China and other Asian companies expanding into China.
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Fund manager may inject US$15m into Oceanus
By MICHELLE YEO
4 April 2009
Marine aquaculture specialist Oceanus Group has announced a proposed loan investment of between US$12 million and US$15 million in the group by a fund manager.
Oceanus said it has entered into a conditional term sheet yesterday with Hupomone Capital Partners Singapore, described as an independent private equity fund manager supported by international financial institutions from Asia, Europe and North America.
As part of the cash term loan deal, the lender will be issued warrants that are convertible to Oceanus shares at an exercise price of 15 cents each.
The number of warrants issued will be the investment amount divided by the exercise price. Shares in Oceanus closed trading yesterday at 12.5 cents each.
Oceanus, which focuses on abalones, said loan proceeds will be for farm expansion, downstream activities and working capital. The loan will be denominated in Singapore dollars and will have an interest rate of 9 per cent per annum, payable semi-annually in arrears.
Precedent conditions for the loan include completion of due diligence on the group and approval by Hupomone investment committee.
As previously announced, Oceanus intends to secure further investments with a view to raising up to US$45 million in total. Last month, it also signed a term sheet for a proposed investment in the group by Ocean Wonder International.
The fund managed by Hupomone targets primarily mid-market companies in China and other Asian companies expanding into China.
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