Vividthree lodges offer document for spinoff and listing after Monday’s restructuring deal

Vividthree lodges offer document for spinoff and listing after Monday’s restructuring deal

By: 
PC Lee
30/08/18, 10:29 am

SINGAPORE (Aug 30): Vividthree Holdings (VVH), the visual effects studio 51% owned by mm2 Asia, on Wednesday lodged its preliminary offer document for the proposed spinoff and listing on the Catalist Board.

See: mm2 Asia posts 13.2% increase in 1Q earnings to $7.3 mil

Proceeds from the sale of new shares will be used to create VR (virtual reality content) and immersive media, develop or acquire intellectual property and expand via acquisition, joint ventures or strategic alliances.

The lodgement follows a restructuring agreement entered into on Monday between mm2 Asia's unit mm2 Entertainment and four individual shareholders of Vividthree Productions (VVP) with VVH.

mm2 Entertainment and the four shareholders will transfer their entire stake in VVP to VVH for a consideration of $50,000 or 49,700 new shares at about $1.006 each.

Once the restructuring is completed, mm2 Entertainment will cease to be a shareholder of VVP, which in turn, will be a wholly owned subsidiary of VVH and an indirect subsidiary of mm2 Asia.

In its last fiscal year ended March, VVH reported a net profit and revenue of $2.71 million and $7.06 million respectively.

Hong Leong Finance is the sponsor, issue manager and placement agent for VVH’s listing.

As at 10.25am, shares in mm2 Asia are down 0.5 cent at 40 cents.

Stratech's controlling shareholders seeking stay of winding-up order

SINGAPORE (Sept 20): A Singapore court has granted applications to wind up The Stratech Group and its subsidiary, Stratech Systems, after the group failed to receive the necessary support for proposed schemes of arrangement. See: Stratech to receive funds from controlling shareholders, plans to propose scheme of arrangement See also: Stratech to call for rights issue as founders pump in more funds See also: Auditors flag Stratech's ability as going concern One of Stratech’s three secured creditors, who held more than 50% of the company’s $6 million in secured debt, did not agre....
Read More >>

Easy for Hongkong Land to find replacement for tenant HNA: DBS

SINGAPORE (Sept 20): China-based HNA Group reportedly surrendered eight floors at Three Exchange Square in Hongkong’s Central with lettable area of 88,000sf. This move should not surprise the market as this conglomerate has been reducing its business operations in Hong Kong in the previous year. The 33-level Three Exchange Square office tower was developed by property group Hongkong Land and houses the Hong Kong Stock Exchange. HNA’s lease started in June and should have expired in May 2027. According to press reports, China Merchants Bank has agreed to take up four floors for ....
Read More >>

Singaporeans love their banks but remain wary of the lesser-known, finds survey

SINGAPORE (Sept 20): While a majority of Singaporeans view the city state’s financial services sector as more trustworthy than a decade ago, many are cautious towards less familiar sub-industries and new & emerging digital financial services companies. This is according to the inaugural 2018 Financial Services Reputation Index, launched today by MHP Communications and ORC International, which surveyed over 4,000 adults across China, Hong Kong, India and Singapore in August this year. In particular, the survey found that 90% of respondents in Singapore and India rated the reputation....
Read More >>