Starland's reverse takeover of fintech firm Ayondo lapses

Starland's reverse takeover of fintech firm Ayondo lapses

PC Lee
25/09/17, 10:00 pm

SINGAPORE (Sept 25): The $158 million reverse takeover deal of fintech Ayondo property firm by Starland Holdings has lapsed.

In a Monday night filing, Starland says this was because conditions under the proposed deal have not been met or waived by the long-stop date of Sept 23.

It was on June 20 2016, that Starland entered into the RTO deal with Ayondo.


See: Fintech Ayondo to list on SGX through $158 mil reverse takeover of Starland

Ayondo is a financial technology group that provides social trading services and brokerage services for both business-to-consumer (B2C) and business-to-business (B2B) for contracts for differences (CFDs).

Starland, the developer of properties in Chonqing, China, said the acquisition was in line with its diversification strategy into the fintech business, which would allow it to achieve a more consistent and sustainable financial growth.

Had the deal been completed, the acquisition consideration of $158 million would have been fulfilled through the issuance of new Starland shares at 18.7 cents each.

In a separate filing on Monday morning, Starland also announced it is in negotiations with Ayondo over some $992,000 in expenses over the failed deal.

Starland disclosed that expenses of about $2.48 million were incurred by the group and Ayondo in connection with the proposed acquisition.

Out of the $2.48 million, $992,000 were expenses incurred by Ayondo which was to be recovered.

Shares in Starland closed at 12.1 cents on Monday.

Sentifi - The Edge Markets Singapore - Top themes and market

Venture, Sarine, SGX bear watching as results season approaches

(Oct 23): As another reporting season approaches, market sentiment towards some of our holdings is riding high. Strong earnings reports for 3QFY2017 could quickly push some of these stocks higher, but any disappointment could lead to an ugly sell-off. In particular, Venture Corp is up 83.4% since we added it to our portfolio in Jan 4. On Aug 4, the company reported a 41.3% rise in revenue for 1HFY2017 to $1.8 billion and a 49.5% jump in earnings to $118.4 million. According to Eugene Chua, an analyst at OCBC Investment Research, Venture should benefit from a seasonally stronger 2HFY2017. â€....

Right timing: STI encounters resistance, attempts breakout

SINGAPORE (Oct 20): Here are some charts this week for our technical analysis. Straits Times Index (daily)  The Straits Times Index (3,340) gained a further 21 points during the week, taking the total gain to around 50 points in the past two weeks. This is near the year’s high of 3,354, a level that provides resistance. The 50- and 100-day moving averages are attempting to turn up. But, short term indicators are approaching the top end of their range. Short term stochastics has flattened at its top end, while 21-day RSI is at 64, a level from which it had previously encountered resi....

k1 Ventures' 1Q earnings rise 10.6% to $11.6 mil

SINGAPORE (Oct 20): Investment holding company k1 Ventures posted a 10.6% increase in earnings to $11.6 million for the 1Q ended September, from $10.5 million a year ago. Revenue fell 80.2% to $2.4 million in 1Q18, from $12.3 million a year ago. The decrease was primarily due to the absence of investment income from Knowledge Universe Holdings, a holding company that has various interests in education-related ventures. However, group profit before tax rose 6.1% to $12.2 million in 1Q18, from $11.5 million a year ago. The increase was mainly due to a fair value gain associated with the....