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RECENT CORPORATE DEVELOPMENTS
The Annual General Meeting of the Company will be held at Straits Ballroom, Level 2, Rendezvous Hotel, Singapore, 9 Bras Basah Road, Singapore 189559, on Tuesday, 28 April 2009 at 10.00 a.m.
The Extraordinary General Meeting of the Company will be held at
Straits Ballroom, Level 2, Rendezvous Hotel, Singapore 189559 on
19 December 2008 at 10.00 a.m. to seek shareholders’ approval for
any financial assistance which may be deemed to have been given
by the Company, directly or indirectly, within the meaning of section
76 of the Companies Act (Cap. 50), for the purpose of or in connection
with the acquisition by any person, including shareholders as at
a books closure date to be determined by the Directors, of ordinary
shares in the Company, in connection with the payment of the proposed
special cash dividend of $1.00 per share; and for the payment by
the Company of the proposed special cash dividend of $1.00 per share
to shareholders as at a books closure date to be determined by the
Directors.
The Extraordinary General Meeting of the Company will be held at
Straits Ballroom, Level 2, Rendezvous Hotel, Singapore 189559 on
13 June 2008 at 10.00 a.m. to seek shareholders’ approval
for any financial assistance which may be given by the Company,
within the meaning of section 76 of the Companies Act (Cap. 50),
in connection with the acquisition of shares by The Cairns Pte Ltd
or other shareholders by way of payment of the proposed special
dividend (as hereinafter defined), and for the payment by the Company
of the proposed special dividend of $1.50 per share to shareholders
as at a books closure date to be determined by the Directors.
On 15 May 2008, the Company released the unaudited results of the
Group and the Company for the period ended 31 March 2008. The Company
also announced that the Board has proposed to increase the amount
of the special dividend from $0.60 per share to $1.50 per share,
subject to shareholders’ approval at an extraordinary general
meeting to be convened.
On 30 April 2008, Mrs Elizabeth Sam was appointed to the Board as
an independent and non-executive Director of the Company, as well
as Ms Chew Gek Hiang and Mr. David Goh Kay Yong, who were both appointed
as non-independent and non-executive Directors of the Company on
the same day.
Ms Chew Gek Khim was appointed as the non-executive and non-independent
Chairman of the Company effective following the conclusion of the
Annual General Meeting on 24 April 2008.
In April 2008, Malaysia Smelting Corporation Berhad (MSC) announced
its entry into a Framework Agreement with Philco Resources Limited,
LG International Corp and Korea Resources Corporation, in relation
to MSC's proposed investment for a 30% interest in the Rapu Rapu
copper, gold, zinc and silver project in Philippines at an estimated
cost of approximately USD18.9 million.
The Annual General Meeting of the Company will be held at Straits
Ballroom, Level 2, Rendezvous Hotel, Singapore, 9 Bras Basah Road,
Singapore 189559, on Thursday, 24 April 2008 at 3.00 p.m.
On 6 January 2008, The Cairns Private Limited (TCPL) announced
its intention to launch a voluntary conditional cash offer for the
Company (STC). On 24 January 2008, Knowledge Two Investment Pte
Ltd (KTIPL) announced its intention to launch a mandatory conditional
cash offer for STC. On 2 March 2008, KTIPL withdrew its mandatory
conditional cash offer. On 4 March 2008, TCPL announced that its
offer had been converted to a mandatory unconditional cash offer.
The TCPL cash offer closed on 3 April 2008, with TCPL and parties
acting in concert with it, owning approximately 88.98% of STC's
issued share capital. STC remains listed on the Singapore Exchange
Securities Trading Limited.
In March 2008, the Company announced that pursuant to a request
by The Cairns Private Limited to enhance shareholders’ value
by distributing additional dividends, the Board has proposed that
the Company declare a special cash dividend (Special Dividend) of
$0.60 per ordinary share in the capital of the Company, to be paid
to shareholders of the Company as at a books closure date to be
determined. The Special Dividend is conditional upon shareholders’
approval to be obtained at an extraordinary general meeting of the
Company to be convened, for any financial assistance which may be
given by the Company in connection with the acquisition of ordinary
shares in the capital of the Company, and for the payment of the
Special Dividend.
Ms Chew Gek Khim was appointed to the Board as a non-independent
and non-executive Director of the Company on 20 March 2008.
In February 2008, Rendezvous Hotels International Private Limited
(the Group’s hotel management arm), announced the acquisition
of the 101-room Emerald Hotel in Perth, with settlement expected
in April 2008. This hotel will be refurbished and managed under
The Marque brand and will be renamed The Marque Hotel Perth.
In February 2008, Malaysia Smelting Corporation Berhad (MSC) announced
the subscription of 70 million shares in Beaconsfield Gold NL (BCD),
a company listed on the Australian Stock Exchange, representing
approximately 19% of BCD’s enlarged issued and paid-up share
capital, for approximately A$19.6 million. The subscription was
completed on 3 March 2008.
In January 2008, Malaysia Smelting Corporation Berhad announced
that allegations were made against two appointed subcontractors
of PT Koba Tin, MSC’s 75% owned subsidiary in Indonesia, in
respect of their mining in a forest area within PT Koba Tin’s
Contract of Work area, where mining is prohibited. PT Koba Tin is
seeking clarification and assistance with relevant authorities on
the actions taken by the local police for PT Koba Tin to stop receiving
tin ore from its appointed subcontractors and production of tin
ingots from its smelting operations, with the aim of restoring operations
back to normality as soon as possible.
In January 2008, Rendezvous Hotels International Private Limited
( the Group’s hotel management arm) announced the signing
of an agreement by its subsidiary to manage new 4-star 200-room
hotel to be built in Shanghai, under The Marque brand, and to be
known as the Marque Hotel Yu Garden, Shanghai.
In January 2008, the Company announced that it is in advanced discussions
with Oversea-Chinese Banking Corporation Limited on the redevelopment
and management of Specialists’ Centre and Hotel Phoenix Site.
In December 2007, Malaysia Smelting Corporation Berhad (MSC), announced
the entry by PT Tenaga Anugerah (a company in which MSC has an indirect
interest of 60%) into a Mining Corporation Agreement with PT Sarana
Marindo, in relation to an offshore tin mining venture in Bangka
Island, Indonesia.
In December 2007, the Group’s listed subsidiary, Malaysia
Smelting Corporation Berhad, entered into a subscription agreement
for 11.4 million shares with 6.8 million detachable warrants in
Asian Mineral Resources Limited (AML), a company listed on the TSX
Venture Exchange, representing approximately 12.8% of AML’s
enlarged issued and paid-up share capital, for a total cash consideration
of approximately C$20 million.
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