Atlantic Navigation’s Strategic Capital Reduction and Dividend Announcement

Atlantic Navigation Holdings (Singapore) Limited has made a significant announcement that could influence its stock value. On November 27, 2024, the company officially lodged documents with the Accounting and Corporate Regulatory Authority of Singapore (ACRA), marking the effective date of a proposed capital reduction and a special dividend distribution.

Key Highlights of the Announcement

• The company has reduced its issued and paid-up capital by S\$83.25 million, equivalent to US\$62.00 million, effective from November 27, 2024.
• A special interim dividend of US\$58.00 million will be distributed, translating to S\$77.88 million based on the Applicable Exchange Rate of US\$1.00:S\$1.3428.

Important Shareholder Information

Shareholders should note the following pivotal details:

• The capital reduction and dividend are based on the current exchange rate, which could affect the final amounts received.
• The issued share capital for financial reporting (FS Paid-Up Capital) is recorded in US Dollars, while the ACRA Paid-Up Capital is in Singapore Dollars, leading to differences in reported amounts.
• The FS Paid-Up Capital will be reduced from US\$111.47 million to US\$49.47 million, while the ACRA Paid-Up Capital decreases from S\$209.71 million to S\$126.46 million.
• This reduction aligns with a reverse takeover agreement completed in 2012 and subsequent corporate exercises.

Potential Implications

The announcement may have price-sensitive implications, as it reflects the company’s strategic financial maneuvers to enhance shareholder value. Investors should consider the currency exchange impacts and the company’s strategic realignment when evaluating its stock.

By Order of the Board, Wong Siew Cheong, Bill, Executive Director and Chief Executive Officer, assures shareholders of the company’s compliance with regulatory requirements.

SAC Capital Private Limited, the company’s sponsor, has reviewed the announcement, although it has not been approved by the Singapore Exchange Securities Trading Limited (SGX-ST).

Contact Information

For further clarification, shareholders can contact Ms. Lee Khai Yinn at SAC Capital Private Limited via Tel: (65) 6232 3210.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult with a financial advisor for personalized guidance.

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