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Hi guys

There was a slew of acquisitions notice from Inno-Pac yesterday.

1) Proposed acquisition of the entire issued and paid up share capital of Enigma Ventures Sdn Bhd. Announcement Link

2) Proposed Acquisition of a 25% interest in the share capital of Grand Prosper Group Limited Announcement Link

3) Proposed Acquisition Of 3 Residential Units Of A Condominium Located In Kuala Lumpur, Malaysia Announcement Link

4) Proposed acquisition of 3 shophouses located in Kota Kinabalu Sabah Malaysia Announcement Link

All the acquisitions will be satisfied by allotment and issue of new shares.

Here are the purchase considerations of the acquisitions and the no of shares to be issued:

1) $2 million by issuing 200,000,000 million new shares
2) $2 million by issuing 200,000,000 million new shares
3) Approx $2,684,878 by issuing 268,487,800 new shares
4) Approx $516,156.10 by issuing 51,615,610

On 28 Jan 2011, the company also did a placement on 215,000,000 new shares raising $1,935,000. Announcement Link

In the last AGM held on 28 April 2010, the directors were authorised to issue new shares of up to 50% of the existing share capital at that time. The share capital of the company at the time of approval was 1,086,245,285.

So if all the proposed acquisitions #1 - #4 proceed and with the 215 million placement, the total no of shares issued/to be issued would be 935,103,410.

How is that possible? Is the authority to issue new shares (limit to 50%) applied to each of the acquisitions separately??
Acquisition spree? Huh The company is like giving away pieces of its own flesh freely.....Tongue
(17-02-2011, 10:30 AM)lonewolf Wrote: [ -> ]How is that possible? Is the authority to issue new shares (limit to 50%) applied to each of the acquisitions separately??

They will hold another EGM. It's in the announcement.

Inno Pac announced the take-over of ASX-listed diamond miner Merlins Diamond. If it goes through, Inno Pac will be the first diamond miner listed on SGX.

Innopac launches take-over bid for ASX-listed diamond miner, Merlin Diamonds

The counter has been active this month and climbed from $0.076 at the beginning of Jan to $0.245 yesterday. Looks like once again, it appears that some parties had got wind of the takeover bid and bought into share and rid the wave. A 3-bagger within a month is mighty impressive indeed.
can a diamond digger be good
This is an A$ casualty. As it comes from nowhere it will return to nowhere.
Seriously wonder when will the entire episode blow up for the entire group of interlink companies - Asiasons, Blumont, Innopac, Ipco, LionGold...

It's Act II in Gutnick's new Singapore sling
BY:ANDREW BURRELL From: The Australian August 30, 2013 12:00AM
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A LISTED mining company controlled by colourful Melbourne magnate Joseph Gutnick has received a takeover bid from Singapore's LionGold, in a deal that bears a remarkable similarity to a failed offer last month for the entrepreneur's Merlin Diamonds.

The cashed-up LionGold is well known in Australian mining circles, where it has left behind a string of failed deals to acquire several miners and explorers over the past two years.

LionGold, which has a market capitalisation of $S1.6 billion ($1.4bn), launched a friendly takeover offer late last month for Canadian-listed Acadian Mining Corp, which is worth only $C7.4 million ($7.9m).

Mr Gutnick is the major shareholder in Acadian -- which is focused on exploring a portfolio of gold properties in Nova Scotia, Canada -- via his stake in a US-based Golden River Resources.

But of particular interest to Australian investors -- especially those in the Mr Gutnick-chaired Merlin Diamonds -- is the fact that one of LionGold's substantial shareholders is Wong Chin Yong, the chief executive of listed Singaporean investment firm InnoPac Holdings.

InnoPac launched a mysterious $60m takeover bid for Merlin Diamonds in January that eventually collapsed last month after revelations that Mr Gutnick had switched allegiances during the offer period.

Mr Gutnick sold his controlling stake in Merlin and became the biggest shareholder in InnoPac.

He sold the Merlin stake in March to a group of Singaporean businessmen who all have links to InnoPac.

The shares were sold for between 20c and 22c -- a significant discount to InnoPac's takeover offer price of 28c a share.

Mr Gutnick disclosed his Merlin sales to the Australian Securities Exchange but shareholders in Australia were not told that their chairman had become the biggest shareholder in InnoPac.

The Australian Shareholders' Association said last month it was concerned that Mr Gutnick, as chairman of Merlin, had not kept the company's retail shareholders fully informed about his share trading.

It is unclear whether Mr Gutnick now intends to repeat his actions by selling out of Acadian and buying up shares in LionGold.

Also unclear is the extent of the apparent links between Mr Gutnick and a group of Singaporean businessman.

Mr Gutnick now spends most of his time in the city state.

According to Singapore financial website Investor Central, the Gutnick-controlled Golden River Resources has an 18.74 per cent stake in Acadian, while Wong Chin Yong, chief executive of InnoPac, has a stake of 8.41 per cent.

Mr Gutnick is also the largest shareholder in InnoPac with more than 10 per cent of the stock.

LionGold has previously taken over Australian miner Castlemaine Goldfields and has an 18 per cent stake in gold hopeful CitiGold.

But it pulled the pin on several other offers, including bids for Navigator Resources and Bass Metals, which took legal action against the Singaporean company.

LionGold said last month that it was primed for acquisitions and had a $S200m war chest.

Mr Gutnick could not be reached for comment yesterday.
Hope I don't get mixed up with those similar Co names again, unable to verify the long name(Inno-Pacific) of the company in sgx announcements.

Innopac's entire finance and admin staff resigned; requesting for 2-month extension to post results, hold AGM
Tue, Sep 03, 2019 - 9:53 PM

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Co Announcement :