happyday
Joined: 20 Apr 2007
Posts: 2164
Posted: Tue Oct 16, 2007 12:49 pm Post subject:
--------------------------------------------------------------------------------
NotSure wrote:
5yrsold wrote:
petshopboys wrote:
new shares priced @ 0.50....
seem like good news
where does it say at 50cts ?
thks
PRESS RELEASE:
The Consideration will be fulfilled by the issue of 1.2 billion shares in the capital
of Oculus (“Consideration Shares”) at the issue price of S$0.50 per
Consideration Share. This will effectively result in the reverse-take-over (“RTO”).
Press Release
Quote:
Page 1/4
OCULUS LIMITED
(Company Registration No. 198304025N)
FOR IMMEDIATE RELEASE
Oculus to acquire Asia’s leading carbon
credit developer in S$600 million RTO
deal
• Portfolio of 50 million metric tonnes of carbon credits
• Earnings guarantee of not less than S$50 million for FY2008
and FY2009
Singapore, 16 October 2007 – Oculus Limited (“Oculus” or the “Company”), is
pleased to announce that the Company has entered into a Heads of Agreement
(“HOA”) for the acquisition of the entire issued share capital of Aretae Pte Ltd
(“Aretae”), an environmental resources development and renewable energy
company that focuses on creating value from recycling and transforming biomass
waste materials into value added products and energy while generating carbon
credits, for an aggregate consideration of S$600 million (“Consideration”).
“The proposed acquisition fits in well with Oculus’ new business strategy
to focus on environmental and renewable energy businesses. The new
business injection will help to create very significant shareholders’ value
and attract more institutional interests to the company.”
- Executive Director of Oculus Limited, Mr. Low Shiong Jin
The Consideration will be fulfilled by the issue of 1.2 billion shares in the capital
of Oculus (“Consideration Shares”) at the issue price of S$0.50 per
Consideration Share. This will effectively result in the reverse-take-over (“RTO”)
of Oculus by Aretae.
To inject a strong vote of confidence into the deal, the key vendors of Aretae will
provide an earnings guarantee of not less than S$50 million for the aggregate
earnings before interest, tax, depreciation and amortization (“EBITDA”) of Aretae
for the financial years ending 31 December 2008 (“FY2008”) and 31 December
2009 (“FY2009”). The key vendors expect the EBITDA figures for FY2008 and
FY2009 to be S$20 million and S$30 million respectively.
Page 2/4
In the event that the earnings guarantee is not satisfied, the key vendors of
Aretae will return shares to Oculus based on a pre-determined formula either by
means of a capital reduction by Oculus or as a purchase by Oculus of the
Returned Shares as treasury shares.
The bullish sentiments come on the back of bright prospects in the international
climate change mitigation industry. Aretae is an environmental solutions company
that focuses on climate change initiatives that can help to combat global
warming. Aretae offers fully integrated services to identify, develop and also
finance projects that can reduce greenhouse gas emissions while supporting
sustainable development through recycling of waste into value added by-products
or energy. These services are offered to assist their clients in reducing green
house gas emissions in their business operations. They also invest independently
or with joint venture partners in such projects. Their current project portfolio
includes converting agricultural waste to compost/fertilizer or energy, and landfill
gas to energy in Malaysia, Indonesia, Vietnam, China and Singapore.
“Climate change is an inconvenient truth. We can choose to ignore it at
great costs to our future generation. If we do nothing now, Stern Review
estimates that the costs and risks of climate change will be equivalent to
losing at least 5% of global GDP each year, now and forever. I hope that our
business will make a small contribution to a better environment as well as
prospects for the future. In fact, it is also a business of the future. As
countries tighten their environmental policies when the impact of climate
change becomes even more apparent, we are ready to exploit these
opportunities”
- Chairman of Aretae Pte Ltd, Mr. David Leong
To date, Aretae has secured over 30 green house gas reduction projects, which
are expected to generate an aggregate of 50 million metric tonnes of carbon
credits. The current market value for a carbon credit for delivery in December
2008 is about Euro 17 or S$35.
Under the Kyoto Protocol, industralised countries have committed to reduce their
greenhouse gas emissions by an average of 5 per cent over the period 2008-
2012, as compared to their 1990 levels. As one carbon credit will give the owner
the right to emit one tonne of carbon dioxide, any shortfall in emissions reduction
targets can be met by purchasing of carbon credits based on a monetary value
determined by the carbon market.
With the implementation of the Kyoto Protocol, Europe has also taken the
leadership role to introduce carbon constraints for electricity generators and
industry under the European Union Emissions Trading Scheme (“EU ETS”). With
Phase II of the scheme rolling out in 2008, targeted industries that produce
greenhouse emissions beyond their capped allowance will have to pay fines of
Euro 100 per tonne of excess greenhouse gas emission.
“The carbon market has experienced phenomenal growth in the last few
years considering that the implementation period of the Kyoto Protocol will
Page 3/4
only commence in 2008. An estimated US$22 billion of carbon credits was
traded in carbon market in the first half of 2007 with an annualized growth
of over 40%. The global carbon market is expected to enter into a new
phase of development as we head into 2008. Carbon credits are now being
transformed from a niche commodity into an established asset class.”
- Managing Director of Aretae Pte Ltd, Dr. Stephen Lee
According to the World Bank in May 2007, estimated demand for carbon credits
will reach the equivalent of 2 billion tonnes of carbon dioxide emissions over the
next five years to 2012. This is not inclusive of any potential demand from
Australia, and the United States which plan to introduce various carbon emission
schemes outside the Kyoto Protocol. This strong demand is expected to fuel the
further development of the carbon market and provide incentives for continued
investment in green house gas reduction projects.
“Going forward, we will be diversifying our portfolio of projects to include
the capturing of coal mine and coal bed methane as well as conversion of
waste from animal farming for energy, and the development of hydroelectric
and solar power. We will also be strengthening our operational
capabilities to realize the full economic potential of our projects. While the
carbon credits generated by these projects provide an important revenue
stream, the core long term revenue will have to come from the sales of the
waste by-products such as compost/fertilizer, and electricity from our
renewable energy business.”
- Chief Executive Officer of Aretae Pte Ltd, Dr Low Chin Nam
In connection with the Proposed Acquisition, the Company will apply for a
transfer to the proposed sponser-supervised board (“the New Board”) which is to
be established by the Singapore Exchange Securities Trading Limited (“SGXST”).
>>> End
About Oculus Limited
Oculus Limited is formally in the business of contact lens and eye-care related products
and services. Recognizing the competitive and challenging environment, Oculus has
entered into a conditional sales and purchase agreement on 21 February 2007 to
dispose its entire contact lens and eye care related business and assets. The Company
has since then shifted its focus towards environmental and renewable energy business
injections.
About Aretae Pte Ltd
Aretae is an environmental solutions company that focuses on climate change initiatives
that can help to combat global warming. Aretae offers fully integrated services to identify,
develop and also finance projects that can reduce greenhouse gas emissions while
Page 4/4
supporting sustainable development through recycling of waste into value added byproducts
or energy. These services are offered to assist their clients in reducing
greenhouse gas emissions in their business operations. They also invest independently
or with joint venture partners in such projects. Their current project portfolio includes
converting agricultural waste to compost/fertilizer or energy, and landfill gas to energy in
Malaysia, Indonesia, Vietnam, China and Singapore.
To date, Aretae has secured over 30 greenhouse gas reduction projects, which are
expected to generate an aggregate of 50 million carbon credits over the lives of these
projects, which range from 7 to 10 years. Of these projects, 5 are registered and
operational with a potential of producing 7 million carbon credits, 8 targeted for
registration in 2007 (with potential of 14 million carbon credits), 13 under validation (with
21 million carbon credits) and 5 ready for validation (with 8 million carbon credits). The
current market value for a carbon credit for delivery in December 2008 is about €17 or
S$35.
For more information, please refer to the company website
www.aretae.com
Issued for and on behalf of Oculus Limited
By Financial PR Pte Ltd
For more information please contact:
Mark Lee,
Marklee@financialpr.com.sg
Dave Tan,
Dave@financialpr.com.sg
Tel: (65) 6438 2990
Fax: (65) 6438 0064
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everyday happy..gd luck & best wishes
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