BRIEF-Founders Advantage Capital announces extension of ATB Credit Facilities
* Founders Advantage Capital-Extension of $17 million revolving credit facility,$5 million non-revolving credit facility with ATB Financial from Dec 31 to June 30, 2017
Shares of SC Global Developments Ltd surged as much as 49.8 percent after it said its chairman and chief executive officer planned to privatise the property developer in a deal worth about S$745 million.
By 0144 GMT, SC Global shares were up 49.4 percent at S$1.80, having surged 82 percent since the start of the year. Its second largest shareholder, Wheelock Properties (Singapore) , also rose 3.4 percent on expectations it would make a large gain from selling its stake to the CEO and largest shareholder Simon Cheong.
Cheong, who owns a 55 percent stake in SC Global, offered to buy all the shares he does not own at S$1.80 each, a 49.4 percent premium to the last traded price on Nov 30.
UOB Kay Hian said Cheong's offer price was at a 13 percent discount to its restated net asset value estimate, but "the weak luxury market, possible negative impact from extension charges and government policy overhang will make it difficult to realise its full value."
The privatisation makes sense due to the low trading liquidity of SC Global's shares and its minimal needs to access capital markets, UOB said.
0950 (0150 GMT)
* First Bancshares -in connection with repurchase of cdci preferred stock, co entered into loan agreement with first tennessee bank national association
* Ellington financial llc - estimated book value per common share as of november 30, 2016 was $19.80, or $19.53 on a diluted basis Source text for Eikon: Further company coverage: