The Hour Glass:with 190 Edward St to acquire a freehold property in Brisbane, Australia, for A$32 million . The property is an eight-storey retail and commercial office building sitting on a site area of about 455 square metres within the main luxury retail precinct in Brisbane's central business district. The purchase will be funded by internal resources and bank borrowings, the company said. The Hour Glass shares closed at S$0.825 on Thursday, up 3.8 per cent, or three Singapore cents.
The cost of acquisition is estimated to be 13 times the profit after tax for Cornerstone Asia's fiscal year ended June 30, 2019. This will be satisfied by S$5 million in cash, and the issue of shares in AHS at S$0.26 apiece. This is a 1.4 per cent discount to the volume-weighted average price of AHS shares at S$0.2637 for trades completed on July 4, the day prior to the signing of the term sheet. AHS shares closed at S$0.26 on Thursday, down 0.5 Singapore cent or 1.9 per cent.
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