Shares in Noel Gifts opened 27.5% higher at 25.5 cents on Nov 24 after it accepted a tender bid by a medium-sized developer to sell its 10 units at 50 Playfair Road.
The developer will pay a consideration of $81.2 million. Noel Gifts’ share of the consideration is estimated to be at $30.6 million net of its estimated expenses.
Noel Gifts, on Sept 25, entered into a collective sale agreement in relation to the proposed collective sale of Noel Building. The group’s 10 units are located on the third, fifth, sixth and seventh storeys.
On a pro forma basis, had the units been sold on June 30, the company’s net tangible assets (NTA) per share would have been at 46 cents from 30 cents before the sale.
If the units were sold on July 1, 2022, Noel Gifts’ pro forma earnings per share (EPS) would have been at 15.73 cents from 0.22 cents as reported.
As at 10.05am, shares in Noel Gifts are trading 9 cents higher or 45% up at 29 cents.
