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FSL Trust resumes trading on SGX, plunges 16%

FSL Trust resumes trading on SGX, plunges 16%
First Ship Lease Trust (FSL) has resumed trading on the Singapore Exchange (SGX) after a month long suspension as it seals a relaxation of loan covenants extension with its banks.

FSL Trust said that on 30 July it confirmed an extension of a relaxation of loan covenants until 31 December this year. The extension is conditional on FSL Trust paying a fee to lenders equal to 0.05% on a loan outstanding on 27 June and the submission of documents in relation to shares of companies holding vessels owned by the Trust.

The Singapore-listed Trust had been suspended from trading since the end of June, and trading resumed this morning. By 1300hrs local time the stock had plunged 15.9% to trade at SGD0.09 per unit.

FSL Trust’s top management, including ceo Philip Clausius, quit on emasse on 4 July, replacements are yet to be announced.

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