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iN SINGAPORE DEMO-CRACY, HiGHEST BIDDER WINS;
LiKE in COE.
LAND TENDER tOO has RESERVE PRICE
YANGZIJIANG is DEFINITE WINNER.
AFTER YANGZIJIAN acquired 15% PPL
SembMarine's FUTURE WiLL be dOwntUrNed
RESERVE PRICE is USD155 Million
SafeTrading ( Date: 30-Apr-2010 10:27) Posted:
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News Break:
The Edge
As of 30 April 2010
SembCorp Marine, the world’s second-biggest oil rig builder, said it will take steps to enforce its rights to the remaining 15% stake in PPL Shipyard Pte. after its partner PPL Holdings Pte. rejected its $59.4 million offer for the stake. SembCorp Marine slipped 0.7% to $4.31.
Yang offers SGD216m as compared to SembCorp's offer of SGD59.4m. That's close to 4 times difference.
No wonder PPL Holdings decline SembCorp's offer.
Thursday: 29 APRIL 2010 CLOSING
S$0.195 -S$0.005
DOW PHOBIA
Market Maker
beHiND this stOck ?
sEEms
Wednesday: 28 APRIL 2010 CLOSING
2932.04 -59.64
STi CORRECTION
GREECE CONTAGION
nOn-stOp accumulation at S$0.205
UNTIL there is mO mOre SELLER fOr S$0.205
NORMAL SITUATION wOuld have a WARRANT PREMIUM of say S$0.010 instead.
That is, S$0.255 vs S$0.565
instead of S$0.205 vs S$0.565
pharoah88 ( Date: 28-Apr-2010 09:55) Posted:
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S$0.205 vs S$0.565 = S$0.245
ARBITRAGE PROFIT = S$0.040
As mOre Warrants are bought up and converted to shares,
the arbitrage GAP wiLL be CLOSED.
It is ABNORMAL to have such a GAP
S$0.205
pharoah88 ( Date: 22-Apr-2010 10:04) Posted:
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BAKER TECH IR REPLY CONFIRMED THAT
BAKER TECH WARRANT can be CONVERTED at ANY TIME
befOre its EXPiRY DATE 2010 November 16th
It is an AMERICAN STYLE WARRANT
NOT an EUROPEAN STYLE WARRANT
pharoah88 ( Date: 21-Apr-2010 13:45) Posted:
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REMEMBER this BIG INVESTOR
pharoah88 ( Date: 22-Apr-2010 14:08) Posted:
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******** BAKER TECH WARRANT is AN AMERICAN STYLE WARRANT
WHICH CAN BE CONVERTED ANY TIME AT YOUR WISH ********
I met a group of BAKER TECH warrant unit holders yesterday.
They have obtained the CONFIRMATION REPLY from BAKER TECH IR as follows:
* * * * * * * *
Please see replies below in red.
There are some questions that I can’t answer as I do not have the complete set of information regarding your warrant holdings. Thus it would be good to ask Baker Tech’s warrant agent—Boardroom Corporate Advisory at 6536 5355; they will be able to offer further assistance.
Thanks.
Regards,
Junli
6236 6894
Begin forwarded message:
From:
Date: April 21, 2010 18:09:26 GMT+08:00
To: <enquiry@bakertech.com.sg>
Subject: * BAKER TECH W121116 WARRANT * [EXERCISE PRICE S$0.320]
Dear Sir / Madam
Good day!
When can W121116 Warrant holder convert their warrants to BAKER TECH Ordinary Shares?
The warrants can exercise at any time till 16 Nov 2012, which is the expiry date of the warrant.
What are the conversion procedure and steps ?
Baker Tech’s warrant agent: Boardroom Corporate Advisory (Tel: 6536 5355) will send you a exercise notice form for you to complete. Payment will have to be sent to Boardroom Corporate Advisory as well, but made payable to Baker Technology Limited.
Can the payment for Exercise Price be made in personal cheque ?
No.
Payment can be paid by made by a remittance of Banker’s Draft or Cashier Order drawn on a bank operating in Singapore; debiting the warrant holder’s CPF investment account with the CPF approved bank; combination of the two methods mentioned previously.
Can the conversion be made now ?
Conversion can be made any time you like actually.
How long will the conversion take ?
Please seek advice from Boardroom Advisory.
How to register the converted shares with the CDP ?
Please seek advice from Boardroom Advisory.
When can the converted shares start trading ?
When you have received the letter of notification from CDP, or when the shares are in the “free” balance of your securities account.
* * * * * * * *
novicealex ( Date: 22-Apr-2010 12:26) Posted:
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Tuesday: 27 APRIL 2010 CLOSING
S$0.205 +S$0.015
TODAY is prOfit TAKiNG DAY.
STi 2991.680 -10.940
HSI -325
SSE -61
By NISHA RAMCHANDANI
BAKER Technology has accepted an offer from shipbuilder Yangzijiang Shipbuilding (Holdings) to buy PPL Holdings (PPLH) from Baker for US$155 million.
Baker, which received a letter of offer from Yangzijiang on April 16 to buy all of PPLH, said that accepting the offer allowed the company to unlock the value of its investment in PPLH. PPLH is an investment holding company that holds a 15 per cent stake in PPL Shipyard, which constructs offshore drilling rigs.
Baker also said it had received a letter from Sembcorp Marine on April 22 through its lawyers 'demanding that (Baker) not accept the offer' as Sembcorp Marine alleged that any sale to Yangzijiang would circumvent Sembcorp Marine's pre-emptive rights to have first right of refusal over the sale of PPLH's shareholdings in PPL Shipyard. Sembcorp Marine has an 85 per cent stake in PPL Shipyard.
'The board has sought and received legal advice that Sembcorp Marine has no basis for its claims,' Baker said in an announcement on the Singapore Exchange yesterday evening.
Yangzijiang, which is based in China, is making the purchase together with a Middle East investor, the shipbuilder said last week.
If the acquisition goes through, Yangzijiang, the Middle Eastern investor and Mediterranean Success Group - which is wholly owned by Yangzijiang's non-executive director Yu Kebing - will hold stakes of 50.1 per cent, 45 per cent and 4.9 per cent respectively in PPLH.
As part of the deal, Yangzijiang will place 83.55 million new shares to the Middle Eastern investor at $1.295 a share. The proceeds will be used for the acquisition.
WOW WOW WOW
Baker Tech ACCEPTS Offer
SINGAPORE
In a filing on Friday, Baker said that it has received a binding letter of offer from Yangzijiang to buy the entire and paid up share capital of PPLH for US$155 million ($208 million).
Payment for the acquisition will be made in cash after the completion of the sale and purchase of the Sale Shares, the announcement said.
One condition of the agreement is an escrow agreement that requires the purchaser to deposit the Total Sum with an escrow agent.
*EXTREMELY SMART GOVERNANCE*
The sale of the shares is still subject to the approval of shareholders at an extraordinary general meeting to be convened.
Millet Enriquez
Friday: 23 APRIL 2010
HALTED ONE FULL DAY
Mid-Week Comment April 21: Offshore optimism
Written by Goola Warden
Thursday, 22 April 2010 10:03
.............. . ... . ..
Separately, Yangzijiang has applied to the TWSE (Taiwanese Stock Exchange) to list its TDRs on that exchange,
according to the Taipei business press.
Actually, investors had started to take a second look at the marine and offshore sector before these two events.
The trigger was probably the announcement by Cosco Corporation back in March that it had clinched a repeat
order from Sevan Marine for its one-of-kind cylindrical semi-sub. This time, the order value was US$500 million
compared to US$190 million for the first semi-sub in 2006.
Then on Apr 16, Brazilian oil major Petrobras announced it had signed on Apr 4 a “Strategic Cooperation
Agreement with China Petrochemical Cooperation (Sinopec) and China Development Bank Corporation (CDB)
aimed at assessing mutually beneficial opportunities on the areas of cooperation.”
According to the announcement by Petrobras, the agreement includes the cooperation between Petrobras and
Sinopec in Exploration & Production (E&P); Downstream; Petrochemical and Fertilisers; and Services and
Procurement.
“In the E&P area, there stands out the intention of the parties to assess future partnerships, including the
possibility of selling part of Petrobras’s interest in blocks BM-PAMA-3 and BM-PAMA-8, located in the
Para-Maranhao Basin,” the announcement states. Petrobras also said that it is negotiating on financing with
China Development Bank Corporation. Sinopec may need an additional two semi-subs to develop the two blocks
and analysts believe the order could go to state-owned Chinese shipyards such as Cosco.
............................ .. . . .
CHART VIEW
.................. .. ..
Offshore and marine stocks such as Baker Tech, Yangzijiang, Cosco and SembMarine have
run up significantly and are now experiencing consolidations/corrections.
Their uptrends remain very much intact and there is nothing yet to suggest a reversal. Note
though that Yangzijiang has developed a short-term bearish formation in the candlestick charts,
but the correction should be temporary.
........ . .. .... ... ....
Announcement Title * COSCO CLINCHES CONTRACT WORTH MORE THAN USD500 MILLION FOR SEVAN DRILLER II RIG
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_ED5818EDA4FBAA0D482576E700162DB6/$file/COSCO_Annt_COSCO_SevanDrillerIIRIG.pdf?openelement
Friday: 23 APRIL 2010
CNA announced KEP CORP result and reported KEP CORP planned its NEXT GROWTH PHASE ON ACQUISITION.
BAKER TECH, MERMAID, AUSGROUP, et cetera
LiKELY CANDIDATES