GRP Limited

The Offer Information Statement for the rights issue has been lodged.

RENOUNCEABLE NON-UNDERWRITTEN RIGHTS CUM WARRANTS ISSUE - LODGEMENT AND DESPATCH OF THE OFFER INFORMATION STATEMENT

OIS

Timetable
[Image: GRP-Rights-Timetable_zps46f222a4.jpg]

Important: Pls note that the participating banks for the electronic applications are OCBC and UOB. So those with only POSB accounts, pls take note!

Anyone looking at this?

High cash levels due to warrant issue a while back.
Core biz supplying to O&G sector not doing well. In fact, on a decline since 2012.
Going into overseas property development after acquiring starland, funded by rights issue. So far, seems like no action on the property front yet.

For the record, this fella used to pay good dividends. But strangely in the same year it gave a >10% dividend yield, it did a rights issue to fund the acquisition.

(11-07-2016, 04:48 PM)ZZF Wrote: Anyone looking at this?

High cash levels due to warrant issue a while back.
Core biz supplying to O&G sector not doing well. In fact, on a decline since 2012.
Going into overseas property development after acquiring starland, funded by rights issue. So far, seems like no action on the property front yet.

For the record, this fella used to pay good dividends. But strangely in the same year it gave a >10% dividend yield, it did a rights issue to fund the acquisition.

Yes balance sheet looks very clean now, currently headed by ex Van Da Horst guy Mr Kwan who is an M&A guy. Also i notice Morph recently took a substantial virgin stake(top 20 in latest ar) in GRP. 

Net cash almost equals to share price now, means if we include their freehold land at bukit batok, everything else(Marine, hose and measurement business, land bank in china and current dev prop in china) is free.

Cons include property venture still uncertain for them, failed ayondo rto made them loss some money(currently they trying to recoup back from them). Do notice their net current asset per share now is almost 5x.

Profit Guidance

The Board of Directors of GRP Limited wishes to issue a profit guidance regarding the financial results of the Group for year ended 30 June 2019 ("FY2019").

Based on the preliminary financial figures available, the Group is expected to report a loss for FY2019 compared with a profit for the corresponding preceding year. This was largely attributed to impairment loss on development properties and lower margins from property segment.

Further details of the Group's performance will be disclosed when the Company announces its unaudited results for the year ended 30 June 2019 in due course.

When a company doesn't has much to lose in reputation....

GRP SHOULD RECONSIDER ITS ASSESSMENT OF SUITABILITY OF DIRECTOR

This is the second instance of GRP appointing a director who has faced questions about his suitability as a director. In September 2013, GRP announced the appointment of Mr Peter Moe as an independent director. His appointment was queried by SGX and, at that time, I also wrote an article questioning his appointment

https://governanceforstakeholders.com/20...-director/