Maxi-Cash Financial Services Corporation

(28-10-2013, 09:23 AM)specuvestor Wrote: Sometimes I don't understand how SGX approval works...

SGX approval is base on the SGX Rules. As long as it fulfills the rules, there is no reason not to approve.

Maxi-cash PE is 40+ and moneymax is around 12 if I remember correctly(correct me if I am wrong). The 3 bonus issues WITHIN A YEAR plays a part......

As long as no one complains, the party will keep on going.....same as blumont and etc.....it would have continue to go up if SIAS did not complain

(25-10-2013, 07:03 PM)Behappyalways Wrote: Not vested...was looking at their bonus issue......

Nov 6 2012 Proposed bonus issue -3Q2012

http://infopub.sgx.com/FileOpen/Proposed...ileID=8868

Feb 20 2013 Proposed bonus issue - 4Q2012

http://infopub.sgx.com/FileOpen/Bonus_Is...eID=226021

August 8 2013 Proposed bonus issue - 2Q2013

http://infopub.sgx.com/FileOpen/Propose_...eID=251184

3 bonuses within 1 year....wonder if employees also get 3 bonuses too? ^^

(28-10-2013, 09:47 AM)CityFarmer Wrote:

(28-10-2013, 09:23 AM)specuvestor Wrote: Sometimes I don't understand how SGX approval works...

SGX approval is base on the SGX Rules. As long as it fulfills the rules, there is no reason not to approve.

3 bonus issue in a year doesn't throw up a red flashing light?

I don't even recall any companies had been so audacious... not even Raffles Edu

i do wonder why there's such a rush for these pawnbrokers to get listed - does a listing status allow them more favorable terms with the banks on credit?

(28-10-2013, 02:04 PM)AlphaQuant Wrote: i do wonder why there's such a rush for these pawnbrokers to get listed - does a listing status allow them more favorable terms with the banks on credit?

Pawnbroker is a capital-intensive industry. For those listed, they have more access for capital, beside bank loans. I always assume that listed companies have favorable term for bank loan, versus the unquoted companies.

IMO, cash calls to support the growth and the competition, might be already on the table. I might be wrong.

(not vested)

I really wonder, with so much competition amongst one another as well as the need to show growth to support share prices, how long will it be before loan to value standards start to slip.

(28-10-2013, 04:05 PM)Clement Wrote: I really wonder, with so much competition amongst one another as well as the need to show growth to support share prices, how long will it be before loan to value standards start to slip.

If It is like subprime, a long time.

If pawnbrokers start taking in blankets like in old time China, then I would worry. Hahah.

(28-10-2013, 04:05 PM)Clement Wrote: I really wonder, with so much competition amongst one another as well as the need to show growth to support share prices, how long will it be before loan to value standards start to slip.

IMO, it should has a market consolidation by the big-3 players. The market is fragmented. There are approx 200 pawnshops in Singapore. The total pawnshops in Singapore of the big-3 players is close to 70 shops, a market share of less than 40%.

The competition now is to capture business from other small pawnshops IMO.

Ref: http://www.channelnewsasia.com/news/sing...56136.html

It is time for smaller pawnshops to sell out to listed companies. Especially if they are offered 2x book value. Better than Chong Hing Bank valuation. Acq will still be accretive for listed co.

MaxiCash issued debt of 20 mil, with variable interest rate. The detail of the variable rate is not announced.

-------
Maxi-Cash Financial Services Corporation Ltd. (the “Issuer”) is pleased to announce that it has today
issued S$20,000,000 variable rate notes due 2017 (the “Series 1 Notes”) under its S$300,000,000
multicurrency medium term note programme (the “Programme”).
United Overseas Bank Limited acted as the sole lead manager, bookrunner and dealer in connection with
the issue of the Series 1 Notes.
The Series 1 Notes will bear interest at a variable rate payable quarterly in arrear and will mature on the
Interest Payment Date (as defined in Condition 4(II)(a) of the Series 1 Notes) falling in February 2017.

Ref: http://infopub.sgx.com/FileOpen/MMT_S1.a...eID=273289