Jaya Holdings

All those waiting finally paying off slightly. Now the only cheap and profitable (not speculative) boat builder available for take over is mickey penguin.

By the way Penguin, not unlike Jaya. During the worse of the GFC, they sold all their fleet and did a write off and raise very little money but just to satisfy the banker. Now Penguin in good shape but still no dividend.

(09-01-2014, 03:36 PM)ValueBeliever Wrote: All those waiting finally paying off slightly. Now the only cheap and profitable (not speculative) boat builder available for take over is mickey penguin.

By the way Penguin, not unlike Jaya. During the worse of the GFC, they sold all their fleet and did a write off and raise very little money but just to satisfy the banker. Now Penguin in good shape but still no dividend.

Today Jaya up 2.5 cts with high volume. Morning trade to a high of 87.5 cts, something brewing??

(16-01-2014, 01:05 PM)swn Wrote:

(09-01-2014, 03:36 PM)ValueBeliever Wrote: All those waiting finally paying off slightly. Now the only cheap and profitable (not speculative) boat builder available for take over is mickey penguin.

By the way Penguin, not unlike Jaya. During the worse of the GFC, they sold all their fleet and did a write off and raise very little money but just to satisfy the banker. Now Penguin in good shape but still no dividend.

Today Jaya up 2.5 cts with high volume. Morning trade to a high of 87.5 cts, something brewing??

This morning Jaya announced the sale of all its subsidiaries at a price of $0.826. In my view, the market value of the share should move slightly above this price.

(25-02-2014, 09:06 AM)swn Wrote:

(16-01-2014, 01:05 PM)swn Wrote:

(09-01-2014, 03:36 PM)ValueBeliever Wrote: All those waiting finally paying off slightly. Now the only cheap and profitable (not speculative) boat builder available for take over is mickey penguin.

By the way Penguin, not unlike Jaya. During the worse of the GFC, they sold all their fleet and did a write off and raise very little money but just to satisfy the banker. Now Penguin in good shape but still no dividend.

Today Jaya up 2.5 cts with high volume. Morning trade to a high of 87.5 cts, something brewing??

This morning Jaya announced the sale of all its subsidiaries at a price of $0.826. In my view, the market value of the share should move slightly above this price.

How is Mermaid Maritime going to fund the acquisition. Any comments?

not sure why? again insider sell once news announce. Now how much dividend will it be? 1 shot pay out 81cts and remain as a shell or in a series of payout like metro?

Correct valuation should be close to 80cts so current? Jaya will become a shell company for RTO?

Is it too hasty to sell it just when the Company is now in a net cash position and the market that they are are appears to be rosy?

But this counter was taken by PE, not surprised if PE's idea is to strip it of as much cash as possible and then look at another RTO target.

Vested but sad to see it go

(25-02-2014, 09:37 AM)Ken123456 Wrote:

(25-02-2014, 09:06 AM)swn Wrote:

(16-01-2014, 01:05 PM)swn Wrote:

(09-01-2014, 03:36 PM)ValueBeliever Wrote: All those waiting finally paying off slightly. Now the only cheap and profitable (not speculative) boat builder available for take over is mickey penguin.

By the way Penguin, not unlike Jaya. During the worse of the GFC, they sold all their fleet and did a write off and raise very little money but just to satisfy the banker. Now Penguin in good shape but still no dividend.

Today Jaya up 2.5 cts with high volume. Morning trade to a high of 87.5 cts, something brewing??

This morning Jaya announced the sale of all its subsidiaries at a price of $0.826. In my view, the market value of the share should move slightly above this price.

How is Mermaid Maritime going to fund the acquisition. Any comments?

It is Mermaid Marine Australia, which is suspended. Mermaid Maritime is still trading in Singapore.

Why is the management offered incentive bonus? They are selling the company for a loss.

If the PEs intend to reward the management for helping them get out, they can pay the management themselves. For the rest of shareholders, they get ripped off by selling the company cheap and paying bonus for the loss.

What a wonderful world!

(25-02-2014, 01:02 PM)specuvestor Wrote:

(25-02-2014, 09:37 AM)Ken123456 Wrote:

(25-02-2014, 09:06 AM)swn Wrote:

(16-01-2014, 01:05 PM)swn Wrote:

(09-01-2014, 03:36 PM)ValueBeliever Wrote: All those waiting finally paying off slightly. Now the only cheap and profitable (not speculative) boat builder available for take over is mickey penguin.

By the way Penguin, not unlike Jaya. During the worse of the GFC, they sold all their fleet and did a write off and raise very little money but just to satisfy the banker. Now Penguin in good shape but still no dividend.

Today Jaya up 2.5 cts with high volume. Morning trade to a high of 87.5 cts, something brewing??

This morning Jaya announced the sale of all its subsidiaries at a price of $0.826. In my view, the market value of the share should move slightly above this price.

How is Mermaid Maritime going to fund the acquisition. Any comments?

It is Mermaid Marine Australia, which is suspended. Mermaid Maritime is still trading in Singapore.

Yes I mean Mermaid Marine Australia. Left out the Australia. Just saw announcement of placement A$100m+ right A$217m + loan US$253m.

Don't think they are suspended. Still trading today...


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Mermaid Marine Australia Ltd. (MRM), an oil and gas marine services provider, agreed to buy all of Jaya Holdings Ltd.’s energy shipping services assets in a S$625 million ($495 million) cash deal.

Mermaid Marine will fund the acquisition, including a fleet of 27 vessels and two shipyards in Singapore and Indonesia, through a share sale and new debt, the Fremantle, Western Australia-based company said today in a statement.

Buying Singapore-based Jaya’s assets delivers “immediate scale in international markets,” Mermaid Marine’s Managing Director Jeffrey Weber said. The agreement also includes orders to build six vessels for delivery by December 2015.

The deal provides “geographic diversification for our vessel operations through the addition of a complementary vessel fleet which already has operations in markets across South East Asia and the Middle East,” Weber said in the statement.

The acquisition is subject to approval from Jaya (JAYA) shareholders and regulators. Mermaid Marine plans to raise A$217 million ($196 million) from a share sale to existing holders priced at A$2.40 a share and A$100 million from a sale of new shares to institutions. National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd. have provided new debt to the company.

Mermaid Marine, which halted its shares from trading today, fell 3.1 percent to A$2.81 in Sydney trading yesterday.

Jaya will consider its future options for the company once the deal is completed, it said in a separate statement. It will use the proceeds from the sale to pay a one-off dividend and a one-time incentive payment to some company executives.

Mermaid’s net income fell 26 percent to A$24.2 million in the six months to Dec. 31 compared with the same period a year ago, it said today in a separate statement. Profit declined after a number of projects started later than expected, resulting in lower supply base and vessel utilization rates, the company said.

can anyone confirm for me does the S$625 is the net consideration or gross consideration which exclude disposal expenses based on the paragraph below :

© The Purchase Consideration represents a deficit of approximately S$33 million over the aggregate book value of the Sale Assets as at 31 December 2013. The Purchase Consideration, adjusted for the Transaction Expenses (as defined in paragraph 5(b) below) and the Incentive Bonus (as defined in paragraph 5© below) represents a loss on disposal of approximately S$42 million