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Understand the company's stand that at 27M, it is unable to issue special dividends or do share buyback, however with an impending 117M of receivables, the company will have 144M cash (inclusive of 30% JV for Laurels it does not own).
Perhaps shareholders should make it clear that we do not want immediate gratification. What we want is that the remaining receivables from the Laurels sale; a portion of it is given back to shareholders to do something about the depressed share price.
For the reply " cash is needed to fund outstanding construction costs." We can point out that :
a) The EC development is capable of self-funding (current sales proceeds [est $180M] now exceed the 112M construction contractor awarded to UE E&C),
b) the sale of the Robin project is capable of self-funding. This is because the company has already used cash to pay for the putting of the foundation etc. The cost of constructing Robin site is estimated $50M. If Sing Holdings only sells 50% of the project GFA at avg $2110 PSF, it will collect $42.8 upfront since foundation is ready. The remaining progress payment of up to $100M Mil (assuming a 50% sale success) is more than able to cover the construction cost from start to end.
Thus the assurance needed is that once the remaining Laurels proceed is collected, Sing Holding uses the 144M by setting aside 20M for land bidding, 5M for working Capital, 5M for contingency, 14M to pay down the remaining short term debts, set aside 30M for the profit distribution to our 30% joint venture partner (which I believe is more than enough), 50M for "acquisition opportunities and exploring opportunities overseas", and 20M to reward all shareholders of Sing Holdings (buyback or special div).
Will appreciate if fellow valuebuddies confirm the remaining 117M receivables shown on FY Balance sheet all belongs to The Laurels proceeds. If it is not, please highlight so that argument is recrafted
<still vested>
Edited: For easier understanding and clarity
Perhaps shareholders should make it clear that we do not want immediate gratification. What we want is that the remaining receivables from the Laurels sale; a portion of it is given back to shareholders to do something about the depressed share price.
For the reply " cash is needed to fund outstanding construction costs." We can point out that :
a) The EC development is capable of self-funding (current sales proceeds [est $180M] now exceed the 112M construction contractor awarded to UE E&C),
b) the sale of the Robin project is capable of self-funding. This is because the company has already used cash to pay for the putting of the foundation etc. The cost of constructing Robin site is estimated $50M. If Sing Holdings only sells 50% of the project GFA at avg $2110 PSF, it will collect $42.8 upfront since foundation is ready. The remaining progress payment of up to $100M Mil (assuming a 50% sale success) is more than able to cover the construction cost from start to end.
Thus the assurance needed is that once the remaining Laurels proceed is collected, Sing Holding uses the 144M by setting aside 20M for land bidding, 5M for working Capital, 5M for contingency, 14M to pay down the remaining short term debts, set aside 30M for the profit distribution to our 30% joint venture partner (which I believe is more than enough), 50M for "acquisition opportunities and exploring opportunities overseas", and 20M to reward all shareholders of Sing Holdings (buyback or special div).
Will appreciate if fellow valuebuddies confirm the remaining 117M receivables shown on FY Balance sheet all belongs to The Laurels proceeds. If it is not, please highlight so that argument is recrafted
<still vested>
Edited: For easier understanding and clarity