Best World

[ghchua]

i wonder how long can a company be suspended from trading before being asked to exit the register? will sgx order BW to drop it's listing and offer an exit offer after X years of suspension?

Hi brattzz,

I don't think there is a fixed timeline for SGX like some other exchanges. Examples of long suspension of stocks listed on SGX that I have observed include Sinopipe (Going into its 10th year of suspension), China Paper (suspended for 7 years already) etc.

As for an exit offer, it would need to be deemed fair and reasonable by IFA. Problem is, since the latest audited accounts had a disclaimer of opinion, on what basis should the IFA based its recommendation? Last traded price before suspension? And who will be giving the exit offer to minorities? The controlling shareholders? What about those shares that had been loaned out to short sellers before suspension? How are investors going to recall those shares back for the exit offer if those borrowers have no way to cover them back due to the long suspension of BW shares?

A lot of questions left unanswered at this moment.

[brattzz]

thanks ghchua, looks like its gg for share holders..... dragging game... :O

[¯|_(ツ)_/¯]

BWL
The Company is pleased to announce that based on the Company’s submissions and representations to SGX RegCo, SGX RegCo has on 21 April 2021 informed the Company that it has no objection to the Company’s application for an extension of time to convene the FY2020 AGM to 31 August 2021, subject to the following...
(click to read)



Still holding your breath?

[¯|_(ツ)_/¯]

BWL 3 months ended 31.03.21
Rev $128m (vs 74m)
GP  $99m  (vs 52m)
NP  $37m  (vs 13m)

The Board will continue to engage legal advisors to assist to eventually transition to a full direct selling model in China, which will involve the expansion of the coverage of its existing direct selling license. This will further mitigate the risks of operating in China.

As at 31 March 2021, our China subsidiary has 39 franchisees located in twelve provinces and one municipality in mainland China.


https://links.sgx.com/FileOpen/2021%2005...eID=665711



Gratitude.

[¯|_(ツ)_/¯]

Best World - Approval from ACRA for Extension of Time to Hold AGM for FY2020.
https://links.sgx.com/FileOpen/2021%2005...eID=666544



Stay home and stay safe, everyone.

[¯|_(ツ)_/¯]

BWL - SGX queries:
https://links.sgx.com/FileOpen/2021%2006...eID=670001
Please explain why interest income amounted to only $524,000 during the financial period ended 31/03/21 when the Company has significant cash and bank balance amounting to $356,196,000.

Interest income amounted to $524,000 for the 3 months ended 31/03/2021 mainly due to low interest rate on fixed deposits offered by banks during the financial period ended 31/03/2021. Other than the above deposits, the Group’s balance cash and cash equivalents, which were kept liquid and accessible for urgent deployment such as for the construction of the Group's manufacturing facility, were placed in current accounts which offer negligible interest.

Stay home and stay safe, everyone.

[brattzz]

strange...

construction of group's manufacturing facility = urgent deployment? :O ....
it's a factory... milestone payments at construction schedule dates/completion.... planned CAPEX... not urgent OPEX..

well.... DYODD...

[dreamybear]

BWL - SGX queries:
https://links.sgx.com/FileOpen/2021%2006...eID=670001
Please explain why interest income amounted to only $524,000 during the financial period ended 31/03/21 when the Company has significant cash and bank balance amounting to $356,196,000.

In the latest result : 1Q2021 profit $37m vs 1Q2020 $13m. Based on FY2020 of $132m profit($158m cashflow), I am estimating FY2021’s profit to be at least $150m.

BW's cash generation is simply astounding, and its China business probably hasn't peaked if we were to consider the potential geographical areas in China yet to be penetrated. There is also a lot of growth potential from venturing into other countries like US.

If I am a substantial shareholder, I wld be inclined to contemplate taking the company private. BW has 544m outstanding shares with D2+HBC holding some 40%. To take private, assume an arbitrary offer share price of $2*, amt required is 60%*544m*$2 = $653m - With its strong cash generation and existing $350m+ cash**, the privatization will very likely be able to pay for itself within 3 years or possibly even in 2 years' time, with the benefits of more flexibility and saving on listing costs.

*abt 8x FY2020 P/E (suspended price $1.36)

**don't think the Tuas factory wld significantly impact its cash resources.
https://www.nextinsight.net/story-archiv...e-products

What is a "fair" price that minority shareholders will accept ? Different investors will have different views but I think, a choice for minority shareholders to exit their investment (given the uncertainty of trading resumption) is better than none.

Separately, I think the pandemic has accelerated the trend of social selling(SS). I think the line btw direct selling(DS) and SS is somewhat converging, and with BW moving deeper into digitalization, it looks to be in BW's DS favour.

Top DS Global 100 list – BW has now made it to 48.
https://www.directsellingnews.com/global-100-lists/

[¯|_(ツ)_/¯]

bwl
1H2021 Result announcement - application for extension of time
https://links.sgx.com/FileOpen/2021%2008...eID=678062

https://drive.google.com/open?id=1TONXbA...lBXUZLPhIY

Stay home and stay safe, everyone.

[¯|_(ツ)_/¯]

bwl  
Request further extension to conduct AGM as Auditor need more time to finalise
https://links.sgx.com/FileOpen/2021%2008...eID=679227

https://drive.google.com/open?id=1_ipJjT...NQATFW2eN2

Stay home and stay safe, everyone.