Grand Banks Yachts

[brattzz]

Genting boss needs more yachts!

[dydx]

Genting boss needs more yachts!

Well, Tan Sri Lim could easily afford to buy the largest Grand Banks boat - one in GB's Aleutian series - to berth near his bungalow in Sentosa Cove and enjoy it with his family members. More importantly, the entire enlarged Genting Berhad Group - including Resorts World Malaysia and Genting Group's HQ in Kuala Lumpur, Resorts World Singapore, Star Cruises operations in the region, etc. - could buy quite a few Grand Banks boats of different models for customer business entertainment or corporate purposes in their regional operations. Of course, Tan Sri Lim may talk about Grand Banks and its high-quality boats with his friends and business associates, and some of them could end up buying a boat for business relationship or other purposes. So the possible spin-offs are many among very rich people of influence!

[dydx]

I believe today's (17Sep12) announcement and press release on the placement of 19,223,250 new GB shares at $0.2725/share to Axa Ltd (a Tan Sri Lim Kok Thay's private family investment vehicle) and Mr. Koh Cheng Keong (Chairman and Managing Director of Malaysia’s Only World Group).....
http://info.sgx.com/webcoranncatth.nsf/V...C0035E6E6/$file/Placement_Of_New_Shares.pdf?openelement [announcement]
http://info.sgx.com/webcoranncatth.nsf/V...C0035E6E6/$file/Share_Placement_Press_Release.pdf?openelement [press release]
will make GB a very different stock counter and likely also a much stronger business and company over time. I think congratulations to the GB's BOD are in order.

Today (20Sep12) SGX has given its in-principle approval for the proposed placement.....
http://info.sgx.com/webcoranncatth.nsf/V...F00443743/$file/SGXNET_Placement_Approval.pdf?openelement

That means Tan Sri Lim Kok Thay will soon get his 17,185,585 new GB shares - equivalent to a 14.9% interest of the company based on the enlarged capital base - by putting in $4.683m as new equity capital, and also soon become a new non-executive and non-independent Director of GB.

[ValueBeliever]

Really adopting a Kar Long guni mentality to stock investment also work. Our market Corporate deal is also the same mentality. When the Co. equity is already so cheap, and the market trading that high on expectation, we get a deal that doesnt make any sense to GB?

If GB is really full of confidence on the recovery, why would it need to raise the fund and what could genting directors hope to bring, more deal at cheaper price for the boats to be built?

May be casino promotion deals. Win a boat jack pot coming up?

[MrValue]

V surprised that billionaire Tan Sri Lim has time to sit on the board of this small yatch maker.
GB is getting the better deal to have him on the board even if the shares are placed out cheaply to him.
Guess Tan Sri Lim must really like yatch and can't bear to see GB destroyed by corporate raider!

[brattzz]

maybe we will see "GRAND BANK YACHTS" as the top prize for genting's casino jackpots!!!

[FFNow]

If GB is really full of confidence on the recovery, why would it need to raise the fund and what could genting directors hope to bring, more deal at cheaper price for the boats to be built?

The reason might be this: The directors of GBY want to have a huge percentage of insiders to go against the people who want to replace the existing board. Lim, Koh and Livingston family now own 45.2% of the company vs Cheng and Wassbourne Finance's 18.3% stake.

[dydx]

This morning (25Sep12), Grand Banks has released a Letter to shareholders (dated 25Sep12) to prepare all shareholders attending and voting in the coming EGM scheduled for 10Oct12.....
http://info.sgx.com/webcoranncatth.nsf/V...30079C099/$file/Letter_to_Shareholders.pdf?openelement

Having reviewed the contents in detail, I get the feeling that Cheng Lim Kong and his camp appear like corporate raiders trying their luck in this case. I don't get a feeling they are good people.

I guess discerning GB shareholders should know who and which side to vote for in the coming EGM.

[dydx]

Today (25Sep12), Grand Banks has also issued a well-argued and motivated press release to solicit for support from the minority shareholders.....
http://info.sgx.com/webcoranncatth.nsf/V...4002C3A11/$file/GB_Press_Release.pdf?openelement

Grand Banks has also issued a separate announcement to advise that the placement of 19,223,250 new GB shares to Exa Ltd and Koh Cheng Keong was completed today.....
http://info.sgx.com/webcoranncatth.nsf/V...40024E7C4/$file/Completion_of_Placement.pdf?openelement

[dydx]

Interesting announcement today (1Oct12).....
http://info.sgx.com/webcoranncatth.nsf/V...A003891F0/$file/Receipt_of_Originating_Summons.pdf?openelement

It looks like this Cheng Lim Kong is trying to push his luck all the way - including using legal means now! - to destroy and replace Grand Banks' entire present BOD. I really wonder what is the real motivation behind Cheng's most unfriendly action?