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If Stephen Tay had borrowed some $6.5m to fund his last unsuccessful privatisation GO exercise, apart from his annual salary and performance bonus entitlements, how else is he going to take out money from Eastern Holdings' huge and growing cash reserve to help repay his loans, other than having the company pay out a big enough dividend? Therefore, I think it is a reasonable expectation. No?
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(08-05-2013, 10:20 AM)smallcaps Wrote: (08-05-2013, 10:03 AM)dydx Wrote: If Stephen Tay had borrowed some $6.5m to fund his last unsuccessful privatisation GO exercise, apart from his annual salary and performance bonus entitlements, how else is he going to take out money from Eastern Holdings' huge and growing cash reserve to help repay his loans, other than having the company pay out a big enough dividend? Therefore, I think it is a reasonable expectation. No?
I think either way it means he wouldn't wait too long to make his move...
no disagreement on whether he will take out cash via dividends. The issue is BEFORE or AFTER he privatise EHL.
Even at 50% premium to 18 cents (27 cents) , the profit incentive is another $5m into the pocket.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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Have been wondering wat was the purpose for ST to be so insistent on pushing through the share buyback mandate at the last EGM?
At 1st thought that it would be used to move towards delisting, but in the end it was not used at all. His margin percentage for the borrowed shares also seems quite safe so dun really see the point. Maybe juz one of his 'patterns' that opmi mentioned earlier.
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As said, ST not cash rich. EHL is very cash rich.
So he is trying to 孔明借箭. Using company cash to reduce the o/s shares, so he can to hit 90% without using more borrowing.
All his patterns only showed that he very 'gian' EHL at 18 cents.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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This must be good news for all Eastern Holdings shareholders! Any idea what will be the likely realised gain - approx. $13.0m ?