Pan Ocean 100 (Formerly STX Pan Ocean)

[mkmk]

http://infopub.sgx.com/FileOpen/Mandator...eID=260390

Change in Largest Shareholder from STX Corporation to KDB Bank, as per the 12th Dec announcement (http://infopub.sgx.com/FileOpen/STXPO.Ma...ileID=6153)


(not vested)

[freedom]

It is so weird that it is traded much lower in Korea than in Singapore.

If the rehabilitation plan is passed, the company will consolidate two existing shares to one new share and issue additional 1 billion share to various unsecured debtors at par value of KRW1,000.

After the whole exercise, the company will have around 1.1 billion shares(1 billion newly issued and 100 million existing share after consolidation). The NAV will be around US$2 (US$1 = KRW1,000 ).

The debt of the company will reduce around US$ 1 billion (swapped for shares issued) to around US$3 billion.

Investors can forget about dividends before the company repays all its secured/unsecured debt (something similar to Jaya holdings)

[freedom]

The business could turn out to be quite profitable after the restructure.

per Q2 report, revenue of USD 369 million with operating profit of USD 63 million. Net income of USD 303 million could be misleading as I guess there was some release from provision, provided that BDI is still as low as below 1000.

from the Q1 financial report, the company only has equity of 254 million, though there could be more conversion of liabilities to equity.

This is a high risk company as it is still going through bankruptcy restructure.

PS: maybe the name should change to Pan Ocean instead of STX Pan Ocean?

[kbl]

Good morning All here.

Yes..the correct name is Pan Ocean 100.

Moderator. please change the name.

<not vested>