China Merchants Holdings Pacific

[Jack31]

Yup, hopefully 2017 will be good. Cause I rem quite some time back reading their volume projection for jiurui (during their 1st attempt to buy jiurui). It was way off the current volume iirc.
For the time being, just gonna Enjoy the dividend.

[greengiraffe]

http://infopub.sgx.com/FileOpen/Cancella...eID=366610

ANNOUNCEMENT

CONVERTIBLE BONDS DUE 2017 -

CANCELLATION OF BONDS DUE TO CONVERSION

The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$20,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 24 August 2015 is HK$339,000,000.

Arising from such conversion, 4,068,317 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.776 and the total number of issued and paid-up Shares of the Company has increased to 1,196,349,400.

BY ORDER OF THE BOARD

Lim Lay Hoon

Company Secretary
Singapore, 24 August 2015

Based on outstanding HK$339m worth of CBs, the potential shares to be converted at $0.776 is 68.957m.

[greengiraffe]

There are many that are worried that CMP's PO will be canned under current mkt conditions.

CMP will be trading xd interim 3.5 cents on 24 Aug with the dividends payable on 4 Sept 15.

This is the first time in a decade that shareholders are receiving their dividends early. This should also be viewed that CMP will proceed with the proposed acquisitions especially in the light of how the PO is being structured.

Obviously, Mr Market will have other thoughts in terms of mkt behaviour but I strongly believe that CM Huajian will steadfastly stand with the PO and eventually ended up with approximately 76% stake of the enlarged share cap.

Vested
Core
GG

http://infopub.sgx.com/FileOpen/AIP_and_...eID=366987

The Company has submitted the undertakings and confirmations referred to in paragraphs 2(b) to 2(d) above to the SGX-ST.

The AIP granted by the SGX-ST is not to be taken as an indication of the merits of the Preferential Offering, the New Shares, the provisional allotment of New Shares, the Company and/or its subsidiaries.

NOTICE IS HEREBY GIVEN THAT the share transfer books and the register of members of the Company will be closed at 5.00 p.m. (Singapore time) on 7 September 2015 (the “Books Closure Date”), for the purpose of determining the provisional allotments of New Shares of the Entitled Shareholders (comprising Entitled Depositors and Entitled Scripholders, each as defined below) under the Preferential Offering.

CM HJ won't END UP with 100% of the PO issue. GG will top up his odd lots for wrong term write-offs...


Vested
Core 
GG

[marandaz]

There are many that are worried that CMP's PO will be canned under current mkt conditions.

CMP will be trading xd interim 3.5 cents on 24 Aug with the dividends payable on 4 Sept 15.

This is the first time in a decade that shareholders are receiving their dividends early. This should also be viewed that CMP will proceed with the proposed acquisitions especially in the light of how the PO is being structured.

Obviously, Mr Market will have other thoughts in terms of mkt behaviour but I strongly believe that CM Huajian will steadfastly stand with the PO and eventually ended up with approximately 76% stake of the enlarged share cap.

Vested
Core
GG

http://infopub.sgx.com/FileOpen/AIP_and_...eID=366987

The Company has submitted the undertakings and confirmations referred to in paragraphs 2(b) to 2(d) above to the SGX-ST.

The AIP granted by the SGX-ST is not to be taken as an indication of the merits of the Preferential Offering, the New Shares, the provisional allotment of New Shares, the Company and/or its subsidiaries.

NOTICE IS HEREBY GIVEN THAT the share transfer books and the register of members of the Company will be closed at 5.00 p.m. (Singapore time) on 7 September 2015 (the “Books Closure Date”), for the purpose of determining the provisional allotments of New Shares of the Entitled Shareholders (comprising Entitled Depositors and Entitled Scripholders, each as defined below) under the Preferential Offering.

CM HJ won't take up 100% of the entire issue. GG will top up his odd lots for wrong term write-offs...


Vested
Core 
GG

"Won't take up 100%"? 

May I know where that info is from? Because IIRC is that HJ will undertake 100% in their previous announcement. And this update did not specify otherwise too....

For minority shareholders, given the current market price, it does not make sense to take the offer since we might as well buy directly from the market which is at 10% discount.

[greengiraffe]

There are many that are worried that CMP's PO will be canned under current mkt conditions.

CMP will be trading xd interim 3.5 cents on 24 Aug with the dividends payable on 4 Sept 15.

This is the first time in a decade that shareholders are receiving their dividends early. This should also be viewed that CMP will proceed with the proposed acquisitions especially in the light of how the PO is being structured.

Obviously, Mr Market will have other thoughts in terms of mkt behaviour but I strongly believe that CM Huajian will steadfastly stand with the PO and eventually ended up with approximately 76% stake of the enlarged share cap.

Vested
Core
GG

http://infopub.sgx.com/FileOpen/AIP_and_...eID=366987

The Company has submitted the undertakings and confirmations referred to in paragraphs 2(b) to 2(d) above to the SGX-ST.

The AIP granted by the SGX-ST is not to be taken as an indication of the merits of the Preferential Offering, the New Shares, the provisional allotment of New Shares, the Company and/or its subsidiaries.

NOTICE IS HEREBY GIVEN THAT the share transfer books and the register of members of the Company will be closed at 5.00 p.m. (Singapore time) on 7 September 2015 (the “Books Closure Date”), for the purpose of determining the provisional allotments of New Shares of the Entitled Shareholders (comprising Entitled Depositors and Entitled Scripholders, each as defined below) under the Preferential Offering.

CM HJ won't take up 100% of the entire issue. GG will top up his odd lots for wrong term write-offs...


Vested
Core 
GG

"Won't take up 100%"? 

May I know where that info is from? Because IIRC is that HJ will undertake 100% in their previous announcement. And this update did not specify otherwise too....

For minority shareholders, given the current market price, it does not make sense to take the offer since we might as well buy directly from the market which is at 10% discount.

Sorry, was rushing and hence typo...

CM HJ won't end up 100% of the entire issue. GG will top up his odd lots for wrong term write-offs...

[pattanispirit]

just saw the Announcement on SGX regarding the PO.

The Preferential Offering will open on 10 Sep tomorrow.

Last date and time for acceptance : 21 Sep

One (1) New Share for every two (2) existing ordinary shares.

I'm new to this PO (or rights), if i don't pay up for the new shares, what will the likely price of CM Pac after 21 Sep ?

Can anyone advise, based on today's closing price of $0.93 ?



If assuming everyone pay up; for every 2 lot, I need to pay extra 1 lot of $1 for the new share.

My cost price will be (2 x $0.93 + 1 x $1)/3 = $0.9533. 

If after 21 Sep, assuming price do not fluctuate during this period, the rightful price should be  $0.9533 ?

If I choose not to subscribe, on 22 Sep, I can sell my 2 lot of share at  $0.9533 with profit ?

[Nick]

It has already XO so buying the shares will not entitle you to the new shares.

End of the day, no investor is going to subscribe for the PO as it is significantly above market value. You are better off purchasing the shares from SGX.

Only the Parent Company will be acquiring the new shares as they have agreed to do so.

Essentially, you can now purchase shares at a discount to what the Parent Company is willing to invest at.

(Vested)

[pattanispirit]

thanks, Nick.

i read 2 dates : 10 Sep & 21 Sep which are confusing.

if parent company buying all PO, then the shares will be diluted in future dividends we going to receive ?

i will be getting 66.6% of dividends before the PO exercise ?

[Nick]

thanks, Nick.

i read 2 dates : 10 Sep & 21 Sep which are confusing.

if parent company buying all PO, then the shares will be diluted in future dividends we going to receive ?

i will be getting 66.6% of dividends before the PO exercise ?

Yup. We will face dilution. Hopefully, the acquisition of the 3 roads and subsequent loan restructuring would offset the dilution allowing them to maintain the dividend at 7 cents.

(Vested)

[Bibi]

With the parent company subscribing for I believe almost the entire preference shares issues, their percentage holding in the co will be much higher. What is the possibility that parent co will succeed in delisting the company during bear market prices as in during a recession?