Intraco

[freedom]

hanwell and intraco trading halt? (when did PSC change its name to hanwell?)

a transaction coming?

[ngcheeki]

hanwell and intraco trading halt? (when did PSC change its name to hanwell?)

a transaction coming?

The news is out, hanwell sell of its 29.89% of intraco for S$0.62 per share to Tat Hong Investments Pte Ltd. Hopefully, the new investor will able to extract value out of Intraco!!

"The price of S$0.62 per Sale Share represents a premium of approximately 107% over the last traded price of the Sale Shares of
S$0.30 on 28 May 2012"

4. RATIONALE FOR THE DISPOSAL
4.1 The Directors are of the view that the Disposal is in the best interests of the Company and its shareholders as the Disposal will enable the Company to realise its investment in Intraco and to unlock the value thereof for its shareholders.
4.2 The price per Sale Share offered by the Purchaser represents a premium of approximately 107% over the last traded price of Intraco’s shares of S$0.30 on 28 May 2012. This, in the Directors’ view, is attractive and represents a good opportunity for the Company to cash in on its investment in Intraco.

5. INTENDED USE OF THE DISPOSAL PROCEEDS
5.1 It is the intention of the Directors to deploy the proceeds from the Disposal to expand the core businesses of the Company and to fund working capital.

http://info.sgx.com/webcoranncatth.nsf/V...E004E0900/$file/Hanwell_Ann_disposal_Intraco.pdf?openelement

[freedom]

is the new investor going to unlock the value for the rest of shareholders? I doubt so.

NAV of the company was 70 cents as Dec 2011, the price it is going to pay is 62 cents. As the company is still making loss or just breaking even, it is unlikely for the new investor to pay 62 cents for the rest of the company.

if the investor is not going to pay the price, it is likely that intraco will remain status quo like PSC. Any attempt to unlock the value of Intrac might result the investor overpays PSC.

maybe it is coincidence, PSC paid the same price(62 cents) in 2003 for its stake.

[propertyinvestor]

Super Group sold off PSC for 48c /share last time to the wife of PSC's CEO.

[freedom]

Oei Hong Leong was in @50 cents with more than 20% stake.

interesting development.

[Temperament]

Oei Hong Leong was in @50 cents with more than 20% stake.

interesting development.

Yes! He is very "famous" for this type of situation. Just like in Informatics, IPC, etc... He is still very strong in IPC. He seems to be very well verse in what is actually happening in this kind of situation. i remembered he was involved in our "National Iron Mill" saga, which is defunct now. i think he made a lot of money from this National Iron Mill's saga. i wonder who are his "army of workers who go around spotting this type of situation. Do you dare to follow him? Ha! Ha!

[freedom]

last time natsteel held more than 20% of intraco. maybe Oei still has good old contact. Think the 14 million married deal should be from Temasek & Natsteel remaining stake after they sold part to PSC?

[propertyinvestor]

PSC shareholder going to vote of the deal if SGX dont waive the requirement to hold an EGM!

[freedom]

Intraco hit a high of more than 70 cents and came back to below 60 cents today.

wonder what the buyers @70 cents are thinking. short covering?

If TH is going to make a general offer, the lowest price it can make is 62 cents, the price they paid for their almost 30% stake.

If TH is buying the stake hoping to enjoy the same benefit like PSC, they will have a difficult time now with Oei Hong Leong on board with more than 20% shareholding. Will TH buy out Oei Hong Leong? Will Oei Hong Leng actively realize the value within Intraco?

There is some hidden value within Intraco. Like the loss it still carried, if restructure successfully, can be a valuable asset for some company.

[CityFarmer]

Oei Hong Leong was in @50 cents with more than 20% stake.

interesting development.

Normally Intraco will not attract my attention, but with Oei HL involvement, probably worth to take a deeper look.

Will comment further after the "deeper look"