Baker Tech

[smallcaps]

controlling shareholder is 40%+
even after warrant conversion not enough to even GO unless combine with other top 20 shareholders

Even then is a good outcome coz a premium will be offered

Thought any amount can GO? I think if the warrants subject to 1% rule then the doc would need to make a decision before expiry. 100mil warrants is like 10 mil gain currently. He should be cash rich right now from the 10 cents dividend, I presume?

I only know that at 30% effective control the party needs to mandatory GO. Since the owner already has 40+% He must have made a GO before which not successful.

With regards to the warrants, if after conversion his stake increase 1% within 6 months then he will have to make a GO as well. Previous warrant conversion must have seen his share increase 1% so maybe GO was also made and not successful.

If no GO was made maybe he is exempt from GO until the company comes under the delisting rules.

Look at F&N, kena Charoen liao still neh neh stick there dun wanna delist..

Dunno what the ppl at SGX are up to.

Actually his total % has decreased instead (to below 50%), due to other shareholders' conversions of the 2012 warrants:

On 6 Jun 2012,

Total shares = 700,294,881
Benety = 305,516,348 shares = 43.63%
Doris = 68,399,183 shares = 9.77%
Both = 373,915,531 shares = 53.4%

On 8 May 2013,

Total shares = 867,548,844
Benety = 345,516,348 shares = 39.83%
Doris = 68,399,183 shares = 7.88%
Both = 413,915,536 shares = 47.7%

[BlueKelah]

thanks for calculating out the numbers for the percentage of shareholdings dropping, didn't look past the current AR.

So maybe he will have to GO if he converts his warrants and increase his share by 1%? since AFAIK the cut off for that to trigger is anywhere between 30%to 50% if increase 1% it will trigger and someone is pushing the share as they are expecting such a result?

Well I am just seeing some value in the potential for something to happen with all that cash coz good things have happened in the past by guidance of this management.

I vested at the current NAV price and was hoping to pick up more if price drops towards the cash level, but unexpectedly it has gone up.

I just hope that something like the RTO that is happening to Hisaka Holdings which has like 89% net cash doesn't happen here.

[Andrew Q]

Dividend of $0.05. Record date is 8/5/2014

[valuebuddies]

Result is out: http://infopub.sgx.com/FileOpen/BTLFY201...eID=275100

There you go, special dividend of 4c plus ordinary dividend 1c, which is about 17% based on the last closing. This would probably means that the management are not looking for replacement for Discovery soon. The order book are stable at US$54Mio which will last for 12-18 months per the management. Judging on the average diluted EPS for Q3 and Q4, it gives an annualised figure of 1.46c which is still sufficient to maintain 1c dividend yearly, which is 4% yield on theoretical ex-div price of 25c. Also bear in mind that the diluted net cash per share is approximately 19c, so I can assume that I risk 6c for 1.46c return per year, ie 24%..

Regarding the huge cash pile they have, there is only 2 possibilities:

1. to declare special dividend/return of capital to shareholders, which they have did for consecutive 2 financial years; or

2. to acquire other cash generating units, the prior acquisitions proved the management's expertise in investing

IMO, either 1 of the above may be a catalyst for a stock to rise in price.

p/s: can anyone care to clarify how the EPS was computed per the announcement? I get 0.5c and not 0.47c??

[BlueKelah]

Good but expected news, stock gonna rally some more tomorrow when the dividend hungry seekers jump in

However just from this we can tell that the past week's rally in this share is when the information was leaked. Though they may not have leaked about the specific amount of the special div.

-invested--
Numbers from the release Quarterly Financial Statement And Dividend Announcement for the Period Ended 31 December 2013
using Net profit attributable to equity holders of the Company 4,187,000
/ shares in issue end DEC2013 872,140,844 = 48cents per share for me go figure, maybe is a typo

[valuebuddies]

I used 832,125,414 which is the weighted average for the year, so note 6 is incorrect right? Because it should be 0.5c before dilution.

[BlueKelah]

I used 832,125,414 which is the weighted average for the year, so note 6 is incorrect right? Because it should be 0.5c before dilution.

Dunno lah, since everything is done at end of financial year, EPS should also be done with shares at end of financial year what which is 872,140,844 and should give 48cents.

Only possible explanation other than typo is could be accountants took the earnings and divided by an even larger number of shares which could be the CURRENT total registered float with the CDP, to get 47 cents which is 1 cent less than my calculation.

Its quite hard to make 0.5 typo into 0.47

[valuebuddies]

Presentation:

•Prospects in the near term will remain challenging
•However, the Group is confident of the oil and gas industry’s long term prospects
•Continuing to seek new opportunities to diversify and increase revenue streams
•Incorporated two subsidiaries, Baker Engineering and BT Investment, with new key personnel to manage them

Just knew that there was a subsidiary incorporated recently, BT Investment, obviously it will be an investment holding company. So hope to hear some M&A news soon.

[valuebuddies]

I used 832,125,414 which is the weighted average for the year, so note 6 is incorrect right? Because it should be 0.5c before dilution.

Dunno lah, since everything is done at end of financial year, EPS should also be done with shares at end of financial year what which is 872,140,844 and should give 48cents.

Only possible explanation other than typo is could be accountants took the earnings and divided by an even larger number of shares which could be the CURRENT total registered float with the CDP, to get 47 cents which is 1 cent less than my calculation.

Its quite hard to make 0.5 typo into 0.47

Is not typo, but a mistake, the presentation has proved it again. I have no issue to compute the EPS for whole year and corresponding period with the same formula.

[BlueKelah]

just hope the special dividend is not a typo hahaha....