GP Batteries International

[opmi]

foreign fund mgrs will hold their shares under some brokers/custodian nominees in SG.

[money]

Just reviewed its recent AR. Think they have a very tough and competitive business. Whether it can turnaround to make profit in the next few years seems hard to determine. Doesnt appear to have a strong balance sheet, its high NAV per share of $2.5 may seem an attractive buy compared to its current share price of $0.68 but if it cant make decent profits from its $2.5 NAV per share, it speaks a lot about the quality of its net assets.

And if GP Industries owns almost half of this company, then the balance sheet of GP Industries may not appear as strong as it is.

[yeokiwi]

Just reviewed its recent AR. Think they have a very tough and competitive business. Whether it can turnaround to make profit in the next few years seems hard to determine. Doesnt appear to have a strong balance sheet, its high NAV per share of $2.5 may seem an attractive buy compared to its current share price of $0.68 but if it cant make decent profits from its $2.5 NAV per share, it speaks a lot about the quality of its net assets.

And if GP Industries owns almost half of this company, then the balance sheet of GP Industries may not appear as strong as it is.

GP Bat sold 5% of Zhongyin (Ningbo) Battery for RMB 50milllion recently. They still retain 70% which should worth around S$140 million.
Current market capitalisation is only S$77 million.

In another word, the company is worth more if it liquidates.

[touzi]

"renounceable non-underwritten rights issue (the “Rights Issue”) of 54,935,584 new ordinary shares in the capital of the Company (the “Rights Shares”) at an issue price of S$0.486 for each Rights Share (the “Rights Issue Price”), on the basis of one (1) Rights Share for every two (2) existing ordinary shares in the capital of the Company"

http://infopub.sgx.com/FileOpen/Buffalo_...eID=268787

Why is the document named as Buffalo Announcement

[opmi]

Project code name.

[Ken123456]

Just reviewed its recent AR. Think they have a very tough and competitive business. Whether it can turnaround to make profit in the next few years seems hard to determine. Doesnt appear to have a strong balance sheet, its high NAV per share of $2.5 may seem an attractive buy compared to its current share price of $0.68 but if it cant make decent profits from its $2.5 NAV per share, it speaks a lot about the quality of its net assets.

And if GP Industries owns almost half of this company, then the balance sheet of GP Industries may not appear as strong as it is.

GP Bat sold 5% of Zhongyin (Ningbo) Battery for RMB 50milllion recently. They still retain 70% which should worth around S$140 million.
Current market capitalisation is only S$77 million.

In another word, the company is worth more if it liquidates.

May i know where you get the info for Zhongyin Battery.

Hardly to find anything in their website.

[portuser]

The recent SGX announcements on sale of 5% of ZHONGYIN (NINGBO) are dated:
Aug 27,
Sep 9 and
Oct 21.

[cyclone]

The recent SGX announcements on sale of 5% of ZHONGYIN (NINGBO) are dated:
Aug 27,
Sep 9 and
Oct 21.

You can also do a quick search here :
http://www.valuebuddies.com/news.php?com...BINT%2BLTD

[freedom]

it is really a weird time to propose a right issue. It had much worse financial situation(less cash and not so much difference in debt, actually, the current cash is probably best in a long time) before. And now it wrote off its investment in the loss-making Vectrix and Vectrix is in the process of winding down. It only means less financial commitment in the near future. Plus, merely 26 million is raised, compared with its current cash holding of around 130 million with another 10+ million coming from the sale of a property.

To me, the right issue is fishy.

[cif5000]

it is really a weird time to propose a right issue. It had much worse financial situation(less cash and not so much difference in debt, actually, the current cash is probably best in a long time) before. And now it wrote off its investment in the loss-making Vectrix and Vectrix is in the process of winding down. It only means less financial commitment in the near future. Plus, merely 26 million is raised, compared with its current cash holding of around 130 million with another 10+ million coming from the sale of a property.

To me, the right issue is fishy.

I have the same suspicion too. The parent company (0040.HK) was recently forced to recognize GP Bat as a subsidiary. Maybe this rights will be a first step to move its shareholding (way) above 50%. This rights issue also coincides with their first skipping of the interim dividend.