Penguin International

[dydx]

Simple logic will prevail here. The 3 parties behind the Offeror together believe that $0.65/share is a good purchase price for them, and now they have managed to raise their combined interest to close to 80%. Obviously they are driven by value and strategic considerations, and will try even harder to increase value of Penguin's business, and to extract returns from the business and its assets over time. Of course, they like to see higher market value for their Penguin shares over time too - which is what the remaining 20% minority shareholders hope to see as well..

[weijian]

Also, liquidity will be low after the offer closes as free float had been reduced significantly.

As long as the company is sound and also one has holding power (and relatively undistracted by Mr Market), I tend to think that low liquidity is a good problem to have. It is like a tail wind with Mr Market bidding it up in a manic due to low liquidity.

Of course, this is only for OPMI who don't really have huge chunk of million dollars' worth of shares.

[donmihaihai]

Low free float = low liquidity?

Just look at DISA limited. 10 billion shares. 82% free float. And the liquidity?

Liquidity is always lower before party started and after party ended.

[Mushy]

I think after this exercise (if penguin remain listed), the remaining shareholders are long term holders (less trigger happy) and hence there would be less liquidity. I am saying there will be lack of supply, plus, see my question below. If I want to buy after today, I worry that there might not be liquidity to purchase meaningful quantity even at 65c or + a few cents.

I have a question. Assuming it remains listed, can the offerer buy from the open market after today? And are they allowed to buy at any price? I.e. they just continue to put the 65c offer on the table.

[pianist]

Dunno when they will revert back to physical onsite face to face AGM, really can't wait to ask and grind the board for the legitimate reason for no dividend declared in the last fy respectable enough results, and yet got financial means to hire consultant to gain control and delist

[dydx]

Dunno when they will revert back to physical onsite face to face AGM, really can't wait to ask and grind the board for the legitimate reason for no dividend declared in the last fy respectable enough results, and yet got financial means to hire consultant to gain control and delist

Positive thinking, and a reasonable approach too..

[touzi]

Dunno when they will revert back to physical onsite face to face AGM, really can't wait to ask and grind the board for the legitimate reason for no dividend declared in the last fy respectable enough results, and yet got financial means to hire consultant to gain control and delist

Why must wait for on site meeting? You can submit questions by logging into the Convene webiste.

[¯|_(ツ)_/¯]

Project Fairy closed @ 80.05%
https://links.sgx.com/FileOpen/Project%2...eID=661935

Without the support of Project Fairy, the price will definitely fall below 65cents.
What would be the right price to buy again?

Without dividend, the price will drop further.
Especially, with the expected shrinking volume and trade, Mr Market will get increasingly ir-rational and volatile. (I can almost see it happening soon).

Meanwhile, for the sack of long term valuebuddies, let's wait for another year and check back whether there are any anticipated (BIG or small) dividend.

What we are very sure is, without the dividend, things will get ugly.

In fact, it's exactly without giving out dividend that make me vested in PIL few years ago.  The price simply dropped below 30cents effortlessly.

Valuebuddies should remember vividly a major compliant in vb.com was PIL pay out very little dividend and then the straw that break the camel back was when it skipped dividend few years back.  That was really ugly. And, by the way, was the trigger point for me to be interested in PIL.

I mean, if a company is good and the valuation is equally good, then it's not really interesting.

However, if the company is good and the valuation is extremely good (huge MOS), then that really fires me up.

Of course, if for what ever reason, PIL skip dividend or give out smaller dividend below valuebuddies expectation (again), we might see opportunities again.

That brings me to a million $$$ question.
Given that J&J likely had already formulated the next delist plan, what's the reason that wanted to give out good dividend?


FYI: I'm not vested and  my view is definitely biased.



Gratitude.
Thank you J&J for being such a wonderful Captain, chartering PIL all these years.
Well done and both deserved a better result than 80.05%

[pianist]

Dunno when they will revert back to physical onsite face to face AGM, really can't wait to ask and grind the board for the legitimate reason for no dividend declared in the last fy respectable enough results, and yet got financial means to hire consultant to gain control and delist

Why must wait for on site meeting? You can submit questions by logging into the Convene webiste.

Find it a hassle to do it online given poor eyesight,
As suggested by dydx, to better exhibit positive thinking & reasonable approach, I need thank the board with a firm handshake and hug them for a chance for me to meet and learn from them in person

[lonewolf]

This is not related to the GO but I caught a blip of this from the Morning Note send out by Philips Securities.

Marine and offshore engineering group Sembcorp Marine (SGX: U96) and high-speed craft builder Penguin International (SGX: BTM) are working with Shell to trial the maiden use of hydrogen fuel cells for ships in Singapore, the oil major said on Wednesday. In a statement, Shell said its analysis points to hydrogen with fuel cells as "the zero-emissions technology which has the greatest potential to help the shipping sector achieve net-zero emissions by 2050"."If successful, this collaboration could help pave the way for cleaner, hydrogen-powered shipping," it said. The trial involves the development and installation of an auxiliary power unit proton exchange membrane fuel cell on an existing roll-on/roll-off vessel that transports goods, vehicles and equipment between the mainland and Shell's Pulau Bukom manufacturing site.

Straits Times also carries a report with more details.

Sembcorp Marine, Penguin International partner Shell in trial of hydrogen fuel cells for ships

I suppose this provides an indication of the future direction that J&J is taking with Penguin. 

Is it a coincidence that this was released at the end of the GO?  

Of course, given the experimental nature of the trial, there is of course no certainty that it will make a material difference in the future earnings of Penguin. But if it takes off, then Penguin will be a pioneer in a technology that is potentially revolutionary.