Penguin International

[lonewolf]

Another general unconditional offer has been launched for S$0.82 per share. After deducting the final dividend of S$0.0225 per share, those who accept the offer will receive S$0.7975 per Share.

Offer Document: Voluntary Unconditional Cash Offer

[dydx]

Another general unconditional offer has been launched for S$0.82 per share. After deducting the final dividend of S$0.0225 per share, those who accept the offer will receive S$0.7975 per Share.

Offer Document: Voluntary Unconditional Cash Offer

Shall remaining minority shareholders just give in and accept this 2nd privatisation offer from the controlling consortium shareholders at $0.82 a share or not? Are the controlling consortium shareholders trying to make the remaining minority shareholders rich or more for themselves? The answers are obvious!

[brattzz]

2021= 65cts
2023 = 82cts + Dymon onboard
2025 = definately more than 82cts!

hold on tight guys! fight on!

[opmi]

2021= 65cts
2023 = 82cts + Dymon onboard
2025 = definately more than 82cts!

hold on tight guys! fight on!

was there an organized anti-privatization effort last time? Must have some Indian Chiefs to lead...

The Company spent some cash to build some boats last year. Now Cash becomes Boats. The price/book from 1 to 0.5 for the particular capex. Then IFA will say it is reasonable offer.....IFA is a paid mouthpiece.....

[davisng]

Y2021, It was offered for 65c, 20% of shares rejected to accept.
Now they jack up the offer price to 82c, let said, 80% of this remaining 20% shares think that, obviously Rejection is the nature choice, because they will definitely raise again in price because the good prospect warrants such potential.

[davisng]

Y2021, It was offered for 65c, 20% of shares rejected to accept.
Now they jack up the offer price to 82c, let said, 80% of this remaining 20% shares think that, obviously Rejection is the nature choice, because they will definitely raise again in price because the good prospect warrants such potential.

Y2014, its ROE about 20%, Y2015, ROE is around 15% when crude oil prices were high. And now the crude oil prices up again, and more, the business prospect becomes brighter due to its first mover advantage in pure electric boats and ferries, with huge potential in Singapore and reginal market ; and successful entering into European energy renewable space. So, ROE returns to 15-20% is possible. That should be the reasons behind this 82c offer.

[davisng]

Y2021, It was offered for 65c, 20% of shares rejected to accept.
Now they jack up the offer price to 82c, let said, 80% of this remaining 20% shares think that, obviously Rejection is the nature choice, because they will definitely raise again in price because the good prospect warrants such potential.

Y2014, its ROE about 20%, Y2015, ROE is around 15% when crude oil prices were high. And now the crude oil prices up again, and more, the business prospect becomes brighter due to its first mover advantage in pure electric boats and ferries, with huge potential in Singapore and reginal market ; and successful entering into European energy renewable space. So, ROE returns to 15-20% is possible. That should be the reasons behind this 82c offer.

If let said, ROE back to 15% soon, at the present NAV around 90c, EPS will be around 13.5c, if we apply a reasonable PER of 10, this counter will be priced at least 135c, much higher than 82c. That's possible.

Holding on tight is nature Choice.

[lonewolf]

The offer price has been revised by 1c to $0.83 per share.

The final dividend of $0.225 will not be deducted from the offer price. 

Announcement: Voluntary Unconditional Cash Offer - Revision of Offer Price and No Further Price Increase

[dydx]

The expected price revision has come so fast - just 11 days after the first offer! - and even before the IDs decide on the IFA appointment. I wonder what's the hurry?

Anyway, the extra $0.0325 a share is just less than 4% of the first offer at $0.82. It is not a lot more, and it doesn't look like it can move the needle!

[dydx]

Another general unconditional offer has been launched for S$0.82 per share. After deducting the final dividend of S$0.0225 per share, those who accept the offer will receive S$0.7975 per Share.

Offer Document: Voluntary Unconditional Cash Offer

Shall remaining minority shareholders just give in and accept this 2nd privatisation offer from the controlling consortium shareholders at $0.82 a share or not? Are the controlling consortium shareholders trying to make the remaining minority shareholders rich or more for themselves? The answers are obvious!

I thought it is useful to repost the above as an important reminder to people still holding Penguin shares. Just substitute above $0.82 with the revised offer at $0.83, the rest remains relevant.

Do note this is an unconditional offer - i.e. whatever Penguin shares the Offeror manages to buy from the open-market from tomorrow paying $0.83 or lower, they get to keep. As well, when the offer is open for acceptance later, whatever Penguin shares tendered in by minority shareholders, the Offeror will also get to keep.  Obviously the better choice is to keep the shares and sell to the buyer offering a higher price to the Offeror later.