Global Yellow Pages

[Arowana]

My use of FCF calculation is a bit different as I ignore WC changes in cashflow but i subtract taxes and interest expense. Additionally i screen out under the "investing activities", what are the recurring items and which are the one-off events.

Using the recent full FY, its 4,804 - 276 - 2,488- 458- 515 + 12 = 1,079
Subsequently dividing by the 681755 shares ( i did not use the 1.7Bil figure), 0.156 cents per share, thus this divided by 4.6 cents = 3.5%

If the 1.7 Billion shares were used, FCF per share is 0.062 cents per share, thus FCF yield is about 1.3%. However, I believe if they use proceeds from the share dilution exercie wisely, GYP can maintain FCF yield of approx 3.5%

I am glad to see some quality posting and discussion in this thread.
I like the last few postings by VestedInterest and CY09.
I am vested in GYP. It has the cash and its good future is not limited by financial capacity. Now is the time to test the capability and quality of GYP management team.

[greengiraffe]

They found another way to spend their rights $...

Singapore group acquires Wendy’s
THE AUSTRALIAN SEPTEMBER 12, 2014 12:00AM

Greg Brown

Property Reporter
Sydney
AUSTRALIAN ice-cream and hot dog chain Wendy’s has been bought by Global Food Retail Group, a subsidiary of Singapore-listed Global Yellow Pages, in a $10 million deal that could see Wendy’s open stores in Asia.

The chain will be in offshore hands for the first time in its history, but Wendy’s chief executive Rob McKay said it would be business as usual for customers, staff and suppliers.

He said Wendy’s had recently struggled financially and the deal would allow the company to take a fresh look at its growth plans.

The ice-cream and hot dog maker was established in Adelaide in 1979 by entrepreneurs Geoff Davis and Phil Rogers. The group has more than 200 stores across Australia and 30 in New Zealand, employing about 3500 staff.

Mr McKay flagged plans earlier in the year to grow to 300 stores by 2016. Its annual turnover is $90m.

Mr McKay is expected to stay on as CEO in Australia and could take on a larger role in the Asian parent company from his Adelaide base.

Global Yellow Pages chief executive Stanley Tan said the group intended to open stores in Asia. The company also has an extensive property portolio.

“We believe there is a significant potential for the brand to grow and expand in Asia, especially China,” he said.

“This acquisition is a continuation of the group’s deliberate strategy to diversify into the food and beverage sector to expand its operating base and enhance shareholder value.”

Additional reporting: AAP

[specuvestor]

That's one thing I am always puzzled: Is it legit to raise money for one thing and use it for another?

Some companies methodologically list down the money they raised, why they raised, and how much used so far for that purpose. Some I don't really know. And some just lump all into "working capital" purposes

[greengiraffe]

http://www.businesstimes.com.sg/companie...perty-deal

Global Yellow Pages inks first property deal
By
Andrea Sohsandrea@sph.com.sg@AndreaSohBT
9 Oct5:50 AM
Singapore

GLOBAL Yellow Pages, in its first-ever deal in the real estate sector, is planning to buy a shopping mall and its accompanying land in New Zealand.

This, however, will be done in a roundabout way, through an intermediate firm controlled by Global Yellow Pages' CEO Stanley

[greengiraffe]

Retail Food pays $163.5m for Gloria Jeans
MICHAEL RODDAN OCTOBER 24, 2014 2:30PM

Retail Food Group has announced its intention to acquire Gloria Jeans Coffees, revising upwards its full-year guidance for fiscal 2015 to an expected 36 per cent rise in net profit after tax compared to the prior financial year.

Retail Food Group, which owns brands including Donut King, Brumby's Bakeries, Michel's Patisserie and Crust Pizza, says it has entered a sale and purchase agreement with the coffee franchise, which has 800 outlets across 40 countries.

The company has said the transaction is for a consideration of $163.5 million, along with a $16.4m top-up in milestone or earn-out payments.

Australia’s largest multi-brand retail food franchiser said it will gain the global intellectual property rights to Gloria Jean’s Coffees and It’s A Grind coffee brand, with the takeover adding around $24m to underlying earnings before interest and tax to its fiscal 2016 bottom line.

The transaction will result in around a 26 per cent increase in earnings per share growth over fiscal 2014.

“Given close alignment between Gloria Jean’s Coffees’ activities and those of RFG, the business represents a target that has long been of interest to RFG," said chief executive Tony Alford.

Gloria Jean’s executive chairman, Nabi Saleh, has committed to remain with the business for a minimum period of two years post-completion, ensuring key commercial and stakeholder relationships are seamlessly transitioned.

The takeover deal will be paid in cash of $153.5m and shares of $10m, funded by 60 per cent debt and 40% equity.

RFG will raise $55 million to help fund its purchase through the issue of new shares to institutional and sophisticated shareholders.

The company has also increased its senior debt facility with National Australia Bank, from $135 million to $253 million.

Its purchase of Gloria Jeans is expected to be settled by December.

[CY09]

From purchasing Wendy's IP, GYP has now used all remaining proceeds to buy a shopping mall in New Zealand. Previously, I mentioned if GYP used their proceeds wisely, they could maintain a 3.5% FCF yield. However, this NZ acquisition doesn't seem right to me; I predict GYP will continue floundering in the wilderness despite being a "Sam Goi" stock with government links. In fact, one can proclaim GYP as a conglomerate, with stakes in food, Property, Technology and Travel. However, it lacks a clear business focus.

http://infopub.sgx.com/FileOpen/Completi...eID=319493

[greengiraffe]

Uncle Sam enjoys basking in the limelight... He has probably made enough from his name sake alone.

Never been his fan since the Thai Village days. Even Super remains a volatile F&B stock yet to arrive on the big stage.

Odd Lots Vested
GG

From purchasing Wendy's IP, GYP has now used all remaining proceeds to buy a shopping mall in New Zealand. Previously, I mentioned if GYP used their proceeds wisely, they could maintain a 3.5% FCF yield. However, this NZ acquisition doesn't seem right to me; I predict GYP will continue floundering in the wilderness despite being a "Sam Goi" stock with government links. In fact, one can proclaim GYP as a conglomerate, with stakes in food, Property, Technology and Travel. However, it lacks a clear business focus.

http://infopub.sgx.com/FileOpen/Completi...eID=319493

[odie]

http://www.businesstimes.com.sg/companie...perty-deal

Global Yellow Pages inks first property deal
By
Andrea Sohsandrea@sph.com.sg@AndreaSohBT
9 Oct5:50 AM
Singapore

GLOBAL Yellow Pages, in its first-ever deal in the real estate sector, is planning to buy a shopping mall and its accompanying land in New Zealand.

This, however, will be done in a roundabout way, through an intermediate firm controlled by Global Yellow Pages' CEO Stanley

Global Yellow Pages inks first property deal

The Business Times - October 9, 2014
By: Andrea Soh
Share on facebook Share on twitter Share on email Share on favorites Share on print | More Sharing ServicesMore
Global Yellow Pages inks first property deal

Singapore

GLOBAL Yellow Pages, in its first-ever deal in the real estate sector, is planning to buy a shopping mall and its accompanying land in New Zealand.

This, however, will be done in a roundabout way, through an intermediate firm controlled by Global Yellow Pages' CEO Stanley Tan and director Pang Yoke Min.

The original owners of the freehold shopping mall - Ladstone Pakuranga Limited and Ladstone Pakuranga Management Limited - had first sold the property to Pakuranga Plaza Limited (PPL) on Sept 9 for NZ$96 million (S$95.8 million).

The mall, which is located in the centre of Pakuranga in Auckland, occupies 39,209 square metres, and has retail and office space with a gross lettable area of 29,541 square metres that is occupied by about 100 tenants, including major department stores and supermarkets.

Under the terms of the deal, PPL had to pay 5 per cent of this amount as a deposit by Oct 8, and another 5 per cent when it obtained approval under the Overseas Investment Act of New Zealand. The remainder was to be paid on the settlement date stipulated in the agreement.

Global Yellow Pages had wanted to buy PPL shares directly from its previous shareholder, but this acquisition would have been conditional on the approval of its shareholders in a general meeting. Ladstone Pakuranga Limited and Ladstone Pakuranga Management Limited had not wanted any condition allowing PPL to defer completion of the acquisition until the firm had obtained all regulatory approvals.

Therefore, another intermediate firm Pakuranga Plaza Holdings - set up in New Zealand for this acquisition and controlled equally by Mr Tan and Mr Pang - on Tuesday bought over all the PPL shares.

Global Yellow Pages will be taking over all of PPL shares for NZ$38.4 million, which it intends to finance through a rights issue completed in June and internal funds; PPL intends to borrow S$57.7 million to finance its own purchase of the property.

The NZ$38.4 million that Global Yellow Pages will pay to Pakuranga Plaza Holdings will comprise: a deposit of NZ$9.6 million when PPL's deal with the mall's original owners is declared unconditional; a deposit of NZ$28.8 million a day before the settlement date of that deal, and NZ$1 when Global Yellow Pages has obtained consent from its shareholders in an extraordinary general meeting and regulators.

If approval from shareholders or regulators is not granted, Pakuranga Plaza Holdings, with Mr Tan and Mr Pang as the guarantors, will together repay the first two deposits to Global Yellow Pages within 40 days.

Global Yellow Pages said that this acquisition will enable the group to diversify into real estate, in which it sees potential for long-term growth and in which both its chairman Mah Bow Tan and Mr Tan have significant experience.

According to a valuation report by property consultancy JLL dated Feb 6 this year, with the purchase price of S$96.2 million and an occupancy rate of about 97 per cent, the net rental yield of the property is about 8.1 per cent. "The acquisition is therefore income accretive in nature, and will generate profits that may be used to fund the working capital of the group," Global Yellow Pages said in the announcement.

The firm, which has also identified food and beverage as another sector to diversify into, had also last month completed the purchase of the intellectual property rights held by Wendy's Supa Sundaes and Innovation Ice Cream for A$10 million (S$11.7 million).

The counter, which has fallen 46.4 per cent so far this year, dipped 0.1 Singapore cent to close at 4.3 Singapore cents on Wednesday.

[VestedInterest]

Since I last wrote in Sep 2014, things are looking better for this company. The ratios are looking more compelling.
As expected, and after 2 quarters of loses, they have turned the corner this latest quarter, ie their Q3 FY15 period. EPS this quarter was 0.36 cents. Projected EPS, once earnings from Pakuranga Complex kicks in is estimated to be 1.4 cents per annum, which could be a slight under estimation. The current share price is 3.7 cents, giving a forward PE of btw 2 and 3.
It's NTA is about 4 cents. The NAV is 8 cents but a lot of it is goodwill or intangible, hence I won't pay too much attention to this. It has not been giving out dividends in the last couple of years and it's Yamada investment, though profitable, has not been doing that well in the last few quarters.
The reassuring thing to note is that there has been some buying up by coy directors at around the 4 cents level.
PPL, the company owned by their directors as a vehicle to acquire Pakuranga Complex, will go ahead with the sale of the shopping complex to GYP. Shareholders will be wiser to approve when the time comes.

Any thots on this is welcome. As always, caveat emptor.

[CityFarmer]

Global Yellow Pages reverses into losses of $62.4 million for 15 months ended June

SINGAPORE (Aug 28): Global Yellow Pages, which publishes directories and provides classified directory advertising, reported a net loss of $62.4 million for the 15 months ended June, compared with earnings of $5.1 million in FY14 ended March.
...
http://www.theedgemarkets.com/sg/article...ended-june