LHT Holdings

[RBM]

Indeed Kelvin ........... it seems that yesterdays' SGX trading in LHT shares was an aberration......... a rather pleasing aberration for those value investors who were able to add to their LHT holdings. We'll see going forward.

Today LHT closed ~ 11.1/2% up at S$ 0.117 per share - there was one lot done at S$ 0.117 during the mad 5 minutes at the end of the day - all other 137 lots were done at S$ 0.120 per share. LHT made it to the SGX Top 20 % Risers list (it was in the Top 20 % Losers list yesterday!). Interesting that at the SGX's closing, the total buy orders in the queue from S$ 0.105 upwards totalled 250,000 shares.

Pleasing that even without any recent positive interventions by LHT Executive Director Ms. Yap in the form of further LHT share purchases that the share price appears to be holding its own (may be she was a buyer today??!!). I believe LHT's 1H2012 results, its ~ 37% discount to NAV/Share and a couple of appealing upsides more than justify this.

Vested,

all the way back up!

[kazukirai]

Not about LHT but a nice read about their business.
(an extract below, full story here)

The Single Most Important Object in the Global Economy
The pallet.
By Tom Vanderbilt|Posted Tuesday, Aug. 14, 2012, at 11:45 AM ET

Earlier this spring, the Washington Conservation Corps faced a sudden influx of beach debris on the state’s southwestern shore. Time and tide were beginning to deposit the aftereffects of Japan’s March 11, 2011, tsunami. One of the myriad objects retrieved was a plastic pallet, scuffed and swimming-pool green, bearing the words: “19-4 (salt) (return required), and, below that, “Japan salt service.”

A year earlier, Dubai’s police made the region’s largest narcotics bust when they intercepted a container, carried on a Liberian registered-ship, that had originated from Pakistan and transited through what Ethan Zuckerman has called the “ley lines of globalization,” that constellation of dusty, never-touristed entrepôts like Oman’s Salalah Port or Nigeria’s Tin Can Island Port. Acting on an informant’s tip, police searched the container’s cargo—heavy bags of iron filings—to no avail. Only after removing every bag did police decide to check the pallets on which the bags had rested. Inside each was a hollowed-out section holding 500 to 700 grams of heroin.

Two random stories plucked from the annals of shipping. What unites these disparate tales of things lost (and hidden) on the seas is that they each draw attention to something that usually goes unnoticed: The pallet, that humble construction of wood joists and planks (or, less typically, plastic or metal ones) upon which most every object in the world, at some time or another, is carried. “Pallets move the world,” says Mark White, an emeritus professor at Virginia Tech and director of the William H. Sardo Jr. Pallet & Container Research Laboratory and the Center for Packaging and Unit Load Design. And, as the above stories illustrate, the world moves pallets, often in mysterious ways.

[RBM]

Good one kazukirai!! ............ I found the entire article, not only your excerpt, well worth the read. Many thanks to you for sharing this.

Not about LHT but a nice read about their business.
(an extract below, full story here)

The Single Most Important Object in the Global Economy
The pallet.
By Tom Vanderbilt|Posted Tuesday, Aug. 14, 2012, at 11:45 AM ET

Earlier this spring, the Washington Conservation Corps faced a sudden influx of beach debris on the state’s southwestern shore. Time and tide were beginning to deposit the aftereffects of Japan’s March 11, 2011, tsunami. One of the myriad objects retrieved was a plastic pallet, scuffed and swimming-pool green, bearing the words: “19-4 (salt) (return required), and, below that, “Japan salt service.”

A year earlier, Dubai’s police made the region’s largest narcotics bust when they intercepted a container, carried on a Liberian registered-ship, that had originated from Pakistan and transited through what Ethan Zuckerman has called the “ley lines of globalization,” that constellation of dusty, never-touristed entrepôts like Oman’s Salalah Port or Nigeria’s Tin Can Island Port. Acting on an informant’s tip, police searched the container’s cargo—heavy bags of iron filings—to no avail. Only after removing every bag did police decide to check the pallets on which the bags had rested. Inside each was a hollowed-out section holding 500 to 700 grams of heroin.

Two random stories plucked from the annals of shipping. What unites these disparate tales of things lost (and hidden) on the seas is that they each draw attention to something that usually goes unnoticed: The pallet, that humble construction of wood joists and planks (or, less typically, plastic or metal ones) upon which most every object in the world, at some time or another, is carried. “Pallets move the world,” says Mark White, an emeritus professor at Virginia Tech and director of the William H. Sardo Jr. Pallet & Container Research Laboratory and the Center for Packaging and Unit Load Design. And, as the above stories illustrate, the world moves pallets, often in mysterious ways.

[RBM]

A rather "interesting" last 20 minutes or so on the SGX today ............. if you are an LHT shareholder that is. Until 16.39 hrs not a single lot had been traded - nothing unusual there, many SGX trading days go by without any LHT shares changing hands.

Then two very large trades were done. One for 1,010,000 LHT shares and the other for a nice round 1,000,000 LHT shares. Both at a price of S$ 0.135 per share. Even more interesting, I note that LHT Executive Director Yap was the purchaser in the 1,010,000 trade - a disclosure has just been made to the SGX. It is pleasing to see ED Yap back in the market buying LHT shares - I believe it is fair to say that her market purchases have been a key driver in propelling LHT's share price upwards during the last 12 months. I wonder who the seller is?....... there are only ten (10) shareholders holding 2 million or more LHT shares?? And I wonder if Billy Neo, son of the CEO, was the buyer in the other big trade!?

Vested

[dydx]

From the look of it, the 2 big transactions today (4Sep12) of 1.0m shares each appear to have been pre-arranged - i.e. the seller(s) of the $2.0m shares had approached LHT beforehand, and then MD Neo Koon Boo and ED Yap Mui Kee agreed to buy 1.0m shares each at the same price of $0.135. Thereafter, the seller(s) and the 2 buyers agreed to cross the 2 transactions at the pre-arranged last 30 minutes before the market closes at 5:00pm today, during which there were few buyers/sellers.

I think it doesn't really matter who the seller(s) are; it is important enough to note the 2 directors are willing to increase their stakes in LHT. In the same vein, I suppose anyone who holds a nice block of LHT shares and wishes to sell, can simply approach Neo or Yap and ask for a price close to $0.135/share.

[RBM]

Thank you dydx

Indeed, it is good to see that LHT soon followed up with their disclosure regarding Ms. Yap's million-share-trade trade with a disclosure on MD Neo's million-share-trade. I should have been clearer in my posting of earlier this evening - it is pleasing that no insider or > 5% shareholder (there are only 4 of them and that includes Messrs Neo & Yap) appears to have been the seller(s).

One lingering worry/concern/question I have regarding this late afternoon's goings-on vis-a-vis LHT............ If indeed these large trades were all pre-arranged - which very much looks to be the case - then surely it will be deemed that Messrs Neo and Yap QUOTE acted in concert UNQUOTE. And because they have a combined > 30% of LHT's shares between them - MD Neo ~ 22.7%, ED Yap ~ 12.0% - and because between them they have acquired > 1% of LHT's shares in the last six months - surely they are now obliged to make a mandatory takeover offer for all remaining LHT shares at the same S$ 0.135 share price?? I have looked at Rule 14 of Singapore's Takeover code more than twice just now ............ and I can't see how this isn't the case. Will someone please correct me and point out what a twit I am - may be I have inbibed too much of my fortified wine this evening.

It will be interesting to see what happens over the coming days, particularly if the SGX "seeks any clarifications".

Vested - and pleased with developments of late this afternoon.

From the look of it, the 2 big transactions today (4Sep12) of 1.0m shares each appear to have been pre-arranged - i.e. the seller(s) of the $2.0m shares had approached LHT beforehand, and then MD Neo Koon Boo and ED Yap Mui Kee agreed to buy 1.0m shares each at the same price of $0.135. Thereafter, the seller(s) and the 2 buyers agreed to cross the 2 transactions at the pre-arranged last 30 minutes before the market closes at 5:00pm today, during which there were few buyers/sellers.

I think it doesn't really matter who the seller(s) are; it is important enough to note the 2 directors are willing to increase their stakes in LHT. In the same vein, I suppose anyone who holds a nice block of LHT shares and wishes to sell, can simply approach Neo or Yap and ask for a price close to $0.135/share.

[cif5000]

If they are indeed acting in concert, the offer price will have to be no less than $0.142, IIRC, the highest price paid by Yap in Apr or within the last 6 months (code revision shortens the period from 12 months to 6 months).

[RBM]

That is excellent pushback cif5000 - you are absolutely correct and I was wrong with my S$ 0.135 offer price. Thank you.

Bit of a subdued "wait-and-see" opening on the SGX this morning. Early stuff. But it is pleasing to see that yet again LHT's leadership demonstrates confidence in the company's prospects by putting their personal money into LHT shares.

Vested

If they are indeed acting in concert, the offer price will have to be no less than $0.142, IIRC, the highest price paid by Yap in Apr or within the last 6 months (code revision shortens the period from 12 months to 6 months).

[zf87]

16cts is a 5-year new high

[RBM]

Indeed LHT has been climbing nicely in the last few trading sessions. But the trading volumes are meagre (e.g. today's volume was 30 lots only) and the buying queuw isn't volumetrically strong until it gets to the S$ 0.12 level. That said I'm not complaining.

I wonder when we'll be hearing some positive news regarding initiation of LHT's wood-chips delivery to the Tuas Power Facility?? We are now well into the window when LHT previously advised this would commence. Have I missed something?

I'm also hopeful for a solid set of FY results next month. I'll be disappointed if FY net income is below S$ 4.5 Mln - but more than pleased if its above S$ 5.0 Mln.

Vested

16cts is a 5-year new high