Nordic Group

[Polaris]

Annual Report for FY2014

http://infopub.sgx.com/FileOpen/Nordic%2...eID=343711

[Polaris]

http://infopub.sgx.com/FileOpen/NGL_anno...eID=343901

"The Board of Directors (the “Board”) of Nordic Group Limited (the “Company”, and together with its subsidiaries, the “Group”) refers to the announcement on 12 March 2015 (the “Announcement”) relating to the signing of a non-binding memorandum of understanding for the acquisition of the entire issued and paid-up share capital of Austin Energy (Asia) Pte Ltd. Unless otherwise defined herein or the context otherwise requires, all capitalised terms used herein shall bear the meanings ascribed thereto in the Announcement.
Further to the Announcement, the Company and the Purchaser have on 14 April 2015 entered into a sale and purchase agreement (the “Agreement”) with the Vendors for the Proposed Acquisition. Please refer to the Announcement for information on the AE Group and the rationale for the Proposed Acquisition."

[Polaris]

http://infopub.sgx.com/FileOpen/Nordic_wins_S$7m_scaffolding_contract_for_Chevron_plant.ashx?App=Announcement&FileID=344752

SINGAPORE – 20 April 2015 – Mainboard-listed Nordic Group Limited (Nordic Group) is pleased to announce that its wholly owned subsidiary, Multiheight Scaffolding Pte Ltd (Multiheight) has been awarded a contract worth approximately S$7 million, to provide labour and materials to perform scaffolding work and render scaffolding maintenance for the Carboxylate Project (CP).

[butcher]

Thanks Polaris for the link to the annual report.
http://infopub.sgx.com/FileOpen/Nordic%2...eID=343711


Realised they changed their Audit Partner to Lam Chien Ju with effect from this year and the audit report dated quite late on 8 April 2015. Just in the nick of time for the AGM on 29 April 2015.

AGM at 8 Wilkie Road #03-01 Wilkie Edge Singapore 228095 on Wednesday, 29 April 2015 at 10:00 am

Noted in note 5 to the financial statements, there is a $150,000 Dividend income from quoted corporation (FY13: Nil). Wonder if dividend income should be classified under revenue or shown separately under other gains etc?

Look forward to the buffet and their new audit partner, Lam Chien Ju.

Hopefully, the partner not involved in the flopped Trans Cab IPO else will be terribly upset and no confidence and doubtful of her credentials.

EPS at 2 cents, Nordic is priced at ard 9.5 x at 18.6 cents now

[Polaris]

Thanks Polaris for the link to the annual report.
http://infopub.sgx.com/FileOpen/Nordic%2...eID=343711

Realised they changed their Audit Partner to Lam Chien Ju with effect from this year and the audit report dated quite late on 8 April 2015. Just in the nick of time for the AGM on 29 April 2015.

I also noticed that the Chairman and CEO received a fairly significant pay rise.

After omitting allowance and bonus, their salary component has risen as follows:
Chang Yeh Hong - $30.9k/mth for FY2014 vs $24.9k/mth in FY2013
Dorcas Teo - $16k/mth for FY2014, vs $13,226/mth for FY2013

I think the team did well in overcoming the difficult challenges of 2011-2012, and successfully managed the turnaround leading to 3 years of continuous profit growth. The acquisition of Multiheights, and just last week, of Austin Energy, will position the company on track for steady growth in the next few years as well.

As a result of the good results, the share price has risen from $0.10 in Dec 2014 to $0.186 closing price today, to the delight of many long-time shareholders.

Certainly, the management deserves to be rewarded. Although personally I would very much prefer that the rewards should come in the form of profit-linked bonus, rather than the significant increase in salary. Just my 2 cts.

* vested *

[butcher]

I think attending the AGM would be perfect, also able to meet the new auditors who should also have their expert insight to share, noted new partner Lam Chien Ju

[Polaris]

Significant insider purchase of Nordic Group yesterday & today by directors. Just announced on SGX.

** Teo Ling Ling - 530,000 shares at ave $0.188
(date of acqusition: 21 Apr 2015)
** Lin Choon Hin - 550,000 shares $0.185
(date of acquisition: 20 Apr 2015)

[Polaris]

http://infopub.sgx.com/Apps?A=COW_CorpAn...4c499b14e6

23 Apr 2015:
Disclosure of Interest / Changes in Interest of Director/CEO:: Change in Interest in Director/Substantial Shareholder

Chang Yeh Hong
Date of acquisition of or change of interest: 23 Apr 2015
No. Of shares: 1,100,000
Amount of consideration: $211,000

** which works out to be $0.1919/share

[shawn_sass]

Thanks Polaris for the link to the annual report.
http://infopub.sgx.com/FileOpen/Nordic%2...eID=343711

Realised they changed their Audit Partner to Lam Chien Ju with effect from this year and the audit report dated quite late on 8 April 2015. Just in the nick of time for the AGM on 29 April 2015.

I also noticed that the Chairman and CEO received a fairly significant pay rise.

After omitting allowance and bonus, their salary component has risen as follows:
Chang Yeh Hong - $30.9k/mth for FY2014 vs $24.9k/mth in FY2013
Dorcas Teo - $16k/mth for FY2014, vs $13,226/mth for FY2013

I think the team did well in overcoming the difficult challenges of 2011-2012, and successfully managed the turnaround leading to 3 years of continuous profit growth. The acquisition of Multiheights, and just last week, of Austin Energy, will position the company on track for steady growth in the next few years as well.

As a result of the good results, the share price has risen from $0.10 in Dec 2014 to $0.186 closing price today, to the delight of many long-time shareholders.

Certainly, the management deserves to be rewarded. Although personally I would very much prefer that the rewards should come in the form of profit-linked bonus, rather than the significant increase in salary. Just my 2 cts.

* vested *

@Polaris, I've noticed most posts are from you and clearly you are the expert when it comes to Nordic Group.

I am thinking of initiating a position soon, but would like to pick your brain on the following:

1) What do you think of their gearing at 0.47?
2) Going forward, when they acquire Austin for S$26mil (..."financed through a combination of internally generated funds and bank borrowings"), I assume the gearing will go up. What do you make of the increased gearing?
3) After 1.1mil + 530k + 550k recent private share purchase by the three largest shareholders, it definitely shows some confidence. Float is getting smaller (less than 30% now). Since Nordic is listed on the Mainboard, do you think the company will do a share consolidation to meet the $0.20 requirement?

P.S. Little nugget I found in the AR, two of their senior management members are also in the top 20 shareholdings list. (one is holding 5+mil shares, and the other 1+mil shares)

Cheers.

(not yet vested)

[turnngrow]

Both Multiheight and Austin Energy are strong cash generators. May just take 3 to 4 years to clear the cost of purchase, after div to shareholders.