Cogent Holdings

[kelvesy]

A sharing from a friend on Cogent's recent news.

According to the announcement, they will be able to house up to 60 students. Based on SLA's website, Cogent bidded $32,362 for the lease.

http://www.sla.gov.sg/SPIO/SPIO/Property...7.99096617

According to a rental website, the last asking rental price was $950. http://www.eihostel.com/en/accommodation...ent-hostel

Based on the rate of 60 students and $950 monthly rental per student, this brings their total revenue per month to $57,000. As master leasor, this means Cogent's margin is 77% (57,000 / 32,263) without considering other costs of running the hostel.

Take note that this is based on the assumption of full occupancy and at the above rental rates (which might be subjected to changes). This also means that they need roughly 35 students per month to cover their fixed rental costs to SLA.

[cyclone]

Voluntary Conditional Cash Offer for Cogent Holdings Limited

Offeror : Bank of China Limited, Singapore Branch ("BOC"), for and on behalf of COSCO SHIPPING International (Singapore) Co., Ltd.

Price : The offer price for each Share will be S$1.02 in cash.

The Offer Price represents the following premium over the historical traded prices of the Shares on the SGX-ST :
5.2% Premium over Last transacted price per Share on the SGX-ST on the Last Trading Day
6.2% Premium over VWAP per Share as transacted on the SGX-ST for the one (1)-month period up to and including the Last Trading Day
12.7 Premium over VWAP per Share as transacted on the SGX-ST for the three (3)-month period up to and including the Last Trading Day
20.3 Premium over VWAP per Share as transacted on the SGX-ST for the six (6)-month period up to and including the Last Trading Day
30.6 Premium over VWAP per Share as transacted on the SGX-ST for the twelve month period up to and including the Last Trading Day

As at the Offer Announcement Date, the Offeror has received irrevocable undertakings to, amongst other things, accept the Offer (the "Irrevocable Undertakings") from each of the following Shareholders who are the legal and/or beneficial owners of an aggregate of 403,502,775 Shares (representing approximately 84.33% of all the Shares in issue as at the Offer Announcement Date) :
(a) Mr. Tan Yeow Khoon;
(b) Mr. Tan Yeow Lam;
© Mr. Tan Min Cheow, Benson; and
(d) Madam Ng Poh Choo.

The Offeror does not intend to revise the Offer Price or any other terms of the Offer, save that the Offeror reserves the right to do so in a competitive situation.

More details in http://infopub.sgx.com/FileOpen/Cogent_O...eID=476820

[choya]

https://www.theedgesingapore.com/phillip...compelling.

Even though PTC is valued higher than Cogent, the offer for that counter is also uncompelling.

[knightrid]

Unfortunately, the free float is limited compared to that of Spindex which failed to be taken private.

Here's the top 10 Cogent shareholders based on the 2016 AR:

No. Name No. of shares %
1 TAN YEOW KHOON 316,756,775 66.20
2 TAN YEOW LAM 65,000,000 13.58
3 CITIBANK NOMINEES SINGAPORE PTE LTD 13, 383,133 2.80
4 NG POH CHOO 7, 977,000 1. 67
5 RAFFLES NOMINEES (PTE) LIMITED 7, 316,867 1. 53
6 DBS NOMINEES (PRIVATE) LIMITED 5,823,600 1. 22
7 UOB KAY HIAN PRIVATE LIMITED 3,430,200 0.72
8 MAYBANK KIM ENG SECURITIES PTE. LTD. 3,345,400 0.70
9 SEE SEE MENG 3,315,600 0.69
10 GOH HOCK SAN 2,542,700 0.53

Here's Spindex top 10 shareholders in the 2016 AR:

NO. NAME NO. OF SHARES % 
1 TAN CHOO PIE @ TAN CHANG CHAI 28,175,670 24.42 
2 DB NOMINEES (SINGAPORE) PTE LTD 7,242,200 6.28 
3 PHILLIP SECURITIES PTE LTD 6,385,100 5.53 
4 CITIBANK NOMINEES SINGAPORE PTE LTD 6,124,800 5.31 
5 TEOH ENG TECK 4,824,000 4.18 
6 RAFFLES NOMINEES (PTE) LIMITED 4,166,700 3.61 
7 LIE KHIN SIN 4,000,000 3.47 
8 GO MEI LIN 3,362,200 2.91 
9 UOB KAY HIAN PRIVATE LIMITED 3,056,200 2.65 
10 PUI CHENG WUI 2,979,000 2.58