Portek International

[freedom]

finding under-valued counters is hard-work, finding great GO counters is luck most of the time.

[momoeagle]

Congrats dydx

[Musicwhiz]

Congrats dydx

I actually met a guy at Kingsmen AGM who also bought quite a bit of Portek. He was talking to me about it but I didn't quite understand the business model, so I ended up only half-listening (on hindsight, this was to my regret). Well, another guy who Huat big time!

[yeokiwi]

*faint*....
I thought there will be a GO but $1.20 is really out of expectation.

[dydx]

Obviously, there is a bigger element of luck in having a GO on a stock that one has picked. But if we know very well that a GO has a higher chance to happen to high-quality mediu-size businesses with high-quality management, or to companies with high-quality and/or undervalued assets, or to companies with a controlling shareholder(s) who desires to bring them private, then I think we will be able to choose our stocks better.

In this case, International Container Terminal Services, Inc. (ICTSI), listed on the Philippine Stock Exchange, has made a compelling GO for Portek at $1.20/share, likely with the blessing from Larry Lam, Portek's Chairman/CEO and controlling shareholder, who must have some role in negotiating the great GO price with a substantial premium over the last done price. For this alone, public shareholders of Portek should be very thankful for Lam and Portek's senior management. I think credit must also be given to Portek's senior management for keeping the negotiation of this deal under proper wrap till its official announcement today....
http://info.sgx.com/webcoranncatth.nsf/V...20008076F/$file/OfferAnnouncement.pdf?openelement [Formal offer document]
http://info.sgx.com/webcoranncatth.nsf/V...20008076F/$file/PressRelease.pdf?openelement [Press relaese by ICTSI]

For all Portek shareholders, time to pop a bottle of champagne!

[banker]

While I'm personally happy with my investments in Portek, I'm sad good Singaporean companies like Portek taken over private or by others.

I was hoping Portek can be much bigger in the long run. We require
1) bigger non-GLC companies to show our entrepreneurial spirit
2) we should grow beyond S'pore

[cif5000]

It looks like a hostile takeover.

Lam and the insiders have not agreed to sell. There's no undertaking.

In the announcement, it is mentioned...

"Confidentiality. In the interests of confidentiality, the Offeror has not made enquiries in respect of certain other parties who are or may be presumed to be acting in concert with the Offeror in connection with the Offer."

[yeokiwi]

It looks like a hostile takeover.
Lam and the insiders have not agreed to sell. There's no undertaking.
In the announcement, it is mentioned...
"Confidentiality. In the interests of confidentiality, the Offeror has not made enquiries in respect of certain other parties who are or may be presumed to be acting in concert with the Offeror in connection with the Offer."

Indeed. So, I wonder whether this offer will invite other sharks to join in the bid?
The Lam family is holding less than 50%.
Actually, I am not sure whether it is worthwhile to take over Portek and Lam is not managing it.
This takeover offer will be exciting

[portuser]

The offer is not that attractive. Portek is likely to report a profit of $15m or 10c per share. The offer price at 12 times earnings is not high as cashflow is good and dividend payout is generous.
Portek's profit is set to grow because the tariff from additional throughput will largely flow to the bottomline. It also has several attractive prospective projects.

[Nick]

Very good news to all Portek shareholders. I noticed it included presentation slides as well...do the Offeror intend to maintain Portek listing in SGX ?