Keppel Limited

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11 May 2020 Kepcorp

(click for details)

div 12cents xd 8 June 2020
eAGM 2 June 2020@3pm sgp time
https://www.kepcorp.com/en/agm2020  (broken link)

Stay home and stay healthy, everyone.

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26 May 2020 Announcement by Fullerton Fund Management Company Ltd. ("FFMC")of intention to sell 1,000,000 shares in Keppel.

The Securities Industry Council of Singapore (“SIC”) has granted its consent to FFMC to sell the securities in Keppel for the account of discretionary investment clients as set out below subject to the condition set out in Rule 11.2(a)(ii) of the Code that at least 24 hours’ advance notice of the intention to sell has been given by public announcement.
(click for announcement)

Stay home and stay safe, everyone.
FFMC:

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28 May 2020 Future vision 2030 Keppel (link)
High-Return Stock
15% ROE
Good dividends
Strong growth trajectory
(click for ppt)

Stay home and stay safe, valuebuddies.
Watch Alvin interview on net net investing

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2 June 2020 eAGM and Q&A for Keppel
All resolution passed.
In general, Keppel is doing well in current situation.
(click for ppt)

Attached Q&A which is very comprehensive.
(click for Q&A)
1. COVID-19 
2. Voluntary Pre-Conditional Partial Offer 
3. Dividends 
4. Financials 
5. Corporate Governance & Sustainability 
6. Offshore & Marine 
7. Property 
8. Infrastructure
9. Investments  

Weakness in O&M looks to continue due to lower demand and oil price.

Stay Home and stay safe, everyone.

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9 June 2020 USD425m contract terminated Keppel
https://links.sgx.com/FileOpen/KCL%20Ann...eID=616985

11 Mar 2018 Awilco contract of USD425m to construct a mid-water semisubmersible drilling rig for harsh environment use
Mar 2020 Awilco request to defer payment of USD31.875m
6 Jun 2020 Awilco terminate the contract, alleging breaches relating to PM, schedule, resourcing and compliance (ahead of next payment date on 9 Jun 2020).

Under the termination term, Awilco will be entitle to return of payments already made (USD54m) w interest, or pay for the work done and take over the  rig.
Keppel reject the purported termination of contract and seeking legal options.

Stay home and stay safe, valuebuddies.

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15 June 2020 Keppel venture into Indonesia logistics property

https://links.sgx.com/FileOpen/20200615_...eID=618931

Mr Bonny Budi Setiawan, CEO of MMP said, “By setting up this platform, MMP has just taken its first step in implementing an asset light strategy to recycle capital from its stabilised portfolio. We are very pleased to collaborate with Alpha and Manulife, two of the world’s leading institutions, as it will not only enable us to monetise our assets but also offer capital sustainability to support MMP in capturing opportunities in the growing modern logistics property market in Indonesia.” 

Stay home and stay safe, valuebuddies.

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21 June 2020 Clarification of BT article
https://links.sgx.com/FileOpen/KIH%20-%2...eID=619841

Dear Editor,
I refer to the article titled “Impairment for Keppel unit Floatel clouds fate of Temasek's offer” published by
the Business Times on 17 June 2020. Morgan Stanley Asia (Singapore) Pte. is advising Kyanite Investment
Holdings Pte. Ltd. (the “Offeror”) on its voluntary pre-conditional cash partial offer (the “Offer”) for Keppel
Corporation Limited (the “Company”).
The article referred to analyst commentary about the Material Adverse Change (“MAC”) clause in the Offer.
The S$500m threshold for “provision for proceedings” referred to in the article relates only to the total
provisions attributable to any claim, litigation, investigation or proceeding to which a member of the Group
(being the Company and its subsidiaries and associated companies) is subject.
Potential additional accounting impairments of Floatel or KrisEnergy referred to in the article (and any other
accounting impairments that the Company would record) would not be taken into account in determining
whether this threshold is met.
Such accounting impairments would typically affect net asset value and net profit after tax. In this context,
the relevant thresholds by which a MAC could occur as a result of accounting impairments would be the
thresholds for net asset value and for the cumulative net profit after tax but before non-controlling interests
(the “PAT”). This would be based on the Group’s latest available financial statements when all other preconditions have been satisfied (the “Latest Financials”).
Such thresholds include:
(i) If the net asset value of the Group as at the end of the financial period in the Latest Financials
is lower than S$10.3 billion, which would represent a decrease in the net asset value of the
Group by at least 10 per cent from that stated in the Group’s 30 September 2019 financials; or
(ii) If the cumulative PAT of the Group for the 12 months up to and including the end of the financial
period in the Latest Financials is lower than S$556.9 million, which would represent a decrease
of at least 20 per cent from the cumulative PAT of the Group for the 12 months ended 30
September 2019 of S$696 million.
Given the importance of these MACs to the pre-conditions to the Offeror making the Offer, we feel it is
important to ensure shareholders of the Company have clarity on the matters canvassed by analysts, and
reported in The Business Times, and the impact they may have on the Offer. Of course, if there are any
material developments or updates, the Offeror will make the required disclosures on the SGX.


Stay home and stay safe, valuebuddies.

[ACTIVIST SPEAKS]

21 June 2020 Clarification of BT article
https://links.sgx.com/FileOpen/KIH%20-%2...eID=619841

Dear Editor,
I refer to the article titled “Impairment for Keppel unit Floatel clouds fate of Temasek's offer” published by
the Business Times on 17 June 2020. Morgan Stanley Asia (Singapore) Pte. is advising Kyanite Investment
Holdings Pte. Ltd. (the “Offeror”) on its voluntary pre-conditional cash partial offer (the “Offer”) for Keppel
Corporation Limited (the “Company”).
The article referred to analyst commentary about the Material Adverse Change (“MAC”) clause in the Offer.
The S$500m threshold for “provision for proceedings” referred to in the article relates only to the total
provisions attributable to any claim, litigation, investigation or proceeding to which a member of the Group
(being the Company and its subsidiaries and associated companies) is subject.
Potential additional accounting impairments of Floatel or KrisEnergy referred to in the article (and any other
accounting impairments that the Company would record) would not be taken into account in determining
whether this threshold is met.
Such accounting impairments would typically affect net asset value and net profit after tax. In this context,
the relevant thresholds by which a MAC could occur as a result of accounting impairments would be the
thresholds for net asset value and for the cumulative net profit after tax but before non-controlling interests
(the “PAT”). This would be based on the Group’s latest available financial statements when all other preconditions have been satisfied (the “Latest Financials”).
Such thresholds include:
(i) If the net asset value of the Group as at the end of the financial period in the Latest Financials
is lower than S$10.3 billion, which would represent a decrease in the net asset value of the
Group by at least 10 per cent from that stated in the Group’s 30 September 2019 financials; or
(ii) If the cumulative PAT of the Group for the 12 months up to and including the end of the financial
period in the Latest Financials is lower than S$556.9 million, which would represent a decrease
of at least 20 per cent from the cumulative PAT of the Group for the 12 months ended 30
September 2019 of S$696 million.
Given the importance of these MACs to the pre-conditions to the Offeror making the Offer, we feel it is
important to ensure shareholders of the Company have clarity on the matters canvassed by analysts, and
reported in The Business Times, and the impact they may have on the Offer. Of course, if there are any
material developments or updates, the Offeror will make the required disclosures on the SGX.


Stay home and stay safe, valuebuddies.

Wow!!! This is to clarify BT article??? More leaning toward confusing everybody.

[brattzz]

"Forward-Looking Statements
All statements other than statements of historical facts included in this Announcement are or
may be forward-looking statements. Forward-looking statements include but are not limited to
those using words such as “seek”, “expect”, “anticipate”, “estimate”, “believe”, “intend”,
“project”, “plan”, “strategy”, “forecast”, “targets” and similar expressions or future or conditional
verbs such as “will”, “would”, “should”, “could”, “may” and “might”. These statements reflect the
Offeror’s current expectations, beliefs, hopes, intentions or strategies regarding the future and
assumptions in light of currently available information. Such forward-looking statements are not
guarantees of future performance or events and involve known and unknown risks and
uncertainties. Accordingly, actual results may differ materially from those described in such
forward-looking statements. Shareholders and investors should not place undue reliance on
such forward-looking statements, and none of the Offeror, Temasek and Morgan Stanley
undertakes any obligation to update publicly or revise any forward-looking statements."


predicting the various possible outcomes with disclaimers ? :O

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22 June 2020 Yet another clarification Keppel
https://links.sgx.com/FileOpen/KIH%20-%2...eID=620013

Morgan Stanley’s Clarification was published on The Business Times on 22 June 2020. 
The original headline chosen by The Business Times to accompany Morgan Stanley’s Clarification was inaccurate, and has since been corrected to “Floatel and KrisEnergy impairments may impact MAC clause: Morgan Stanley” in the online edition of The Business Times.

Stay home and stay healthy, valuebuddies.