Keppel Limited

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Rainbow 
As previously announced, the making of the Partial Offer is subject to the satisfaction and/or waiver (at the discretion of the offeror) of a number of Pre-Conditions.  These Pre-Conditions include certain regulatory approvals, as well as there being no material adverse change in the Group's financial performance and condition (the "MAC Pre-Condition"), among others.  The MAC Pre-Condition requires, among others, the cumulative net profit after tax but before non-controlling interests (the "PAT") of the Group for the 12 months ended on the balance sheet date of the Latest Subsequent Financials to be more than S$556.9 million.

The Company released the Group's unaudited consolidated financial results for the second quarter ("2Q2020") and half year ended 30 June 2020 (the "2Q2020 Results") on 30 July 2020.  Based on the Group's PAT for 2Q2020, is negative S$164.7 million.  Accordingly, if the MAC Pre-Condition was assessed based on the 2Q2020 Results, the MAC Pre-Condition would not be satisfied.
At this stage, the Offeror has not made a decision whether to invoke the MAC Pre-Condition based on the 2Q2020 Results.  In consultation with the Securities Industry Council of Singapore, the Offeror will disclose, as soon as a decision is made and by no later than 30 August 2020, if it intends to invoke the MAC Pre-Condition based on the 2Q2020 Results.  If the MAC Pre-Condition is invoked by the Offeror, the pre-conditional Partial Offer will be withdrawn.
https://links.sgx.com/FileOpen/KIH%20Ann...eID=625935

Wear mask and keep your social distance, everyone
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The deal is off.

"The Offeror has decided that it will invoke the MAC Pre-Condition, and accordingly, is announcing
today that the Partial Offer will not proceed"

https://links.sgx.com/1.0.0/corporate-an...nvoked.pdf
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It is particularly weird to me that the SCI/ SMM votes have to be in by Saturday, EGM today and Temasek chose to work through national day holiday to announce yesterday, when they said they will revert by 31 Aug.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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Temasek now found the deal is not to their advantage, they just walked away . Why should they do NS for the SHs of KC .
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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Rainbow 
In connection with the Invocation of MAC Announcement, Keppel would like to make the following comments.


The Partial Offer was unsolicited. Keppel did not negotiate the terms of the Partial Offer including the MAC Pre-Condition. If the Partial Offer had been made, it would have involved the purchase of Shares from Offer Shareholders (as referred to in paragraph 3.1.2 of the Pre-Conditional Partial Offer Announcement). As set out in paragraph 2.3 of the Pre-Conditional Partial Offer Announcement, there was no certainty that the Pre-Conditions would be satisfied and/or waived and that the Partial Offer would be made.

Stay home and stay healthy, valuebuddies.
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Rainbow 
The Company wishes to announce that it has received confirmation from the CGU that the AEP has

been suspended
https://links.sgx.com/FileOpen/KCL%20-%2...eID=628641

Stay home and stay healthy, everyone.
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Rainbow 
KS Energy: Keppel Corporation

The Board of Directors of KS Energy Limited (the “Company” and, together with its subsidiaries, the “Group”) wishes to announce that applications have been filed in the High Court of Singapore (“Court”) to place the Company and its principal subsidiary, KS Drilling Pte Ltd (“KS Drilling”), under judicial management (the “JM Application”) and interim judicial managers to be appointed in respect of both the Company and KS Drilling (“Interim JM Application”) pending the hearing of the JM application. 
The date for the hearing of the Interim JM Application has been fixed for 31 August 2020. A Pre-Trial Conference has been fixed in the JM Application for 10 September 2020. 
The Interim JM Application and the JM Application propose the appointment of Messrs Andrew Grimmett and Lim Loo Khoon c/o Deloitte & Touche LLP (“Deloitte”) as joint and several Judicial Managers of the Company. 

The Company disputes the need for an Interim Application as there is no risk of dissipation or deterioration of assets, the proposed judicial managers are not better placed than the present management to continue the Company’s business so as to safeguard its and its creditors’ interests and there is no evidence of the Company behaving fraudulently at the expense of the creditors. The trading suspension in respect of the shares of the Company called on 12 August 2020 continues. 

Stay home and stay healthy, everyone.
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Rainbow 
Keppel for KrisEnergy
(1) as stated in our announcement on 30 April 2020, due to the urgent need for investment for Cambodia Block A (“CBA”), KCL agreed to increase its exposure to the KrisEnergy group by providing an up to US$87 million CBA loan facility to develop this key asset. To date, US$29 million of this facility has been utilised in order to develop CBA and we understand that first oil production is anticipated to occur by the end of the year. This would not have been feasible without the injection of new funding by KCL; and

(2) as stated in our announcement on 30 June 2020, in conjunction with the extension of the maturity date of the RCF to 31 December 2020, KCL entered into an agreement with DBS to extend the term of the bilateral contract with DBS for the same period. The extension of the bilateral contract was to support KrisEnergy’s management whilst they discussed and obtained feedback from stakeholders on the initial debt restructuring proposals. 
https://links.sgx.com/FileOpen/Keppel%20...eID=629880

Stay home and stay safe, everyone.
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Floatel - standstill extension till 15 Sep 2020
The payment agreement with the Lenders, where certain expenses in respect of Floatel Endurance and the banks' collateral companies are covered by proceeds in the blocked accounts, has lapsed in accordance with its terms. Constructive discussions continue with the Lenders on an extension. 
https://links.sgx.com/FileOpen/KCL%20-%2...eID=630070


Stay home and stay safe, everyone.
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(02-09-2020, 08:05 AM)¯|_(ツ)_/¯ Wrote: Floatel - standstill extension till 15 Sep 2020
The payment agreement with the Lenders, where certain expenses in respect of Floatel Endurance and the banks' collateral companies are covered by proceeds in the blocked accounts, has lapsed in accordance with its terms. Constructive discussions continue with the Lenders on an extension. 
https://links.sgx.com/FileOpen/KCL%20-%2...eID=630070


Stay home and stay safe, everyone.
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Floatel International's fleet of 5 harsh environment accommodation semi-sub rigs (designed and built by Keppel O&M Division) are supposed to keep people who work and live on them safe and comfy. But now financially Floatel International (listed on Oslo Stock Exchange; Keppel's equity interest is 50%) is like half sinking! As at 31Dec19, Keppel's total exposure to Floatel International was a huge $476.87m (comprising $321.45m in equity/pref shares, and $155.42m in L-T receivables), on which $228.0m has been impaired in 1Q/2Q-FY20. This is terrible, and very Jialat!
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