Thursday, July 28, 2016

Swiber Holding Winding down - Share halt trading 27 July


OIL and gas contractor Swiber Holdings has filed a winding-up application, and its directors have resigned to pursue their own interests, the company announced on Thursday.

The company has also filed an application to place the company under provisional liquidation. Cameron Lindsay Duncan and Muk Siew Peng have been appointed as the joint and several provisional liquidators of the company.

The winding-up application will be heard in court on Aug 19.

Executive director and vice chairman Francis Wong, executive director and chief financial officer Leonard Tay and executive director Nitish Gupta have all resigned "to seek new opportunities".

The company said in a separate announcement on Thursday that it was facing letters of demand for about US$25.9 million in total, and that it is seeking legal advice.

On Monday, the company said it was facing just US$15.2 million in outstanding demand letters for which legal proceedings had not commenced, and US$4.76 million of outstanding demand letters that had not been paid off.

Shares of Swiber have been halted from trading since July 27.

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Tuesday, July 5, 2016

China A share in my Watchlist

Do you know that SSE drop from 5178 high in 2015 to the low of 2638 in just a short time span of 7 month. (June 15 to Jan 16). Today the SSE is above the 3000 point again.

So many friends ask me what stock is currently in my watchlist. Here you go.. (Do your own Due diligence)

1) KweiChow Maotai 600519

2) Guangzhou Automobile

Compare to SSE Chart below. which is stronger? 
If SSE recover, will the stock above go higher or lower?

How to trade China A share with Poems ==> http://www.andy-yew.com/p/china-share.html

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Monday, July 4, 2016

Ezion Rights Issue - Expected Timetable of Key Events

Timetable of the issuance is laid out in the table above:

Recent News of Ezion: Ezion announced its formal entry into China's Offshore Windfarm market. It has established a 49:51 JV with Sinotrans & CSC Holdings, called Sinomarine & Teras (Tianjin) Offshore Co. Ltd, to support offshore wind power installation projects in China. Coupled with a strategic partnership with China Huadian Corporation, the trio expect to operate two Service Rigs for offshore wind farm installation project by the end of 2016. 


In a separate announcement, Ezion announced that it was doing a rights issue to raise net proceeds of S$135.0-137.5m. The issue price for each rights share is S$0.29, representing a 44% discount from the last traded share price of S$0.52. The ratio is 3 rights:10 ordinary shares, and sees the issuance of up to 487,313,310 new shares. The theoretical ex-rights price (TERP) for this issuance is S$0.467. Proceeds of the rights issue will be used for potential acquisition of new offshore and marine assets, as well as potential upgrading and modification of existing offshore and marine assets. 


CEO Mr Chew Thiam Keng and his wife, Mdm Chan, have undertaken an irrevocable undertaking to subscribe and pay for 43.344,000 shares, and underwrite up to a maximum of S$50m (35%) - inclusive of the 43.3m shares earlier mentioned - of the rights issue. 

Why Ezion Drop so much today? Rights Issue?


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Friday, July 1, 2016

Why Ezion Drop so much today? Rights Issue?

Why Ezion drop so much?

Price drop because of selling (this is my usual answer). So the question is why people are selling? 

"proposed a renounceable underwritten 3-for-10 rights issue of up to 487.31 million new shares at an issue price of 29 Singapore cents for each rights share, which will raise up to S$141.3 million". - Business Times

"Funds raised from the issue could be used to help fit out and re-purpose its fleet, buy marine assets and boost operational flexibility, it said in a statement late on Thursday (June 30).
Ezion proposed issuing up to 487.3 million rights shares at S$0.29, or a discount of about 44 per cent to its closing price on Thursday." - straitstimes
What are Rights issue 
an issue of shares offered at a special price by a company to its existing shareholders in proportion to their holding of old shares.

Will i Subscribe the rights?

Click here for Our previous post - common reason people subscribe to the rights

Noble Group - Rights issue should you subscribe?


When Ezion is going down from $1.99 - Time to sell, most people never sell

When Ezion is going up from 95cents - Time to buy, most people never buy

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Venue : #34-07, 10 Anson Road, International Plaza, Singapore 079903
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