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The Board of Directors of the Company wishes to announce that it has been notified by Gao Yanjun, Gao Yanhua, Gao Yanguo and CMIA Capital Partners holding in aggregate approximately 74% of the issued shares of the Company ("
Controlling Shareholders") that they are currently conducting a strategic review of their interest in the Company, with the objective of enhancing and maximising the value of the Company and its subsidiaries as a whole, including the possibility of a voluntary delisting of the Company from the Singapore Exchange Securities Trading Limited ("SGX-ST").
The Controlling Shareholders have emphasized in their notification to the Company that their strategic review may not result in any specific transaction or proposal. Shareholders are accordingly advised to exercise caution when dealing in the shares of the Company and to refrain from taking any action in respect of their shares in the Company which may be prejudicial to their interests.
If and when the Company receives further information in relation to the
foregoing, the Company will make an appropriate announcement at the relevant time.
BY ORDER OF THE BOARD
Lim Heng Chong, Benny
Company Secretary
17 April 2008
Up by another 5.5 cents today!
MidSouth is up strongly (+7 cts) today.
I think there's strong underlying intererst. According to an article at
http://www.nextinsight.com.sg/content/view/267/60/a non-exec director's fund has been buying.
| Buyer |
Date of purchase |
No. of shares purchased |
Average price/share
(S$) |
Total value (S$) |
| CMIA China Fund III L.P. |
28 Feb ? 3 Mar |
599,000 |
0.60 |
359,400 |
| |
22 ? 25 Feb |
5,554,000 |
0.56 |
3,110,240 |
| |
|
Total: 6,153,000 |
0.564 |
3,469,640 |
What?s on the table
Midsouth Holdings (S$0.70) - Growth at
reasonable price
Midsouth is attractively valued at 5.0x CY08 P/E (net cash) against a
prospective FY06-09 EPS CAGR of 22%. Vehicle parts sales are expected to be
the key growth driver on the back of a favourable outlook for truck sales in
the PRC and market-share gains by its largest customer. Midsouth is currently
in discussions with leading global truck companies such as Iveco for the
export of vehicle parts. Our FY07-08 earnings estimates have been raised by
7-17% with reduced tax rate assumptions. Maintain
Outperform with a higher target price of S$1.02 (S$0.72 previously) as we
roll forward our unchanged 8.5x P/E to CY08 earnings
