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mE conform hold.........still holding xxx lots...........what will be.....will beeeeeeeee.........
STX have to sell their stake at depressed price to pay their debt but we don't have to :) It is similar to the case for Jaya Holding 2 years ago, where the banks had to release it at 25% discount from its market and NAV. Stocks plunge after that flushing out weak holders, but stock remain listed and eventually it catch up with its fair value.
STX OSV with dividends and better earnings, hopefully it won't take as long as Jaya in recovering. If $1.28 is the current low, there should be a interim rebound when the fear of delist subsided (assuming Q4 result and future guidance remain stable)
poorman88 ( Date: 23-Jan-2013 19:28) Posted:
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South Korean news website MoneyToday reported that STX Group may finally announce the divestment of its 50.75% stake in STX OSV to Fincantierie raising as much as US$743m.so as to raise the necessary funds to strengthen its own balance sheet.
With the stake sale expected to raise around S$900m, translating to around S$1.50/share for the STX Group, investors believe this would provide near term valuation support.
No change to a TP of S$2.00
Peter_Pan ( Date: 23-Jan-2013 20:54) Posted:
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The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory
unconditional cash offer, will amount to approximately Euro 900 million1 (approximately SGD 1,450 million).
It will be financed mainly from Fincantieri's internal resources and with a syndicate loan provided by a pool of
banks (Banca IMI, BNP Paribas - Italian branch, Carige, Unicredit) and by Cassa Depositi e Prestiti as a
lender guaranteed by SACE.
This acquisition marks Fincantieri's entry into a market segment complementary to its current ones. With 21
shipyards in 3 different continents, nearly 20,000 employees and revenues of Euro 4 billion, Fincantieri
Group will double its size to become the fifth largest shipbuilder worldwide behind four Korean peers, and the
only Western producer capable of competing with the Asian giants thanks to its diversification and presence
in all of the high value added segments.
STX OSV, listed on the Singapore Stock Exchange and world leader in the construction of offshore support
vessels for oil and gas extraction and production, has approximately 9,200 employees and 10 shipyards
around the world (5 in Norway, 2 in Romania, 1 in Vietnam and 2 in Brazil, of which one is currently under
construction). In the past three years it has generated average revenues of approximately Euro 1.6 billion
and EBITDA of approximately Euro 190 million. At the end of the 2012 third quarter its order backlog was
Euro 2.1 billion.
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The business outlook looks very good and promising ... cheers
Never let go!!!!!
The cash offer is just compliance with the rules of the Singapore Code on Take-overs and Mergers.
The offer must be kept open for a minimum of 28 days from the date on which the offer document which sets out the terms and conditions of the mandatory unconditional general offer is dispatched by Fincantieri Oil & Gas S.p.A., which is expected to occur within the next two or three weeks.
http://stxosv.listedcompany.com/newsroom/20130123_143828_MS7_2FD89A59B6A7F71348257AFC00240601.2.pdf
We will continue to hold for the next 28 days and then 2 -3 weeks for the completion and by then it will back to normal trading .. and of course the Co which claims to be the World leading Ship Building and wanting to venture into OSV and subsea must demonstrate to the world that it is good
It also must make the stock price move up to gain investors' confidence ...
Cheers ..
DMG is maintaining their buy recommendation on STX OSV with a target valuation of $2.05.
STX OSV Tulcea Shipyard Management, part of the same name, which is being taken over by Italy's Fincantieri, said that he had scheduled a business growth of 15% this year despite demand shipbuilding market continues to be affected by international context.
Shipbuilders last year estimated an advance of 7% in the business, up to 540 million (124.3 million euros) and will make a profit of more than twice as high, at about 20 million (4.6 million).
keep until the price up up up。 。 。 。 。 never sell until price up !!!!!
Great ! I am definitely not taking up the offer , if more investors refuse to take up the offer ... The Italian has to make a better offer in order to garner > 90% ...... Otherwise, I would anticipate it to go back to the price level at least, before the announcement made by the Italian last Dec
Will the trading start tomorrow after the halt ?
Fincantieri faces tough call in general offer to STX OSV shareholders
Wednesday 16 January 2013, 13:43
Next hurdle may prove insurmountable in Italian firm’s bid to take shipbuilder private
I will joint u guys although i am making a loss now,cheers to all (Hope evryone huat in this stock & have abalone in CNY)
Die die no at least $1.80 no sell. People who are vested here, asked yourself. When you bought into this company, do you think its deserved to price this way? After staring at such huge downsides and waiting for so long are you willing to let go even at break even prices? This is a fundamentally strong company and I believe maybe not all of you looked at the statements but those who did and bought knows. It is time for it to correct back to its fundamentals.
Very Strong EPS is there, Good Yield stock, sure this is good stock, I hope in the next few days or opening day, it will trade S$1.35 range. Wait and see.
It's Dirt Cheap!!!
Anticipating the big pop.......smart money buy on dips.
just sharing..
not every fund will make $$..
fm doesnt manage their funds like how retailers manage ur own funds.. die die hold onto a shares and hope it will go up for them to sell..
they are big fish, when it's time for them to let go, they will just dump even at a loss..
regarding why stx osv was sold at 1.22?
imagine u are the buyer, u know the seller is in deep shit and needs $ desperately, will u offer him at a higher price? or u will offer the price at ur advantage?
stx group cant sell to open market, if they do i think the italian company can buy at 0.70 now :P
why? simple if the owner of the company selling shares to the open market, everyone will sell cause everyone's scared.. the leader is selling..
so dont be overly optimistics.. or even pessimistics cause noone knows wat's going to happen
STX-MEN UNITED
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Don't understand why STXOSV is parting their shares at $1.22 when market price then was much higher - very poor negotiator. I am definitely NOT selling to the Italians at this price. We need to be UNITED !!!
What a bunch of mother f******! They can't be serious