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rutheone1905 ( Date: 27-Dec-2012 11:54) Posted:
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New123 ( Date: 27-Dec-2012 11:49) Posted:
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rutheone1905 ( Date: 26-Dec-2012 22:30) Posted:
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me cant get sembM move outside my expectation.
singtel n smrt still got hope
must watch out smrt especially......
New123 ( Date: 26-Dec-2012 14:17) Posted:
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Hi Starlene, are you still vested in this counter.
What's your view after these few days of news reporting on the Italian Shipping Co. buying out STX OSV ...
starlene ( Date: 21-Dec-2012 23:33) Posted:
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Price was not $1.33 before the buyout.......I do not know how you get it at $1.33
I sold at about $1.2+ and they announce the plan for sale and the price shot up without any fundamentals.....
rutheone1905 ( Date: 26-Dec-2012 14:02) Posted:
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i queue at 1.35 hahaha cos i advocate all along this is the price before the buyout wayang.
but i din buy alot cos my focus usually on blues only.....wat abt u?
New123 ( Date: 26-Dec-2012 13:47) Posted:
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Any other party can also be interested in this co.
Possible co can be any co ranging from KepCorp, SMM, ASL and even YZJ, or recent riser like Kreuz, ASL & Swiber can also start looking at this co with great potential and good fundemental.
Even OZ mgt co can be possible also if 1.22 is so attractive buy ...
The rest who are holding including us who have vested can dun sell and if they are desperate to buy form us, the price will then rise ..
Otherwise, just wait for the buying co to slowly work things things and we will take the ride and if they begin to prove their tract record, it will rise beyond today trading price also ...
So in every way, we the minor share holder will also benefit from such takeover ..
Cheers
New123 ( Date: 26-Dec-2012 13:47) Posted:
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1. The market price of 1.32- 1.34 is saying 1.22 is unrealistically low.
2. If STX Group 50.75% stake is dumped thru the market, they are saying they are abandoning STX OSV. They need to find a buyer who
is serious and have the expertise to run the business. They also have to be accountable to the rest of the shareholders.
3. BB as you describe them are just big time traders and speculators. They are not serious in running the business and STX Group will definitely
not sell to them cheap even though they want to buy.
rutheone1905 ( Date: 26-Dec-2012 13:18) Posted:
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STX Group willing to sell STX OSV at $1.22, why buyers want to pay higher, $1.32-1.34??
becos buyers know tat we r RETAILS. dont mix up sale of stock by retails n coy.
What if STX Group chose to sell STX OSV through open market???
the price of 1.22 is a agreed price bet both corp buyer n seller to take all the bulk so once agreed upon they can sell a single share in the mkt even if retails wanna to buy from them at 10.
If BB want to buy STX OSV, they would get it cheaper from STX Group??
yes ofcos then they hv to fight with the other offerer so eventually the price will be a fair valued price
So just wait till the dust settled n they come to us.....if the price is 1.22 n the average 6 months price, let say, is 1.5 then nobody in retails bother to sell then they hv to make another offer which, in my experience, in doing so the expectation of retails will keep pushing up which is bad for the buyer. so the best thing the buyer will do is try to make sure most of retails make money or break even n tat the price they will offer to close the deal.
guoyanyunyan ( Date: 25-Dec-2012 08:22) Posted:
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(Quote from OCBC Investment Research)
Italian shipbuilder Fincantieri has agreed to acquire STX Group’s 50.75% stake in STX OSV, at S$1.22 cash per share - representing a 12.9% discount to pre-acquisition closing price of S$1.40. The transaction should complete within the first four months of 2013, after which Fincantieri will make a General Offer (GO) for the remaining shares under the same terms. We feel that the GO is unlikely to succeed. In our view, the low offer price undervalues STX OSV business and could possibly be motivated by STX Group’s desperation to raise cash. While we continue to like the counter, we lowered our FV to S$1.52 after applying a 10% discount (to previous FV of S$1.69), to account for near term uncertainties arising from (i) Fincantieri being the new controlling shareholder and (ii) the possible GO. Maintain BUY.
Fincantieri to acquire 50.75% stake Italian shipbuilder Fincantieri has agreed to acquire STX Group’s entire 50.75% stake in STX OSV at S$1.22 cash per share, representing a 12.9% discount to the pre-acquisition closing price of S$1.40. The transaction should be completed within the first three months of 2013, after which Fincantieri would make a General Offer (GO) to acquire the remaining shares under the same terms. Supposing the acquirer receives 90% acceptance, it may delist STX OSV. According to Fincantieri, this acquisition is a strategic long-term investment and helps enrich its offshore oil and gas product portfolio. The total value of the acquisition, including the GO, would amount to EUR900m (S$1.45b) and will be financed from Fincantieri’s internal resources and syndicated loans.
What’s the risk to non-controlling shareholders? Clearly, one key risk to non-controlling shareholders is the possibility that STX OSV shares may be delisted at an unfavourable price. However, we feel that the GO is unlikely to succeed. In our view, the low offer price undervalues STX OSV business and could possibly be motivated by STX Group’s desperation to raise cash. Other associated risks include (i) Fincantieri’s unproven track record in managing the offshore business, (ii) possible changes to STX OSV’s business model and (iii) vulnerability to political interference (as Fincantieri is ultimately owned by the Italy government).
Lower fair value to S$1.52 on uncertainty While we continue to like counter, we lowered our FV to S$1.52 after applying a 10% discount (to previous FV of S$1.69), to account for near term uncertainties arising from (i) Fincantieri being the new controlling shareholder and (ii) the possible GO. Maintain BUY.
anyone knows whether Fincantieri can buy from Och-Ziff at say $1.5 per share but only offer the rest of the shareholder at less than that, say $1.3 per share?
| STX OSV stake sale removes overhang: OSK-DMG |
| WRITTEN BY DOW JONES & CO, INC |
| FRIDAY, 21 DECEMBER 2012 11:49 |
Fincantieri’s price for a 50.75% stake of STX OSV (MS7.SG) is “somewhat low” considering the Singapore-listed company’s relatively strong balance sheet, valuing the stock at 7X FY13 P/E, OSK-DMG says.
“This depressed sale price could be primarily driven by the desperation of the STX Group to sell its assets to pare down debts.”
While Fincantieri has lined up finances to acquire the rest of STX OSV, OSK-DMG doesn’t expect the general offer to succeed, noting the $1.22/share price is below the current share price, with the offer likely merely aimed at satisfying Singapore takeover rules “we view the offer as unattractive to minority holders.”
It adds, Fincantieri might not get the 90% acceptance level needed to take the company private, noting Och-Ziff holds 12%. But it adds, “the change in major shareholder could remove the overhang on the stock and lead to rerating.”
It keeps a Buy call with $2.05 target. It notes STX Group is also looking to sell its STX Pan Ocean (GZ9.SG) holding. The stock is down 6.1% at $1.315. STX Pan Ocean is down 6.2% at $4.37