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I have a strong feeling Genting will Cheong after right issue :)
HUAT AH 8888
So this one of the reason: More right issue, more dilution of share, share price maybe lower on opening again, simply B'cos owner 1 2 push up as high as possible, to issue at the highest traded price, so it hit 1.24ct above $1.20ct over the last few days, BBs has arranged to gear for this right for owner, guess it can further erode price for a while.
There were investor hope $10 $20 to come somemore mentioned $3/- target.
erictkw ( Date: 09-Sep-2009 12:36) Posted:
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0401 GMT [Dow Jones] STOCK CALL: Planned rights issue by Genting Singapore (G13.SG) is puzzling as company has sufficient funds, with end-June loan drawdown by Resorts World at Sentosa S$1.7 billion out of S$4.2 billion, AmResearch analyst Gan Huey Ling says; suspects RWS development cost may have exceeded budgeted cost, believes rights-issue proceeds could be channeled to Western Zone construction. Says 20% discount to S$1.19 closing price implies rights issue price of S$0.952, assuming raising S$1 billion, would mark 1-for-9 rights issue. People familiar with situation tell Dow Jones GENS plans to raise US$1 billion in rights issue. Says Genting Bhd (3182.KU), which owns 54% GENS stake, would have to pay MYR1.3 billion or S$550.3 million for its entitlement. Notes at end-FY08, Genting Bhd.'s company level net cash at MYR310 million, while 48.5%-owned Genting Malaysia's (4715.KU) at MYR5.1 billion at end-June; indicates if Genting Bhd. were to subscribe, might need to borrow or rely on dividend increase from Genting Malaysia or Genting Plantations (2291.KU). Keeps Buy on Genting Bhd., GENS, Genting Malaysia, puts Genting Bhd., GENS fair values under review.(LES)
Ha ha, d doc for R issue had been well prepared, except some important blanks:
> d promising last daily avg traded px, d employed BBs had done their part, guesses loh.
>1H audited result, esp the P/L fig.
>Finally, d amt needed to raise n determine d R final exe px, with arbitrating both d above outcome. D px must be acceptable by public as well as d loan syndicates, as they are d underwriters, beside d placement shares, likely they hv to absorb any balance R not subcribed.
If SGX giving a nod, then Miss Christine will make d stock lifting announcement accordingly loh.
Do or die, lets cx all fingers liao. Cheer.s
Integrity ( Date: 09-Sep-2009 12:38) Posted:
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Integrity ( Date: 09-Sep-2009 12:38) Posted:
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SINGAPORE - CASINO operator Genting Singapore plans to raise more than US$1 billion (S$1.43 billion) through a rights issue to help fund its upcoming casino as well as build a war chest for possible acquisitions, sources said on Wednesday.
'It's a big issue. Over US$1 billion,' a source with direct knowledge of the deal told Reuters. Genting shares were suspended earlier on Wednesday.
Genting Singapore, which is about 54 per cent held by Malaysian casino operator Genting Bhd, is building one of the city-state's two integrated casino resorts. It is also the largest casino operator in the United Kingdom.
The rights issue will be underwritten by a group of about eight banks, including UBS, JPMorgan, DBS and Deutsche, the sources said.
Genting's Resorts World at Sentosa casino has been plagued by cost overruns due to the escalating price of steel and other building materials.
The latest cost estimate for the casino is about $6.59 billion, up from the $5.2 billion price tag cited shortly after the firm won the Singapore bid in December 2006.
Genting Singapore's share price has more than doubled this year. It closed at $1.19 on Tuesday, up from 45 cents at the end of 2008. In Malaysia, Genting Bhd shares were down 2.8 per cent, underperforming a 0.3 per cent decline in the broad index.
Genting has reported losses since it listed in Singapore in December 2005 due to the cost of building its Singapore casino and writedowns related to its purchase of casinos in Britain.
For the second quarter ended June, the firm reported a net loss of $50.7 million compared with a loss of $1.8 million a year ago.
erictkw ( Date: 09-Sep-2009 12:36) Posted:
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What is the chance of it dropping back below $1 again?
My Genting shares were bought during the mass sell-off a few months back.
During S$1.00 - 1.20 run, very tempted but didn't dare to buy.
So now, if there's a rights issue, I'd lap it up.
If that's how it is then so be it...increase my holding and go for the long haul.
Cheers!
TuaPekGong9413 ( Date: 09-Sep-2009 12:01) Posted:
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Olam convertible bonds r d upsize option. meaning 25%($0.61705). premium in upsize as ref to exe px of 2.4682 avg daily traded px on 1 Sep, amounting of exe px of $3.0853 per pc.
As for G SP, is reduce premium. If taking d yalkstick of downsize 25% above as ref to yesd px of $1.19, then d R exe px would be $0.8925 a pc loh.
2005 R was 0.13
2007 R was 0.60, then if not mistaken mother px was less than $ .70. Mother marked 0.645 when R closed trading on 30 Aug 07. Then though got 180 excess R, also no meat one.
Anyway, above for sharing only, no calling. 2 Ys apply.
Good or bad depends on the Rights configuration.
It appears that everyone views this rights thing differently. Some as an opportunity while others as a sell down. Wonder what does the expert/ old bird thinks????
My fil has been in genting since IPO and has gone through the ups and downs. He sounded rather excited with rights issue esp if the price is affordable. He see it as an opportunity and does not think of getting rid of genting so quickly,. Our view is hold for long term.
Then my mum's friend lamented to her that she missed Genting when it was cheaper. So there are probably aunties and uncles who will jump in if there is now a discount. I am seeing this from a laymen perspective.
Let's hear what the expert will say.
Fairygal ( Date: 09-Sep-2009 11:57) Posted:
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Due to the nature of their business, last digit will end with 8 or 9? Interesting to monitor cos the volume traded for the last 2 weeks always top 10 in volume.
Hope they are doing the right issue of $1B to takeover the other IR......
Then IR will be monoploy liao......$10 ....$20..... no problem....
guess just have to see whats their rights coverage later.....i wonder how will the mar react later.....wonder those who bought above $1 last few days how....maybe not real buyers but own ppl frying up the price....then later say give discounts....different dogs, same tricks