Ha ha, for sure, it will adjust on XD 3 May, next mth. Hope, ds burger sui sui steadily climb till then loh. Seeing so many sifus talking about it, had tikam some liao. Cheers.
Zhiwei ( Date: 02-Apr-2010 19:47) Posted:
vested some 2 days ago......hope it will cheong all the way to 0.7 before the next sti correction...
Innotek's share buyback has been very aggressive and consistent. The theory i read is that Innotek is buying back shares at a cheap price, and is confident that its share price can rise further cos of 1Q and 2Q results.
Company has said that the performacne will be better.
The mkt theory is that when the stock price rises further, the company can do a placement by selling the buyback shares at a higher price.
I think that is a very big bet. The company must be damn sure of their business performance.
me just in at 515...joining the innotek family....great dividend yield and company also got hope to grow further...... hmmm hope this turns out to be a true GEM
Firm on lookout for M&A opportunities, focus on
earnings accretive companies
By TIMOTHY SEOW
MAINBOARD-listed Innotek - which for the second year running has proposed a
final dividend of five cents a share - says that its high dividend payouts will
continue in the long term and it is also on the lookout for merger and
acquisition opportunities.
Mr Yong: Believes that the high dividends are sustainable in the long
term as the firm has cash and a strong base of customers
Innotek's new managing director Yong Kok Hoon told BT that the company is
positioning itself as a high-divided stock because it is not in a 'very sexy
kind of sector' and thus does not attract sufficient attention.
In recent years, Innotek has rewarded shareholders handsomely. It paid
dividends of 10 cents a share in 2007 and 2008 after the $180 million sale of
its hard disk drive (HDD) business to Japan's TDK. Including last year, the
total dividend payout in the past three years has amounted to $59 million.
A share price of around 44 cents means that Innotek's proposed dividend of
five cents a share makes for a yield of around 11 per cent. This equates to a
total payout of $11.6 million. And subject to shareholder approval, that will
take place on May 26.
Mr Yong, who was previously Innotek's chief financial officer, believes that
the high dividends are 'sustainable' in the long term. 'First, we have cash, and
second, we are very stable with a strong base of customers,' he said.
Innotek has strong cashflow and can pay out from operations alone, as it has
low capital expenditure and high depreciation costs, he said. It is also not
dipping into cash reserves.
Innotek, which used to be known as Magnecomp International, enjoyed a huge
turnaround in fortunes in FY2009, recording net profit of $7.6 million, compared
with a net loss of $7 million the year before.
This was achieved despite a fall in revenue to $361.5 million in FY2009, from
$421.6 million in FY2008 - a result of cost-cutting measures, efficiency
improvements and lower raw material prices.
Mr Yong expects a 'better year-on-year performance for Q1 2010 and FY
2010'.
In the meantime, Innotek is on the alert for possible M&A opportunities,
focusing especially on earnings accretive companies that can 'boost its bottom
line'.
Such companies will preferably be 'synergistic with its manufacturing
operations', said Mr Yong, though he 'does not rule out something small, but
with high growth potential, such as the alternative energy sector that could
have high growth or margins'.
The 2007 sale of its HDD business marked a significant change in its
strategy, as it sold a more 'sexy' but also 'more volatile' business and moved
into a 'more stable' one, Mr Yong said.
In 2008, it used funds from the HDD sale to buy the remaining shares of
Mansfield Manufacturing Company, a precision metal component manufacturer that
is now its wholly owned subsidiary.
Mr Yong said that Innotek is seeking to expand into the more 'high-margin'
business of medical equipment and automotive parts, which now make up 5 per cent
and 9 per cent of overall revenue.
"DISCLAIMER:- This announcement was prepared and issued by the below mentioned listed issuer to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNET for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the listed issuer directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement."
Name of Announcer *
INNOTEK LIMITED
Company Registration No.
199508431Z
Announcement submitted on behalf of
INNOTEK LIMITED
Announcement is submitted with respect to *
INNOTEK LIMITED
Announcement is submitted by *
Linda Sim Hwee Ai
Designation *
Company Secretary
Date & Time of Broadcast
19-Mar-2010 17:43:17
Announcement No.
00079
>> ANNOUNCEMENT DETAILS
The details of the announcement start here ...
Name of Overseas Exchange where Company has Dual Listing (if applicable)
n/a
(A) Share Buy-Back Authority
I.
Maximum number of shares authorised for purchase*
23,340,742
(B) Details of Purchases Made
I.
Purchases made by way of market acquisition
Yes
If answer to the above question is Yes, please fill in the following :
Singapore Exchange
Overseas Exchange
1
Date of Purchases
19-03-2010
2a
Total number of shares purchased
327,000
2b
Number of shares cancelled
0
2c
Number of shares held as treasury shares
327,000
3a
Price paid per share# or
Currency : S$
Amount : 0.485
Currency : [Select Currency]
Amount :
3b
Highest price per share#
Currency : [Select Currency]
Amount :
Currency : [Select Currency]
Amount :
Lowest price per share#
Currency : [Select Currency]
Amount :
Currency : [Select Currency]
Amount :
4
Total consideration (including stamp duties, clearing charges, etc) paid or payable for the shares#
Currency : S$
Amount : 159,014.99
Currency : [Select Currency]
Amount :
# Specify currency
II.
Purchases made by way of off-market acquisition on equal access scheme?
No
If answer to the above question is Yes, please fill in the following :
Singapore Exchange
Overseas Exchange
1
Date of Purchases
2a
Total number of shares purchased
2b
Number of shares cancelled
2c
Number of shares held as treasury shares
3
Price paid or payable per share#
Currency : [Select Currency]
Amount :
Currency : [Select Currency]
Amount :
4
Total consideration (including stamp duties, clearing charges, etc) paid or payable for the shares#
Currency : [Select Currency]
Amount :
Currency : [Select Currency]
Amount :
# Specify currency
(C) Cumulative Purchases
By way of market acquisition
By way of off-market acquisition on equal access scheme
Total
No.
% 1
No.
%
No.
%
Cumulative no. of shares purchased to-date 2
14,131,000
6.05
0
0
14,131,000
6.05
1 Percentage of company's issued shares excluding treasury shares as at the date of the share buy-back resolution 2 From the date on which the share buy-back mandate is obtained
(D)
Number of issued shares excluding treasury shares after purchase *
Really hope so, just got in at 0.50, actually have been observing since 0.455 should have gone in earlier but today think upside more confirmed, going to break all time high of 0.51.
"DISCLAIMER:- This announcement was prepared and issued by the below mentioned listed issuer to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNET for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the listed issuer directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement."
Name of Announcer *
INNOTEK LIMITED
Company Registration No.
199508431Z
Announcement submitted on behalf of
INNOTEK LIMITED
Announcement is submitted with respect to *
INNOTEK LIMITED
Announcement is submitted by *
Linda Sim Hwee Ai
Designation *
Company Secretary
Date & Time of Broadcast
19-Mar-2010 17:43:17
Announcement No.
00079
>> ANNOUNCEMENT DETAILS
The details of the announcement start here ...
Name of Overseas Exchange where Company has Dual Listing (if applicable)
n/a
(A) Share Buy-Back Authority
I.
Maximum number of shares authorised for purchase*
23,340,742
(B) Details of Purchases Made
I.
Purchases made by way of market acquisition
Yes
If answer to the above question is Yes, please fill in the following :
Singapore Exchange
Overseas Exchange
1
Date of Purchases
19-03-2010
2a
Total number of shares purchased
327,000
2b
Number of shares cancelled
0
2c
Number of shares held as treasury shares
327,000
3a
Price paid per share# or
Currency : S$
Amount : 0.485
Currency : [Select Currency]
Amount :
3b
Highest price per share#
Currency : [Select Currency]
Amount :
Currency : [Select Currency]
Amount :
Lowest price per share#
Currency : [Select Currency]
Amount :
Currency : [Select Currency]
Amount :
4
Total consideration (including stamp duties, clearing charges, etc) paid or payable for the shares#
Currency : S$
Amount : 159,014.99
Currency : [Select Currency]
Amount :
# Specify currency
II.
Purchases made by way of off-market acquisition on equal access scheme?
No
If answer to the above question is Yes, please fill in the following :
Singapore Exchange
Overseas Exchange
1
Date of Purchases
2a
Total number of shares purchased
2b
Number of shares cancelled
2c
Number of shares held as treasury shares
3
Price paid or payable per share#
Currency : [Select Currency]
Amount :
Currency : [Select Currency]
Amount :
4
Total consideration (including stamp duties, clearing charges, etc) paid or payable for the shares#
Currency : [Select Currency]
Amount :
Currency : [Select Currency]
Amount :
# Specify currency
(C) Cumulative Purchases
By way of market acquisition
By way of off-market acquisition on equal access scheme
Total
No.
% 1
No.
%
No.
%
Cumulative no. of shares purchased to-date 2
14,131,000
6.05
0
0
14,131,000
6.05
1 Percentage of company's issued shares excluding treasury shares as at the date of the share buy-back resolution 2 From the date on which the share buy-back mandate is obtained
(D)
Number of issued shares excluding treasury shares after purchase *
Post Reply
281-300 of 320
