Ocean Sky Intl    Last:0.026   -

Ocean Sky could be the next multiplier

Further to the Placement Announcements and in connection with the approval in-principle of the Placement, the Board of Directors of the Company wishes to clarify that although it has cash and cash equivalents of approximately US$39.8 million as at 31 December 2011 (based on its full year financial statement announcement for the year ended 31 December 2011 and announced on 29 February 2012 (the “FY2011 Announcement”)), the Company is raising cash from the Placement for the following reasons:

a) As disclosed previously, the Company is exploring certain potential mergers and acquisitions, joint ventures or strategic alliance opportunities and envisages that additional funds will be required in this regard, which include expenses related to such activity (the “Funding”)

  b) The Company would prefer not to utilise existing cash for the Funding as the Company expects business conditions in FY2012 to be challenging due to the slow recovery of the global economy and consumer spending, combined with the demand and volatility of cotton and yarn prices, as disclosed previously in the FY2011 Announcement and

  c) The Company is of the view that since merger and acquisition cash flows are non-operating in nature, it would be more prudent to fund the Funding through non-operating cash sources such as the Placement.

 

watch ocean sky

Looks like some big corporate acq or mergers in place.

Accumulating

 

 

Waiting or some action soon

Ocean Sky

 

Coma here also.

 

 

Oops paused here at 20 20.5

What is the next move?

 

Worth mentioning here.

Excellent company with good cashflow and current asset 21.7cent.

Placement to be done by KE at 14.4cent

Accumulation done between 14-17 before yesterday spike

This one still has legs to run.

Has been languishing for the past how many years.

Undervalued penny.

Should be worth more than 30

Expecting another long spike today.

Company queried by sgx yesterday and replied in potential acquistion or mergers but yet to defined.

Gut feel is a few cents spike today from market opening. Quite similar to Yoma pattern.