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Thank you very much.
purelotus ( Date: 29-Apr-2010 21:31) Posted:
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The Board of Directors of Baker Technology Limited (the “Company”) refers to the announcements dated 17 April 2010 and 23 April 2010 (the “Earlier Announcements”) in relation to the Proposed Disposal.
Capitalised terms used in this announcement shall have the same meanings as defined in the Earlier Announcements unless the context requires otherwise.
The Company has today received, inter alia, further letters from SCM and their lawyers continuing with their assertions that the Proposed Disposal triggers the pre-emption rights of SCM as set out in, inter alia, PPL Shipyard’s Articles of Association and have purportedly exercised such rights. The Board wishes to reiterate that it has sought and received legal advice that SCM has no basis for its claims.
The Company will keep Shareholders apprised of any material developments, where appropriate.
By Order of the Board Baker Technology Limited
Aw Seok Chin
Company Secretary 29 April 2010
DnApeh ( Date: 29-Apr-2010 21:08) Posted:
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There is a new announcement on SGX about a 2nd letter from SCM, but i can't open it.
Can someone please help?
Thanks.
WHY they exit ?
YANGZIJIANG BUY AGREEMENT IS BINDING
FUTURE is STiLL iNTACT
buysell ( Date: 29-Apr-2010 18:13) Posted:
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It is gOOd tO jOin iN the
ROCK & ROLL DANCES
One day Up Next day dOwn
One day dOwn Next day Up
mOrning Up afternOOn dOwn
mOrning dOwn afternOOn Up
And makE sOme mOney
It's those that play contra and can't pay up exiting these few days.
Push the price lower and let me accumulate.
i sOld this mOrning and
bOught back befOre clOsing
+S$0.015 CONTRA STATEMENT cOming
VERY NiCE iNDEED
PRACTICE SOMETHING NEW
SELL HiGH bUy lOw
Thursday: 29 APRIL 2010 CLOSING
S$0.530 -S$0.015
DOW PHOBIA
Many have bought condominiums with their winnings in this stock couple weeks ago...
Market Maker
beHiND this stOck ?
sEEms
CALM
befOre
PERFECT STORM
Wednesday: 28 APRIL 2010 CLOSING
2932.04 -59.64
STi CORRECTION
GREECE CONTAGION
NORMAL SITUATION wOuld have a WARRANT PREMIUM of say S$0.010 instead.
That is, S$0.255 vs S$0.565
instead of S$0.205 vs S$0.565
pharoah88 ( Date: 28-Apr-2010 10:03) Posted:
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ARBITRAGE PROFIT = S$0.040
As mOre Warrants are bought up and converted to shares,
the arbitrage GAP wiLL be CLOSED.
It is ABNORMAL to have such a GAP
I met a group of BAKER TECH warrant unit holders yesterday.
They have obtained the CONFIRMATION REPLY from BAKER TECH IR as follows:
* * * * * * * *
Please see replies below in red.
There are some questions that I can’t answer as I do not have the complete set of information regarding your warrant holdings. Thus it would be good to ask Baker Tech’s warrant agent—Boardroom Corporate Advisory at 6536 5355; they will be able to offer further assistance.
Thanks.
Regards,
Junli
6236 6894
Begin forwarded message:
From:
Date: April 21, 2010 18:09:26 GMT+08:00
To: <enquiry@bakertech.com.sg>
Subject: * BAKER TECH W121116 WARRANT * [EXERCISE PRICE S$0.320]
Dear Sir / Madam
Good day!
When can W121116 Warrant holder convert their warrants to BAKER TECH Ordinary Shares?
The warrants can exercise at any time till 16 Nov 2012, which is the expiry date of the warrant.
What are the conversion procedure and steps ?
Baker Tech’s warrant agent: Boardroom Corporate Advisory (Tel: 6536 5355) will send you a exercise notice form for you to complete. Payment will have to be sent to Boardroom Corporate Advisory as well, but made payable to Baker Technology Limited.
Can the payment for Exercise Price be made in personal cheque ?
No.
Payment can be paid by made by a remittance of Banker’s Draft or Cashier Order drawn on a bank operating in Singapore; debiting the warrant holder’s CPF investment account with the CPF approved bank; combination of the two methods mentioned previously.
Can the conversion be made now ?
Conversion can be made any time you like actually.
How long will the conversion take ?
Please seek advice from Boardroom Advisory.
How to register the converted shares with the CDP ?
Please seek advice from Boardroom Advisory.
When can the converted shares start trading ?
When you have received the letter of notification from CDP, or when the shares are in the “free” balance of your securities account.
* * * * * * * *
pharoah88 ( Date: 21-Apr-2010 13:54) Posted:
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Tuesday: 27 APRIL 2010 CLOSING
S$0.555 +S$0.015
TODAY is prOfit TAKiNG DAY.
STi 2991.680 -10.940
HSI -325
SSE -61
From Lim & Tan
Baker accepted, on Apr 17th, the Letter of Offer
from YZJ for PPL Holdings for US$155 mln
(S$213 mln).
Baker received on Apr 22nd a letter from Semb
Marine demanding that Baker not accept YZJ’s offer,
as it would circumvent the pre-emptive rights of
Semb Marine in PPL Shipyard, by not giving Semb
Marine the right of first refusal. (Semb Marine, in
its announcement to the Exchange, said it is assessing
its position, given its right of first refusal.)
Baker added that it has sought and received legal
advice that Semb Marine “has no basis for its
claims”.
PPL Shipyard, which is the sole asset of PPLH, is
85% owned by Semb Marine. For ye Dec ’09, the
shipyard made a profit of US$254. 76 mln (about
half of Semb Marine’s group profit), implying exit
PE for Baker of 4.1x. PPL Shipyard’s NAV is
US$343.55 mln, implying 3x book for the sale.
The Sale & Purchase agreement between Baker
and YZJ has to be completed by Oct 27th ’10.
COMMENTS
1. Semb Marine could simply be delaying the
completion of the deal between Baker and YZJ.
2. Even if Semb Marine were to exercise its
right of first refusal, it would have to pay
US$155 mln, which is well within its means,
and which seems a fair price to pay based on
PE, and despite being way above the price it
paid for the 85% stake (e.g. the 50% stake had
cost only $16 mln in Apr ‘01), the only “loser”
would be YZJ.
3. And Baker would still receive US$155 mln, although
investors counting on a generous payout may well
be disappointed, based on the accompanying
statement on “use of Proceeds (net estimated at
S$208.59 mln): “for general working capital,
future investments and or such other purposes
as the directors may deem fit”, ie there was no
mention of a distribution to reward shareholders.