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hey fj bens out there? did anyone got to the EGM? when will the 13c capital payout occur?
thinkin of accumulating this stock for it lolx....
wh can't this guy move.?????
Not forgetting divvy of 2.0 cts less tax.......net 1.64 cts.
It is 13 cents per share. Not 0.013 cents.
Hi all,
Any new for this counter.Heard going to pay 0.013c per share.it is true????
Any one comment !
Thanks.
I am puzzled by the falling price as it is near the EGM on 29/10/07 for the capital reduction and cash distribution of 13 cents. Other positive news like St James RTO doesn't seem to help much. Don't understand!
vested 10 lots @ 0.865 today..
damn, I shop a lot today, ha ha ha ha.... DOW JONE Future index, you better promise what you deliver tonight..
Following the St James RTO, F J Benjamin's interest in St James would be reduced from 30.4% to 25.2%. CIMB view the proposed listing positively. As F J Benjamin does not consider St James a core business, they believe it may sell its stake in the future. F J Benjamin's initial investment was $2m. If the RTO is successful, its stake could be worth $24.3m-32.8m, depending on whether St James meets its profit guarantees.
F J Benjamin remains bullish on spending in South-East Asia, targeting a 57% increase in retail square footage. CIMB have reduced their earnings estimates by 8-22% to factor in slightly less-aggressive gross margins and higher expenses associated with expansion. Following their earnings adjustments, they have lowered their sum-of-the-parts target price from $1.29 to $1.17.
Announcement by FJB
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_F259D2B9101740584825735A00263429/$file/St_James_plan_to_go_public.pdf?openelement
JK went up so much, FJ no action. don't understand, i thought they should move together.
Just re read the announcements. Made an error in my assumptions and calcs. The guarantee profit of $16.0 mil is cumulative for FY 08 and 09.. Therefore, the post RTO eps should be 1.18 cts and P/E should be about 15X.
Apologies for the error.
zujzuj
This deal is probably the first step for FJB to unlock the value of SJP.
By valuing SJP at $108 mil, they are already getting a foreward P/E of about 15X of their FY08 and 09 earnings. If this deal is not done, FJB shareholders may have to theoretically wait for 15 years for this value to be realised.
Furthermore, the listing status of SJH it will give it a higher profile and facilitate future expansion.
The next step may perhaps be to declare divvy in specie of SJH to FJB shareholders.....aka Spore Ship and Cougar Log.....?
Just my opinion.......
It's a confusing deal....
I still can't understand why the management wanted to do this....
Whether will it be a good deal or not, the market will tell us tmr :)
In this RTO, St James Power PL (SJP) will be taken over by JK Tech (JKT) by issuing 615.4 mil new shares at $0.1755 per share valuing SJP at $108 mil.
FJB has a deemed stake of 32% in SJP.
Currently JKT has issued shares of 65 mil and last traded price of $0.17c. => mkt cap of about $11 mil. NAV is 9.11 ct.
After RTO:
JKT will be renamed St James Holdings (SJH). It will focus on lifestyle and entertainment business. It will divest the current business of JKT (some technology stuff)
SJH will have issued shares of 615.4 + 65 = 680.4 mill (disregard bonus/penalty of shares if target profit exceeds or not met).
FJB stake in SJH will be about 25%.
Based on post RTO share price of 0.1755, its mkt cap will be $119.4 mil.
Based on FY 2008 and 2009 profit guarantee of $16 mil, eps is 2.35cts. Based on share price of $0.1755 its P/E is about 7.5X.
Thats the gist of it.
Hope it clarifies things.
Announcement by JK Tech on the RTO.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_7FBA451BC8809C1D48257359002A55B0/$file/SnPPressRelease.pdf?openelement
Will crunch some numbers and post abit later.
Had a glance, and was quite clueless about whether is a good due. can anyone please help analyse the due? shplayer, can we trouble you. thanks
Announcement by FJB of St James Power Station reverse take over of JK Technologies...see link.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_42063C3C500770CD482573590026B87A/$file/disposal.pdf?openelement
Have not looked into the numbers yet but I at first glance, it should be positive for FJB. This deals smells of Peter Lim's hands.
FJB requested for trading halt pending announcement.
hi shplayer,
thanks for the clarification...
Read in the Chinese Papers, Peter Lim is the second largest individual share holder of FJ.
syrix11,
1.5 cts interim div already paid.
1.0 cts less tax final and 1.0 cts less tax special div to be paid as announced with FY07 result.