Ezra shareholders approved the financing proposal. It might cost shareholders a bomb, with the huge dilution, with the heavily discounted issues.
(not vested)
Ezra gets shareholders’ approval for rights and convertible bonds issues
SINGAPORE (June 23): Ezra Holdings ( Financial Dashboard), the provider of integrated offshore solutions to the oil and gas industry, announced that its shareholders have approved the proposed renounceable underwritten rights issue and the proposed issue of convertible bonds as part of its refinancing strategy.
...
http://www.theedgemarkets.com/sg/article...nds-issues
There is only the eqty funds raising via rights issue now. CB got to wait
latest result
http://infopub.sgx.com/FileOpen/3Q%20FY2...eID=359598
cashflow from operation 77,357
cashflow from investing (111,009)
Proceeds from bank term loans 167,149
Repayment of bank term loans (98,738)
not generating any money, have to keep borrowing to finance the company, when will there start generating cash?????
The global O&G downturn is very severe...
Not many offshore plays on SGX will survive this time round.
Ezra will be one of the first that will go belly up despite this round of capital raising as I viewed it as a stop gap measure to keep financiers outside their doors.
I personally think that swiber will be next in line.
The days when Keppel Fels operating with no order books like in the late 80s through to Y2K may well return after Kep Corp winds off their outstanding order books.
Caveat Emptor
Odd Lots Vested
Ezra
Not Interested In Rights Issue
GG
Like Swing Media it has been 'sucking' in cash.....
Is it a viable biz in the first place???
ST reported Tower 15, formerly known as Euro Asia Building is up for sale again.
http://sgp-properties.blogspot.com.au/2015/06/sky-tower-former-tower-15-at-hoe-chiang.html
Fragrance attempted to buy but somehow fell thru. So if the bldg remains in the hands of Ezra family... it is certainly indicative of their financial situation...
JUN
17
Sky Tower (Former Tower 15 at Hoe Chiang Road) Freehold Mixed Development
PUBLISHED MAY 15, 2012
Fragrance Group to buy Tower
15 building for $360M
BY
KALPANA RASHIWALA
Fragrance Group has inked a
deal to buy Tower 15 at Hoe
Chiang Road/Cantonment
Road/Lim Teck Kim Road, for
$360 million or about $1,420
per square foot of gross floor
area based on the 29-storey
freehold development's
existing gross floor area of
253,455 sq ft.
The building - which
incorporates Klapsons The
Boutique Hotel on the second
to fourth levels - is on land
area of 39,336.67 sq ft.
Fragrance is said to be buying
the property from a private
vehicle controlled by the Lee
family that controls listed Ezra
Holdings.
In a filing with the Singapore
Exchange on Tuesday,
Fragrance announced the
purchase price and gave the
land lot numbers of the
properties it was buying but
did not identify the name of
the property or whom it was
buying it from.
"The company is currently
exploring various development
options including a
commercial development with
retail shops and offices or an
integrated development with
retail shops, offices and
residential units. The
development plan is subject to
further changes and the
approval of the relevant
authorities," Fragrance said in
its statement to SGX.
Very little logic here... mgt to form a JV worth $1.25bn, raised S$200m from rights still asking for changes to certain requirements on its Bonds...
Skeletons coming for sure...
http://www.valuebuddies.com/thread-6001-...#pid122885
Ezra Holdings Ltd., which successfully raised S$200 million from a rights offering in July, is asking noteholders to change certain requirements on its bonds after it agreed a $1.25 billion subsea services joint venture with Chiyoda Corp.
The venture “will be better positioned to capitalize on market opportunities as well as manage risks arising from fluctuating market conditions,” an Ezra spokesperson said Monday.
