(15-09-2015, 11:45 PM)Nick Wrote: [ -> ] (15-09-2015, 10:08 PM)CityFarmer Wrote: [ -> ] (14-09-2015, 10:09 PM)Nick Wrote: [ -> ]The Company risk profile will change after this M&A deals reaches completion. There are substantial debt exceeding HK$10 billion, loss-making toll roads, potential slowdown in the Chinese economy. A far cry from the HK$1 billion net cash company when I first invested.
(Vested)
I am not sure on the debt level. Based on my source, the total debt (ST + LT debts), up to 2Q15, was about 0.65 billion HK$. How to arrive at a total debt of exceeding 10 billion HK$, after the acquisition, and with the right issue proceeds?
(vested)
http://www.cmhp.com.sg/resources/ck/file...281%29.pdf - pg 5
Total Debt exceeds HK$4 billion (exclude dividend payable to Easton) as of 2Q 15.
OK, I misquoted the number in HK$. The shareinvestor.com is using SGD instead. S$0.65 billion, is 3.6 billion HK$ with today rate. I am not sure the rate used by the site, but it should be more and less tallied.
How about the total debt of exceeding 10 billion HK$, after the acquisition?
(vested)
The acquisition should be comfortably funded by the proceeds from the right issue and internal resources. Few basic numbers below
Net proceeds from right issue : S$633 million, or HK$3507 million
Considerations of the acquisition : HK$3834 million
Cash reserve (as of 2Q15) : HK$1359 million
Source:
http://infopub.sgx.com/FileOpen/Preferen...eID=362606
I reckon the recent S$350 million loan facilities is a bridging loan, and will be paid off with proceeds from right issue. The net gearing will be reduced with enlarged equity, after the acquisition to a comfortably 30%+
All comments are welcomed
(vested)
(16-09-2015, 05:20 PM)CityFarmer Wrote: [ -> ]The acquisition should be comfortably funded by the proceeds from the right issue and internal resources. Few basic numbers below
Net proceeds from right issue : S$633 million, or HK$3507 million
Considerations of the acquisition : HK$3834 million
Cash reserve (as of 2Q15) : HK$1359 million
Source: http://infopub.sgx.com/FileOpen/Preferen...eID=362606
I reckon the recent S$350 million loan facilities is a bridging loan, and will be paid off with proceeds from right issue. The net gearing will be reduced with enlarged equity, after the acquisition to a comfortably 30%+
All comments are welcomed
(vested)
This finances the equity portion of the M&A. We will still be assuming the underlying debts held by the M&A Targets. So the overall debt in the Group will exceed HK$10 billion.
http://infopub.sgx.com/FileOpen/Preferen...eID=362606 - pg 9.
(16-09-2015, 06:31 PM)Nick Wrote: [ -> ] (16-09-2015, 05:20 PM)CityFarmer Wrote: [ -> ]The acquisition should be comfortably funded by the proceeds from the right issue and internal resources. Few basic numbers below
Net proceeds from right issue : S$633 million, or HK$3507 million
Considerations of the acquisition : HK$3834 million
Cash reserve (as of 2Q15) : HK$1359 million
Source: http://infopub.sgx.com/FileOpen/Preferen...eID=362606
I reckon the recent S$350 million loan facilities is a bridging loan, and will be paid off with proceeds from right issue. The net gearing will be reduced with enlarged equity, after the acquisition to a comfortably 30%+
All comments are welcomed
(vested)
This finances the equity portion of the M&A. We will still be assuming the underlying debts held by the M&A Targets. So the overall debt in the Group will exceed HK$10 billion.
http://infopub.sgx.com/FileOpen/Preferen...eID=362606 - pg 9.
OK, I got it. Thank you very much
Based on a gearing formula of total debt over equity, the gross gearing will be around 80%-90%, depending on CB conversion. It is not an alarming level with the company biz model, but definitely not a comfortable level.
(vested)
(13-09-2015, 08:05 PM)greengiraffe Wrote: [ -> ] (24-08-2015, 11:29 PM)greengiraffe Wrote: [ -> ]http://infopub.sgx.com/FileOpen/Cancella...eID=366610
ANNOUNCEMENT
CONVERTIBLE BONDS DUE 2017 -
CANCELLATION OF BONDS DUE TO CONVERSION
The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$20,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 24 August 2015 is HK$339,000,000.
Arising from such conversion, 4,068,317 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.776 and the total number of issued and paid-up Shares of the Company has increased to 1,196,349,400.
BY ORDER OF THE BOARD
Lim Lay Hoon
Company Secretary
Singapore, 24 August 2015
Based on outstanding HK$339m worth of CBs, the potential shares to be converted at $0.776 is 68.957m.
http://infopub.sgx.com/Apps?A=COW_CorpAn...Easton.pdf
This is the last updated paid up capital of CMP before PO
So the PO will be 598,174,700 shares that will raise S$598,174,700 before expenses
Total share capital of CMP will be lifted to 1,794,524,100 shares.
CM HJ owns 764,814,750 shares before PO and is likely to end up with 1,362,989,450 shares post PO or 75.95% of enlarged share cap before further conversion of CBs
Vested
Core Holdings
GG
http://infopub.sgx.com/Apps?A=COW_CorpAn...cement.pdf
GG brains still quite clear... actual # of new shares are spot on.
Still got 1.1+m of loyal die hards... including GG's odd lots excess applications of 195 for write off...
So CM HJ backed to 75.88%... how prosperous...
Vested
Core
GG
The free float has gone down to 14-15%, after the right issue.
(vested)
http://infopub.sgx.com/Apps?A=COW_CorpAn...letion.pdf
On the date of the completion of the rights issue or shortly after the fund raising, CMP completed the purchase of Yangping - the worst of the proposed 3 roads...
So far there remains no update on the remaining 2 profitable roads - Guixing and Guiyang.
Hopefully, the "delay" the completion of the intended acquisitions are due to the golden week National day holidays in middle kingdom and nothing more...
Overly Concerned
GG
(11-10-2015, 10:20 PM)greengiraffe Wrote: [ -> ]http://www.chinafile.com/multimedia/info...aking-toll
China’s New Roads Are Taking a Toll
If Toll Payments Are So High, Why Is China’s Highway System Strapped for Cash?
Very interesting links.... unfortunately can't cut and paste due to too many graphs
Very good sharing, thanks GG.
I have edited the link, to make it click-able.