Sorry, my bad. It should be Morgan Stanley, which is also internationally as renowned as GS.
http://www.valuebuddies.com/thread-830.html
Pls refer to an old thread on China Essence.
The bondholders allowed very favorable terms to China Essence for the extension of its CB. Skeptics could construe it as a case where the hands of the bondholders were tied. It was a quite a huge haircut of the principal plus the conversion price was only slightly discounted.
(Portuser said the following)
"Holders have extended the 5-year convertible bonds issued by China Essence in Dec 2006 for another three years. Before the release of this news, many thought that the company would have to cough out some RMB 260m, jeopardising its operations. The favourable terms of the new 3-year bonds are surprises against the current difficult market conditions.
When the 5-year bonds were issued, the conversion price was fixed at 77.75c, slightly above the price of China Essence share then. Given that the share has been trading well below 20c lately, the 70c conversion price for the 3-year bonds beats all expectations. The interest rate of 4.5% of the new 3-year bonds is also very low compared with the effective rate of 9.49% of the 5-year bonds. More importantly, the amount owed to bond holders will be restated at a lower amount of some RMB 220m.
Will those who are experienced in corporate finance matters shed light on the leniency displayed by bond holders? "
Are there any learning points we can pick from China Essence's case (i.e. CB extension and terms) and apply it to Sino grandness?
many tks.
(03-05-2015, 09:19 AM)Young Investor Wrote: [ -> ]Are you sure Goldman Sachs is the bondholder of China Essence?
(02-05-2015, 11:31 PM)Curiousparty Wrote: [ -> ]Just for info pls.
DBS is also a banker for companies such as China Essence. Goldman Sachs was the bond holder.
Both DBS and GS have good international reputation.
tks.
(02-05-2015, 05:18 PM)butcher Wrote: [ -> ] (02-05-2015, 12:56 PM)newborn1000 Wrote: [ -> ]"talking to an international bank to borrow US 50m"
To me the above is scary, because why couldn't they get PRC banks to lend them the money?
Noted DBS being a principal banker for the group as disclosed in their annual report other than the other China based bank. Perhaps, the international bank they mentioned is DBS?
Also, think an international bank should be more assuring to investors.
(03-05-2015, 11:00 AM)Curiousparty Wrote: [ -> ]Sorry, my bad. It should be Morgan Stanley.
http://www.valuebuddies.com/thread-830.html
Pls refer to an old thread on China Essence.
The bondholders allowed very favorable terms to China Essence for the extension of its CB. Skeptics could construe it as a case where the hands of the bondholders were tied. It was a quite a huge haircut of the principal plus the conversion price was only slightly discounted.
Is there any learning points we can pick from China Essence's case and apply it to Sino grandness? many tks.
(03-05-2015, 09:19 AM)Young Investor Wrote: [ -> ]Are you sure Goldman Sachs is the bondholder of China Essence?
(02-05-2015, 11:31 PM)Curiousparty Wrote: [ -> ]Just for info pls.
DBS is also a banker for companies such as China Essence. Goldman Sachs was the bond holder.
Both DBS and GS have good international reputation.
tks.
(02-05-2015, 05:18 PM)butcher Wrote: [ -> ] (02-05-2015, 12:56 PM)newborn1000 Wrote: [ -> ]"talking to an international bank to borrow US 50m"
To me the above is scary, because why couldn't they get PRC banks to lend them the money?
Noted DBS being a principal banker for the group as disclosed in their annual report other than the other China based bank. Perhaps, the international bank they mentioned is DBS?
Also, think an international bank should be more assuring to investors.
Hi Curiousparty
Oldman thinks differently. Sino Grandness has catalyst coming which is the spin off and understand from those attended the AGM that management has intention to redeem the bonds fully. Bondholders are waiting out for the spin off for more returns if they could. It's totally different situation.
Can share what can be picked up from China Essence case and apply at Sino Grandness? Would like to hear from you so that oldman can learn something.
Thanks
Oldman9.
I have nothing further to contribute. Tks.
(03-05-2015, 03:59 PM)Oldman9 Wrote: [ -> ] (03-05-2015, 11:00 AM)Curiousparty Wrote: [ -> ]Sorry, my bad. It should be Morgan Stanley.
http://www.valuebuddies.com/thread-830.html
Pls refer to an old thread on China Essence.
The bondholders allowed very favorable terms to China Essence for the extension of its CB. Skeptics could construe it as a case where the hands of the bondholders were tied. It was a quite a huge haircut of the principal plus the conversion price was only slightly discounted.
Is there any learning points we can pick from China Essence's case and apply it to Sino grandness? many tks.
(03-05-2015, 09:19 AM)Young Investor Wrote: [ -> ]Are you sure Goldman Sachs is the bondholder of China Essence?
(02-05-2015, 11:31 PM)Curiousparty Wrote: [ -> ]Just for info pls.
DBS is also a banker for companies such as China Essence. Goldman Sachs was the bond holder.
Both DBS and GS have good international reputation.
tks.
(02-05-2015, 05:18 PM)butcher Wrote: [ -> ]Noted DBS being a principal banker for the group as disclosed in their annual report other than the other China based bank. Perhaps, the international bank they mentioned is DBS?
Also, think an international bank should be more assuring to investors.
Hi Curiousparty
Oldman thinks differently. Sino Grandness has catalyst coming which is the spin off and understand from those attended the AGM that management has intention to redeem the bonds fully. Bondholders are waiting out for the spin off for more returns if they could. It's totally different situation.
Can share what can be picked up from China Essence case and apply at Sino Grandness? Would like to hear from you so that oldman can learn something.
Thanks
Oldman9.
Hi all
not the Form A1 news, but still good to know.
http://infopub.sgx.com/FileOpen/Press%20...eID=348076
NEWS RELEASE
SINO GRANDNESS SUCCESSFULLY ROLLS OUT GARDEN FRESH JUICES
INTO 7-ELEVEN STORES IN HONG KONG, AIMING FOR THAILAND
EXPORT MARKET NEXT
• Expanded presence in Hong Kong expected to increase Garden Fresh brand awareness
further beyond PRC mainland market
• Engaged in discussions to explore possibility of exporting Garden Fresh juices into
Thailand market during second half of 2015
SINGAPORE – 05 May 2015 – Mainboard-listed Sino Grandness Food Industry Group
Limited 中华食品工业集团有限公司 (“Sino Grandness” or “the Company” and together
with its subsidiaries, the “Group”), a Shenzhen, China based food and beverage company
principally involved in the production and distribution of fruit and vegetable juices as
well as canned food products is pleased to announce the further expansion of its
distribution network in Hong Kong for its own-branded 鲜绿园®
(“Garden Fresh”) fruit
juices. In April 2015, Garden Fresh juices have been successfully rolled out across
multiple 7-Eleven stores in Hong Kong.
cheers
oldman9
funny..........Sino grandness announced their quarterly already......I was looking forward to a fiery debate
Where have all the investors, traders and pundits gone off to?
Nothing interesting to shout about for its results
What about the IPO?
I must be blind, not a word about it about IPO in the press release? What about the new market survey that was commission.....
Someone point me to the right direction please?
Hi All
highlights of Q12015 results.
NEWS RELEASE
SINO GRANDNESS 1Q15 NET PROFIT SURGES 512.5% TO RMB108.2M
FROM RMB17.7M IN 1Q14
1Q15 Group revenue increased 21.9% year on year (yoy) to RMB582.2m
1Q15 gross profit rose 26.7% yoy to RMB237.5m
1Q15 adjusted earnings up 44.7% yoy to RMB105.2m
1Q15 beverage segment revenue up by 26.4% yoy to RMB422.8m due to strong orders
for Garden Fresh juices
1Q15 domestic canned products revenue surged 57.8% to RMB63.8m due to strong
orders for Grandness canned fruits
Cash and cash equivalents increased to RMB419.9m as at 31 March 2015 compared to
RMB223.6m as at 31 December 2014
Indicative orders secured after conclusion of Chengdu Trade Exhibition increased by
21.0% to RMB470m
2 items am not sure about. One is on the fair value part which I dont understand how it is treated and the other is trade receivable which I find a bit of a concern still.
Nevertheless, the counter performed well yesterday.
Cheers
oldman9.
(13-05-2015, 10:00 PM)newborn1000 Wrote: [ -> ]funny..........Sino grandness announced their quarterly already......I was looking forward to a fiery debate
Where have all the investors, traders and pundits gone off to?
Was waiting for someone to ask this
Ans: Cause this is not the most important announcement
(13-05-2015, 10:12 PM)newborn1000 Wrote: [ -> ]What about the IPO?
I must be blind, not a word about it about IPO in the press release? What about the new market survey that was commission.....
Someone point me to the right direction please?
The market surveryer has to publish. They can't do it until then.