ValueBuddies.com : Value Investing Forum - Singapore, Hong Kong, U.S.

(05-03-2021, 10:41 PM)¯|_(ツ)_/¯ Wrote: [ -> ]Some big seller is planning to offload Penguin.

This is a low-ball offer to get all of them to sell out 
- exactly what Jeffery/James plus IFA/ID saying all these while.

We all know that it's an unfair offer.
But, it is indeed a reasonable offer for large block of stocks to be sold (to Jeff/James).


Gratitude.

Who is the big seller/sellers?

Keppel has not sold its investment as no announcement was made.  Ng Kok Wah, another shareholder with >5% and was accumulating the shares before the offer was made has paired down his holders to below 5%.

PIL - big seller

Keppel and/or Ng Kok Wah? we should be able to see the result soon.

As of the questions of why the selling is not announced?  I will leave it to the academic/intellectual valuebuddies.

I cracked my head and this (massive) sell down could only be prevented by an "unfair" but "reasonable" offer - my conclusion - so far.

After one night of good sleep, another light bulk strike.

The current offer is just a precursor to the actual de-list of PIL.

Timeline likely not set yet, but unlikely in near or within 1 year.

This pave the way for PIL (eventual) de-list... exactly what's written in the offer letter.

With this thought, the current low ball offer is making more sense aka mapping to Jeffrey and James style.

Current de-list won't go thru, but the next one would.

---

My action likely won't change.
I will accept the offer.


Thank you valuebuddies.

Jeffrey and James is a season businessman.
Both had been working hard to realise PIL's vision:
We aim to be a world-class integrated marine and offshore services company that provides fulfilling employment to our employees, delivers world-class vessels and services to our customers and generates sustainable profits to our shareholders.

For some long term/die hard valuebuddies, PIL does not gives them the desired outcome.
For some valuebuddies, PIL did generate a significant returns in a short time.

I am truely grateful of all your kind sharing and I wish Jeffrey and James good luck in continue chartering our Penguin forward.

Gratitude.

(05-03-2021, 10:41 PM)¯|_(ツ)_/¯ Wrote: [ -> ]They must increase the offer price in order to get more support?
Or what else could they do to get more OPMI to accept at offer price of 65cents.

They did one thing; don't declare any dividends even though they can afford it, so that more SH will get pissed off and let go of their shares to them.

I guess they will only revise the price if the accepting rates get close enough to delist the company, otherwise, by crossing the 50% mark, I they probably have already achieve their first objective.

(06-03-2021, 09:42 AM)¯|_(ツ)_/¯ Wrote: [ -> ]PIL - big seller

Keppel and/or Ng Kok Wah? we should be able to see the result soon.

---

My action likely won't change.
I will accept the offer.


Gratitude.

PIL made an announcement that Ng Kok Wah ceased to be a substantial shareholder after he sold some of his shares at 65cents in the open market (guess mopped up by the offeror).

Surprised that you are selling the bird as your avatar shows that you are a Penguin lover .... 

(05-03-2021, 10:35 AM)lonewolf Wrote: [ -> ]Just to put some sense in the numbers reported in the latest filing by Fairy (up to 04 Mar 2021 6pm), here is the breakdown of the numbers:

Total no of shares accepted: 31,736,003 (14.41%)
Total no of open market purchase: 31,219,300 (14.18%)
Total no of shares tendered by concerted parties: 47,773,448 (21.70%)

Fairy will need to acquire another 87,424,046 (39.71%) shares to delist/compulsorily acquire the company. Personally, I don't think there will come close to that level. 

The offer has also been extended to 24 Mar 5.30pm.

Who wants to play 'Guess the Final Fairy Level at the End of Closing'? 

I start first: 66%

Fairy has been buying/accepting shares at roughly 1% per trading day. There are 14 trading days to the end of closing. I add in another 2% for fluctuations.

Count me in.

70%

https://www.google.com.sg/amp/s/www.rigz...cle/%3famp


If the report is +/- reliable, minority investors endured years of cyclical downturn with depressed valuation, while offerer aka industry insider benefited from such offer before the upturn!

I guess 75%

PIL - I like Penguin?

When someone says, they like fish.
Are they referring to Samba Stingray or Gold Fish?

---

I like PIL as it is a well managed company and it's always evolving to stay relevant and met it's targeted customer satisfactions.

I benefited from the progress of PIL and I am very grateful to both Jeffrey and James, too.

Both are veteran and astute businessman managed to steer PIL around the notoriously cyclical O&G market.

I know some valuebuddies are not happy with their outcome investing in PIL.
Yes, I read vb.com and I could understand their frustration.

My advise is to - if possible - take a deep breath, and leave the baggage behind and move on.

As mentioned, I am grateful about Jeffrey/James and I wanted PIL to be successful (with or without me as a OPMI).

I will accept their offer and I am pretty sure that PIL will not reach the critical 90% (delist).

With that belief, there are a few scenario:
1. The offer lapsed at 65cents and I got my 65cents back.
2. Fairy up the offer to 72cents and I got my 72 cents back.

As mentioned before, we likely end up as scenario #1, as the current offer is actually to mop up the shares of all big seller, plus, of course, precursor for the actual delisting offer sometime later.

Scenario #2 won't happen because Jeffery/James understand that valuebuddies will never be satisfy with 72cents or 80cents or 90cents offer.

The higher they offer, will trigger the valuebuddies instincts to hold on to their under-value PIL dearly.

It's quite a trivial.

In any case, by talking/sharing more in vb.com, the number of OPMI accepting the offer (65cents) will naturally increase.  This will increase the %  holding for Fairy but again, highly unlikely crossing 90% marks.

We, of course, could continue talking and Fairy continue to mop out the stocks at 65cents. 

.... until the offer lapsed (at 65, 72, 80 or 90cents).

Then, the next action steps will be more interesting.

Looking forward to the day it comes.

Enjoy:


Gratitude.

The offerors for Penguin are nearing 60% control of the company.  Wonder if they will up the ante once they reach 70% ?

GL made a generous offer today....

Struggling to break the 60% level for almost a week 

Here Fairy's progress since the offer was launched:

= = = = = = = = = = = = = = = = = =
Date Total Shares Percentage
= = = = = = = = = = = = = = = = = =
22-Jan 52,559,648 23.87%
25-Jan 54,735,748 24.86%
26-Jan 58,047,148 26.36%
27-Jan 62,084,048 28.20%
28-Jan 63,691,848 28.93%
- - - - - - - - - - - - - - - - - - -
29-Jan 65,423,948 29.72%
1-Feb 66,211,448 30.07%
2-Feb 69,356,348 31.50%
3-Feb 69,421,748 31.53%
4-Feb 69,822,548 31.71%
- - - - - - - - - - - - - - - - - - -
5-Feb 69,986,448 31.79%
8-Feb 70,544,748 32.04%
9-Feb 70,698,048 32.11%
10-Feb 74,177,348 33.69%
11-Feb 74,186,948 33.70%
- - - - - - - - - - - - - - - - - - -
15-Feb 74,291,348 33.74%
16-Feb 75,916,248 34.48%
17-Feb 76,406,248 34.70%
18-Feb 77,773,448 35.32%
22-Feb 77,981,748 35.42%
- - - - - - - - - - - - - - - - - - -
23-Feb 78,079,548 35.46%
24-Feb 78,377,648 35.60%
25-Feb 78,450,648 35.63%
26-Feb 78,550,348 35.68%
1-Mar 78,697,648 35.74%
- - - - - - - - - - - - - - - - - - -
2-Mar 78,864,148 35.82%
3-Mar 78,916,948 35.84%
4-Mar 110,728,751 50.29%
5-Mar 113,262,060 51.44%
8-Mar 119,153,158 54.12%
- - - - - - - - - - - - - - - - - - -
9-Mar 129,515,791 58.83%
10-Mar 130,772,019 59.40%
11-Mar 131,078,005 59.53%
12-Mar 131,280,536 59.63%
15-Mar 131,469,199 59.71%
- - - - - - - - - - - - - - - - - - -
16-Mar 131,667,912 59.80%
17-Mar 132,021,615 59.96%
= = = = = = = = = = = = = =

5 more days until the offer close.

(18-03-2021, 09:53 AM)lonewolf Wrote: [ -> ]- - - - - - - - - - - - - - - - - - -
9-Mar 129,515,791 58.83%
10-Mar 130,772,019 59.40%
11-Mar 131,078,005 59.53%
12-Mar 131,280,536 59.63%
15-Mar 131,469,199 59.71%
- - - - - - - - - - - - - - - - - - -
16-Mar 131,667,912 59.80%
17-Mar 132,021,615 59.96%
= = = = = = = = = = = = = =

5 more days until the offer close.

Haha, you are counting the days towards 24Mar (Wed) closely. Very likely Offeror would extend the Offer by another 2 weeks to try their luck on more loose shares.

Indeed acceptances and open-market buying at $0.65/share since 9Mar have yielded little progress for the Offeror. Perhaps it is about time to consider raising the Offer to give minorities a fair deal?