(19-04-2013, 08:02 PM)lonewolf Wrote: [ -> ]Wow! 3 months to restore public float. Is that typical? It seems like a lot of time.
I wondered how F&N shareholders who sold feel? I dun remember TCC making any mention in its offer documents on maintaining the listing status of F&N. Would those who wanted to hold on but feel that a delisting is imminent feel aggrieved by the development?
It would be interesting to see if F&N can hold on to the price TCC paid.
3 months seems reasonable time to me, with the scale of the GO
Well, TCC Asset's intention was well-documented in offer letter, under Offeror's Intentions page 15.
(19-04-2013, 09:35 PM)CityFarmer Wrote: [ -> ] (19-04-2013, 08:02 PM)lonewolf Wrote: [ -> ]Wow! 3 months to restore public float. Is that typical? It seems like a lot of time.
I wondered how F&N shareholders who sold feel? I dun remember TCC making any mention in its offer documents on maintaining the listing status of F&N. Would those who wanted to hold on but feel that a delisting is imminent feel aggrieved by the development?
It would be interesting to see if F&N can hold on to the price TCC paid.
3 months seems reasonable time to me, with the scale of the GO
Well, TCC Asset's intention was well-documented in offer letter, under Offeror's Intentions page 15.
read the paper today that F&N will be available for trade next Monday.
Will the team onboard but the direction unclear , should a value investor be cautious and watch first ?
F&N share's price starts lower today after halt lifted. Started with the trading day with $9.38, and slowly down to $9.15 minute ago.
F&N shares fall after trading resumes
SINGAPORE — Shares were steady but Fraser and Neave fell to the lowest in six months as the property and drinks conglomerate resumed trading today after a two-month trading halt.
The Straits Times Index was flat and the MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent.
http://www.todayonline.com/business/fn-s...ng-resumes
oh my god!
i totally forgot about it.
anything to do with Thbev ? it went up 6% today .
Is Mr. Market over-reacted on continue listing of F&N?
The NAV of F&N is $8.77, which $5.14 in cash, thus PB is 0.93 @ price of $8.16 Hmm...
F&N falls to 9-mth low as listing to be kept
Shares of Fraser and Neave extended their decline, falling to the lowest in around nine months, after the company’s biggest shareholders said they intend to maintain the listing of the Singapore property and drinks group.
F&N shares lost as much as 10.9% to $8.02 on Tuesday, the weakest level since July 25 last year. The stock had plunged around 15% since trading of the shares resumed on Monday.
http://www.theedgesingapore.com/the-dail...-kept.html
Well, have taken an advantage as retail investor, over the passive fund managers.
Pick-up around $8, and a "reward" for effort spent? hopefully...
The closed price today is $8.20
F&N down 10.9%; Index funds selling: Religare
Fraser & Neave (F99.SG) drops 10.9% to $8.02, extending Monday’s 4.7% drop. “There’s uncertainty on the strategy going forward, but more importantly is the passive shareholder that has to get out,” says Jonathan Foster, director of special situations for Religare Capital. “They will be removed from the MSCI index tomorrow night; there’s going to be quite a lot of index selling.” He also notes there simply aren’t many F&N shares left to trade. With slightly more than 90% of shareholders selling out after TCC Assets’ $9.55/share takeover bid, the remaining holders were either passive or index funds or small retail investors, he notes; “that’s where all the selling is.”
http://www.theedgesingapore.com/the-dail...igare.html
(23-04-2013, 02:25 PM)CityFarmer Wrote: [ -> ]Is Mr. Market over-reacted on continue listing of F&N?
The NAV of F&N is $8.77, which $5.14 in cash, thus PB is 0.93 @ price of $8.16 Hmm...
F&N falls to 9-mth low as listing to be kept
Shares of Fraser and Neave extended their decline, falling to the lowest in around nine months, after the company’s biggest shareholders said they intend to maintain the listing of the Singapore property and drinks group.
F&N shares lost as much as 10.9% to $8.02 on Tuesday, the weakest level since July 25 last year. The stock had plunged around 15% since trading of the shares resumed on Monday.
http://www.theedgesingapore.com/the-dail...-kept.html
Looking at their
Q1 (Dec-12) financials on their segmentals (pg3), it looks like for the Continuing Operations, the Profits is now dominated by Properties related biz activities. Should we now view F&N as more of a "Property" rather than F&B biz? If so, perhaps a PB of less than 1 is more of a norm?
As for Cash = $5.14/share, if we nett off the Borrowings, it drops to $2.35/share. Don't look as attractive now... But, yes, I noted that mostly, the Cash are at the Company level whereas the Debts are at the Group level...
Looking at Q1 EPS = 3.5ct (before Exceptionals & Fair Value Adjustments) makes the PE looks scarily high at close to 60 if I simply multiply it by 4. But the comparative figure for the previous year was 6.3ct and a similar computation gives a lower PE close to 30. I didn't analyse in detail, looks like Printing & Publishing was the culprit to lower EPS.
But, yes, compared to the G.O. price, current prices does look attractive... Still the new owner will likely have to place out some of their shares at a discount to increase the free float to >10%. I think I'll most likely sit out this potential tikam opportunity...
Good Luck!
Unless the EPS improves, F&N is too pricey at this PE level. I choose to wait and see too.
(Not vested)