Penguin International

(01-02-2021, 06:38 PM)lonewolf Wrote:

(01-02-2021, 12:50 PM)Reenat Wrote:

(01-02-2021, 12:45 PM)Reenat Wrote: Trading halt called today.  Not sure what kind of announcement.

Just read the announcement in SGX.  The offerors crossed 30% threshold, so now MGO, Mandatory General Offer.  

Hope the IFA will ask them to increase the offer.

It is not the IFA job (nor are they in any position to) to ask anything.

Their job is to evaluate if the offer is fair and reasonable. 

And make a recommendation to the independent members of the board of directors. (Not even directly to the shareholders!) So that the BOD can then just 'echo' what the IFA says and regurgitate everything back to the shareholders.

That's how things have always been done. A comedic song and dance routine costing possibly ten of thousands of dollars for ultimately a set of worthless recommendations.

Clarifying my statement....  Hope the IFA will recommend that the value is lower and state the value on their analysis.  Ask them, here is meant the Independent Directors...

There have been IFA who had disagreed with past offeror's proposal in other takeovers.  Based on my valuation the offer is a little low.  However, wait for the IFA's take on their valuations from all perspectives.

(03-02-2021, 01:35 AM)donmihaihai Wrote:

(02-02-2021, 08:50 AM)lonewolf Wrote: It is a useful skill for those who need to write recommendation/justification papers and the like in their work.

Thank you lonewolf for the nice recommendation.

Other than that, I have been throwing away those booklets since i don't need IFA when buying a stock so why do i need one when selling.

How independent can the present times ifa be when they are hired by the target company in which a few of the board/bosses sits in offering entity? It's like ownself write ownself good story. It's would be better if sgx can require a pooled fund contribution from sgx itself together with the listcos, and then a pre-selected list of recognised ifa, and then allows non conflicting minority shareholders electronically vote by certain timeline on the ifa selected, there seems still a long way to go towards truly independence in corporate governance

(03-02-2021, 08:25 AM)pianist Wrote:

(03-02-2021, 01:35 AM)donmihaihai Wrote:

(02-02-2021, 08:50 AM)lonewolf Wrote: It is a useful skill for those who need to write recommendation/justification papers and the like in their work.

Thank you lonewolf for the nice recommendation.

Other than that, I have been throwing away those booklets since i don't need IFA when buying a stock so why do i need one when selling.

How independent can the present times ifa be when they are hired by the target company in which a few of the board/bosses sits in offering entity? It's like ownself write ownself good story. It's would be better if sgx can require a pooled fund contribution from sgx itself together with the listcos, and then a pre-selected list of recognised ifa, and then allows non conflicting minority shareholders electronically vote by certain timeline on the ifa selected, there seems still a long way to go towards truly independence in corporate governance

I doubt any IFA would want to offend the listed companies, even if the IFA fees come from the pooled fund. Because as far as I know, IFAs don't only do IFA work, they are usually just one arm of a corporate finance firm, and IFA brings in less revenue than M&A/IPO fees. So unlikely the corporate finance firm will want to hurt its other (and bigger) revenue streams by burning bridges. The business is after all a lot about connections and maintaining relationships.

I agree more with donmihaihai in this regard - when investors buy the business, they (probably and hopefully) did some valuation work themselves. So when it's time to sell, I don't see why they should need external help (especially since the "help" in this case isn't that helpful anyway). I think it's important not to spoon-feed retail investors too much, and have them understand that investing is risky, and that they are solely responsible for their wins, as well as losses. If they are of the view that equity investing is just too risky, then there's always the option of indexing.

PS: as pointed out, there's probably a few isolated instances of IFA's going against the offer. But I still think that there's the exception, rather than the norm.

(03-02-2021, 09:44 AM)Corgitator Wrote: I doubt any IFA would want to offend the listed companies, even if the IFA fees come from the pooled fund. Because as far as I know, IFAs don't only do IFA work, they are usually just one arm of a corporate finance firm, and IFA brings in less revenue than M&A/IPO fees. So unlikely the corporate finance firm will want to hurt its other (and bigger) revenue streams by burning bridges. The business is after all a lot about connections and maintaining relationships.

How are these firms going to get more works in the future if they are trying to put roadblock on the buyout in the public? All other co. CEO/directors will try to avoid them in the future. Why close the door? 

Same goes for independent director. IDs are there only because the co. is listed. Now if a ID is doing his/her job and cause trouble for the ED and this ID is being considered as ID for another listed co. What do you think the ED will tell the "another listed co" if they check out on the ID?

PIL
22 Jan (Fri) 4,786.200 @65cents
25 Jan (Mon) 2,178,100 @65cents
26 Jan (Tue) 3,311,400 @65cents
27 Jan (Wed) 4,036,900 @65cents
28 Jan (Thu) 1,607,800 @65cents
29 Jan (Fri) 1,732,100 @65cents
1 Feb (Mon)  787,500 @65cents 30.07% *halted about 10.06AM
2 Feb (Tue) 3,144,900 @65cents 31.50%
3 Feb (Wed)    65,400 @65cents 31.53%
https://links.sgx.com/FileOpen/Project%2...eID=647217


Stay home and stay healthy, everyone.

Technically the IFA should issue their advice today, being 2 weeks after the offer date of 21st January 2021.  

We can all hope that their advice to the ID (technically to the ordinary shareholders) is that the offer is low and give their real valuation of the company.

(04-02-2021, 08:12 AM)Reenat Wrote: Technically the IFA should issue their advice today, being 2 weeks after the offer date of 21st January 2021.  

We can all hope that their advice to the ID (technically to the ordinary shareholders) is that the offer is low and give their real valuation of the company.

Most refer to NAV when they comment on the offer price.  I hope the IFA can look beyond that. 

Penguin is not a normal boat builder.  It is the world number one aluminium boat builders and its products are being sold all over the world..

Apart from the Singapore Civil Defence boats, Penguin sells to Australia Australia police,  Taiwan, Nigeria, Malaysia and etc .. so its international reputation should be monetized and add to the value of its offer...

(04-02-2021, 08:49 AM)xlandjy Wrote:

(04-02-2021, 08:12 AM)Reenat Wrote: Technically the IFA should issue their advice today, being 2 weeks after the offer date of 21st January 2021.  

We can all hope that their advice to the ID (technically to the ordinary shareholders) is that the offer is low and give their real valuation of the company.

Most refer to NAV when they comment on the offer price.  I hope the IFA can look beyond that. 

Penguin is not a normal boat builder.  It is the world number one aluminium boat builders and its products are being sold all over the world..

Apart from the Singapore Civil Defence boats, Penguin sells to Australia Australia police,  Taiwan, Nigeria, Malaysia and etc .. so its international reputation should be monetized and add to the value of its offer...

Generally, IFAs get jobs by singing the tunes for the one paying for. The IFA  that goes contrary will find that they wont get jobs from other clients in the future.

When you receive money from someone, you are ............

(04-02-2021, 11:00 AM)opmi Wrote:

(04-02-2021, 08:49 AM)xlandjy Wrote:

(04-02-2021, 08:12 AM)Reenat Wrote: Technically the IFA should issue their advice today, being 2 weeks after the offer date of 21st January 2021.  

We can all hope that their advice to the ID (technically to the ordinary shareholders) is that the offer is low and give their real valuation of the company.

Most refer to NAV when they comment on the offer price.  I hope the IFA can look beyond that. 

Penguin is not a normal boat builder.  It is the world number one aluminium boat builders and its products are being sold all over the world..

Apart from the Singapore Civil Defence boats, Penguin sells to Australia Australia police,  Taiwan, Nigeria, Malaysia and etc .. so its international reputation should be monetized and add to the value of its offer...

Generally, IFAs get jobs by singing the tunes for the one paying for. The IFA  that goes contrary will find that they wont get jobs from other clients in the future.

When you receive money from someone, you are ............

When you receive money from someone, your arm will be shorter

PIL
22 Jan (Fri) 4,786.200 @65cents
25 Jan (Mon) 2,178,100 @65cents
26 Jan (Tue) 3,311,400 @65cents
27 Jan (Wed) 4,036,900 @65cents
28 Jan (Thu) 1,607,800 @65cents
29 Jan (Fri) 1,732,100 @65cents
1 Feb (Mon)  787,500 @65cents 30.07% *halted about 10.06AM
2 Feb (Tue) 3,144,900 @65cents 31.50%
3 Feb (Wed)    65,400 @65cents 31.53%
4 Feb (Thu)  400,800 @65cents 31.71%
https://links.sgx.com/FileOpen/Project%2...eID=647368

When you receive money from someone, you still need to do what you need to do.


Stay home and stay healthy, everyone.