Fraser & Neave (F & N)

The bankers will be helpful. They want back their bridging loan $$$ back.

F&N has received the Eligibility to list for FCL from SGX on 25 Oct 2013. Circular on the de-merger will be dispatched to shareholder and the EGM will be held 13 Nov 2013. This news will have some positive effect on the F&N's share price tomorrow

http://infopub.sgx.com/FileOpen/FNL-Pres...eID=261307

vested

it will be interesting to see the separate balance sheets of F&N vs FCL. Or are them already available?

(27-10-2013, 07:53 PM)AlphaQuant Wrote: it will be interesting to see the separate balance sheets of F&N vs FCL. Or are them already available?

The detail should be in the dispatched documents of the EGM. A brief intro already available on previous announcement documents, mainly on debts and NAVs

(vested)

The market reacts positively with the approval of FCL's listing. A +16 cents to $5.84 at 10am today, a +2.8% increment.

(vested)

Will shareholders of F&N get any shares of FCL?

(28-10-2013, 10:24 AM)Dividend Warrior Wrote: Will shareholders of F&N get any shares of FCL?

for every 1 lot of F&N, F&N shareholders will receive 2 lots of FCL

wait i dont understand...

according to presentation here,
http://infopub.sgx.com/FileOpen/Investor...eID=254081

pre DIS net debt is SGD 1214 mln,
but according to latest F/S, as of June 2013, cash is SGD 7329 mln and borrowings are SGD 3815 mln, which means FN has a net cash of SGD 3514 mln (instead of net debt)...

also pre DIS NAV per share is only SGD 5.59 according to the presentation, which didn't make sense because book value of equity as of June 2013 is already > SGD 13000 mln (or ~ SGD 9 per share)..

or is there something wrong with my calculation? how did they derive this then?

(28-10-2013, 10:57 AM)toiletsiao Wrote:

(28-10-2013, 10:24 AM)Dividend Warrior Wrote: Will shareholders of F&N get any shares of FCL?

for every 1 lot of F&N, F&N shareholders will receive 2 lots of FCL

Ok. Thanks.

(28-10-2013, 04:29 PM)rickytj Wrote: wait i dont understand...

according to presentation here,
http://infopub.sgx.com/FileOpen/Investor...eID=254081

pre DIS net debt is SGD 1214 mln,
but according to latest F/S, as of June 2013, cash is SGD 7329 mln and borrowings are SGD 3815 mln, which means FN has a net cash of SGD 3514 mln (instead of net debt)...

also pre DIS NAV per share is only SGD 5.59 according to the presentation, which didn't make sense because book value of equity as of June 2013 is already > SGD 13000 mln (or ~ SGD 9 per share)..

or is there something wrong with my calculation? how did they derive this then?

There was a large capital reduction exercise after the balance sheet date.