Manufacturing Integration Technology (MIT)

[Supermonkey]

Thanks to all the buddies who shared this opportunity - I had not followed this Co previously and is now scrambling to read all the documents. But I am still a little confused.

No. of issued shares based on FY2018 Results :  : 233,916,970
https://links.sgx.com/FileOpen/MIT_Annou...eID=545070

80% Payment Received : $67.6 mil (I assume this figure is inclusive of reimbursement of S$8 mil for the cash left by the Co  in  MIT Semiconductor ? )
20% Escrow                :  $16.9 mil
https://links.sgx.com/FileOpen/MIT_Annou...eID=544271

Per share basis
*80% Payment Received : $67,600,000/223,916,970 = $0.3
**20% Escrow : $16,900,000 / 223,916,970 =  $0.08
Total gains per share = $0.3+$0.08 = $0.38

*As shared previously, DPS to be distributed from 80% payment rec will be : $0.155+$0.085 = $0.24
http://infopub.sgx.com/FileOpen/Announce...eID=548365

**If Co distributes the $16.9 mil from 20% Escrow Account, it will be $0.07 per share - think this may be from one of the past new releases, together with the $0.02 per share ?

So in terms of per share,
share price(est)  vs  |    confirmed get    |   subject to conditions(Escrow)    |        NAV after distribution^
$0.355                    |       $0.24            |        $0.07                                 |       $0.19(of which $0.083 is cash)        

^I think the left over CEM portion of the Co. is currently loss making.

Is my understanding right ?
PS : still reading and trying to piece the picture before mkt starts on Mon.

Point 1)
There is a $7M (roughly) expenses so the actual dividends to be returned to shareholders is $77M(net sale proceed) instead of $84.5M. And the issued number of shares has increased to 233M

Per share basis
*80% Payment Received : ($67,600,000 - 7,000,000)/233M = about $0.26
**20% Escrow : $16,900,000 / 233M = about  $0.07
Total gains per share = $0.26+$0.07 = $0.33 (Net sale proceed, company said will return ALL net sale proceed to shareholders)

Already Announced to be paid on 12 April is $0.155. Special dividend/capital reduction $0.085 details to be announced. The remaining $0.07 (Escrow) and the final $0.02 to be announced after the special dividend.  Total = $0.155 + 0.085 + 0.07 + 0.02  = $0.33. Note: $0.155 + 0.085 = $0.24 is the INITIAL payment as stated in the circular. So the $0.07 and $0.02 should be subsequent payments.


Point 2)
According to the company, with the semiconductor business sold, they can now focus all their energy to grow the remaining CEM business which has already shown results. The CEM revenue increased by 45% (if I remembered correctly). Refer to the following announcement.