Penguin International

[dydx]

Just want to add a point. As investors we should not under-estimate what a smart, experienced and driven management can do to a well-positioned business over time in creating value/wealth for its shareholders. Serious and experienced investors know the benefits of taking a longer term view on a business to allow its management enough time to grow it properly and to raise its profits, in a sustained way.

Now that we have UOB Kay Hian pitching a target price of $0.85, a relevant question to ask is whether Penguin's management and BOD would support selling the entire business for $0.85/share or $147.5m, if a suitor were to make an offer for the company now. I bet their answer is likely to be a "No".