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12-06-2012, 11:15 PM
I think controlling shareholder Stephen Tay's GO price at $0.18/share for the minority shareholders is way to low! Quite clearly, Tay is trying his luck! I will be surprised if (1) most of the minority shareholders will give in to him; (2) any reputed institution appointed as IFA would give a straight-forward supportive opinion; and (3) the IDs would just give an unequivocal support to the GO.
We have to bear in mind that EH's main assets are real estates and the group is now in a net cash position, and its latest (as at 31Mar12) NAV/share - recorded at and based on historical cost - is already $0.2382! The revised NAV/share based on CMV of the existing property holdings could well be close to $0.40.
We have to bear in mind that EH's main assets are real estates and the group is now in a net cash position, and its latest (as at 31Mar12) NAV/share - recorded at and based on historical cost - is already $0.2382! The revised NAV/share based on CMV of the existing property holdings could well be close to $0.40.