17-04-2011, 10:25 AM
Just took a look into OCK's latest FY10 (ended 31Dec10) AR which makes interesting reading.....
http://info.sgx.com/listprosp.nsf/07aed3...200225ebf/$FILE/Old%20Chang%20Kee%20AR%202010%20CD%20ROM.pdf
Revenue continues to rise, but profit is stalling because of perennial rising costs and operating expenses (mainly labour and retail rental), plus relatively high compensation (total >$1.1m in FY10) for the 2 EDs.
Despite the lower NP, a total $0.015/share in dividends (comprising a $0.01/share Final and a $0.005/share Special) for FY10 have been declared, likely with an added intention to encourage holders of the outstanding (as at 31Dec10) 27.536m warrants - convertible into new OCK shares at $0.10/warrant; expiry: 6Sep13 - to convert prematurely for the coming dividends. The conversion of the warrants will raise the outstanding issued shares from 93.884m (as at 31Dec10) to potentially 121.42m, and will depress OCK's NAV/share - at least temporarily.
http://info.sgx.com/listprosp.nsf/07aed3...200225ebf/$FILE/Old%20Chang%20Kee%20AR%202010%20CD%20ROM.pdf
Revenue continues to rise, but profit is stalling because of perennial rising costs and operating expenses (mainly labour and retail rental), plus relatively high compensation (total >$1.1m in FY10) for the 2 EDs.
Despite the lower NP, a total $0.015/share in dividends (comprising a $0.01/share Final and a $0.005/share Special) for FY10 have been declared, likely with an added intention to encourage holders of the outstanding (as at 31Dec10) 27.536m warrants - convertible into new OCK shares at $0.10/warrant; expiry: 6Sep13 - to convert prematurely for the coming dividends. The conversion of the warrants will raise the outstanding issued shares from 93.884m (as at 31Dec10) to potentially 121.42m, and will depress OCK's NAV/share - at least temporarily.