Ezra Holdings

[EFG]

I have noticed that Ezra also involved in accommodation vessel, in its EOC subsidiary. One more company involved in the similar business, besides POSH.

It is interesting to watch Ezra strategy of spinning-off different businesses into each subsidiaries.

(not vested in Ezra, and any of its subsidiaries)

IIRC, there are a new comer in the accommodation vessel segment, and is rather small at the moment. Indeed more players are getting into this business, need to dig further in this.

Ezra is late in the game. Posh has quite a lot of the tradition accommodation barges and the expensive newer accommodation semi sub for Deepwater under construction. And Falcon Energy whose focus is in shallow water already owns many accommodation vessels since the start.

One more company emerges, the Falcon Energy. I will take a look. Thanks

Maybe I'm biased againast Ezra. They are always seen chasing hot sector and the best and greatest equipment...e.g. lewak constellation aka game changer. They look big on the outside but no real strength in any.... Having said that.. I must applaud them for being one of the best Financial Engineering company on SGX.

[greengiraffe]

Intended EOC listing on SGX was postponed for no given reasons...

Looks like investors had enough with Ezra...

[specuvestor]

I have noticed that Ezra also involved in accommodation vessel, in its EOC subsidiary. One more company involved in the similar business, besides POSH.

It is interesting to watch Ezra strategy of spinning-off different businesses into each subsidiaries.

(not vested in Ezra, and any of its subsidiaries)

IIRC, there are a new comer in the accommodation vessel segment, and is rather small at the moment. Indeed more players are getting into this business, need to dig further in this.

Ezra is late in the game. Posh has quite a lot of the tradition accommodation barges and the expensive newer accommodation semi sub for Deepwater under construction. And Falcon Energy whose focus is in shallow water already owns many accommodation vessels since the start.

One more company emerges, the Falcon Energy. I will take a look. Thanks

Maybe I'm biased againast Ezra. They are always seen chasing hot sector and the best and greatest equipment...e.g. lewak constellation aka game changer. They look big on the outside but no real strength in any.... Having said that.. I must applaud them for being one of the best Financial Engineering company on SGX.

Agree Ezra keep raising cash through placement or selling assets despite good results. That should be red flag

Ezra keep raising funds from capital markets

http://www.valuebuddies.com/thread-159-p...l#pid47450

[greengiraffe]

Ezra Co-Founders Resolve Divorce Fight Over S$208 Million Assets
2014-09-22 16:01:00.1 GMT


By Andrea Tan and Kyunghee Park
Sept. 23 (Bloomberg) -- Ezra Holdings Ltd.’s co-founders
agreed to resolve a six-year legal battle over S$208 million
($164 million) of marital assets that includes a stake in the
Singapore-based offshore marine company.
Former Ezra Chairman Lee Kian Soo, his ex-wife Goh Gaik
Choo and their elder son Lionel, managing director of Ezra, this
month dropped their challenges to a Jan. 29 Singapore High Court
ruling after agreeing to a confidential settlement.
Lee, 69, was ordered to pay Goh S$56 million, including a
possible transfer of as much as a 6.2 percent stake in Ezra,
according to the 155-page January decision. Goh, 62, who has
personal assets of S$27 million, failed in getting a S$40,000
monthly maintenance. Details of the settlement weren’t available
in court papers.
Goh’s lawyer Engelin Teh declined to comment as terms of
the settlement are confidential. Lee’s lawyer Cavinder Bull
declined to comment. Lionel wasn’t immediately available for
comment, according to an e-mailed statement from Ezra. Its Chief
Financial Officer Eugene Cheng said that the case is a private
matter between shareholders and the company’s operations aren’t
affected.
Lee in May argued that Goh, who left the family during the
2008 financial crisis, didn’t deserve 40 percent of their joint
wealth as ordered by then Judicial Commissioner Lionel Yee. The
ex-wife claimed her husband and son colluded to dissipate assets
after she filed for divorce, citing “significant differences”
including disregard for her Catholic faith and his suspected
infidelity.
Lee transferred the Ezra shares at 45 Singapore cents to
Lionel in 2009 and 2010, a substantial discount to the market
price, according to the ruling.

‘Odd’ Explanation

The share transfer “was likely to have been entered by the
husband and Lionel to enable the husband to significantly reduce
the value of his assets,” Yee said in his ruling. Lee’s
explanation that the 45 cents price was arrived at because he
was born in 1945 was “odd,” Yee said.
Lee said he made “full and frank disclosure” on his
assets and objected to demanding that his son transfer Ezra
shares back to him as this would hurt their ties, according to
court papers. If Lionel disposed of his Ezra shares this was
likely to shake investor confidence and risk bringing down the
stock price, he said.
Ezra shares were unchanged at S$1.01 at the close of
Singapore trading yesterday.
The share transfer to Lionel was to fulfill an earlier
pledge when the company reached S$100 million in profit, the
husband said in court papers. Ezra posted net income of $175
million for fiscal year 2008.

Annual Report

Lionel owned about 19 percent of Ezra, according to the
company’s annual report. Lee, who stepped down as chairman at
the end of 2012 and was paid about S$40,000 a month in 2009, had
a 1.5 percent stake, according to data compiled by Bloomberg.
Goh earned about S$10,000 a month before she resigned in
December 2008.
Yee, who’s now solicitor-general, also ruled that the
transfer of a 67 percent stake in a privately-held family
investment company to Lionel wasn’t likely to be “genuine,”
according to court papers.
Separately, Yee ruled there was no evidence, contrary to
Goh’s claim, that Lee held S$30.5 million worth of shares in
Yangzijiang Shipbuilding Holdings Ltd., China’s No. 2 private
shipyard.
Lee and Goh started Ezra in 1992 to manage and operate
offshore support vessels. The company posted a 19 percent
decline in net income to $53.6 million in the year ended August
2013. Sales rose 28 percent to $1.26 billion.
The former couple had assets in 29 bank accounts, nine
properties including on the resort island of Sentosa, stocks,
cars such as a Ferrari 360, BMW740Li and club memberships.
The case is Goh Gaik Choo v Lee Kian Soo, DT5683/2008.
Singapore High Court.

For Related News and Information:
Ex-Wife Wins Half of Family Trust in $108 Million H.K. Divorce
NSN N8UHKQ6KLVSH <GO>
Citadel’s Ken Griffin Seeks Divorce After 11-Year Marriage
NSN N98TTA6JTSEC <GO>
Hohn’s Wife Loses Ruling on Value of TCI Stake in Divorce
NSN N7DJSE6JIJVH <GO>
Top Legal Stories: TLAW <GO>
Bloomberg legal resources: BLAW <GO>

To contact the reporters on this story:
Andrea Tan in Singapore at +65-6212-1325 or
atan17@bloomberg.net;
Kyunghee Park in Singapore at +65-6212-1541 or
kpark3@bloomberg.net
To contact the editors responsible for this story:
Douglas Wong at +852-2977-6451 or
dwong19@bloomberg.net

[propertyinvestor]

This is probably the only listed offshore and marine counter trading below book value. NAV should have declined to $1 USD due to EMAS poor market price.

[greengiraffe]

The NAV is meaningless as Ezra has been constantly in negative cashflows with repeated earnings disappointment post GFC.

Odd Lots Vested
GG

This is probably the only listed offshore and marine counter trading below book value. NAV should have declined to $1 USD due to EMAS poor market price.

[greengiraffe]

http://www.businesstimes.com.sg/companie...t-to-us11m

Ezra posts 10% rise in Q4 net to US$11m
By
Malminderjit Singhmsingh@sph.com.sg@MalminderjitBT
25 Oct5:50 AM
Singapore

EZRA Holdings saw its net profit for the fourth quarter ended August jump 10 per cent, from US$10.04 million to US$11.0 million. This was on the back of a 6 per cent increase in revenue, from US$419.2 million to US$446.0 million, the group reported on Friday.

For the 12

[CityFarmer]

From $1.32 down to $0.77, is almost a half. What a drastic downgrading...

Ezra kept at ‘hold’ with with fair value slashed to 77 cents by OCBC

INGAPORE (Nov 26): OCBC Investment Research has maintained its “hold” call for Ezra Holdings ( Financial Dashboard) with a fair value of 77 cents, down from $1.32 previously.

In a Nov 26 report, analysts Low Pei Han and Andy Wong Teck Ching are taking a more cautious view of Ezra given the company is undergoing restructuring in a tough business environment. With risks tilted towards the downside, OCBC is recommending the stock only for aggressive investors.

OCBC is reviewing its rating on Ezra now that it has ended its blackout period on the stock and its related entities due to the listing of subsidiary EMAS Offshore.
...
http://www.theedgemarkets.com/sg/article...cents-ocbc

[greengiraffe]

We don't need analysts to convince us further... Ezra has been drifting to nowhere since GFC no thanks to wealth transfer from the innocents to the know-whats...

Long Suffering Odd Lot Holder
GG

From $1.32 down to $0.77, is almost a half. What a drastic downgrading...

Ezra kept at ‘hold’ with with fair value slashed to 77 cents by OCBC

INGAPORE (Nov 26): OCBC Investment Research has maintained its “hold” call for Ezra Holdings ( Financial Dashboard) with a fair value of 77 cents, down from $1.32 previously.

In a Nov 26 report, analysts Low Pei Han and Andy Wong Teck Ching are taking a more cautious view of Ezra given the company is undergoing restructuring in a tough business environment. With risks tilted towards the downside, OCBC is recommending the stock only for aggressive investors.

OCBC is reviewing its rating on Ezra now that it has ended its blackout period on the stock and its related entities due to the listing of subsidiary EMAS Offshore.
...
http://www.theedgemarkets.com/sg/article...cents-ocbc

[greentea]

http://www.businesstimes.com.sg/companie...e-off-gain

http://www.businesstimes.com.sg/companie...n-contract