Penguin International

[lonewolf]

We did it!

At the close of the Final Offer on 25 Sep 5.30pm, the resultant shareholding amounted to an aggregate of 195,765,603 Shares, representing approximately 88.92% of the total number of Shares in the Company.

SGX Announcement

[pianist]

We did it!

At the close of the Final Offer on 25 Sep 5.30pm, the resultant shareholding amounted to an aggregate of 195,765,603 Shares, representing approximately 88.92% of the total number of Shares in the Company.

SGX Announcement

23 sep sat Last announced was a 30,000 shares acquired on 20sep,leading to 88.91%, so from 21,22,and today 25 only a mere 0.01% increase, hmm...prepare to face music from shareholders for such low balled unsuccessful offer, waste time waste resources

[dydx]

In the just ended GO, Offeror managed to increase its interest from 80.05% to 88.92% - i.e. by 8.87% - and spent close to $20.0m doing so. This second GO at $0.83/share also confirmed that in the eyes and minds of the 3-party Offeror consortium, each Penguin share should be worth more than $0.83, and the entire business more than $182.7m. Of course, the above valuation must be conservative!

[dydx]

https://www.linkedin.com/posts/colin-tur...er_desktop
https://www.linkedin.com/feed/update/urn...5000576%29

Penguin is a prolific builder of CTVs..

[dydx]

Taking a good look into long-term customer MEO's current crewboats fleet list shows the addition of 3 new (built in 2023) vessels - Express 96, 97 and 101 - from Penguin, compared to 2 (built in 2022) vessels - Express 27 and 95...
https://www.meogroup.com/fleet/crew-utility-vessels/

Apparently another 2 crewboats were shipped out to MEO last Friday from Jurong Port..
https://www.linkedin.com/posts/james-mum...er_desktop

[dydx]

The first - named 'Blue Dolphin' - of 2 second-Generation Marine Rescue Vessel (MRV2G) for SCDF is into production...
https://www.linkedin.com/posts/danielsee...er_desktop

More info on this 2nd SCDF contract from an earlier post by Rolls-Royce, which through its MTU unit is the engines supplier to all these supposedly high-value vessels..
https://www.linkedin.com/posts/xiang-yu-...er_desktop

[pianist]

Just reread on its Electric Dream ferries,
Each Electric Dream ferry will operate at 21 knots and take less than 10 minutes to charge up after every round trip. 10 minutes to charge up seems amazing ,faster than charging an ev. Wonder who are the other similar competitors in the market and their charging capabilities

[Reenat]

All quiet on the western front (more like the sea front) on Penguin. No updates from management after the plan to take it private did not materialize.

Looking at Boustead Projects, management had to wait 6 months before making another bid to take it private (at a higher offer price).

Will Penguin do the same??

[weijian]

All quiet on the western front (more like the sea front) on Penguin.  No updates from management after the plan to take it private did not materialize.

Looking at Boustead Projects, management had to wait 6 months before making another bid to take it private (at a higher offer price). 

Will Penguin do the same??

Hi Reenat,
As per takeover code, 6 months is the minimum time required to lapse before another offer can be tabled.

The first offer for Boustead Projects was "not fair but reasonable". So as per revised takeover code, it could never be delisted. Then Boustead Projects went below 10% free float, which was against listing rules. When it did not restore free float, SGX Regco's directed the offeror to make an "offer that is fair and reasonable". In order to have a "fair and reasonable" 2nd offer, they needed to pay a higher price.

So this is not exactly apple to apple comparison here. Penguin's 1st and 2nd MBO offer had probably a 2 year gap? But with all the current safeguards for takeovers, and the "entrenched dissenting shareholders", expecting a higher offer is probably fair and reasonable, provided that the offerors still want to privatize it and there is no fundamental deviation of the company prospects.

[Reenat]

All quiet on the western front (more like the sea front) on Penguin.  No updates from management after the plan to take it private did not materialize.

Looking at Boustead Projects, management had to wait 6 months before making another bid to take it private (at a higher offer price). 

Will Penguin do the same??

Hi Reenat,
As per takeover code, 6 months is the minimum time required to lapse before another offer can be tabled.

The first offer for Boustead Projects was "not fair but reasonable". So as per revised takeover code, it could never be delisted. Then Boustead Projects went below 10% free float, which was against listing rules. When it did not restore free float, SGX Regco's directed the offeror to make an "offer that is fair and reasonable". In order to have a "fair and reasonable" 2nd offer, they needed to pay a higher price.

So this is not exactly apple to apple comparison here. Penguin's 1st and 2nd MBO offer had probably a 2 year gap? But with all the current safeguards for takeovers, and the "entrenched dissenting shareholders", expecting a higher offer is probably fair and reasonable, provided that the offerors still want to privatize it and there is no fundamental deviation of the company prospects.

Hi Weijian,

Thanks for highlighting the reasons behind Boustead Projects' take over, especially it went below 10% free float rule and Regco had directed them to make a fair offer for the remaining rules.   Penguin still has about 11%, thus there is no regulatory compulsion by the offerers to make another offer, except if they still want to take it private.

Looking at the limited announcements by Penguin, I think the fundamental value of Penguin is on an up trend. Hoping for a good set of results for 2nd half of 2023.