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I just noticed that Poh Tiong Choon Logistics has undertaken its first share buyback since introducing the mandate for share buyback on 30 Apr 2014.
The company bought back shares worth SGD 63k in total, at prices between 55.5 and 58.5c.
Whilst the absolute amount of buyback is low (SGD 63k), could the transaction be symbolic of management's view that the share price is undervalued and that better days are ahead?
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there is significant share buyback and increase of stake by substantial shareholder adrian ho to 13% holding
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I have monitored this stock, along with cogent. Its stock price, has jumped by more than half recently, without major announcement. The company halted pending for announcement. Anyone has any clue?
(not vested)
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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The shareholding structure of the company, is under "reviewed". It is an uncertainty, thus should be negative, but not sure why share hike?
What is your view?
(not vested)
Key shareholders of Poh Tiong Choon Logistics to review their holdings
22 Sep 2016 09:00
By Lynette Khoo
THE co-founders of Poh Tiong Choon Logistics (PTC Logistics) and some substantial shareholders, who collectively hold a 41.3 per cent interest, are seeking a strategic review of their stakes.
They have sent a letter dated Sept 19 to the company, saying that they are in the process of appointing KPMG Corporate Finance for the review.
...
Source: Business Times
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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Maybe their "strategic review" are referring to either selling out the whole chunk (which would trigger a mandatory take over offer), or buying out the rest of OPMI?
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I am not so sure, the "review" is to seek buyer(s), which will trigger mandatory GO with the stakes involved? It might also mean power struggle among SSHs, which is negative? Mr. Market is optimistic.
What do you think?
(not vested)
PTC Logistics' substantial shareholders seek appointment of two directors to board
23 Sep 2016 09:16
By Anita Gabriel
TWO substantial shareholders of Poh Tiong Choon Logistics (PTC Logistics) have nominated two directors to be appointed to the board to represent their interests in the company.
The shareholders are Adrian Ho Kim Lee and Nelly Rolles.
...
Source: Business Times Breaking News
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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Personally, I would be very surprised if the Poh family sell out totally.
More likely, the senior Poh may be looking to par down his shareholdings and cash out and enjoy the fruits of his labour - possibly to the two abovementioned newly appointed directors Adrian Ho Kim Lee and Nelly Rolles.
Still that alone should not explain the recent 50c surge. So not sure why Mr Market is so optimistic so probably some other unknown dynamics is at play here.
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Voluntary Conditional Cash Offer for Poh Tiong Choon Logistics Limited
Highlights :
- Offer Price of S$1.30 per Share, being at a premium of about:
- 32.5% to 1-month VWAP per Share
- 48.7% to 6-month VWAP per Share
- 58.1% to 12-month VWAP per Share
- Offeror has secured irrevocable undertakings from shareholders holding about 66.7% of the Shares
- Offer will be declared unconditional in all respects upon receipt of valid acceptances pursuant to these irrevocable undertakings
- Offeror intends to privatise the Company and does not intend to take steps to restore the public float
- Clean cash exit opportunity for Shares that otherwise have low trading liquidity.
More details in :
1.
http://infopub.sgx.com/FileOpen/Offer_An...eID=471198
2.
http://infopub.sgx.com/FileOpen/Press_Re...eID=471199
Specuvestor: Asset - Business - Structure.
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Valuation was already very rich before the offer. Offeror must be very optimistic about PTC's future. Congrats to those vested!
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