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Transcab Vs Japfa, POSH, Speckman... etc
"The professional advice was like this, so what can I do?" Trans-Cab chairman and chief executive Teo Kiang Ang lamented to The Business Times when contacted.
"I feel like I can't face the investors. I hoped everybody could share in our wealth. We will IPO at the correct time," said the Mandarin-speaking businessman who had spent the past week touting the firm's expansion agenda and plans to bid for the sought-after bus route contracts here.
"I didn't know about this until last week when we got the invoice from the insurer. If we wanted to disclose this, we would have had to print everything again to support the prospectus and explain to investors all over again. There's no time. So our adviser said we should withdraw," Mr Teo revealed.
The reactions from the market were fast - some, less furious than others.
"My sense is that if the owner pulled the plug for a mere S$1.8 million in unforeseen claims when he's raising S$100 million, it speaks volumes of his character (compared to) others who may have decided to go ahead with the plan, citing oversight and see the stock collapse post listing," said one investor.
Others were less forgiving. "How can a company find out about extra insurance premium on the day before balloting? How can investors trust someone who can't predict the future of his own business? It's ridiculous," read a posting on a popular stock forum.
(17-11-2014, 10:23 PM)greengiraffe Wrote: To be objective, let's take a step back and observe the facts.
Transcab Vs Japfa
Under a caveat emptor regime, Transcab could have gone ahead with the IPO and proclaim innocence that unexpected event arises post IPO date. It, however, chose to scrap the IPO.
In the case of Japfa, nothing was mentioned and one month post IPO, analysts came out of the blackout period writing nice and fanciful report and target prices on Japfa only for the stock to tank post bad results. As if that was not enough, there was malicious rumours that Japfa's livestock got hit by diseases.
Frankly, between the 2, I will go with Transcab. Maybe this down to earth Towkay decided that the best approach is to go with integrity due to his involvement with grassroots, his visibility as his red cabs are plying the streets 24X7, his need to stand alongside with his hardworking cabbies.
On this count, I like him - at least he didn't risk his reputation of being labelled a "con". He will come back just that he has done previously. I am pretty sure Transcab will be better priced in view of this unexpected event in the future.
Like they always say - there is always another day, another chance and the there is always sunshine after the rain.
GG
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I bet he didn't know he has to do all this explanation if ever he has to pull out from the ipo. He actually acted on his first impulse in his principle and integrity.
He is worth monitoring as I see him differently from the bosses nowadays who only chased for the numbers.
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I do not know Towkay Teo personally. His 'rags to riches' story that came out in mid Oct had amicable timing though (to the lead up to his IPO).
Nonetheless, it is statements in bold below, that really triggers the bs red flag in me sometimes. Towkay Teo has alot of businesses, doesn't he? He made his pot of gold in Union Energy and it is supposed to be 'the leader in LPG trade' in Singapore. If Towkay Neo is so benevolent and selfless, why isn't he sharing that part of his wealth with us?? Or rather, i think Union Energy is the real cash cow that produces that hard core cash flow! 
(19-11-2014, 07:36 AM)greengiraffe Wrote: Transcab Vs Japfa, POSH, Speckman... etc
"The professional advice was like this, so what can I do?" Trans-Cab chairman and chief executive Teo Kiang Ang lamented to The Business Times when contacted.
"I feel like I can't face the investors. I hoped everybody could share in our wealth. We will IPO at the correct time," said the Mandarin-speaking businessman who had spent the past week touting the firm's expansion agenda and plans to bid for the sought-after bus route contracts here.
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(19-11-2014, 07:36 AM)greengiraffe Wrote: Transcab Vs Japfa, POSH, Speckman... etc
"The professional advice was like this, so what can I do?" Trans-Cab chairman and chief executive Teo Kiang Ang lamented to The Business Times when contacted.
"I feel like I can't face the investors. I hoped everybody could share in our wealth. We will IPO at the correct time," said the Mandarin-speaking businessman who had spent the past week touting the firm's expansion agenda and plans to bid for the sought-after bus route contracts here.
"I didn't know about this until last week when we got the invoice from the insurer. If we wanted to disclose this, we would have had to print everything again to support the prospectus and explain to investors all over again. There's no time. So our adviser said we should withdraw," Mr Teo revealed.
The reactions from the market were fast - some, less furious than others.
"My sense is that if the owner pulled the plug for a mere S$1.8 million in unforeseen claims when he's raising S$100 million, it speaks volumes of his character (compared to) others who may have decided to go ahead with the plan, citing oversight and see the stock collapse post listing," said one investor.
Others were less forgiving. "How can a company find out about extra insurance premium on the day before balloting? How can investors trust someone who can't predict the future of his own business? It's ridiculous," read a posting on a popular stock forum.
(17-11-2014, 10:23 PM)greengiraffe Wrote: To be objective, let's take a step back and observe the facts.
Transcab Vs Japfa
Under a caveat emptor regime, Transcab could have gone ahead with the IPO and proclaim innocence that unexpected event arises post IPO date. It, however, chose to scrap the IPO.
In the case of Japfa, nothing was mentioned and one month post IPO, analysts came out of the blackout period writing nice and fanciful report and target prices on Japfa only for the stock to tank post bad results. As if that was not enough, there was malicious rumours that Japfa's livestock got hit by diseases.
Frankly, between the 2, I will go with Transcab. Maybe this down to earth Towkay decided that the best approach is to go with integrity due to his involvement with grassroots, his visibility as his red cabs are plying the streets 24X7, his need to stand alongside with his hardworking cabbies.
On this count, I like him - at least he didn't risk his reputation of being labelled a "con". He will come back just that he has done previously. I am pretty sure Transcab will be better priced in view of this unexpected event in the future.
Like they always say - there is always another day, another chance and the there is always sunshine after the rain.
GG Whether it's genuine concern or high EQ answer, we really don't know. We can give the benefit of doubt to him. But are you sure the IPO can still go ahead with the insurance problem cropping up only after a certain Mr. Phoa sent a letter to SGX? Besides there is really a "insurance problem" after the letter to SGX. Not that there isn't any.
Caveat emptor at all all time is correct as far as our money is concerned.
Suppose IPO allows to go through by SGX then what happens?
What's the reactions from public retail investors?
Of course again, "Caveat Emptor" always apply to any one who wants to participate in the market, may be the "official response".
"Li LUM Li lol", says the Cantonese. i think is the equivalent to "Caveat Emptor"
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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19-11-2014, 12:17 PM
(This post was last modified: 19-11-2014, 12:18 PM by specuvestor.)
(19-11-2014, 08:57 AM)weijian Wrote: I do not know Towkay Teo personally. His 'rags to riches' story that came out in mid Oct had amicable timing though (to the lead up to his IPO).
Nonetheless, it is statements in bold below, that really triggers the bs red flag in me sometimes. Towkay Teo has alot of businesses, doesn't he? He made his pot of gold in Union Energy and it is supposed to be 'the leader in LPG trade' in Singapore. If Towkay Neo is so benevolent and selfless, why isn't he sharing that part of his wealth with us?? Or rather, i think Union Energy is the real cash cow that produces that hard core cash flow!
(19-11-2014, 07:36 AM)greengiraffe Wrote: Transcab Vs Japfa, POSH, Speckman... etc
"The professional advice was like this, so what can I do?" Trans-Cab chairman and chief executive Teo Kiang Ang lamented to The Business Times when contacted.
"I feel like I can't face the investors. I hoped everybody could share in our wealth. We will IPO at the correct time," said the Mandarin-speaking businessman who had spent the past week touting the firm's expansion agenda and plans to bid for the sought-after bus route contracts here.
I don't think he has an "obligation" to share his wealth.
But what jumps out from Weijian's posting is why then he doesn't IPO Union Energy instead, rather than a few year company, if he is keen to "share his wealth" as he says
Anyway just listen lor and DYODD
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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interview on complaint, he also said he embraces complaints as part of learning..indeed a very wise guy
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Trans Cab IPO called off due to unforeseen insurance premiums for the next year? It affects the pro-forma financial figures for next year and effects can be identified and explained. Were there any other factors related to the call-off?
Btw in such cases, are these being overlooked by the auditors, lawyers, bankers etc?
I thought the prospectus and financials would have been scrutinised thoroughly before being lodged. How will such things happened?
With due respect to RSM Chio Lim LLP, noted Trans Cab not audited by Big 4
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I think Mr Teo will see better luck putting his Union Gas on IPO
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(02-12-2014, 05:19 PM)butcher Wrote: I think Mr Teo will see better luck putting his Union Gas on IPO
Why does he wants to do that? Going global perhaps?
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
Posts: 274
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Cash out while retaining control and also leading a listed company for name sake (pride)
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