Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
IPC Corporation
01-04-2015, 04:13 PM.
Post: #21
RE: IPC Corporation
Trading halted pending release of announcement.

Find Reply
01-04-2015, 05:39 PM.
Post: #22
RE: IPC Corporation
(01-04-2015, 04:13 PM)Tiggerbee Wrote: Trading halted pending release of announcement.

Cash offer from Oei Hong Leong at 17 cents.

http://infopub.sgx.com/FileOpen/Offer%20...eID=341293

Find Reply
01-04-2015, 06:06 PM.
Post: #23
RE: IPC Corporation
Unlikely that the shareholders will accept the 17c offer in view of the potential bumper dividend payout, should the Japan hotels be sold at 150M.

Find Reply
01-04-2015, 10:38 PM.
Post: #24
RE: IPC Corporation
Number of shares issued = 852,920,638 (pre-consolidation of 10 shares into 1)
NAV= SGD 0.2441 (as at 31-Dec-2014)
Offer Price = SGD 0.17 = 0.70 NAV

Potential gains from sales of hotels in Japan has yet to be factored in
Carrying Value of 9 hotels in Japan = SGD 118.081 million (as at 31-Dec-2014)
2 of the hotels in Sapporo has been agreed to be sold for SGD 29.61 million
7 of the remaining hotels is under negotiation to be sold for about SGD 150 million
Potential pre-tax gains of 150 + 29.61 – 118.081 = SGD 61.53 million or SGD 0.072 per share (pre-tax).

Another lowball offer?
Fair or unfair?
Reasonable or unreasonable?
Perhaps, an offer made on April's Fool day should not be taken too seriously........just kidding....... ha-ha !

(not vested)
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

Find Reply
01-04-2015, 10:38 PM.
Post: #25
Rainbow  RE: IPC Corporation
(01-04-2015, 06:06 PM)Tiggerbee Wrote: Unlikely that the shareholders will accept the 17c offer in view of the potential bumper dividend payout, should the Japan hotels be sold at 150M.

is it a joke when the sale proceeds of the 7 hotels work out to about 18cts a share for him to make an offer at 17 cts plus the .006 cts dividend to come. or is it just a formality since he has shot past the triggering point. I think he is not serious or he is just testing the market. The Ngiams on the other side will just wait and see. nice to watch how things develop

Find Reply
02-04-2015, 09:48 AM.
Post: #26
RE: IPC Corporation
(01-04-2015, 10:38 PM)Boon Wrote: Potential gains from sales of hotels in Japan has yet to be factored in
Carrying Value of 9 hotels in Japan = SGD 118.081 million (as at 31-Dec-2014)
2 of the hotels in Sapporo has been agreed to be sold for SGD 29.61 million
7 of the remaining hotels is under negotiation to be sold for about SGD 150 million
Potential pre-tax gains of 150 + 29.61 – 118.081 = SGD 61.53 million or SGD 0.072 per share (pre-tax).

FY14 Result

I think the sale of 2 Sapporo hotels had been recognized.
-- P/L Note 2
-- BS Note (i)
-- Cashflow from investing activities - Proceeds from disposal of investment properties

"2013 Annual Report Wrote:Investment properties comprise of acquired business hotels that are held for long-term rental yields and/or for capital appreciation.

Find Reply
02-04-2015, 10:43 AM.
Post: #27
RE: IPC Corporation
I think OHL bought from open market and then his stake in IPC Corp exceeded 30%, thereby triggering the offer. I don't think it is his intention to make this low ball offer, but he has to do it under the rules.

Find Reply
02-04-2015, 11:06 AM.
Post: #28
RE: IPC Corporation
(02-04-2015, 09:48 AM)cif5000 Wrote:
(01-04-2015, 10:38 PM)Boon Wrote: Potential gains from sales of hotels in Japan has yet to be factored in
Carrying Value of 9 hotels in Japan = SGD 118.081 million (as at 31-Dec-2014)
2 of the hotels in Sapporo has been agreed to be sold for SGD 29.61 million
7 of the remaining hotels is under negotiation to be sold for about SGD 150 million
Potential pre-tax gains of 150 + 29.61 – 118.081 = SGD 61.53 million or SGD 0.072 per share (pre-tax).

FY14 Result

I think the sale of 2 Sapporo hotels had been recognized.
-- P/L Note 2
-- BS Note (i)
-- Cashflow from investing activities - Proceeds from disposal of investment properties

"2013 Annual Report Wrote:Investment properties comprise of acquired business hotels that are held for long-term rental yields and/or for capital appreciation.

Thanks cif5000, you are absolutely right ! Gains from the sales of the two Sapporo hotels had been recognized in FY2014. In addition, fair value gains on the remaining 7 hotels also had been recognized in FY2014

- Carrying Value of remaining 7 hotels in Japan = SGD 118.081 million (as at 31-Dec-2014)
- 7 of the remaining hotels is under negotiation to be sold for about SGD 150 million
- Potential pre-tax gains of 150 – 118.081 = SGD 31.9 million or SGD 0.037 per share (pre-tax).

The offer price is still low based on P/NAV, IMO.

Wondering what is the RNAV of IPC's other assets, beside the 7 hotels in Japan?

(not vested)
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

Find Reply
17-05-2015, 10:51 AM.
Post: #29
RE: IPC Corporation
(02-04-2015, 10:43 AM)ghchua Wrote: I think OHL bought from open market and then his stake in IPC Corp exceeded 30%, thereby triggering the offer. I don't think it is his intention to make this low ball offer, but he has to do it under the rules.

ghchua was right - not a "serious" offer by OHL - he had to do it in compliance with the rules.

http://infopub.sgx.com/FileOpen/Close%20...eID=350426

(not vested)
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

Find Reply
17-05-2015, 02:47 PM.
Post: #30
RE: IPC Corporation
Unless there's another interested party that emerge, like in the LCD Global saga, punters' interest in IPC will slowly wane over time.

Find Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)
Valuebuddies.com | Return to Top | Lite (Archive) Mode | RSS Syndication | CONTACT US: nas......@valuebuddies.com | | Share Buy-Back | Disclosure of Interest