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ytoh1688 Veteran	02-Sep-2014 23:57        ytoh1688 About Contact  Quote this Post!
x 0   x 0  Alert Admin	He was not demanding response.   He just turned up at ausgp office to view the consultancy report to justify 55mil valuation as that was mentioned to be available to shareholders for inspection at ausgp office. Kyoto2008      ( Date: 02-Sep-2014 23:31) Posted: First question I need to ask you is whether you believe in everything the author  posts?    YES OR NO. Eg did he really go down to Tuas?      And how did he communicate with the people there?  In the same childish and illogical manner as he wrote the article?    Was he rude? And why would Ausgroup entertain such a confused person? EGM and AGMs are the proper  avenues for shareholders to demand responses.        ruanlai      ( Date: 02-Sep-2014 19:09) Posted: AusGroup says a copy of the valuation report is available for inspection at its registered office at 36 Tuas Road, Singapore for a period of three months. However, when we visited on August 19 the receptionist had no idea what report we were asking for. WHY A colleague was also unable to help, until one suggested we contact the Australia-based CFO Gerard Hutchinson. We emailed him asking for the report but, at the time of publication, had not received a reply. WHY
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Kyoto2008 Elite	02-Sep-2014 23:31        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	First question I need to ask you is whether you believe in everything the author  posts?    YES OR NO. Eg did he really go down to Tuas?      And how did he communicate with the people there?  In the same childish and illogical manner as he wrote the article?    Was he rude? And why would Ausgroup entertain such a confused person? EGM and AGMs are the proper  avenues for shareholders to demand responses.        ruanlai      ( Date: 02-Sep-2014 19:09) Posted: AusGroup says a copy of the valuation report is available for inspection at its registered office at 36 Tuas Road, Singapore for a period of three months. However, when we visited on August 19 the receptionist had no idea what report we were asking for. WHY A colleague was also unable to help, until one suggested we contact the Australia-based CFO Gerard Hutchinson. We emailed him asking for the report but, at the time of publication, had not received a reply. WHY   Kyoto2008      ( Date: 02-Sep-2014 17:54) Posted: Firstly the valuation was done by Stone Forest which is an independent professional valuer. Secondly, the allegations Implies that EOLH is only worth $100K, but ignores the shares Ocean Sky will have to issue to Ezion for the exchange.     (" Long story short, we wonder why EOLH Tiwi should be worth millions now when it was worth just S$100,000 a few months ago." )  The author has not sized up fully how much $$ (including shares) was to be included in the exchange, but just plucked $100k in isolation to compare with the $55mln deal with Ausgroup. Thirdly, the Ocean Sky proposal was for which entity?  If it is only EOLH Tiwi, it would be a small bit of the $55mln piece (EOLH + TAPL).  The author is comparing apples with oranges. EOLH comprises of EOLH Tiwi and EOLH is an investment holding company with a paid-up and issued share capital of S$100,000. It has two direct subsidiaries, namely Ezion Offshore Logistics Hub (Tiwi) Pty Ltd (EOLH Tiwi) and Ezion Offshore Logistics Hub (Exmouth) Pty Ltd (EOLH Exmouth). EOLH Tiwi further has a subsidiary namely, Indigenous Marine Logistics Pty Ltd (IML).    EOLH Exmouth and IML are dormant subsidiaries. Ausgroup has found it profitable to own EOLH and TAPL, and it need not pay for it in cash, but can issue shares to acquire them.        They may have negative net worth, but it' s not the companies but the biz opportunities they are buying over. This was the article I read some time ago: AusGroup is in a deal that will extend its capabilities in the marine & offshore, oil & gas industry to include operation of a port, a marine supply base, a chartering fleet and workforce training. AusGroup is a solutions provider for fabrication, construction and integrated services for oil & gas, mineral resources and infrastructure development. It signed a sale and purchase agreement on 22 July to acquire from Ezion Holdings 100% of Ezion Offshore Logistics Hub Pte Ltd and 90% of Teras Australia Pty Ltd for S$55 million. Ezion Offshore Logistics Hub will operate a port and marine supply base out of Melville Island, which is part of the Tiwi Islands, 80 km to the north of Darwin, capital to Northern Territory, Australia. &ldquo Port Melville will serve as Australia&rsquo s gateway to Asia,&rdquo said AusGroup CEO Stuart Kenny at a briefing attended by the media, analysts and fund managers on Tuesday. &ldquo Port Melville will primarily focus on being an international fuel supply, storage and distribution center to relieve the reliance on Port Darwin,&rdquo said Mr Kenny. Port Melville is near Port Darwin, which is directly connected to major shipping routes to Asia. Map from Maritime WorldAs Port Darwin is a shallow-water port, it becomes easily congested during times of high freight traffic. As the most northern port of Australia, Port Melville is key to Australia&rsquo s strategic economic development as an export centre and regional freight hub. There are high barriers to entry to the port business. Although Northern Australia comprises close to half of the continent, it has limited deep-water access to a large coastline (from Karratha to Darwin). Port Melville is the only gazetted natural deep water international port in Northern Australia. Its proximity to oil & gas fields in Timor Sea positions it as a strategic supply base for the oil & gas sector in the region. Supplies include fuel, water, crew changes and equipment. Expansion of the region&rsquo s mining sector will also increase demand for export traffic at the Port Melville. The acquisition targets have a lease with Tiwi Land Council to use the site at Melville for a port. The port will be operated by Ezion Offshore Logistics Hub (Tiwi), providing administrative, storage and logistics support to vessels deployed for oil & gas projects in the region.   Ezion Holdings' director of special projects, Eng Chiaw Koon, was appointed as an AusGroup non-executive director this month. Photo by Sim KihThe second acquisition target, Teras Australia, provides ship chartering services and maritime training to indigenous workers. 10% of Teras Australia will be held by Aboriginal Maritime Pty Ltd. Aboriginal Maritime will train indigenous aborigines for employment in various industries in response to the call by the Australian government for resources companies to give jobs to indigenous peoples. The acquisition targets are start-up companies with a combined net loss before tax of S$7.2 million for the year to 30 June 2014. The purchase consideration of S$55 million will be satisfied by S$14 million in cash and the issue of 92,155,541 new AusGroup shares at 44.49 cents each. The consideration shares represent 12.4% of AusGroup' s enlarged share capital post acquisition.
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Kyoto2008 Elite	02-Sep-2014 22:31        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Shareholders can request at EGM.    But some half wit who mixed up all his facts certainly would not be entertained. I have dealt with Stone Forest before, they are pros.    Nothing to be upset with, just make a request as shareholder.    If they don produce it, that' s another matter.
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Codfish Member	02-Sep-2014 20:31        Codfish About Contact  Quote this Post!
x 0   x 0  Alert Admin	Will the Stone Forest report be enclosed when Ausgroup sent out to the shareholders to read together with annoucement sent out telling shareholders of the EGM? this report shd be available n transparent for all to read as it is being done by an independent financial adviser n all the shareholders will understand fully before they vote! Also how do they count the shareholders vote, eg if you attend n vote for it, will the vote count be   counted as one regardless of your yr shareholding?
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ruanlai Elite	02-Sep-2014 19:09        ruanlai About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	AusGroup says a copy of the valuation report is available for inspection at its registered office at 36 Tuas Road, Singapore for a period of three months. However, when we visited on August 19 the receptionist had no idea what report we were asking for. WHY A colleague was also unable to help, until one suggested we contact the Australia-based CFO Gerard Hutchinson. We emailed him asking for the report but, at the time of publication, had not received a reply. WHY   Kyoto2008      ( Date: 02-Sep-2014 17:54) Posted: Firstly the valuation was done by Stone Forest which is an independent professional valuer. Secondly, the allegations Implies that EOLH is only worth $100K, but ignores the shares Ocean Sky will have to issue to Ezion for the exchange.     (" Long story short, we wonder why EOLH Tiwi should be worth millions now when it was worth just S$100,000 a few months ago." )  The author has not sized up fully how much $$ (including shares) was to be included in the exchange, but just plucked $100k in isolation to compare with the $55mln deal with Ausgroup. Thirdly, the Ocean Sky proposal was for which entity?  If it is only EOLH Tiwi, it would be a small bit of the $55mln piece (EOLH + TAPL).  The author is comparing apples with oranges. EOLH comprises of EOLH Tiwi and EOLH is an investment holding company with a paid-up and issued share capital of S$100,000. It has two direct subsidiaries, namely Ezion Offshore Logistics Hub (Tiwi) Pty Ltd (EOLH Tiwi) and Ezion Offshore Logistics Hub (Exmouth) Pty Ltd (EOLH Exmouth). EOLH Tiwi further has a subsidiary namely, Indigenous Marine Logistics Pty Ltd (IML).    EOLH Exmouth and IML are dormant subsidiaries. Ausgroup has found it profitable to own EOLH and TAPL, and it need not pay for it in cash, but can issue shares to acquire them.        They may have negative net worth, but it' s not the companies but the biz opportunities they are buying over. This was the article I read some time ago: AusGroup is in a deal that will extend its capabilities in the marine & offshore, oil & gas industry to include operation of a port, a marine supply base, a chartering fleet and workforce training. AusGroup is a solutions provider for fabrication, construction and integrated services for oil & gas, mineral resources and infrastructure development. It signed a sale and purchase agreement on 22 July to acquire from Ezion Holdings 100% of Ezion Offshore Logistics Hub Pte Ltd and 90% of Teras Australia Pty Ltd for S$55 million. Ezion Offshore Logistics Hub will operate a port and marine supply base out of Melville Island, which is part of the Tiwi Islands, 80 km to the north of Darwin, capital to Northern Territory, Australia. &ldquo Port Melville will serve as Australia&rsquo s gateway to Asia,&rdquo said AusGroup CEO Stuart Kenny at a briefing attended by the media, analysts and fund managers on Tuesday. &ldquo Port Melville will primarily focus on being an international fuel supply, storage and distribution center to relieve the reliance on Port Darwin,&rdquo said Mr Kenny. Port Melville is near Port Darwin, which is directly connected to major shipping routes to Asia. Map from Maritime WorldAs Port Darwin is a shallow-water port, it becomes easily congested during times of high freight traffic. As the most northern port of Australia, Port Melville is key to Australia&rsquo s strategic economic development as an export centre and regional freight hub. There are high barriers to entry to the port business. Although Northern Australia comprises close to half of the continent, it has limited deep-water access to a large coastline (from Karratha to Darwin). Port Melville is the only gazetted natural deep water international port in Northern Australia. Its proximity to oil & gas fields in Timor Sea positions it as a strategic supply base for the oil & gas sector in the region. Supplies include fuel, water, crew changes and equipment. Expansion of the region&rsquo s mining sector will also increase demand for export traffic at the Port Melville. The acquisition targets have a lease with Tiwi Land Council to use the site at Melville for a port. The port will be operated by Ezion Offshore Logistics Hub (Tiwi), providing administrative, storage and logistics support to vessels deployed for oil & gas projects in the region.   Ezion Holdings' director of special projects, Eng Chiaw Koon, was appointed as an AusGroup non-executive director this month. Photo by Sim KihThe second acquisition target, Teras Australia, provides ship chartering services and maritime training to indigenous workers. 10% of Teras Australia will be held by Aboriginal Maritime Pty Ltd. Aboriginal Maritime will train indigenous aborigines for employment in various industries in response to the call by the Australian government for resources companies to give jobs to indigenous peoples. The acquisition targets are start-up companies with a combined net loss before tax of S$7.2 million for the year to 30 June 2014. The purchase consideration of S$55 million will be satisfied by S$14 million in cash and the issue of 92,155,541 new AusGroup shares at 44.49 cents each. The consideration shares represent 12.4% of AusGroup' s enlarged share capital post acquisition.
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Kyoto2008 Elite	02-Sep-2014 17:55        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Before making allegations, check the facts first. tianji      ( Date: 02-Sep-2014 15:17) Posted: WHY SGX never query, If SGX never query then SGX will also be in trouble. VERY SERIOUS OFFENCE FOR CHEATING
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Kyoto2008 Elite	02-Sep-2014 17:54        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Firstly the valuation was done by Stone Forest which is an independent professional valuer. Secondly, the allegations Implies that EOLH is only worth $100K, but ignores the shares Ocean Sky will have to issue to Ezion for the exchange.     (" Long story short, we wonder why EOLH Tiwi should be worth millions now when it was worth just S$100,000 a few months ago." )  The author has not sized up fully how much $$ (including shares) was to be included in the exchange, but just plucked $100k in isolation to compare with the $55mln deal with Ausgroup. Thirdly, the Ocean Sky proposal was for which entity?  If it is only EOLH Tiwi, it would be a small bit of the $55mln piece (EOLH + TAPL).  The author is comparing apples with oranges. EOLH comprises of EOLH Tiwi and EOLH is an investment holding company with a paid-up and issued share capital of S$100,000. It has two direct subsidiaries, namely Ezion Offshore Logistics Hub (Tiwi) Pty Ltd (EOLH Tiwi) and Ezion Offshore Logistics Hub (Exmouth) Pty Ltd (EOLH Exmouth). EOLH Tiwi further has a subsidiary namely, Indigenous Marine Logistics Pty Ltd (IML).    EOLH Exmouth and IML are dormant subsidiaries. Ausgroup has found it profitable to own EOLH and TAPL, and it need not pay for it in cash, but can issue shares to acquire them.        They may have negative net worth, but it' s not the companies but the biz opportunities they are buying over. This was the article I read some time ago: AusGroup is in a deal that will extend its capabilities in the marine & offshore, oil & gas industry to include operation of a port, a marine supply base, a chartering fleet and workforce training. AusGroup is a solutions provider for fabrication, construction and integrated services for oil & gas, mineral resources and infrastructure development. It signed a sale and purchase agreement on 22 July to acquire from Ezion Holdings 100% of Ezion Offshore Logistics Hub Pte Ltd and 90% of Teras Australia Pty Ltd for S$55 million. Ezion Offshore Logistics Hub will operate a port and marine supply base out of Melville Island, which is part of the Tiwi Islands, 80 km to the north of Darwin, capital to Northern Territory, Australia. &ldquo Port Melville will serve as Australia&rsquo s gateway to Asia,&rdquo said AusGroup CEO Stuart Kenny at a briefing attended by the media, analysts and fund managers on Tuesday. &ldquo Port Melville will primarily focus on being an international fuel supply, storage and distribution center to relieve the reliance on Port Darwin,&rdquo said Mr Kenny. Port Melville is near Port Darwin, which is directly connected to major shipping routes to Asia. Map from Maritime WorldAs Port Darwin is a shallow-water port, it becomes easily congested during times of high freight traffic. As the most northern port of Australia, Port Melville is key to Australia&rsquo s strategic economic development as an export centre and regional freight hub. There are high barriers to entry to the port business. Although Northern Australia comprises close to half of the continent, it has limited deep-water access to a large coastline (from Karratha to Darwin). Port Melville is the only gazetted natural deep water international port in Northern Australia. Its proximity to oil & gas fields in Timor Sea positions it as a strategic supply base for the oil & gas sector in the region. Supplies include fuel, water, crew changes and equipment. Expansion of the region&rsquo s mining sector will also increase demand for export traffic at the Port Melville. The acquisition targets have a lease with Tiwi Land Council to use the site at Melville for a port. The port will be operated by Ezion Offshore Logistics Hub (Tiwi), providing administrative, storage and logistics support to vessels deployed for oil & gas projects in the region.   Ezion Holdings' director of special projects, Eng Chiaw Koon, was appointed as an AusGroup non-executive director this month. Photo by Sim KihThe second acquisition target, Teras Australia, provides ship chartering services and maritime training to indigenous workers. 10% of Teras Australia will be held by Aboriginal Maritime Pty Ltd. Aboriginal Maritime will train indigenous aborigines for employment in various industries in response to the call by the Australian government for resources companies to give jobs to indigenous peoples. The acquisition targets are start-up companies with a combined net loss before tax of S$7.2 million for the year to 30 June 2014. The purchase consideration of S$55 million will be satisfied by S$14 million in cash and the issue of 92,155,541 new AusGroup shares at 44.49 cents each. The consideration shares represent 12.4% of AusGroup' s enlarged share capital post acquisition.
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Codfish Member	02-Sep-2014 17:22        Codfish About Contact  Quote this Post!
x 0   x 0  Alert Admin	There shd be another independent advisory board to evaluate.....a second opinion is best n fair
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sharefbb05 Senior	02-Sep-2014 15:46        sharefbb05 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Retail investor always cheat by those BB
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tianji Veteran	02-Sep-2014 15:17        tianji About Contact  Quote this Post!
x 0   x 0  Alert Admin	WHY SGX never query, If SGX never query then SGX will also be in trouble. VERY SERIOUS OFFENCE FOR CHEATING
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tianji Veteran	02-Sep-2014 15:08        tianji About Contact  Quote this Post!
x 0   x 0  Alert Admin	Investor Central. We keep your investments honest. 1. Why is it paying S$55 mln to acquire net liabilities of Ezion? According to AusGroup' s announcement (page 3), EOLH and TAPL had a negative book value of S$13.7 mln on June 30. The negative book value was due to accumulated losses of EOLH and TAPL. EOLH and TAPL recorded a net loss of S$7.2 mln in FY14 ended June 30. AusGroup said that the losses were due to ' start-up and administrative costs' of EOLH Tiwi, which is yet to commence its operations. It is perplexing that EOLH and TAPL have been valued at S$55 mln, even though they had net liabilities of S$13.7 mln on June 30. 2. How did the valuation of Ezion' s Port and Marine Business increase to S$55 mln from just S$100,000 a few months ago? EOLH Tiwi is the only company which apparently seems to own some significant assets. DMG & Partners' July 23 research report says Ezion' s marine base business is the only gazetted international port in northern Australia capable of serving the local oil & gas industry. The broker only expects the port to generate significant revenues and earnings in 2016/17. However, it is not the first time Ezion is trying to sell its Australian Port and Marine business. On September 30 last year, Ezion announced that it had agreed to sell EOLH Tiwi to SGX-listed Ocean Sky International Ltd for S$100,000, arrived at on " an arm& rsquo s length and willing-buyer and willing-seller basis." According to the announcement, EOLH Tiwi had net liabilities of A$3.8 mln on June 30 last year. At the same time, on September 30, Ezion also agreed to acquire a 45.15% stake in Ocean Sky International by subscribing new shares in its capital. However, on February 12, Ezion and Ocean Sky International terminated the deal as SGX viewed the arrangement as a ' reverse takeover' . Long story short, we wonder why EOLH Tiwi should be worth millions now when it was worth just S$100,000 a few months ago. What has changed between September 30 and July 22? What made Stone Forest Corporate Advisory Pte Ltd value EOLH and TAPL at S$55 mln? AusGroup says a copy of the valuation report is available for inspection at its registered office at 36 Tuas Road, Singapore for a period of three months. However, when we visited on August 19 the receptionist had no idea what report we were asking for. A colleague was also unable to help, until one suggested we contact the Australia-based CFO Gerard Hutchinson. We emailed him asking for the report but, at the time of publication, had not received a reply. Total number of questions in the full story: 4) We have invited the company ([email protected]) to an on-camera interview, and/or to reply to our questions in writing. At the time of publication we have not received a reply (which is why you are seeing this message).
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tianji Veteran	02-Sep-2014 15:04        tianji About Contact  Quote this Post!
x 0   x 0  Alert Admin	EZION is going to be in big trouble if they are making used of Ausgroup to cash out money. Stone Forest valuation will be in CAD investigation if they are trying to cheat the public money with EZION by not telling the TRUTH. Ausgroup will be the most innocent company being fool around. Must forward the finding to CAD to get them to investigate. Retail traders must be cautioned dealing with EZION n AG
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Kyoto2008 Elite	02-Sep-2014 11:35        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I thought I read somewhere that Ezion spent some money to put up the show, and Ausgroup buys over lock stock and barrel.    Income stream will be enjoyed by Ausgroup, and Ezion can focus on their other priorities but still enjoy the future harvests as payment is part by share exchange.    Therefore, I thought it' s a win-win for both.
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bllue911 Member	02-Sep-2014 11:23        bllue911 About Contact  Quote this Post! Style: Flexible
x 0   x 0  Alert Admin	0.o siam. sharefbb05      ( Date: 01-Sep-2014 17:41) Posted: Good to Ezion for sure, but Ausgroup not sure how they can benefit Kyoto2008      ( Date: 01-Sep-2014 17:40) Posted: Interesting.    Should be a win-win I think. But the valuation report needs to be public to make it transparent.
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sharefbb05 Senior	02-Sep-2014 10:09        sharefbb05 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Every time it go up got a lot of selling because many retailer stuck inside... Need to clear these selling pressure first
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Codfish Member	01-Sep-2014 22:17        Codfish About Contact  Quote this Post!
x 0   x 0  Alert Admin	Win win win for Ezion, Ausgroup n shareholders! so long as price surge up, everyone is happy!
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sharefbb05 Senior	01-Sep-2014 17:41        sharefbb05 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good to Ezion for sure, but Ausgroup not sure how they can benefit Kyoto2008      ( Date: 01-Sep-2014 17:40) Posted: Interesting.    Should be a win-win I think. But the valuation report needs to be public to make it transparent. sharefbb05      ( Date: 01-Sep-2014 11:12) Posted: AusGroup Limited - Why is it paying S$55 mln to acquire net liabilities from Ezion? 30/8/2014 &ndash AusGroup Ltd is buying the Port and Marine Base business from its controlling shareholder SGX-listed Ezion Holdings Ltd for S$55 mln. This business falls under the umbrella of wholly-owned subsidiary Ezion Offshore Logistics Hub Pte Ltd (EOLH) and 90%-owned Teras Australia Pty Ltd (TAPL). The acquisition is conditional upon the approval of AusGroup' s shareholders at an EGM. The deal price of S$55 mln was based on an independent valuation report, prepared by Stone Forest Corporate Advisory Pte Ltd on July 10. AusGroup will pay S$14 mln in cash and issue 92,155,541 new shares to settle the remaining S$41 mln. Ezion has also agreed not to compete with AusGroup in businesses similar to EOLH and TAPL for three years from the date of completion of the disposal. EOLH is an investment holding company with a paid-up and issued share capital of S$100,000. It has two direct subsidiaries, namely Ezion Offshore Logistics Hub (Tiwi) Pty Ltd (EOLH Tiwi) and Ezion Offshore Logistics Hub (Exmouth) Pty Ltd (EOLH Exmouth). EOLH Tiwi further has a subsidiary namely, Indigenous Marine Logistics Pty Ltd (IML). EOLH Exmouth and IML are dormant subsidiaries. According to Ezion' s announcement, EOLH Tiwi is " Engaged in the business of operating a port and a marine supply base providing, inter alia, administrative, storage and logistics support to various vessels, including those from oil and gas projects in the region[.] However, EOLH Tiwi is still in the process [of] setting up the port and the marine supply base and has yet to fully commence operations." Ezion' s 90%-owned subsidiary Teras Australia Pty Ltd (TAPL) has an issued and paid-up share capital of A$1.25 mln. According to Ezion' s announcement, TAPL ' provides ship chartering services and maritime training to indigenous workers in Australia.' The remaining 10% stake in TAPL is owned by Aboriginal Maritime Pty Ltd (AML). Last year, Ezion bought a 20% stake in AML. Investor Central. We keep your investments honest. 1. Why is it paying S$55 mln to acquire net liabilities of Ezion? According to AusGroup' s announcement (page 3), EOLH and TAPL had a negative book value of S$13.7 mln on June 30. The negative book value was due to accumulated losses of EOLH and TAPL. EOLH and TAPL recorded a net loss of S$7.2 mln in FY14 ended June 30. AusGroup said that the losses were due to ' start-up and administrative costs' of EOLH Tiwi, which is yet to commence its operations. It is perplexing that EOLH and TAPL have been valued at S$55 mln, even though they had net liabilities of S$13.7 mln on June 30. 2. How did the valuation of Ezion' s Port and Marine Business increase to S$55 mln from just S$100,000 a few months ago? EOLH Tiwi is the only company which apparently seems to own some significant assets. DMG & Partners' July 23 research report says Ezion' s marine base business is the only gazetted international port in northern Australia capable of serving the local oil & gas industry. The broker only expects the port to generate significant revenues and earnings in 2016/17. However, it is not the first time Ezion is trying to sell its Australian Port and Marine business. On September 30 last year, Ezion announced that it had agreed to sell EOLH Tiwi to SGX-listed Ocean Sky International Ltd for S$100,000, arrived at on " an arm&rsquo s length and willing-buyer and willing-seller basis." According to the announcement, EOLH Tiwi had net liabilities of A$3.8 mln on June 30 last year. At the same time, on September 30, Ezion also agreed to acquire a 45.15% stake in Ocean Sky International by subscribing new shares in its capital. However, on February 12, Ezion and Ocean Sky International terminated the deal as SGX viewed the arrangement as a ' reverse takeover' . Long story short, we wonder why EOLH Tiwi should be worth millions now when it was worth just S$100,000 a few months ago. What has changed between September 30 and July 22? What made Stone Forest Corporate Advisory Pte Ltd value EOLH and TAPL at S$55 mln? AusGroup says a copy of the valuation report is available for inspection at its registered office at 36 Tuas Road, Singapore for a period of three months. However, when we visited on August 19 the receptionist had no idea what report we were asking for. A colleague was also unable to help, until one suggested we contact the Australia-based CFO Gerard Hutchinson. We emailed him asking for the report but, at the time of publication, had not received a reply. Total number of questions in the full story: 4) We have invited the company ([email protected]) to an on-camera interview, and/or to reply to our questions in writing. At the time of publication we have not received a reply (which is why you are seeing this message).
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Kyoto2008 Elite	01-Sep-2014 17:40        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Interesting.    Should be a win-win I think. But the valuation report needs to be public to make it transparent. sharefbb05      ( Date: 01-Sep-2014 11:12) Posted: AusGroup Limited - Why is it paying S$55 mln to acquire net liabilities from Ezion? 30/8/2014 &ndash AusGroup Ltd is buying the Port and Marine Base business from its controlling shareholder SGX-listed Ezion Holdings Ltd for S$55 mln. This business falls under the umbrella of wholly-owned subsidiary Ezion Offshore Logistics Hub Pte Ltd (EOLH) and 90%-owned Teras Australia Pty Ltd (TAPL). The acquisition is conditional upon the approval of AusGroup' s shareholders at an EGM. The deal price of S$55 mln was based on an independent valuation report, prepared by Stone Forest Corporate Advisory Pte Ltd on July 10. AusGroup will pay S$14 mln in cash and issue 92,155,541 new shares to settle the remaining S$41 mln. Ezion has also agreed not to compete with AusGroup in businesses similar to EOLH and TAPL for three years from the date of completion of the disposal. EOLH is an investment holding company with a paid-up and issued share capital of S$100,000. It has two direct subsidiaries, namely Ezion Offshore Logistics Hub (Tiwi) Pty Ltd (EOLH Tiwi) and Ezion Offshore Logistics Hub (Exmouth) Pty Ltd (EOLH Exmouth). EOLH Tiwi further has a subsidiary namely, Indigenous Marine Logistics Pty Ltd (IML). EOLH Exmouth and IML are dormant subsidiaries. According to Ezion' s announcement, EOLH Tiwi is " Engaged in the business of operating a port and a marine supply base providing, inter alia, administrative, storage and logistics support to various vessels, including those from oil and gas projects in the region[.] However, EOLH Tiwi is still in the process [of] setting up the port and the marine supply base and has yet to fully commence operations." Ezion' s 90%-owned subsidiary Teras Australia Pty Ltd (TAPL) has an issued and paid-up share capital of A$1.25 mln. According to Ezion' s announcement, TAPL ' provides ship chartering services and maritime training to indigenous workers in Australia.' The remaining 10% stake in TAPL is owned by Aboriginal Maritime Pty Ltd (AML). Last year, Ezion bought a 20% stake in AML. Investor Central. We keep your investments honest. 1. Why is it paying S$55 mln to acquire net liabilities of Ezion? According to AusGroup' s announcement (page 3), EOLH and TAPL had a negative book value of S$13.7 mln on June 30. The negative book value was due to accumulated losses of EOLH and TAPL. EOLH and TAPL recorded a net loss of S$7.2 mln in FY14 ended June 30. AusGroup said that the losses were due to ' start-up and administrative costs' of EOLH Tiwi, which is yet to commence its operations. It is perplexing that EOLH and TAPL have been valued at S$55 mln, even though they had net liabilities of S$13.7 mln on June 30. 2. How did the valuation of Ezion' s Port and Marine Business increase to S$55 mln from just S$100,000 a few months ago? EOLH Tiwi is the only company which apparently seems to own some significant assets. DMG & Partners' July 23 research report says Ezion' s marine base business is the only gazetted international port in northern Australia capable of serving the local oil & gas industry. The broker only expects the port to generate significant revenues and earnings in 2016/17. However, it is not the first time Ezion is trying to sell its Australian Port and Marine business. On September 30 last year, Ezion announced that it had agreed to sell EOLH Tiwi to SGX-listed Ocean Sky International Ltd for S$100,000, arrived at on " an arm&rsquo s length and willing-buyer and willing-seller basis." According to the announcement, EOLH Tiwi had net liabilities of A$3.8 mln on June 30 last year. At the same time, on September 30, Ezion also agreed to acquire a 45.15% stake in Ocean Sky International by subscribing new shares in its capital. However, on February 12, Ezion and Ocean Sky International terminated the deal as SGX viewed the arrangement as a ' reverse takeover' . Long story short, we wonder why EOLH Tiwi should be worth millions now when it was worth just S$100,000 a few months ago. What has changed between September 30 and July 22? What made Stone Forest Corporate Advisory Pte Ltd value EOLH and TAPL at S$55 mln? AusGroup says a copy of the valuation report is available for inspection at its registered office at 36 Tuas Road, Singapore for a period of three months. However, when we visited on August 19 the receptionist had no idea what report we were asking for. A colleague was also unable to help, until one suggested we contact the Australia-based CFO Gerard Hutchinson. We emailed him asking for the report but, at the time of publication, had not received a reply. Total number of questions in the full story: 4) We have invited the company ([email protected]) to an on-camera interview, and/or to reply to our questions in writing. At the time of publication we have not received a reply (which is why you are seeing this message).
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sharefbb05 Senior	01-Sep-2014 11:12        sharefbb05 About Contact  Quote this Post!
x 0   x 0  Alert Admin	AusGroup Limited - Why is it paying S$55 mln to acquire net liabilities from Ezion? 30/8/2014 &ndash AusGroup Ltd is buying the Port and Marine Base business from its controlling shareholder SGX-listed Ezion Holdings Ltd for S$55 mln. This business falls under the umbrella of wholly-owned subsidiary Ezion Offshore Logistics Hub Pte Ltd (EOLH) and 90%-owned Teras Australia Pty Ltd (TAPL). The acquisition is conditional upon the approval of AusGroup' s shareholders at an EGM. The deal price of S$55 mln was based on an independent valuation report, prepared by Stone Forest Corporate Advisory Pte Ltd on July 10. AusGroup will pay S$14 mln in cash and issue 92,155,541 new shares to settle the remaining S$41 mln. Ezion has also agreed not to compete with AusGroup in businesses similar to EOLH and TAPL for three years from the date of completion of the disposal. EOLH is an investment holding company with a paid-up and issued share capital of S$100,000. It has two direct subsidiaries, namely Ezion Offshore Logistics Hub (Tiwi) Pty Ltd (EOLH Tiwi) and Ezion Offshore Logistics Hub (Exmouth) Pty Ltd (EOLH Exmouth). EOLH Tiwi further has a subsidiary namely, Indigenous Marine Logistics Pty Ltd (IML). EOLH Exmouth and IML are dormant subsidiaries. According to Ezion' s announcement, EOLH Tiwi is " Engaged in the business of operating a port and a marine supply base providing, inter alia, administrative, storage and logistics support to various vessels, including those from oil and gas projects in the region[.] However, EOLH Tiwi is still in the process [of] setting up the port and the marine supply base and has yet to fully commence operations." Ezion' s 90%-owned subsidiary Teras Australia Pty Ltd (TAPL) has an issued and paid-up share capital of A$1.25 mln. According to Ezion' s announcement, TAPL ' provides ship chartering services and maritime training to indigenous workers in Australia.' The remaining 10% stake in TAPL is owned by Aboriginal Maritime Pty Ltd (AML). Last year, Ezion bought a 20% stake in AML. Investor Central. We keep your investments honest. 1. Why is it paying S$55 mln to acquire net liabilities of Ezion? According to AusGroup' s announcement (page 3), EOLH and TAPL had a negative book value of S$13.7 mln on June 30. The negative book value was due to accumulated losses of EOLH and TAPL. EOLH and TAPL recorded a net loss of S$7.2 mln in FY14 ended June 30. AusGroup said that the losses were due to ' start-up and administrative costs' of EOLH Tiwi, which is yet to commence its operations. It is perplexing that EOLH and TAPL have been valued at S$55 mln, even though they had net liabilities of S$13.7 mln on June 30. 2. How did the valuation of Ezion' s Port and Marine Business increase to S$55 mln from just S$100,000 a few months ago? EOLH Tiwi is the only company which apparently seems to own some significant assets. DMG & Partners' July 23 research report says Ezion' s marine base business is the only gazetted international port in northern Australia capable of serving the local oil & gas industry. The broker only expects the port to generate significant revenues and earnings in 2016/17. However, it is not the first time Ezion is trying to sell its Australian Port and Marine business. On September 30 last year, Ezion announced that it had agreed to sell EOLH Tiwi to SGX-listed Ocean Sky International Ltd for S$100,000, arrived at on " an arm&rsquo s length and willing-buyer and willing-seller basis." According to the announcement, EOLH Tiwi had net liabilities of A$3.8 mln on June 30 last year. At the same time, on September 30, Ezion also agreed to acquire a 45.15% stake in Ocean Sky International by subscribing new shares in its capital. However, on February 12, Ezion and Ocean Sky International terminated the deal as SGX viewed the arrangement as a ' reverse takeover' . Long story short, we wonder why EOLH Tiwi should be worth millions now when it was worth just S$100,000 a few months ago. What has changed between September 30 and July 22? What made Stone Forest Corporate Advisory Pte Ltd value EOLH and TAPL at S$55 mln? AusGroup says a copy of the valuation report is available for inspection at its registered office at 36 Tuas Road, Singapore for a period of three months. However, when we visited on August 19 the receptionist had no idea what report we were asking for. A colleague was also unable to help, until one suggested we contact the Australia-based CFO Gerard Hutchinson. We emailed him asking for the report but, at the time of publication, had not received a reply. Total number of questions in the full story: 4) We have invited the company ([email protected]) to an on-camera interview, and/or to reply to our questions in writing. At the time of publication we have not received a reply (which is why you are seeing this message).
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