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Abundance Intl
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Abundance int
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Siwomp
Supreme |
17-Mar-2017 08:54
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This one..... is high risk and high gain........ my guess is warrant holders pushing up the price of mother to unload warrant. Hence, making their purchasing of the company FOC + profit. |
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Siwomp
Supreme |
16-Mar-2017 21:22
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European Warrant. | ||||
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teana9385
Member |
16-Mar-2017 19:31
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Thot u can convert anytime before expiry....? |
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striker09
Senior |
16-Mar-2017 17:41
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Kindly take note the expiry of the warrants( conversion price 0.02cts) is 30/01/2021 n holders can convert the warrants only near to the expiry date. One month before the expiry the co will send out circular to inform all hoders of the warrants re the conversion. If not everybody will be buying n converting for immediate profit now. |
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johnng
Supreme |
16-Mar-2017 17:29
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Closing 8.4?querry from sgx |
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teana9385
Member |
16-Mar-2017 17:09
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but the warrant up a bit only |
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mepkoh
Elite |
16-Mar-2017 16:47
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8.2 cts cheong arghhhhhhhhhhhhhhhhhhhhh
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mepkoh
Elite |
16-Mar-2017 15:44
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10 cts coming...heehah
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Breeze
Member |
16-Mar-2017 15:13
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Scarly like natural cool fly up to 40c. | ||||
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mepkoh
Elite |
16-Mar-2017 15:09
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here comes the calvary..heehah |
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mepkoh
Elite |
16-Mar-2017 13:22
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eWarrant...subscription price is 2 cts....great discount.. get in early before its over |
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mepkoh
Elite |
16-Mar-2017 13:04
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some history lesson.. rights issue recently..quite complicated..please read the sgx infor..to get clear picture
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mepkoh
Elite |
16-Mar-2017 13:02
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Craft Print to venture into chemicals, investments proposes name changeSINGAPORE - Catalist-listed Craft Print International is venturing into chemicals and investments as it diversifies from its loss-making printing business. It is also proposing to change its name to Abundance International Limited to reflect its new business focus. In an announcement on Tuesday, Craft Print said it will diversify into chemicals manufacturing, trading, storage and/or the manufacture or trading of equipment, accessories, consumables or peripherals used in the chemical industry and other related business and investing in companies and other entities. The company has set up a joint venture company Orient-Salt Chemicals (OSC) in which it will hold a 51 per cent controlling stake, with the rest held by an individual named Jiang Hao. OSC will manufacture and trade chemicals. Mr Jiang, currently the general manager of chemicals distributor Shanghai Orient-Salt Chemical, has many years of experience in the industry, said Craft Print. Shanghai Orient-Salt deals in chemicals related to paints, ink, medicine and polymer resin, and has a sales network across China. Craft Print International has granted Mr Jiang put and call options relating to a total of 69.2 million Craft Print shares, subject to the profitability of OSC until December 2018, for which Mr Jiang will have to transfer shares in OSC to Craft Print. Assuming all the options are exercised, OSC will eventually become a wholly-owned subsidiary of Craft Print. In line with the new focus, Craft Print International intends to transfer its commercial printing business to its wholly-owned subsidiary Craft Print, to allow the group to organise its current and new businesses separately. The company said it will seek approval for its business diversification plan from shareholders at an extraordinary general meeting (EGM). The firm will also change its financial year-end from Sept 30 to Dec 31. The current financial year will therefore cover 15 months from Sept 30, 2014, to Dec 31, 2015. Pending commencement of its business operations, the incorporation of OSC is not expected to have any material impact on the earnings per share or net tangible assets per share of the group for the current financial year. |
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mepkoh
Elite |
16-Mar-2017 12:55
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wah...discount to share placement...good
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johnng
Supreme |
16-Mar-2017 12:05
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What happen today?? |
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Breeze
Member |
28-Feb-2017 23:41
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Annual revenue exceed usd100mio.
Turn around coy. Put on watchlist ABUNDANCE INT'L: New chemical business to give new lease of life? Monday, 13 February 2017 08:00 Rooster "Rooster" contributed this article to NextInsight Interesting developments, mainly a change in its core business, at Abundance International Ltd (formerly known as Craft Print) may pave the way for its return to profitability after losses in at least the past five years (2011-2015). Its 1H2016 revenue has soared and, though there was a loss, it was only US$247,000 (see table). HY2016 FY20153 FY2014 FY2013 Revenue US$23.9 m1 S$13.4 m2 S$13.3 m2 S$14.6 m2 Loss US$247,000 S$9.2 m S$3.9 m S$3.7 m Notes: (1) Revenue predominantly from the new chemical trading business which commenced in January 2016. (2) Revenue predominantly from printing business. (3) FY2015 covers 15 months from 1 October 2014 to 31 December 2015. Source: Company Abundance is a Singapore-incorporated company listed on the Catalist of the SGX-ST. It has scaled down and ceased its former core business of commercial printing by 31 Dec 2015. Currently, under new controlling shareholders, it is principally engaged in the businesses of chemicals manufacturing, trading, storage of equipment, accessories, consumables or peripherals used in the chemical industry. Key events since 2014: 1) On 25 September 2014, Mr Shi Jiangang and Mr Sam Kok Yin collectively subscribed for non-transferrable convertible bonds due 2016 with a principal amount of S$14,000,000 convertible into 280,000,000 new ordinary shares of the Company and an option to require the Company to issue 210,000,000 new shares (the ?Option Shares?) at S$0.05 per Option Share. 2) The Company announced on 25 September 2014 Mr Shi and Mr Sam were appointed as the Executive Chairman and an Executive Director of the Company respectively. 3) On 10 December 2014, the Company announced that it has issued 60,000,000 shares at S$0.05 per share, following the conversion of S$3,000,000 convertible bonds due 2016 by Mr Sam. 4) On 2 June 2015, the Company announced the decision to diversify into chemicals manufacturing, trading, storage business and entered into a JV agreement with Mr Jiang Hao in relation to a newly-incorporated JV company, OrientSalt Chemicals (?OSC?). The Company and Mr Jiang agreed to grant to each other put and call options in relation to an aggregate of 69,176,472 new Shares in the Company 5) On 24 August 2015 the Company changed its name to ?Abundance International Limited (沣 裕 国 际 有 限 公 司 )? 6) On 30 December 2015, it said that its 51% owned subsidiary, OSC, had commenced trading of chemical products in December 2015. 7) On 14 January 2016, the Company announced that it has agreed to the sale of machinery and equipment used for the printing business to Pinheiros Corporation S$1.85 million. 8) On 24 March 2016, the Company announced that it had issued 220,000,000 ordinary shares at the conversion price of S$0.05 per share to Mr Shi and Mr Sam, following the conversion of S$11,000,000 bonds due 2016. As a result, the number of issued shares of the Company increased from 248,000,000 to 468,000,000. 9) On 24 March 2016, Mr Shi announced that as a result of the conversion of S$11,000,000 bonds due 2016, he was required under the Takeover Code to make a mandatory unconditional cash offer. 10) On 20 April 2016, the Company announced that at the close of the Takeover Offer, the percentage of shares held by the public was approximately 7.86% and was therefore less than the requisite 10% pursuant to Rule 723 of the Listing Manual. 11) On 17 June 2016, the Company announced that it had entered into a sale and purchase agreement with Mr Jiang Hao to acquire his 49% shareholding in OSC. Upon completion of the Acquisition, OSC will become a wholly-owned subsidiary of the Company and also the Company proposes to undertake the Rights Issue. 12) On 19 July 2016, the Company completed a Compliance Placement of 57,150,000 shares to Mr Hong Yuming, Mr Yan Zhaorong, Mr Koh Boon Tong, Mr Goon Eu Jin Terence and Mr Thio Seng Tji collectively at S$0.07 per share to meet the free float requirement. The number of shares increased from 468,000,000 to 525,150,000. 13) On 5 August 2016, the Company announced that OSC has accepted an uncommitted trade fi nance related facility of up to S$14,000,000 from an international bank. 14) On 19 August 2016, the Company announced that the net proceeds from the Bonds Issue and Placement have been fully utilised for the fi nancing of the chemical business of the Group. 15) On 30 December 2016, the Company announced the Completion of the acquisition of 49% interest in OSC, pursuant to which 117,600,000 shares were issued to Mr Jiang. 16) On 31 January 2017, the company completed a Rights Issue of S$12,855,000 in principal amount of unlisted zero coupon bonds due 2021 with principal amount of S$0.02 and an issue price of $0.016 per bond with 642,750,000 free detachable European Style Warrants (expiring on 30 Jan 2021) with an exercise price of S$0.02 per share, on the basis of 1 bond with 1 free warrant for every one existing share. The rights were fully subscribed, and the company raised net proceeds of $8,180,000 after offseting directors? loans of $2,023,000. 17) Uses of rights proceeds: a) Repayment of amounts owing incurred by the printing business: 20% to 30%, or $1,636,000 to $2,454,000 b) Working capital for new chemical businesses and future acquisitions: 70% to 80%, or $5,726,000 to $6,544,000 18) As at 5 Jan 2017: Number of Issued Shares : 642,750,000 The interests of the Directors and Substantial Shareholders: Direct Interest Deemed Interest Total Interest Percentage Directors Shi Jiangang 238.4 m - 238.4 m 37.09% Sam Kok Yin 95.3 m 10.2 m 105.4 m 16.40% Substantial Shareholders Jiang Hao 117.6 m - 117.6 m 18.30% Chan & Ong Holdings - 85.5 m 85.5 m 13.3% Chan Charlie 2.0 m 94.7 m 96.7 m 15.04% Ong Kwee Cheng Dora 9.2 m 87.5 m 96.7 m 15.04% Key Observations Image result for chemical manufacturing1) Mr Shi and Mr Sam invested in Craft Print in 2014 via a convertible bond with a conversion price of $0.05 per share. Eventually they took board control and sold off the printing business and got into chemical manufacturing. 2) Mdm Ong and Mr Chan no longer run the company and have reduced their exposure to Abundance through a reduced take up rate of their entitlement in the rights issue. 3) Compliance placees subscribed at S$0.07 per share (which was a 40% premium to the price of $0.05 at that time in July 2016) and have possibly put in a further $0.016 via the recent rights issue. Hence their total costs add up to $0.086 (versus current price of $0.057). This may reflect their positive view of, and commitment to, the the chemical business. 4) The Directors and Substantial Shareholders collectively own 86.8% of the company?s issued shares. If the Compliance Placees' shares (8.8%) were included, the figure rises to 95.6%. Hence, the tradeable free float is estimated to be only 4.4% to 13.2%. 5) The Company provided an optimistic outlook in the half-year results announcement on 8 August 2016 as follows: ?The Group has ceased internal production in respect of the printing business. Any outstanding and new sales orders that have been or may be received in respect of the printing business will be outsourced to other printers to produce on behalf of the Group. This would stem the losses consistently suffered by the printing business over the past several years and stop further erosion of shareholders? value. With that done, our next aim would be to enhance shareholders? value by leveraging on our new business segments. "Our chemical trading business, conducted via Orient-Salt Chemicals Pte Ltd (?OSC Singapore?) and its subsidiaries (the ?OSC Group?) achieved revenue of US$23,959,000 for the six months ended 30 June 2016. This is despite the OSC Group having limited working capital as it did not have access to any trade facilities from banks." On 5 August 2016, the Company further announced that OSC Singapore has accepted an uncommitted trade finance related facility of up to S$14,000,000 made available by an international bank (the ?Facility?). Mr Sam commented: "As compared to HY2016, the revenue of the OSC Group for the remaining 6 months of FY2016 is expected to be higher due to: - OSC Singapore?s wholly-owned subsidiary in the China commencing operations in August/September 2016 - The availability of the Facility and - The completion of the Placement and Rights Issue, which will significantly improve the Company?s cash flow position and allow it to give financial support to the OSC Group. Completion of the Acquisition also allows Abundance to take in the entire financial performance of the OSC Group going forward." Interesting details of Abundance Warrants Last done price (10 Feb) of Abundance $0.066 Last done price (10 Feb) of Abundance warrants $0.028 Exercise Price $0.02 (European Style, hence exercisable only on maturity in Jan 2021, not EPS dilutive) Gearing 0.066 / 0.028 = 2.35x Inclusive of exercise price, discount on warrants price = $0.066 ? 0.028 ? 0.02 = $0.018 (or 27.2% discount to the mother share) Given that it is a European Style Warrant, it should trade at a discount. The question is how much? An acceptable discount would be in region of 10%, and hence a price of $0.039 based on underlying share price of $0.066. Now the chemical business could improve both the topline and bottomline of Abundance, in view of the additional working capital provided from the rights issue of S$8,180,000 and uncommitted trade fi nance related facility of up to S$14,000,000 from an international bank. If Abundance's share price were to rise: 1) Abundance shares at $0.086 (which is the combined subscription price of Compliance placees $0.086), the warrants could be worth $0.057 (assumption of a 10% discount to underlying share price), 2) Abundance shares at $0.10, the warrants could be worth $0.07 (assumption of a 10% discount to underlying share price), This compares favourably with the current price of Abundance warrants of $0.028. My view is that the warrants allow a cheaper entry into the chemical manufacturing play of Abundance. Comments 0 #1 Hu Say 2017-02-20 18:33 Yes. This company may be an s-chip with ops in China and controlling shareholder being PRC national. Note that the listed entity is Singapore incorporated and thus subject to local company act regulations. The PRC have put in their own monies ahead of the rights issue and also underwritten a portion of rights issue. And they paid off the previous controlling shareholders' loans via their personal cash injected into the company It's worth emphasising that by having unlisted bonds, they are keeping faith with the company for next 4 years with zero coupon. |
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