Latest Forum Topics / Trendlines Last:0.043 -- |
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Good times coming???
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kingofgamblers
Senior |
24-Jun-2021 15:05
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dead cat bounce? | ||
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ahberngh
Master |
16-Jun-2021 10:26
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They mentioned large transaction. Let' s see how large. As for dividend, I am not too thrilled, not likely to be significant. Probably just a response to someone querying their million dollar salaries for being a non distributive company over all these years. I am vested and I hope they do well but I have been highly disappointed for holding this share for many years, have been slowly selling at a loss. All I see is hype, not much substance. Just my opinion, I may be totally wrong, please dyodd. |
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longterminvestor
Veteran |
16-Jun-2021 09:26
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Near term bullish TRENDLINES GROUP: Adopts dividend policy ahead of possible large transaction (nextinsight.net) |
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kingofgamblers
Senior |
08-Jun-2021 13:49
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Dead? or is it? | ||
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albeniz
Veteran |
04-Jun-2021 11:28
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Today there is a rare spike.  Good to let go of some of my holdings and come back at a lower price again if keen. Agree with you.  For the past 1 year, has been mostly hype.  No dividend incentive to cling on at high price.  Waiting at below 0.10 again. DYODD.
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Joelton
Supreme |
04-Jun-2021 09:39
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Trendlines looks to Tel Aviv dual listing to attract investors, raise liquidity
There is greater familiarity in Israel than Singapore for companies with similar business models, says CEO
 
THE Trendlines Group is making a fresh attempt at boosting its market valuation with a plan for a dual listing on the Tel Aviv Stock Exchange (TASE).
 
" We are very frustrated by where the stock trades," said Todd Dollinger, one of the company' s two chief executive officers (CEOs). Shares of Trendlines, an investor in early-stage companies, closed Thursday at 10.3 Singapore cents or 64 per cent of their book value.
 
This is in contrast with some companies that have similar business models but are listed elsewhere, such as London and Israel, and currently trade at premiums to book value, said Trendlines' other CEO Steve Rhodes.
 
Mr Dollinger said he and his co-chief executive have tried to address the valuation gap by telling the company' s story and helping investors understand its business. In 2019, Trendlines also carried out a rights issue at a premium to its traded price, following a placement exercise that was also done at a premium.
 
But local investors continue to give the stock a wide berth. Trading volumes are low, averaging at 2.8 million shares daily over the last year, showed ShareInvestor data.
 
Mr Dollinger and Mr Rhodes are now pinning their hopes on investors outside Singapore instead. The
 
Catalist-listed company announced in April that it was planning to seek a dual primary listing on the TASE.
 
A dual listing can help Trendlines attract more investors who understand its business model, they said. This could increase the stock' s liquidity and support the share price.
 
The Singapore Exchange Regulation (SGX RegCo) and Israel Securities Authority announced an agreement last August to enhance protection for investors in issuers dual-listed on SGX and TASE. Israel-based diamond technology firm Sarine Technologies has also announced plans to dual-list on the TASE.
 
Mr Rhodes said there is greater familiarity in Israel than in Singapore for companies with similar business models to Trendlines. The Israel-based company is " very well known" there and institutional investors have also indicated interest to invest in the company once it is traded in Israel, Mr Dollinger added. " We very much want to bring in a meaningful percentage of institutional investors and we think that the Israel listing will greatly facilitate that."
 
Mr Rhodes added that being in Israel would also make it easier for investors in the United States to participate.
 
Trendlines focuses on creating and developing companies in life sciences - particularly medical devices and agrifood investing - to " improve the human condition" , Mr Dollinger said. For instance, one of its portfolio companies is an agri-tech firm called AgroScout that uses artificial intelligence and deep learning to assist farmers with killing pests and treating diseases at a lower cost. Farmers can use a drone to identify pests and diseases in individual plants, which can help reduce the amount of chemicals used while improving crop yields. Mr Rhodes said AgroScout is selling its products in the US, Latin America and Israel. Trendlines believes it would be attractive as a standalone company or as an acquisition target in future.
 
Being early-stage investors, Trendlines has similarities with venture capital (VC) funds. But because it is a publicly traded company rather than a fund with a limited life, its investment horizon is unlimited. Mr Dollinger cited this as a positive, as there are fewer pressures in terms of deciding when to exit investments: " We look at each company (and) each investment opportunity individually, and make individual judgments as to the pace of investment, and what we think is the right time for exit."
 
Trendlines currently has 58 portfolio companies. The company is often deeply involved in its investments, with portfolio companies sitting in Trendlines offices for several years.
 
To date, Trendlines has completed nine exits with an average return of around 8.5 times the initial capital invested. The average value of exits was also around 3.5 times greater than book value just before the exit. Mr Rhodes said this was due to fairly conservative valuations, and it " highlights how much hidden value there is in those companies" .
 
One relatively recent exit is ApiFix, a medical device company that helps treat adolescent scoliosis (a curvature of the spine). Trendlines exited the investment last year, when Nasdaq-listed OrthoPediatrics bought all of ApiFix' s shares. Mr Dollinger said the exit would continue to generate revenue for another three years in terms of guaranteed payments and an earnout payment. He puts the total exit value for all of ApiFix at " well beyond US$100 million" . Trendlines held around 19 per cent of ApiFix at exit.
 
In April, Trendlines announced another potential exit, expected to contribute around US$16 million in proceeds.
 
In spite of its successful exits, however, Trendlines has been profitable in only one of the past five years - in 2017 it turned in a US$3.9 million net profit. Mr Rhodes said progress made in portfolio companies is not always reflected in financial statements, under International Financial Reporting Standards (IFRS) requirements.
 
But as the company' s portfolio matures, valuations should go up. The company is also planning to raise additional capital from its Israel listing. Mr Rhodes said this would go to investments and should boost returns.
 
Portfolio companies can hit " certain inflection points" when their valuations can jump dramatically, he said.
 
In the case of ApiFix, Trendlines had brought in outside capital of US$1.6 million. " If we had made that US$1.6 million investment, instead of bringing in outside shareholders, we could have increased our exit proceeds - our profit - by US$10 million," he said. " We think that having additional capital to invest in our companies when they' re still young - and the valuations are relatively low - increases the profitability of the company ultimately and our ability to pay out dividends."
 
Trendlines is now considering a formal dividend policy. Mr Dollinger said that there has been an ongoing discussion with its board on how such a policy can be implemented.
 
Mr Rhodes added that they would need to balance their desire to pay dividends with the need to continue investing in portfolio companies and building their value: " We' ll continue to make new investments, we will continue to invest in our maturing companies, and to look for exit opportunities. We' re quite optimistic about where we' re going in the future."
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ahberngh
Master |
04-Jun-2021 09:22
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Have been holding this for several years. Plenty of potential, it seems, but so far mostly hype. Exits have been far from exciting. Hope all these will change and this company will start to have good times and fulfill its potential (management appears to be well paid to see to that ![]() Wait and see. Just my thoughts, please dyodd.   |
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