SPH   

SPH to restruct. media biz into not-for-profit ent

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.ocbc.com/assets/pdf/Credit%2520Research/Special%2520Reports/2019/OCBC%2520Asia%2520Credit%2520-%2520Singapore%2520Press%2520Holdings%2520Ltd%2520-%2520Special%2520Interest%2520Commentary%2520-%2520140619.pdf&ved=2ahUKEwjq5MGCyb_wAhUWOisKHfHJDdQQFjAUegQICxAC&usg=AOvVaw2iNgc7G6seZCsQk0skGy5D&cshid=1620665406696

'Major ordinary shareholders as at 14 Jun 2019
Investor Shares Stake
Vanguard Group Inc 45.6mn 2.85%
BlackRock Inc 36.0mn 2.25%
Dimensional Fund Advisors LP 20.4mn 1.27%
Norges Bank 18.5mn 1.16%
Toronto-Dominion Bank 17.3mn 1.08%
Source: Bloomberg, Company

Major management shareholders as at 14 Jun 2019
Investor Shares Stake
The Great Eastern Life Assurance Co Ltd 3.70mn 22.6%
Oversea-Chinese Banking Corp Ltd 2.75mn 16.8%
NTUC Income Insurance Cooperative Ltd 2.67mn 16.4%
Singapore Telecommunications Ltd 2.18mn 13.3%
DBS Bank Ltd 1.55mn 9.5%
United Overseas Bank Ltd 1.32mn 8.1%
National University of Singapore 0.88mn 5.4%
Fullerton (Private) Ltd 0.66mn 4.0%
Nanyang Technological University 0.66mn 4.0%
Source: Company

TheDuellist      ( Date: 10-May-2021 09:02) Posted: Although it may seem the best way forward, Mr Lee & Mr Umbrage would stand to lose their jobs. So, quite unlikely this would happen, unless shareholders push for it. Now, who are the SSH? hokpin      ( Date: 10-May-2021 08:28) Posted: Privatise the SPH is the best strategic review outcome that I think. Shareholder to receive back the compensation package. Media business spin off and all the related properties go to SPH Reit. Else, what is the difference between SPH (after media spin off) vs SPH Reit?

 

NOL, now SPH ?

Starship      ( Date: 08-May-2021 13:34) Posted: The logic shd be this: Soldiers are trained specifically to destroy (including kill of course) Chief of Armed Forces are the pinnacle of all soldiers. Therefore, these Chiefs must be the best of thebest at destruction.  Simple as that, and nothing to be surprised about.  wavesurfer      ( Date: 07-May-2021 23:46) Posted: This is a stupid movement. Very bad and surprising to our shareholders.

 

Although it may seem the best way forward, Mr Lee & Mr Umbrage would stand to lose their jobs. So, quite unlikely this would happen, unless shareholders push for it. Now, who are the SSH?

hokpin      ( Date: 10-May-2021 08:28) Posted: Privatise the SPH is the best strategic review outcome that I think. Shareholder to receive back the compensation package. Media business spin off and all the related properties go to SPH Reit. Else, what is the difference between SPH (after media spin off) vs SPH Reit?

 

Since after the SPH restructuring announcement, teh SPH share price tanked, should Credit Suisse still receive the consulting fees?

 

Gentle reminder to take into account of goodwill & intangible asset in your assessment of it's nav

Sgvale      ( Date: 10-May-2021 08:21) Posted: Is a Property counter now with high NAV. $1.4x today

 

Privatise the SPH is the best strategic review outcome that I think. Shareholder to receive back the compensation package. Media business spin off and all the related properties go to SPH Reit. Else, what is the difference between SPH (after media spin off) vs SPH Reit? 

 

Is a Property counter now with high NAV. $1.4x today

 

I post in all wechat groups and asked for help.
We minor shareholders must fight for ourselves
If more than 10k, will the gov respond?

 

9,000+ signatures and counting 💪

 

signed. the top priority is to change CEO now, get some capable guy to do a restructuring.

wavesurfer      ( Date: 09-May-2021 23:17) Posted: All friends pls support this Starship      ( Date: 09-May-2021 16:58) Posted: Online Petition link below​ Singaporeans take umbrage at SPH CEO' s boorish behaviour, demand his sacking https://www.change.org/p/the-board-of-singapore-press-holdings-singaporeans-take-umbrage-at-sph-ceo-s-behaviour

 

All friends pls support this

Starship      ( Date: 09-May-2021 16:58) Posted: Online Petition link below​ Singaporeans take umbrage at SPH CEO' s boorish behaviour, demand his sacking https://www.change.org/p/the-board-of-singapore-press-holdings-singaporeans-take-umbrage-at-sph-ceo-s-behaviour

 

I would have thought that SPH should receive millions in hiving the media business,
Instead SPH has to pump in $80 million of cash and transfer  a certain number of its shares and that of SPH REIT. In this scenerio SPH is paying to get rid of the media business. Why not just  cease the media business and shut it down!!!. Whoever is interested in the media business should take it over and pay SPH.I cannot fathom why SPH has to hive it off and pay for this exercise.

Not only should the CEO resign over the management of SPH but the whole Board of Directors who has appointed him and installed him as the CEO.

It is time that the Board be called to account and take responsibility for the management of SPH.

It is also time that the authorities take a proactive and robust approach to impove the effectiveness of corporate governance of all listed companies including SPH.The board of directors should not be a club for friends, cass and school mates, relatives or to repay past favours.It is time to include a least a representative from the minority shareholders. At present, independent directors are SUPPOSSED to protect the interest of  the minority shareholders but in reality do they?

Now that this debacle has surfaced it is only honorable although not gentlemanly for the CEO to resign. Whether or not the other board members would resign would much depend on his or her  conscience in evaluating how he or she has contributed to this state of affairs of SPH. 

 

I signed. But, let us not be distracted by this Bafoon, by the greater and more pressing need for us to BLOCK THIS UNFAIR DEAL.  The Chairman and CEO can then go back to come up with a better and fairer deal to minorities..

Starship      ( Date: 09-May-2021 16:58) Posted: Online Petition link below​ Singaporeans take umbrage at SPH CEO' s boorish behaviour, demand his sacking https://www.change.org/p/the-board-of-singapore-press-holdings-singaporeans-take-umbrage-at-sph-ceo-s-behaviour

 

Online Petition link below​

Singaporeans take umbrage at SPH CEO' s boorish behaviour, demand his sacking

https://www.change.org/p/the-board-of-singapore-press-holdings-singaporeans-take-umbrage-at-sph-ceo-s-behaviour

 

1.4 series possible

cobrajr      ( Date: 09-May-2021 15:37) Posted: Tomorrow up mayb

 

Smart article

https://alpacainvestments.blogspot.com/2021/05/should-sph-shareholders-take-umbrage-at.html?m=1

 

The analyst are missing the point.
It is certainly good to dispose the media business, but no foc.
SPH must show it has exhausted all other options and justify why they dun work:
1. Sell whole media business to other party
2. Liquidate the business, sell away the assets

katak88      ( Date: 07-May-2021 18:38) Posted: Hot stock: SPH loses 15.1% on media restructuring plan FRI, MAY 07, 2021 - 10:18 AM UPDATED FRI, MAY 07, 2021 - 5:20 PM   SHARES of  SPH: T39 -15.08%  fell as much as 15.6 per cent after the market opened on Friday, on news of the group' s proposed restructuring. The counter had closed at S$1.79 on Wednesday before  a trading halt was called on Thursday, during which the company  announced a plan to carve out its media business into a not-for-profit entity. SPH, which publishes  The Business Times  (BT), said the proposed restructuring is intended to  preserve and grow its media business  while allowing shareholders to realise more value from their holdings. SPH shares opened lower on Friday by S$0.28, with no married deals recorded in early trade, according to ShareInvestor data. After recovering a smidgen, the counter closed at S$1.52, down by S$0.27 or  15.1 per cent on the day before. The company' s media deal,  which is subject to shareholders' approval,  will involve a transfer of the business to a not-for-profit entity in the form of a company limited by guarantee. SPH said it will make an upfront capitalisation of S$110 million to the new entity,  in the form of a cash injection of S$80 million, and S$30 million worth of SPH shares and SPH Reit units. A number of questions regarding the deal have been raised by SIAS (Securities Investors Association Singapore) chief executive David Gerald. In a  commentary published by BT on Friday, Mr Gerald asked if it was premature for SPH to divest and deconsolidate its media segment " even before the fruition of its media initiatives" . He also said shareholders may be " confounded" by SPH' s S$110 million commitment - which he refers to as a " parting gift" - to the new entity, if the media segment was viewed as revenue-generating and able to turn profitable over time. Suggesting that the media business could be more beneficial as a privatised entity or sold to a strategic party, Mr Gerald asked for more explanation for the deconsolidation, and for SPH to clarify the roles of both the group and SPH Reit. " It would also be necessary for SPH to distinguish itself in this highly competitive space. The outcome of this proposal will be determined by shareholders, who will vote on the resolution at the extraordinary general meeting," he added. Several analysts reacted positively to the deal. CGS-CIMB' s Eing Kar Mei said the restructuring would remove the " drag" from the media business and free up SPH' s resources to focus on other businesses. Without the media business, the listed entity would also have more freedom to " tailor its capital and shareholding structure to seize strategic growth opportunities" . Currently, the Newspaper and Printing Presses Act prohibits an individual from acquiring more than 5 per cent of SPH' s shares without approval from the Minister for Communications and Information. CGS-CIMB has an " add" call on SPH and a target price of S$2.09, pending the completion of the exercise. Factoring in the costs of the restructuring and excluding the value of the media business, its target price would fall to S$1.94. OCBC Investment Research also said it is " positive longer term" on the proposal, not only because of the removal of the overhang from the struggling media business, but also because of the potential for further unlocking of value. " Management had indicated its strategic review was not confined to only the media business," OCBC said. OCBC has a " hold" call and a fair value of S$1.92 for the stock. https://www.businesstimes.com.sg/companies-markets/hot-stock-sph-loses-151-on-media-restructuring-plan

 

Tomorrow up mayb

 

Share may go up next week? Dyodd 

Secret_Squirrel      ( Date: 08-May-2021 19:10) Posted: 先 死 而 后 生 😜 I guess retail investor are dumping and institutional are collecting. ? Or those who had bought high previously are averaging down.?🤔 katak88      ( Date: 07-May-2021 18:38) Posted: Hot stock: SPH loses 15.1% on media restructuring plan FRI, MAY 07, 2021 - 10:18 AM UPDATED FRI, MAY 07, 2021 - 5:20 PM   SHARES of  SPH: T39 -15.08%  fell as much as 15.6 per cent after the market opened on Friday, on news of the group' s proposed restructuring. The counter had closed at S$1.79 on Wednesday before  a trading halt was called on Thursday, during which the company  announced a plan to carve out its media business into a not-for-profit entity. SPH, which publishes  The Business Times  (BT), said the proposed restructuring is intended to  preserve and grow its media business  while allowing shareholders to realise more value from their holdings. SPH shares opened lower on Friday by S$0.28, with no married deals recorded in early trade, according to ShareInvestor data. After recovering a smidgen, the counter closed at S$1.52, down by S$0.27 or  15.1 per cent on the day before. The company' s media deal,  which is subject to shareholders' approval,  will involve a transfer of the business to a not-for-profit entity in the form of a company limited by guarantee. SPH said it will make an upfront capitalisation of S$110 million to the new entity,  in the form of a cash injection of S$80 million, and S$30 million worth of SPH shares and SPH Reit units. A number of questions regarding the deal have been raised by SIAS (Securities Investors Association Singapore) chief executive David Gerald. In a  commentary published by BT on Friday, Mr Gerald asked if it was premature for SPH to divest and deconsolidate its media segment " even before the fruition of its media initiatives" . He also said shareholders may be " confounded" by SPH' s S$110 million commitment - which he refers to as a " parting gift" - to the new entity, if the media segment was viewed as revenue-generating and able to turn profitable over time. Suggesting that the media business could be more beneficial as a privatised entity or sold to a strategic party, Mr Gerald asked for more explanation for the deconsolidation, and for SPH to clarify the roles of both the group and SPH Reit. " It would also be necessary for SPH to distinguish itself in this highly competitive space. The outcome of this proposal will be determined by shareholders, who will vote on the resolution at the extraordinary general meeting," he added. Several analysts reacted positively to the deal. CGS-CIMB' s Eing Kar Mei said the restructuring would remove the " drag" from the media business and free up SPH' s resources to focus on other businesses. Without the media business, the listed entity would also have more freedom to " tailor its capital and shareholding structure to seize strategic growth opportunities" . Currently, the Newspaper and Printing Presses Act prohibits an individual from acquiring more than 5 per cent of SPH' s shares without approval from the Minister for Communications and Information. CGS-CIMB has an " add" call on SPH and a target price of S$2.09, pending the completion of the exercise. Factoring in the costs of the restructuring and excluding the value of the media business, its target price would fall to S$1.94. OCBC Investment Research also said it is " positive longer term" on the proposal, not only because of the removal of the overhang from the struggling media business, but also because of the potential for further unlocking of value. " Management had indicated its strategic review was not confined to only the media business," OCBC said. OCBC has a " hold" call and a fair value of S$1.92 for the stock. https://www.businesstimes.com.sg/companies-markets/hot-stock-sph-loses-151-on-media-restructuring-plan

 

Really? Lol
 

Newlearner      ( Date: 09-May-2021 11:28) Posted: Without the media, SPH won?t have that kind of support from gov anymore.. 1. Cannot cut cost without affecting quality of journalism? What is quality journalism without readers? 2. Media business model cannot sustain in new digital competition under SPH, but can sustain under CLG? If CLG can restructure and run the media business, why can?t SPH? Merge the papers, restructure and cut cost!