TIH    Last:0.2   -

Transpac

https://tih.listedcompany.com/newsroom/20210812_174738_T55_BMT1Y1MVP5PD25NZ.2.pdf

Singapore, August 12, 2021 -

TIH Limited (" TIH" , or the " Company" and together with its subsidiaries, the " Group" ), an SGX Mainboard-listed private equity fund company, today reported a net profit and total comprehensive income attributable to owners of the Company of S$11.33 million for the half year ended June 30, 2021 (" 1H2021" ), as compared to a net loss and total comprehensive deficit attributable to owners of the Company of S$5.77 million in the year ago period.

The Group' s income is largely derived from the realisation and/or revaluation of its investments.  For 1H2021, the Group' s total comprehensive income was mainly attributed to fair value gain on equity investments at fair value through profit or loss (" FVTPL" ) of S$11.56 million, fair value gain on debt investment of S$0.41 million and other operating income of S$1.51 million.  The gain was partially offset by operating expenses of S$2.15 million.

The net gain in equity investments at FVTPL is due to the appreciation in fair value of Fortune Crane Limited (" Fortune Crane" ) and other portfolio investments held through subsidiaries.  Meanwhile, the net gain in debt investment at FVTPL is due to the accrual of interest on a shareholder loan granted to Fortune Crane.

The Group' s Net Asset Value (" NAV" ) as at June 30, 2021 was S$126.26 million (representing an NAV per share of S$0.52), as compared to the NAV of S$117.34 million (representing an NAV per share of S$0.49) as at December 31, 2020.  The increase of S$8.92 million was largely due to the increase in equity investments at FVTPL of S$14.05 million and increase in debt investment at FVTPL of S$0.41 million.   

 

This under the radar counter holds a (significant ?? I am trying to find out how much) position in CEI and OUE.
OUE tried to takeover a couple of years (?) back but was unsuccessful.
With covid being resolved, I think it should rebound significantly (a hidden gem??).
Not many sellers.
I have been vested for a few years (but underwater) but I feel confident it will recover.
Just for sharing, please dyodd.

Charity88      ( Date: 21-Nov-2020 17:55) Posted: TIH has paid its dividends in 2020: https://www.dividends.sg/view/T55

 

TIH has paid its dividends in 2020:
https://www.dividends.sg/view/T55

 

TIH Ltd withdraws proposed final dividend for previous FY

MON, APR 13, 2020 - 7:53 PM

TIH Limited is withdrawing its proposed final dividend of S$0.01 per share for  the financial year ended Dec 31, 2019.

In a bourse filing on Monday, the fund said that it was a result of the annual general meeting (AGM) being deferred: " With the deferment of the AGM, the board will no longer be proposing the proposed final dividend  for approval by the shareholders at the AGM."

TIH added that a further announcement on a proposed interim dividend for the financial year ending Dec 31, 2020 to replace the proposed final dividend will be made " in due course" .

The AGM was originally scheduled for April 22, but TIH now has until June 29 to hold it, thanks to an automatic 60-day extension from the authorities in light of Singapore' s " circuit breaker" period aimed at breaking the chain of transmission of the Covid-19 virus. 

TIH had posted attributable profit of S$14.4 million for the full year ended Dec 31, 2019, reversing from the previous year' s S$12 million loss. This was largely due to the fund recording a S$16.3 million net gain in investments, versus an S$8.7 million net loss in the year ago. 

Shares of TIH closed unchanged at S$0.21 on Monday, before the announcement. 

https://www.businesstimes.com.sg/companies-markets/tih-ltd-withdraws-proposed-final-dividend-for-previous-fy

 

This is a great PE company.  Hope to enter soon

 

Quiet now after the euphoria.

MichaelSchenker      ( Date: 21-Feb-2018 08:49) Posted: Good news to those who did not opt in. No compulsory acquisition as it did not hit 90%, in fact, far from it. As per reported by The Edge, it only garnered 62% So you guys can continue to trade in the market. Closing price yesterday was 48 cents.

 

Good news to those who did not opt in.

No compulsory acquisition as it did not hit 90%, in fact, far from it. As per reported by The Edge, it only garnered 62%

So you guys can continue to trade in the market. Closing price yesterday was 48 cents.

 

I guess by now you would have received a notice from SGX that your TIH shares that you pleadged have been earmarked. That means you cant sell them anymore. 

But dont be too disheartened, it may not be a bad move afterall. If you noticed the past trend, market only value TIH at below 50 cents regardless what we feel is a fair value. That means, if you sell in open market, you may not get what they offer you. In the future? Really difficult to predict. May be good, and realistically may be worse off too.

As for the notes, treat it as part of a fixed deposit, just that you get 4.75% interest p.a. Not too bad actually.

tan.ck28      ( Date: 08-Feb-2018 14:04) Posted: I don?t have much ammo to buy it again and I didn?t know that the note is not tradeable which means my money got locked for 3 years! MichaelSchenker      ( Date: 08-Feb-2018 10:32) Posted: If that is the case, why not just leave it as done, and buy back from market now.  Going for 0.495/0.500 current

 

I don?t have much ammo to buy it again and I didn?t know that the note is not tradeable which means my money got locked for 3 years!

MichaelSchenker      ( Date: 08-Feb-2018 10:32) Posted: If that is the case, why not just leave it as done, and buy back from market now.  Going for 0.495/0.500 current. tan.ck28      ( Date: 08-Feb-2018 09:53) Posted: Is there any way I can withdraw my acceptance? I read the company recommendation and should have rejected the offer!

 

If that is the case, why not just leave it as done, and buy back from market now. 

Going for 0.495/0.500 current.

tan.ck28      ( Date: 08-Feb-2018 09:53) Posted: Is there any way I can withdraw my acceptance? I read the company recommendation and should have rejected the offer!

 

Is there any way I can withdraw my acceptance?

I read the company recommendation and should have rejected the offer!

 

There was an article on Straits Times yesterday, seems it may not be bad for us to keep the shares...

http://www.straitstimes.com/business/companies-markets/takeover-bid-may-secure-tihs-future

Problem is I just sent my form last week...

 

The timing of this announcement is really odd. Are they trying play down the significance of the contingent benefit?

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=AnnouncementToday&F=JMP8GST1YL2WWQ5P&H=03e3e069ff0a5e1bcdd4bf831b2629d44947ef6aa5ca2acc2906f54080a19ecc

The valuation of TIH is cheap and should be higher than the offer price even without this Mitsui Life case.

Interesting time is coming when the new major shareholder is in after the offer.

 

Only partial in cash, the rest is notes, meaning to say they will pay us interest of 2.75% per annum (if not mistaken). Messy if you asked me. So, probably I will just sell in open market if the price is close enough.

Bad deal we had,I just wanna move on and focus on other counters.

tan.ccheong      ( Date: 29-Jan-2018 13:11) Posted: Is it the Offer not fully in cash and we would only get 0.445 after 3 years? MichaelSchenker      ( Date: 29-Jan-2018 13:06) Posted: Bro, I guess no point fighting them.  We see great value in TIH, that is why we bought into it. However, market does not really agree with us, judging by the transacted price for this counter past couple of years. i have signed the form, waiting for my Wife to buy stamps and post it. Just wanna have closure and move on. Extremely difficult for minority shareholders to overturn whatever is being dished out. In the end, we will still have to sell.

 

Is it the Offer not fully in cash and we would only get 0.445 after 3 years?

MichaelSchenker      ( Date: 29-Jan-2018 13:06) Posted: Bro, I guess no point fighting them.  We see great value in TIH, that is why we bought into it. However, market does not really agree with us, judging by the transacted price for this counter past couple of years. i have signed the form, waiting for my Wife to buy stamps and post it. Just wanna have closure and move on. Extremely difficult for minority shareholders to overturn whatever is being dished out. In the end, we will still have to sell.  ahberngh      ( Date: 29-Jan-2018 10:40) Posted: I believe TIH also has a stake in CEI, which is doing well. Trying to squeeze minority shareholders out?? To add insult to injury, buying your shares  cheap and at the same time borrowing money from you at low interest rate. Since I think they are not delisitng, I will definitely hold on to my shares because I think TIH is worth more. Many cases of major shareholders trying to squeeze out minorities with below value offers recently

 

Bro, I guess no point fighting them. 

We see great value in TIH, that is why we bought into it. However, market does not really agree with us, judging by the transacted price for this counter past couple of years.

i have signed the form, waiting for my Wife to buy stamps and post it. Just wanna have closure and move on.

Extremely difficult for minority shareholders to overturn whatever is being dished out. In the end, we will still have to sell. 

ahberngh      ( Date: 29-Jan-2018 10:40) Posted: I believe TIH also has a stake in CEI, which is doing well. Trying to squeeze minority shareholders out?? To add insult to injury, buying your shares  cheap and at the same time borrowing money from you at low interest rate. Since I think they are not delisitng, I will definitely hold on to my shares because I think TIH is worth more. Many cases of major shareholders trying to squeeze out minorities with below value offers recently. MichaelSchenker      ( Date: 18-Jan-2018 14:31) Posted: Certainly agree with you! Unfortunately, we, the minority public shareholders always get the short end of the stick. Then, we consider the SSH. They are holding majority shares. Why would they agree to sell? Its like an en-bloc sale whereby majority will decide to proceed with the sale. I have some small positions inside, so just wait for things to happen.  This is another example of minority shareholders not being on a level playing field

 

I believe TIH also has a stake in CEI, which is doing well.

Trying to squeeze minority shareholders out??

To add insult to injury, buying your shares  cheap and at the same time borrowing money from you at low

interest rate.

Since I think they are not delisitng, I will definitely hold on to my shares because I think TIH is worth more.

Many cases of major shareholders trying to squeeze out minorities with below value offers recently.

MichaelSchenker      ( Date: 18-Jan-2018 14:31) Posted: Certainly agree with you! Unfortunately, we, the minority public shareholders always get the short end of the stick. Then, we consider the SSH. They are holding majority shares. Why would they agree to sell? Its like an en-bloc sale whereby majority will decide to proceed with the sale. I have some small positions inside, so just wait for things to happen.  This is another example of minority shareholders not being on a level playing field. j.schooling95      ( Date: 18-Jan-2018 14:01) Posted: TIH is certainly worth significantly more than the Offer Price. TIH owns approximately 6% of OUE Ltd. The market value of this stake in OUE is approximately SGD 110 million, but is marked at a significant discount to its market value on TIH' s balance sheet. Some reports mentioned that TIH may actually own up to 9% stake in OUE. Another hidden gem is the contingent benefit from the Mitsui life litigation of SGD165 million which was announced recently. Even if the claim materializes at around SGD100 million, the share price of TIH could easily double. There is no reason to sell cheaply at this offer price, especially with a highly reputable new controlling shareholder such as Lippo.  I' m sure that the corporate governance under Lippo' s leadership will improve significantly.

 

TIH is really pathetic.

Those of us who have just received the unconditional offer document, can you imagine there is NO postage paid return envelope given?

Be reminded, fellow holders here. There is a self-addressed envelope, BUT! We are supposed to go find our own postage stamps.

Obviously not about the postage money that I have to pay. In this modern day era, who would go stock up on postage stamps. Now I have to go hunt for it, incurring unnecessary time and money on petrol and parking. Many minority shareholders are in the same unfortunate situation.

That is why I said TIH is truly pathetic! Really below standard expectations.

 

Even the insider sold the shares in the market, what does it imply?

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content& B=AnnouncementLast3Months& F=4SNRE5L73S29F4FI& H=86eb1ee1112f4aa116ef099d9cc37fdb4ea54f828e9a06ec1c15cc795ee51511

 

So the Offer Document is out.

I think according to the announcement, ASM is selling because their funds are maturing, so it is an exit for their fund's investors and ASM would still retain certain amount of shares in TIH.

This tells you what the manager is really thinking which is that the deal is cheap and there's much upside remaining. Also, it seems that the manager and lippo are forming an alliance so it is possible that the price is not optimized.