Thakral    Last:1.92    +0.04

Proposed Share Consolidation 20:1

More concrete update on GemLike IPO. The numbers become clearer. Cheers to the investors!!!

Thakral to Unlock Significant Shareholder Value Through GemLife&rsquo s Upcoming ASX Listing
&bull GemLife Communities Group, a leading Australian over-50s lifestyle resorts operator in which Thakral holds a 31.7% effective interest, has launched an IPO to raise up to A$750 million at an implied post-money valuation of A$1.58 billion, fully underwritten by J.P. Morgan and Morgan Stanley.
&bull Upon successful listing, Thakral&rsquo s pro forma NAV per share is expected to rise by 67% to S$2.15, and FY2024 pro forma EPS would increase nearly fivefold to S$1.08.
&bull Thakral intends to subscribe to additional Stapled Securities via the IPO, leading to a cumulative 16.8% stake post-listing, reflecting its continued confidence in GemLife&rsquo s long term growth.
&bull Stronger financial position, through improved gearing and higher cash balances, bolsters Thakral to unlock further growth opportunities. 

The IPO, fully underwritten by J.P. Morgan Securities Australia Limited and Morgan Stanley Australia Securities Limited, is projected to be Australia&rsquo s largest IPO in 2025. The stapled securities (&ldquo GemLife Stapled Securities&rdquo ) are expected to be listed and quoted on the ASX upon successful closing of the IPO (&ldquo GemLife Listing&rdquo ) on 3 July 2025. Demonstrating confidence and ongoing commitment to GemLife, Thakral, which currently holds a 31.7% stake in GemLife, intends to subscribe for an additional 600,962 GemLife Stapled Securities at the IPO price of A$4.16 per Stapled Securities, resulting in a total of 64,000,962 GemLife Stapled Securities upon successful completion of the aforesaid subscription. Its effective interest in GemLife will be approximately 16.8% post-dilution.

Trainner      ( Date: 16-Jun-2025 01:03) Posted: Thakral' s holding in Gemlife should be much higher than its entire market cap upon the IPO. Monday should be exciting, good luck everybody!!! Joelton      ( Date: 15-Jun-2025 22:24) Posted: Thakral associate GemLife inks underwriting agreement for Australian IPO launching &lsquo very shortly&rsquo   The company holds an effective interest of 31.7 per cent in GemLife, a lifestyle resorts business in Australia   [SINGAPORE] Mainboard-listed Thakral Corp : AWI -0.67%&rsquo s associate GemLife has signed an underwriting agreement for its proposed initial public offering (IPO) on the Australian Securities Exchange (ASX).   The proposed IPO is expected to launch &ldquo very shortly&rdquo , said Thakral in a bourse filing on Friday (Jun 13). JP Morgan Securities Australia and Morgan Stanley will act as joint lead managers and underwriters for the planned IPO.   The proposed IPO will involve an offer of stapled securities comprising one share in GemLife Group, and one or more fully paid units in the registered schemes by the holding company and the responsible entity of the registered schemes, respectively.   A prospectus and product disclosure statement will be made available to eligible investors when the offer is made, said Thakral Corp.   Thakral Corp holds an effective interest of 31.7 per cent in GemLife, a lifestyle resorts business in Australia, through Thakral Capital.   Earlier in April, GemLife said it was considering its strategic options, which could include a potential IPO. It is said to be the country&rsquo s largest privately owned land lease developer, owner and operator, with nearly 10,000 homes in more than 30 communities.

 

Thakral' s holding in Gemlife should be much higher than its entire market cap upon the IPO. Monday should be exciting, good luck everybody!!!

Joelton      ( Date: 15-Jun-2025 22:24) Posted: Thakral associate GemLife inks underwriting agreement for Australian IPO launching &lsquo very shortly&rsquo   The company holds an effective interest of 31.7 per cent in GemLife, a lifestyle resorts business in Australia   [SINGAPORE] Mainboard-listed Thakral Corp : AWI -0.67%&rsquo s associate GemLife has signed an underwriting agreement for its proposed initial public offering (IPO) on the Australian Securities Exchange (ASX).   The proposed IPO is expected to launch &ldquo very shortly&rdquo , said Thakral in a bourse filing on Friday (Jun 13). JP Morgan Securities Australia and Morgan Stanley will act as joint lead managers and underwriters for the planned IPO.   The proposed IPO will involve an offer of stapled securities comprising one share in GemLife Group, and one or more fully paid units in the registered schemes by the holding company and the responsible entity of the registered schemes, respectively.   A prospectus and product disclosure statement will be made available to eligible investors when the offer is made, said Thakral Corp.   Thakral Corp holds an effective interest of 31.7 per cent in GemLife, a lifestyle resorts business in Australia, through Thakral Capital.   Earlier in April, GemLife said it was considering its strategic options, which could include a potential IPO. It is said to be the country&rsquo s largest privately owned land lease developer, owner and operator, with nearly 10,000 homes in more than 30 communities.

 

 

This is definitely good progress. It is very close to the IPO, good for the stock if the company continues to give updated info to the share holders.

moneynoenough      ( Date: 14-Jun-2025 02:17) Posted: up up...? https://www.businesstimes.com.sg/companies-markets/thakral-associate-gemlife-inks-underwriting-agreement-australian-ipo-launching-very-shortly

 

up up...?

https://www.businesstimes.com.sg/companies-markets/thakral-associate-gemlife-inks-underwriting-agreement-australian-ipo-launching-very-shortly

 

Managed to find what is stapled securies : stapled securities are created when two or more different securities are legally bound together so that they cannot be sold separately. Many different types of securities can be stapled together. For example, many property trusts have their units stapled to the shares of companies with which they are closely associated.

Trainner      ( Date: 07-Jun-2025 00:46) Posted: Well, the phrase that caught my attention is " GemLife is in advanced discussions with potential underwriters for the Proposed IPO" . I believe they will conclude the IPO of Gemlife soon which is good to unlock share holder value. The stock is going to " chiong" again next week. Cheer~~~~ ohm136      ( Date: 06-Jun-2025 20:21) Posted: Based on Thakral news release on SGX web: " ..............The proposed IPO is proposed to involve an offer of stapled securies related to Gemlife.........."   What does if mean?

 

 

It looks like the IPO is getting more and more confirm, even the date (4-jul) is mentioned in the article. The projected market cap is adjusted to A$1.57B, lower than the initial estimate of A$2B, but is still very solid. 

SmallSmall      ( Date: 07-Jun-2025 05:46) Posted: https://www.globalbankingandfinance.com/GEMLIFE-IPO-AUSTRALIA-ff8c9099-b639-4d87-8f3d-8665071d5802 &ldquo The Singapore-listed investment firm Thakral, which owns a 31.7% stake in GemLife, said the company is in advanced discussions with potential underwriters for the proposed IPO. The Australian had reported on Thursday that GemLife is planning an IPO on the exchange on July 4 valued between A$700 million ($454.51 million) and A$750 million with a market capitalization of A$1.57 billion." Please DYODD

 

https://www.globalbankingandfinance.com/GEMLIFE-IPO-AUSTRALIA-ff8c9099-b639-4d87-8f3d-8665071d5802

&ldquo The Singapore-listed investment firm Thakral, which owns a 31.7% stake in GemLife, said the company is in advanced discussions with potential underwriters for the proposed IPO.

The Australian had reported on Thursday that GemLife is planning an IPO on the exchange on July 4 valued between A$700 million ($454.51 million) and A$750 million with a market capitalization of A$1.57 billion."

Please DYODD

 

Well, the phrase that caught my attention is " GemLife is in advanced discussions with potential underwriters for the Proposed IPO" . I believe they will conclude the IPO of Gemlife soon which is good to unlock share holder value. The stock is going to " chiong" again next week. Cheer~~~~

ohm136      ( Date: 06-Jun-2025 20:21) Posted: Based on Thakral news release on SGX web: " ..............The proposed IPO is proposed to involve an offer of stapled securies related to Gemlife.........."   What does if mean?

 

Based on Thakral news release on SGX web: " ..............The proposed IPO is proposed to involve an offer of stapled securies related to Gemlife.........."   What does if mean?

 

Where did you get this info? 

SmallSmall      ( Date: 05-Jun-2025 20:24) Posted: GemLife plots early July for IPO, deal terms out by Tuesday The retirement living operator will raise $700m to $750m, say sources SmallSmall      ( Date: 05-Jun-2025 09:39) Posted: Warming for Gemlife IPO $1.62 +$0.03. Philips target $2.04 :)

 

GemLife plots early July for IPO, deal terms out by Tuesday

The retirement living operator will raise $700m to $750m, say sources

SmallSmall      ( Date: 05-Jun-2025 09:39) Posted: Warming for Gemlife IPO $1.62 +$0.03. Philips target $2.04 :)

 

Warming for Gemlife IPO $1.62 +$0.03.
Philips target $2.04 :)

 

Hopefully..... it is exciting to see the price continues to go up.

If Gemlife IPO is smooth, Thakral will be benefited big time. The market value for Thakral' s share in Gemlife should be double its NAV.

SmallSmall      ( Date: 04-Jun-2025 14:48) Posted: $1.59 +$0.08. Supposedly the Gemlife IPO is making progress. Book building for IPO completed? Trainner      ( Date: 03-Jun-2025 09:28) Posted: This one small small can become big big..... 😊

 

$1.59 +$0.08.
Supposedly the Gemlife IPO is making progress.

Book building for IPO completed?

Trainner      ( Date: 03-Jun-2025 09:28) Posted: This one small small can become big big..... 😊 SmallSmall      ( Date: 03-Jun-2025 09:15) Posted: Philips target price $2.04 &bull In the last 5 months or so, Thakral Corporation' s stock has rallied hard -- up  nearly 130%  year-to-date -- and it' s just caught another tailwind: its first sell-side analyst report.   &bull The first boost was back in Feb 2025 when word got out that one of Thakral' s investments is possibly seeking a London IPO (see:  THAKRAL: Buzz around potential IPO of investee sends this stock up 10.5%). &bull Now, Phillip Securities has just kicked off coverage with a buy call and a $2.04 price target, implying about 36% upside from the previous week' s $1.50 level.  The analyst pegs this on an 8.4× FY25e P/E multiple. &bull Though Thakral traded an average historical P/E of just 5.9× , the analyst reckons Thakral&rsquo s fast growth, especially from Aussie associate GemLife, warrants a richer valuation. &bull Listed on SGX  30 years ago,  Thakral has dramatically reinvented itself in recent years, from a traditional electronics trader into a multi-faceted player&mdash think fragrances, drones, coffee and lifestyle resorts&mdash so this richer valuation feels justified.    (See:    THAKRAL: Fragrances, Drones, Coffee and Resorts: This Listco' s Multi-Faceted Growth Story) Read excerpts from Phillip Securities' report below ... At a recent online 1Q results briefing. The Phillip Securities analyst,  Darren Chan,  who has just initiated coverage of Thakral is at the bottom right. The rest (clockwise from top left): Torsten Stocker, Chief Operating Officer, Lifestyle Division | Anil Daryanani, CFO, | Inderbethal Singh, CEO  Excerpts from Phillip Securities report Analyst:  Darren Chan     &bull With expanding retail operations in Greater China, a broader DJI product range in South Asia, continued growth in over-50s living through GemLife in Australia, and strategic investments in India (Bharat Skytech, Skylark Drones, and Nespresso), Thakral is well positioned to deliver long-term value and sustainable growth. While geopolitical risks persist, U.S. tariffs are not expected to impact the Group&rsquo s results materially. &bull In FY24, segmental profit from the Lifestyle segment surged 41% YoY, while the Investment segment, driven by GemLife, rose 49% YoY. GemLife&rsquo s momentum is expected to continue, supported by development profits from new home settlements and rising recurring revenue from growing site fee collections. &bull We initiate coverage on Thakral with a BUY recommendation and a target price of  S$2.04, based on an 8.4x FY25e PE. Our valuation applies a 50% conglomerate discount to the 16.8x average PE of listed Australian land lease community operators. While Thakral&rsquo s historical PE (FY20&ndash FY24) averaged 5.9x, we believe the higher multiple is justified by the strong growth trajectory of GemLife and the Group&rsquo s other expanding business segments. Key Investment Merits &bull   Accelerating growth in the Lifestyle business.  In China, Thakral operates 31 beauty and fragrance stores, with plans to open 15&ndash 20 more over the next two years. This is supported by an expanded brand portfolio including Atelier Cologne, Miu Miu, Juliette Has a Gun, and Yue Sai. In South Asia, the Group&rsquo s DJI drone distribution business continues to gain momentum, driven by broader product offerings and increasing adoption across sectors such as agriculture, construction, environmental monitoring, and media. In FY24, the Lifestyle segment accounted for 36% of Group profit.   &bull   Exponential growth from GemLife. GemLife continues to scale rapidly, with a dual-income model through development profits and recurring site fees. In FY24, occupied homes rose 24% YoY to 1,804, driving strong growth in both revenue streams. By 1Q25, occupancy reached 1,862 homes, generating an estimated A$19.4mn in annual site fees (before accounting for Thakral&rsquo s 31.7% stake). With a long-term goal of 6,500 occupied homes by 2033, GemLife offers clear visibility into sustainable recurring income. In FY24, GemLife contributed to c.40% of Group profit. &bull   New ventures fuelling future growth. The Group secured exclusive rights to distribute Nespresso products across India, launching an e-commerce platform in December 2024 and its first boutique in March 2025 at a prime Delhi mall. Photo: Nestle Nespresso SA  Expansion plans include B2B sales to hotels, restaurants, and corporates. Additionally, the Group invested S$6.5mn for a 13.6% stake in a 21-acre healthcare and mixed-use development in Gurugram, a rapidly growing, affluent city near New Delhi. Partnering with Platinum Securities and healthcare advisors, the Group aims to strategically develop this project, aligning with its long-term plan to capitalize on India&rsquo s demand for integrated urban developments and generate sustainable revenue.   Dividend policy Thakral pays dividends twice a year. From FY25 onwards, the total annual dividend will be the higher of a base payment of 4 cents per share or 20% of net profit attributable to shareholders. In FY23 and FY24, a dividend of 4 cents per share was paid. We estimate FY25e DPS of 4.85 cents based on 20% of PATMI.

 

This one small small can become big big..... 😊

SmallSmall      ( Date: 03-Jun-2025 09:15) Posted: Philips target price $2.04 &bull In the last 5 months or so, Thakral Corporation' s stock has rallied hard -- up  nearly 130%  year-to-date -- and it' s just caught another tailwind: its first sell-side analyst report.   &bull The first boost was back in Feb 2025 when word got out that one of Thakral' s investments is possibly seeking a London IPO (see:  THAKRAL: Buzz around potential IPO of investee sends this stock up 10.5%). &bull Now, Phillip Securities has just kicked off coverage with a buy call and a $2.04 price target, implying about 36% upside from the previous week' s $1.50 level.  The analyst pegs this on an 8.4× FY25e P/E multiple. &bull Though Thakral traded an average historical P/E of just 5.9× , the analyst reckons Thakral&rsquo s fast growth, especially from Aussie associate GemLife, warrants a richer valuation. &bull Listed on SGX  30 years ago,  Thakral has dramatically reinvented itself in recent years, from a traditional electronics trader into a multi-faceted player&mdash think fragrances, drones, coffee and lifestyle resorts&mdash so this richer valuation feels justified.    (See:    THAKRAL: Fragrances, Drones, Coffee and Resorts: This Listco' s Multi-Faceted Growth Story) Read excerpts from Phillip Securities' report below ... At a recent online 1Q results briefing. The Phillip Securities analyst,  Darren Chan,  who has just initiated coverage of Thakral is at the bottom right. The rest (clockwise from top left): Torsten Stocker, Chief Operating Officer, Lifestyle Division | Anil Daryanani, CFO, | Inderbethal Singh, CEO  Excerpts from Phillip Securities report Analyst:  Darren Chan     &bull With expanding retail operations in Greater China, a broader DJI product range in South Asia, continued growth in over-50s living through GemLife in Australia, and strategic investments in India (Bharat Skytech, Skylark Drones, and Nespresso), Thakral is well positioned to deliver long-term value and sustainable growth. While geopolitical risks persist, U.S. tariffs are not expected to impact the Group&rsquo s results materially. &bull In FY24, segmental profit from the Lifestyle segment surged 41% YoY, while the Investment segment, driven by GemLife, rose 49% YoY. GemLife&rsquo s momentum is expected to continue, supported by development profits from new home settlements and rising recurring revenue from growing site fee collections. &bull We initiate coverage on Thakral with a BUY recommendation and a target price of  S$2.04, based on an 8.4x FY25e PE. Our valuation applies a 50% conglomerate discount to the 16.8x average PE of listed Australian land lease community operators. While Thakral&rsquo s historical PE (FY20&ndash FY24) averaged 5.9x, we believe the higher multiple is justified by the strong growth trajectory of GemLife and the Group&rsquo s other expanding business segments. Key Investment Merits &bull   Accelerating growth in the Lifestyle business.  In China, Thakral operates 31 beauty and fragrance stores, with plans to open 15&ndash 20 more over the next two years. This is supported by an expanded brand portfolio including Atelier Cologne, Miu Miu, Juliette Has a Gun, and Yue Sai. In South Asia, the Group&rsquo s DJI drone distribution business continues to gain momentum, driven by broader product offerings and increasing adoption across sectors such as agriculture, construction, environmental monitoring, and media. In FY24, the Lifestyle segment accounted for 36% of Group profit.   &bull   Exponential growth from GemLife. GemLife continues to scale rapidly, with a dual-income model through development profits and recurring site fees. In FY24, occupied homes rose 24% YoY to 1,804, driving strong growth in both revenue streams. By 1Q25, occupancy reached 1,862 homes, generating an estimated A$19.4mn in annual site fees (before accounting for Thakral&rsquo s 31.7% stake). With a long-term goal of 6,500 occupied homes by 2033, GemLife offers clear visibility into sustainable recurring income. In FY24, GemLife contributed to c.40% of Group profit. &bull   New ventures fuelling future growth. The Group secured exclusive rights to distribute Nespresso products across India, launching an e-commerce platform in December 2024 and its first boutique in March 2025 at a prime Delhi mall. Photo: Nestle Nespresso SA  Expansion plans include B2B sales to hotels, restaurants, and corporates. Additionally, the Group invested S$6.5mn for a 13.6% stake in a 21-acre healthcare and mixed-use development in Gurugram, a rapidly growing, affluent city near New Delhi. Partnering with Platinum Securities and healthcare advisors, the Group aims to strategically develop this project, aligning with its long-term plan to capitalize on India&rsquo s demand for integrated urban developments and generate sustainable revenue.   Dividend policy Thakral pays dividends twice a year. From FY25 onwards, the total annual dividend will be the higher of a base payment of 4 cents per share or 20% of net profit attributable to shareholders. In FY23 and FY24, a dividend of 4 cents per share was paid. We estimate FY25e DPS of 4.85 cents based on 20% of PATMI.

 

Philips target price $2.04

&bull In the last 5 months or so, Thakral Corporation' s stock has rallied hard -- up  nearly 130%  year-to-date -- and it' s just caught another tailwind: its first sell-side analyst report.   &bull The first boost was back in Feb 2025 when word got out that one of Thakral' s investments is possibly seeking a London IPO (see:  THAKRAL: Buzz around potential IPO of investee sends this stock up 10.5%). &bull Now, Phillip Securities has just kicked off coverage with a buy call and a $2.04 price target, implying about 36% upside from the previous week' s $1.50 level.  The analyst pegs this on an 8.4× FY25e P/E multiple. &bull Though Thakral traded an average historical P/E of just 5.9× , the analyst reckons Thakral&rsquo s fast growth, especially from Aussie associate GemLife, warrants a richer valuation. &bull Listed on SGX  30 years ago,  Thakral has dramatically reinvented itself in recent years, from a traditional electronics trader into a multi-faceted player&mdash think fragrances, drones, coffee and lifestyle resorts&mdash so this richer valuation feels justified.    (See:    THAKRAL: Fragrances, Drones, Coffee and Resorts: This Listco' s Multi-Faceted Growth Story) Read excerpts from Phillip Securities' report below ...

At a recent online 1Q results briefing. The Phillip Securities analyst,  Darren Chan,  who has just initiated coverage of Thakral is at the bottom right.
The rest (clockwise from top left): Torsten Stocker, Chief Operating Officer, Lifestyle Division | Anil Daryanani, CFO, | Inderbethal Singh, CEO 


Excerpts from Phillip Securities report
Analyst:  Darren Chan
 

&bull With expanding retail operations in Greater China, a broader DJI product range in South Asia, continued growth in over-50s living through GemLife in Australia, and strategic investments in India (Bharat Skytech, Skylark Drones, and Nespresso), Thakral is well positioned to deliver long-term value and sustainable growth. While geopolitical risks persist, U.S. tariffs are not expected to impact the Group&rsquo s results materially. &bull In FY24, segmental profit from the Lifestyle segment surged 41% YoY, while the Investment segment, driven by GemLife, rose 49% YoY. GemLife&rsquo s momentum is expected to continue, supported by development profits from new home settlements and rising recurring revenue from growing site fee collections. &bull We initiate coverage on Thakral with a BUY recommendation and a target price of  S$2.04, based on an 8.4x FY25e PE. Our valuation applies a 50% conglomerate discount to the 16.8x average PE of listed Australian land lease community operators. While Thakral&rsquo s historical PE (FY20&ndash FY24) averaged 5.9x, we believe the higher multiple is justified by the strong growth trajectory of GemLife and the Group&rsquo s other expanding business segments.

Key Investment Merits

&bull   Accelerating growth in the Lifestyle business.  In China, Thakral operates 31 beauty and fragrance stores, with plans to open 15&ndash 20 more over the next two years. This is supported by an expanded brand portfolio including Atelier Cologne, Miu Miu, Juliette Has a Gun, and Yue Sai.



In South Asia, the Group&rsquo s DJI drone distribution business continues to gain momentum, driven by broader product offerings and increasing adoption across sectors such as agriculture, construction, environmental monitoring, and media.

In FY24, the Lifestyle segment accounted for 36% of Group profit.
 

&bull   Exponential growth from GemLife. GemLife continues to scale rapidly, with a dual-income model through development profits and recurring site fees. In FY24, occupied homes rose 24% YoY to 1,804, driving strong growth in both revenue streams. By 1Q25, occupancy reached 1,862 homes, generating an estimated A$19.4mn in annual site fees (before accounting for Thakral&rsquo s 31.7% stake). With a long-term goal of 6,500 occupied homes by 2033, GemLife offers clear visibility into sustainable recurring income. In FY24, GemLife contributed to c.40% of Group profit.

&bull   New ventures fuelling future growth. The Group secured exclusive rights to distribute Nespresso products across India, launching an e-commerce platform in December 2024 and its first boutique in March 2025 at a prime Delhi mall.

Photo: Nestle Nespresso SA 

Expansion plans include B2B sales to hotels, restaurants, and corporates. Additionally, the Group invested S$6.5mn for a 13.6% stake in a 21-acre healthcare and mixed-use development in Gurugram, a rapidly growing, affluent city near New Delhi.

Partnering with Platinum Securities and healthcare advisors, the Group aims to strategically develop this project, aligning with its long-term plan to capitalize on India&rsquo s demand for integrated urban developments and generate sustainable revenue.
 

Dividend policy Thakral pays dividends twice a year. From FY25 onwards, the total annual dividend will be the higher of a base payment of 4 cents per share or 20% of net profit attributable to shareholders. In FY23 and FY24, a dividend of 4 cents per share was paid. We estimate FY25e DPS of 4.85 cents based on 20% of PATMI.

 

I fully agree with you. I would like to be an informed investor and hope the company will provide more detail on the numbers.

superstartup      ( Date: 28-May-2025 15:59) Posted: Just be mindful the price over here has surged from 80c+ to current price since the IPO news is out And there are crucial missing financial details for the analysis. As always, please perform your own DD Trade / Invest with care Trainner      ( Date: 28-May-2025 15:45) Posted: I did not follow up on Wee Hur as I do not have any holding. For WH case, they got ~S$320M from the disposal. I do not know what was the book value for this investment, if the book value is high, the gain from the divestment may be low on the paper. But of course, WH will get a lot of cash which is still good for the company. WH' s shares were traded at ~20cts, it went up to > 50cts which is very good for investors. I will be happy if I had shares as I always hold long term, not contra no short...... Anyway, the comment on Thakral is my personal DD, hopefully, I am correct    and the long term investors will get rewarded

 

Just be mindful the price over here has surged from 80c+ to current price since the IPO news is out

And there are crucial missing financial details for the analysis.

As always, please perform your own DD
Trade / Invest with care

Trainner      ( Date: 28-May-2025 15:45) Posted: I did not follow up on Wee Hur as I do not have any holding. For WH case, they got ~S$320M from the disposal. I do not know what was the book value for this investment, if the book value is high, the gain from the divestment may be low on the paper. But of course, WH will get a lot of cash which is still good for the company. WH' s shares were traded at ~20cts, it went up to > 50cts which is very good for investors. I will be happy if I had shares as I always hold long term, not contra no short...... Anyway, the comment on Thakral is my personal DD, hopefully, I am correct    and the long term investors will get rewarded. superstartup      ( Date: 28-May-2025 15:05) Posted: Your calculation is just like that ST Editor writeup of wee hur, and hence the claim of $1 $2 for wee hur. See where Wee Hur headed today after completion of sale. There are crucial missing numbers in your calculation