Boustead Proj   

Boustead Proj record earnings special dividend

Incurred transaction fee but I have sold at 95 cents to free up capital. It is unlikely for BSL to encounter competitive bid so no hope for anymore upward revise offer. Free the capital now and look for other opportunities. Even parking the capital at MMF is also not a bad idea rather than waiting for offer document, then accept offer, send back document etc etc too draggy for months. 

 

throw 5c extra more...big disappointment for those long timers

True colors...

 

Final offer of 95c per share, no intention for further adjustment.

Still a low ball offer based on NAV but looking at the last few low ball offers

and shareholders response, likely to be successful (just my opinion).

If so, as I have said before, SGX is being gutted and its essence slowly being sucked

away by these opportunistic low ball offers.

 

REVISION OF OFFER PRICE
The Offeror wishes to announce that the Offeror is revising the Offer Price as follows ("Final
Offer"):
For each Offer Share: S$0.95 in cash (the "Final Offer Price")
https://links.sgx.com/1.0.0/corporate-announcements/ISMBFX8WJD7S6FLF/747382_Announcement-Revision%20of%20Offer%20Price_Final-22.02.2023.pdf

 

Maybe new offer: share swap?

 

Low ball offer???

 

Trading halt - pending release of announcement.

 

I have enclosed a link to SIAS letter asking Boustead Singapore for a fairer offer for Boustead Projects closer to NAV of $1.265.

https://sias.org.sg/latest-updates/appeal-letter-to-boustead-singapore-for-fairer-offer/



A Poem within Seven Steps
曹 植 【 三 国 】 (cáo zhí, sā n guó)
By Cao Zhi, Three Kingdoms Period (AD 220280)
煮 豆 燃 豆 萁 ，
(zhǔ dòu rán dòu qí,)
Boiling beans by burning the beanstalks,
豆 在 釜 中 泣 。
(dòu zài fǔ zhō ng qì.)
The beans are sobbing inside the pot.
本 是 同 根 生 ，
(bě n shì tóng gē n shē ng,)
Both of them were from the same root,
相 煎 何 太 急 ？
(xiàng jiā n hé tài jí?)
Why should the beanstalk torture the beans so eagerly?
Note:
釜 (fǔ ): pot in ancient China.

https://lonewolfinvestor.blogspot.com/2023/02/wolf-moneysias-letter-to-boustead.html

 

Pressure start liao...

https://www.theedgesingapore.com/news/company-news/sias-urges-boustead-singapore-improve-privatisation-offer-subsidiary-boustead

 

Party(ies) with intent already push the price up to 95 cents, which is 5 cents above the offer price. This is getting interesting, next up, IFA will have to state their view whether the offer is fair and resonable. Chances are, the resonable part is more or less done deal, since layman like me can also easily point to historical low trading prices and volume and say that the offer price is well above historical prices and hence, it is resonable. However, if compare the offer price with the NAV, then it is very unfair that the offer seek to buy something that is valued at $1.25 with 90 cents. Therefore, to sweeten the deal, it is likely that offer price has to be revised to match at least the current market price. 

 

With the privatisation news, and the offer price of $0.90, I don' t think any retailers are buyer since the news broke. Roughly, more than 12 millions shares have been traded since the news broke and average price transacted should be around 93-94 cents. Therefore, it seems some party(ies) with finanical means are accumulating at minium 93 cents. This bode well for retailers as well as this may force BSL to revise the offer price upward. 

 

With the traded price staying well above the offer price of $.90, it is increasingly likely that BSL has to revise its offer price upward. This whole privatisation of BPJ should drag on for months, should it drag till the dividend payout date, the current stand on the offer is that the dividend payout will be deducted correspondingly from the offer price. With BPJ' s NAV of $1.25, BSL should make the offer price nearer to it. $1 would be nice and the dividend declared should not be deducted from the offer price. Don' t like to wait too long and thinking of selling at open market price but before the next move, shall wait for BSL' s next announcement with regard to the offer. 

 

Yup CIMB also stated the revalued NAV is high as $1.79 but what to do? Our market don' t value proper and good company if not it wouldn' t trade as such low price. 

 

A decent offer should be at least its NAV of $1.26.

Lousy stingy offer

 

Trading above offer price mostly, except some goon for whatever reasons sold at 90 cents. See whether got revise offer by 2-3 cents more or not. 

 

Wolf Money(Boustead Singapore offer to privatise Boustead Projects@90c) Google lone Wolf investor if you can?t click the link

Boustead Singapore came out with an unconditional offer to acquire shares it doesn?t own in Boustead Projects with a cash offer of 90c.

https://lonewolfinvestor.blogspot.com/2023/02/wolf-moneyboustead-singapore-offer-to.html

 

Quick small profit for my BPJ shares. Now everything including BIF project will be under Boustead, which will also see the increase in the NAV after the acquisition. Haven' t really study the implication but I think it should be a positive move, with a list of Reit still very likely few years down the road. 

HVRRVH      ( Date: 12-Dec-2022 18:18) Posted: Boustead bought 567000 shares of BPJ on 9.12.22, bringing its holding to 54.80%. Company insider Mr Wong held 16.83% of BSP thru nominees and another 2.46% thru his fund. As it stands, BPJ still have some prorperties yet to be injected into Boustead Industral Fund. The last ttime they did, both Boustead and BPJ paid big dividends. It may be another 2 years before more properties get injected into BIF but insider already making the move now. Best scenario is that after significant properties been injected into BIF, BIF will get listed as reit [BPJ will be the sponsor and manager] and shareholders of Bostead and BPJ can look forward to earning of reurring fee. Best part is BPJ should eventually hold 51% of BIF. Wtih these as backdrops, I am not sure whether to accumulate more Boustead or Boustead projects as I am currently holding both.

 

VOLUNTARY UNCONDITIONAL OFFER
by
BOUSTEAD SINGAPORE LIMITED
to acquire all the issued and paid-up ordinary shares in the capital of
BOUSTEAD PROJECTS LIMIT
For each Offer Share: S$0.90 in cash

https://links.sgx.com/1.0.0/corporate-announcements/DYQT0T0R9RYYUOFW/745879_Project%20B%20-%20%20Offer%20Announcement_Final-06.02.2023.pdf

 

Wolf Money(portfolio update for end Jan 2023) Boustead Projects Google lone Wolf investor if you can' t click the link

Part 1

https://lonewolfinvestor.blogspot.com/2023/01/wolf-moneyportfolio-update-for-end-jan.html?m=1

Part 2

https://lonewolfinvestor.blogspot.com/2023/01/wolf-moneyportfolio-update-for-end-jan_31.html?m=1

 

Commentary (Boustead projects related)

My thoughts and prayers to those families affected by the Genting Highlands landslide in Malaysia and the sinking of a warship in Thailand. An unfortunate situation no one should ever go through. I wish the survivors a speedy recovery.

https://lonewolfinvestor.blogspot.com/2022/12/wolf-moneyportfolio-review-for-year-end.html?m=1