ShareJunction - Member Posts

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Proof?... its clearly stated in thrir half year report !!!

AttasBoss ( Date: 14-Aug-2017 19:52) Posted:

This one can extend deadline 1..u need to proof its final stage blah blah blah...sgx is welcome u cont listing and pay them listing fee..

Damian ( Date: 14-Aug-2017 12:20) Posted:

Some signs of life. Aug 31 deadline approaching but Company announced that it is in the final stage of negotiation for an RTO.

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Will keep monitoring... same thing happen to Courts... pushed all the way dowb to 0.3 to accumulate. It stayed there for very long. I think the volume will be key

HazardKoh ( Date: 13-Aug-2017 21:48) Posted:

I got the same feeling too... But the problem is we dun know how low it can get before it jumps back up.. :)

possible to reach 26 cents before jumping back above 30 cents ???

I think if market sentiment is poor or correction, then the BBs may dump until 25-26 cents.. But if suddenly market turns bullish again, then i think lowest maybe 27-28 cents

nngeeh ( Date: 13-Aug-2017 21:45) Posted:

I saw the same pattern at China Star Food ( before they announced the factory needs ro stop prodyction) at $0.102. This coy has no debt, lots of cash and trading way below its NAV). After i bought it, the BB continue to push all the way down to 0.05+.... and then... within a short period.. pump all the way to 0.12. I sold at 0.115. The feeling was good when it got pushed all the way down to 0.05+..

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I meant thevfeeling wasnt good when they pushed all tge way to 0.05+... always struggle on whether to SL

nngeeh ( Date: 13-Aug-2017 21:45) Posted:

I saw the same pattern at China Star Food ( before they announced the factory needs ro stop prodyction) at $0.102. This coy has no debt, lots of cash and trading way below its NAV). After i bought it, the BB continue to push all the way down to 0.05+.... and then... within a short period.. pump all the way to 0.12. I sold at 0.115. The feeling was good when it got pushed all the way down to 0.05+...

HazardKoh ( Date: 13-Aug-2017 20:04) Posted:

hi , haha.. that' s the problem.. I also tempted to load at 30 cents as i mentioned before once it reaches 30 cents is a good entry.. BUT i look at the HUGE sell queue EVERYDAY i also scared.. we dun know how low the BBs will push the share price to... at the moment there is no indication the selling is going to stop.. and also market is at the moment undergoing a correction, so today low maybe tomorrow high..

Still monitoring.

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I saw the same pattern at China Star Food ( before they announced the factory needs ro stop prodyction) at $0.102. This coy has no debt, lots of cash and trading way below its NAV). After i bought it, the BB continue to push all the way down to 0.05+.... and then... within a short period.. pump all the way to 0.12. I sold at 0.115. The feeling was good when it got pushed all the way down to 0.05+...

HazardKoh ( Date: 13-Aug-2017 20:04) Posted:

hi , haha.. that' s the problem.. I also tempted to load at 30 cents as i mentioned before once it reaches 30 cents is a good entry.. BUT i look at the HUGE sell queue EVERYDAY i also scared.. we dun know how low the BBs will push the share price to... at the moment there is no indication the selling is going to stop.. and also market is at the moment undergoing a correction, so today low maybe tomorrow high..

Still monitoring..

nngeeh ( Date: 13-Aug-2017 18:56) Posted:

Hi Bro,

Thanks for your view. I' m not vested yet, but is monitoring this counter after seeing the chart. It has been going down with many black bars within a short period which caught my interest. I' m also seeing the same pattern as you... but I' m more inclined to view it as accumulation. Fundamental aside... I find it quite weird that the moment the price is broken... a large sell queue appear at that price.

If i' m offloading.... it' s quite odd that they will put huge sell queue almost immediately... and a they also put large sell queue at the next few PIPs. It will be like telling people to sell quickly... or dun buy. It will make it harder for them to offload at a good price as the market depth with many huge sell queue and little buy queue will only discourage buyers.

I' m more inclined to view it as accumulation... but it seems that they have the shares to keep pushing for the price to go Low... and not sure how Low it will go to.

x 0

Hi Bro,

Thanks for your view. I' m not vested yet, but is monitoring this counter after seeing the chart. It has been going down with many black bars within a short period which caught my interest. I' m also seeing the same pattern as you... but I' m more inclined to view it as accumulation. Fundamental aside... I find it quite weird that the moment the price is broken... a large sell queue appear at that price.

If i' m offloading.... it' s quite odd that they will put huge sell queue almost immediately... and a they also put large sell queue at the next few PIPs. It will be like telling people to sell quickly... or dun buy. It will make it harder for them to offload at a good price as the market depth with many huge sell queue and little buy queue will only discourage buyers.

I' m more inclined to view it as accumulation... but it seems that they have the shares to keep pushing for the price to go Low... and not sure how Low it will go to.

HazardKoh ( Date: 13-Aug-2017 16:52) Posted:

There seems to be fund selling. Everyday there will be thousands of lots queuing to sell whenever a level is taken down.

eg: around 1000 to 2000 lots queuing at 30 cents. Once 29.5 cents queue broken, the next day 1000 to 2000 lots queued at 29.5 cents to sell. Then when 29 cents is broken down, the next day 1000 to 2000 lots queued at 29 cents to sell.

There are 2 possibilities.

Number 1) BBs accumulating. So they purposely block the share price from going up by placing a huge sell queue to scare the hell out of small investor , then the small investors on seeing the huge sell queue will sell to the buy queue (which is BBs queuing to buy).

OR

Number 2) Fund selling. I remember Duty free placed out quite alot of shares to different fund managers to satisfy the 25% float requirement. So maybe the fund manager predict the new few quarters results will be poor due to economy situation or GST in Malaysia or Ringgit depreciating and they are systematically selling down. They cant sell all their shares at one go becos this will cause the share price to crash which is no good to them, so they slowly but surely selling down.

If u want to buy must look at the sell queue carefully. The sellers are still out there from my observations.

angmohlin ( Date: 13-Aug-2017 16:35) Posted:

Company has bought back 6.07m shares at an average price of 31 from 14 Jul - 11 Aug 17 (from 32.78 - 29.5). Will the 141% retracement of 28.5 will hold for a short rebound ? DYODD.

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The NAV after selling KUE should be 0.48. It was reported that the selling for Guggenheim will increase the NAV by 0.29. Therefore, the new NAV should be around 0.77.

I just sold this morning as i will prefer to get the money now .... might need to wait few months to get that sum back. Furthermore, i' m not sure if there could be other cost for (liquidation), and admin & legal charges pertaining to the sales, and also the operating cost for the next few months which might eat into the 0,77. I prefer to take profit now.

x 0

I' m taking the assumption that K1 will own close to 5% of Guggenheim common units which comprises of 250k, 11.1M (after warrant conversion), and 1.85m. The warrant conversion cost will come from the preferred shared.

If we based on the AUM multiples of 2.5, the estimated K1 share should be above $1.

I just went in more after they announced that they sold KUE at $29M (Book value was around $6M) at around 0.64 which increases the BV by 5c, but the share price jumped only 2c. If they can sell KUE at more than 4x the book value ... i' m hoping that they can also fetch Guggenheim share at 2x (or if we use the AUM multiples of 2.5% .... it can fetch 3x the BV). However, this is just based on my assumption as the official BV of K1 is around 0.48.

nuthing03 ( Date: 08-Jun-2017 00:32) Posted:

Yes, there is a cost in converting warrants, from what I have learnt in sch. After funding the conversion using PS, the FV doesn' t change much according to your AUM multiple valuation. Appreciate others' views on this.

I have an alternative thought about it but it doesn' t solve the valuation of Guggenheim. k1 has the right to require Guggenheim to repurchase all or any portion of the Warrants at their fair market value on the sixth anniversary of issuance, thus k1 need not convert its warrant. Guggenheim will not suffer unnecessary diluation. Their proceeds will thus be the fair market value which is a black box.

nngeeh ( Date: 31-May-2017 22:49) Posted:

I interpreted that even after warrant conversion.... the total ownership will still be less than 5%. My question is that there is a cost to convert the warrant.... should we consider this conversion cost to derive the share price of K1?

The total interest of less than 5% ( or close to 5%) is inclusive of 250k, 11.1M (after warrant conversion), and 1.85m.

In order to convert, K1 needs another approximate USD$100M to convert the warrants .... are they assuming using the preferred share (par value of $100M) to fund the conversion in their calculation?

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I interpreted that even after warrant conversion.... the total ownership will still be less than 5%. My question is that there is a cost to convert the warrant.... should we consider this conversion cost to derive the share price of K1?

The total interest of less than 5% ( or close to 5%) is inclusive of 250k, 11.1M (after warrant conversion), and 1.85m.

In order to convert, K1 needs another approximate USD$100M to convert the warrants .... are they assuming using the preferred share (par value of $100M) to fund the conversion in their calculation?

nuthing03 ( Date: 31-May-2017 21:44) Posted:

yawnyawn Wrote: At yesterday' s EGM, Jeffrey Safchik revealed that k1 owns more than 5% of Guggenheim initially and after some dilution over the years, the stake is below 5% and pretty close to 5% after adding in the converted warrants.

To nngeeh , the ownership will be less than 5% if they dont convert the warrants.

The stake (5%) -> think there is flaw in my post yesterday. 5% is approximately equal to 250k common units + converted warrants (We didn' t know its conversion ratio) + 1.85m common units (which is < 1% of full diluted basis)(unsure if we have to add this component)?

nuthing03 ( Date: 31-May-2017 03:37) Posted:

Seems like my earlier draft of below post was not posted.
PG53 of AR16 has shown the breakdown of Guggenheim.

Unquoted equity investments, at cost $8,066k, (containts KUE and 250,000 Guggenheim common share)
Held-to-maturity financial assets, at amortised cost $126,630k (should be worth par value when redeemed) (Seems like common shares and warrants' s cost is 0)
Warrants $12,108k (not sure why it is worth that low)

The warrants can either be converted to common shares or repurchased by Guggenheim. If it was converted or repurchased, Company has the right to receive the Additional Guggenheim Units (AR16: " k1 retains the right to receive an additional 1.85 million Common Units upon either a repurchase or redemption of the Warrants. " , Circular: " being less than one per cent. of the total common units in the capital of Guggenheim on a fully diluted basis" )

So, if Jeffery Safchik said their stake was very close to 5 percent, i supposed it doesnt include their preference share and only ordinary shares. It doesn' t reconcile with 250,000 common units (4%!?) and 1.85 million common units (< 1%) if we are to based it purely by number of units.

Guys, correct me if i am wrong. Btw, I dont think we can use group cash as valuation since KUE' s cash will have been included inside in the group cash. (though it is immaterial as compared to Guggenheim). Getting the valuation of Guggenheim approximately right is the key to k1 valuation.

x 0

Hi Bro,

You are right. I forgot to convert it to SGD. If you convert it using exchange rate of 1.4, it' ll be close to 1.05/ share. However, we have not included the cost of warrant conversion of $9/ warrant. If you convert at $9/ warrant, 11,111,111 will cost around USD 100M ... which works out to be around SGD $0.32/ share.

If there many Guggenheim common shares today, and if you average out with the estimated value of 2.5% of $260B, and the unit price of the common share is below $9 ... the warrant will be worthless (unless they calculate the premium as i believe the expiry is 3 years later). I have other questions:

- The circular states the ownership is less than 5%. Does K1 need to pump in another $100M to convert the warrant into common shares to make up this 5%? Do we need to include the cost of 0.32/share in our calculation?
- What is the exact number of Guggenheim shares today? Without this information, we won' t be able to estimate the share price of Guggenheim share ... and won' t know if it make sense for K1 venture to convert it as part of the calculation. If they don' t convert (because the current estimated share price is less than $9), will the ownership still be 5%?

Quant27 ( Date: 30-May-2017 08:20) Posted:

Nngeeh,

That is a good alternative way of valuing K1. The downside of the method that i suggest is that preferred shares are not really valued as per common stock. However the warrants that they have will provide a good upside kick given the increase in AUM of Guggenheim. Another issue is that dilution may have occured from 2011 to 2017. Your valuation method is contingent on knowing with some accuracy their ownership stake for Guggenheim and the multiple of AUM with which to value the business. The circular states that ownership in Guggenheim is less than 5 percent. Fortunately according to the valuebuddies thread Jeffery Safchik in the AGM did say that their stake was very close to 5 percent. Now what is the multiple that we should use to arrive at a valuation of Guggenheim. Jeffery did also say that guggenheim was a well run company. Does that also mean that it deserves a higher AUM multiple when it comes to valuation? Given that market cap multiple of fund houses ranges from 2.5 to 7 percent, your 2.5 percent of AUM seems conservative. My guess is that 3.5 percent of AUM is not too far off the mark.

If that is true then the value of the K1 is at least 1.39*260000000000*0.05*0.035/433123585 = 1.46. Alternatively if you assume a 2.5 percent of AUM multiple then the value of K1 is at least 1.39*260000000000*0.05*0.025/433123585 = 1.04. So even without considering the KUE valuation this already provides a return of at least 70 percent relative to current prices.

PS:I think you may have forgotten to multiply by the USD/SGD exchange rate when deriving your S$0.75/share number.

nngeeh ( Date: 27-May-2017 23:46) Posted:

Hi Bro,

I looked thru the announcement again and I don' t think you can extrapolate the figures based on Guggenheim' s AUM values.

In 2011, K1 invested 100M on 100,000 preferred units (7% coupon) that comes free detachable 11,111,111 warrants. In 2012 financial report, they mentioned they received a further 250,000 common units. As Guggenheim is not a public list company, we do not know the actual total number of Guggenheim' s common shares and the values of these common shares.

If we cast aside the values of common shares and warrants... and just focus on preferred shares... the net values will the par value of $100M + 7% annual coupon. If you look at the preferred shares of Hyflux or Genting... the value doesn' t appreciate like the common shares. Even if the AUM of Guggenheim has grew from $80b to $260b, the values of the preferred shares will still be par values + interest. It won' t translate into 3x (260/80)... the value of preferred shares will remain the same + the potential coupon. Surprisingly, in the EGM circular on page 9 ...the projected book value is USD 101M.. which is almost the par value of the preferred shares. It seems that they ignore the value of common shares and warrants. Is anyone aware on whether the preferred share is convertible or non convertible?

The main question now is how to determine the value of 250,00 common shares and 11,111,111 warrant? On page 7 of the circular, it is mentioned below that their investment is equivalent to around 5% of capital... is the capital here referred as 5% of the total shares of Guggenheim?

* In addition, the Company has the right to receive the Additional Guggenheim Units (being less than one per cent. of the total common units in the capital of Guggenheim on a fully diluted basis, and when combined with the Guggenheim Interests, less than five per cent of the capital of Guggenheim on a fully diluted basis) on the Repurchase Date

If this 5% is referred to as the number of shares... then... we could use the standard calculation using AUM values. The market cap of fund house is normally around 2.5-7% of the AUM values. As Guggenheim manages around $260B, 2.5% is around $6.5B. If K1 owns 5%... the estimated values should be USD$325M. This is equivalent to SGD$0.75/share. The KUE worthy around SGD$0.0159 per share and cash worths SGD$0.0577 per share. This translate into SGD of $0.82 per share.

This estimate is dependent on whether K1 will get 5% equivalent of Guggenheim market cap and the value is based on 2.5% of AUM values. If they use

Appreciate if anyone can help to provide your view

x 0

I thought the fy eps is 3.16c? Based on the current share price, the PE is less than 1.

dyingcat ( Date: 29-May-2017 10:19) Posted:

Entered this morning at 0.027. Believe it will break 0.03 today, as its FY2017 result out and EPS is 0.026.

x 0

Hi Bro,

I looked thru the announcement again and I don' t think you can extrapolate the figures based on Guggenheim' s AUM values.

In 2011, K1 invested 100M on 100,000 preferred units (7% coupon) that comes free detachable 11,111,111 warrants. In 2012 financial report, they mentioned they received a further 250,000 common units. As Guggenheim is not a public list company, we do not know the actual total number of Guggenheim' s common shares and the values of these common shares.

If we cast aside the values of common shares and warrants... and just focus on preferred shares... the net values will the par value of $100M + 7% annual coupon. If you look at the preferred shares of Hyflux or Genting... the value doesn' t appreciate like the common shares. Even if the AUM of Guggenheim has grew from $80b to $260b, the values of the preferred shares will still be par values + interest. It won' t translate into 3x (260/80)... the value of preferred shares will remain the same + the potential coupon. Surprisingly, in the EGM circular on page 9 ...the projected book value is USD 101M.. which is almost the par value of the preferred shares. It seems that they ignore the value of common shares and warrants. Is anyone aware on whether the preferred share is convertible or non convertible?

The main question now is how to determine the value of 250,00 common shares and 11,111,111 warrant? On page 7 of the circular, it is mentioned below that their investment is equivalent to around 5% of capital... is the capital here referred as 5% of the total shares of Guggenheim?

* In addition, the Company has the right to receive the Additional Guggenheim Units (being less than one per cent. of the total common units in the capital of Guggenheim on a fully diluted basis, and when combined with the Guggenheim Interests, less than five per cent of the capital of Guggenheim on a fully diluted basis) on the Repurchase Date

If this 5% is referred to as the number of shares... then... we could use the standard calculation using AUM values. The market cap of fund house is normally around 2.5-7% of the AUM values. As Guggenheim manages around $260B, 2.5% is around $6.5B. If K1 owns 5%... the estimated values should be USD$325M. This is equivalent to SGD$0.75/share. The KUE worthy around SGD$0.0159 per share and cash worths SGD$0.0577 per share. This translate into SGD of $0.82 per share.

This estimate is dependent on whether K1 will get 5% equivalent of Guggenheim market cap and the value is based on 2.5% of AUM values. If they use

Appreciate if anyone can help to provide your view.

Quant27 ( Date: 24-May-2017 22:22) Posted:

The market clearly does not understand how valuable guggenheim partners is. According to this website, the Guggenheim partners more than doubled their assets under management (AUM) from end 2010 to march 2012. It states that their AUM on march 2012 is US$160 bn which means that they had at most US$80 bn at the end of 2010.

http://www.chicagobusiness.com/article/20120804/ISSUE01/308049976/baseball-business-and-bones-are-signs-of-guggenheims-growth

Now, Guggenheim' s AUM is now at least US$ 260 billion (see https://www.guggenheimpartners.com/firm/) which means that

conservatively the US$100m stake bought in June 2011 is at least US$100*(260/80)m = US$325m (assuming that firm value is proportionate to AUM and that the AUM is close to 80m in June 2011)

This means that the value of K1 shares is at least S$ 1.39*325/433.128535 = S$ 1.04 (since there are 433.128535 million shares outstanding for K1) which translates to a return of 72 percent at the current price of S$0.605 per share!

Indeed i think that Guggenheim' s AUM should be at least US$ 300 bn which means that the fair value of K1 is S$1.20.

x 0

Agreed.

DoChun ( Date: 25-May-2017 10:42) Posted:

Share price is falling is a good sign..
show " someone" are interested

x 0

There was a capital reduction in Nov 16. Will hope that after the potential disposal of Knowledge Universe Education (KUE) which consists mainly of cash and properties .... they will do another capital distribution.

The main shareholder is keppel ... Ah Gong' s company. Should be quite safe :)

x 0

Furthermore, they are in the advance stage for disposal of Knowledge Universe Education (KUE). There could be cash coming back after the disposal .... I believe BB is pushing down to collect. Just like Imperium clown .... when they announce intention to dispose the properties in Japan ... the share price tank to below 0.07 ... but eventually ... shot back to 0.12+.

nngeeh ( Date: 25-May-2017 09:24) Posted:

Bro, Thanks for the tips. I just checked K1 venture' s website, and it is still stated that Guggenheim is part of their current principal investments which the portpolio has grew over the past few years. Just went in this morning.

Quant27 ( Date: 24-May-2017 22:22) Posted:

The market clearly does not understand how valuable guggenheim partners is. According to this website, the Guggenheim partners more than doubled their assets under management (AUM) from end 2010 to march 2012. It states that their AUM on march 2012 is US$160 bn which means that they had at most US$80 bn at the end of 2010.

http://www.chicagobusiness.com/article/20120804/ISSUE01/308049976/baseball-business-and-bones-are-signs-of-guggenheims-growth

Now, Guggenheim' s AUM is now at least US$ 260 billion (see https://www.guggenheimpartners.com/firm/) which means that

conservatively the US$100m stake bought in June 2011 is at least US$100*(260/80)m = US$325m (assuming that firm value is proportionate to AUM and that the AUM is close to 80m in June 2011)

This means that the value of K1 shares is at least S$ 1.39*325/433.128535 = S$ 1.04 (since there are 433.128535 million shares outstanding for K1) which translates to a return of 72 percent at the current price of S$0.605 per share!

Indeed i think that Guggenheim' s AUM should be at least US$ 300 bn which means that the fair value of K1 is S$1.20.

x 0

Bro, Thanks for the tips. I just checked K1 venture' s website, and it is still stated that Guggenheim is part of their current principal investments which the portpolio has grew over the past few years. Just went in this morning.

Quant27 ( Date: 24-May-2017 22:22) Posted:

The market clearly does not understand how valuable guggenheim partners is. According to this website, the Guggenheim partners more than doubled their assets under management (AUM) from end 2010 to march 2012. It states that their AUM on march 2012 is US$160 bn which means that they had at most US$80 bn at the end of 2010.

http://www.chicagobusiness.com/article/20120804/ISSUE01/308049976/baseball-business-and-bones-are-signs-of-guggenheims-growth

Now, Guggenheim' s AUM is now at least US$ 260 billion (see https://www.guggenheimpartners.com/firm/) which means that

conservatively the US$100m stake bought in June 2011 is at least US$100*(260/80)m = US$325m (assuming that firm value is proportionate to AUM and that the AUM is close to 80m in June 2011)

This means that the value of K1 shares is at least S$ 1.39*325/433.128535 = S$ 1.04 (since there are 433.128535 million shares outstanding for K1) which translates to a return of 72 percent at the current price of S$0.605 per share!

Indeed i think that Guggenheim' s AUM should be at least US$ 300 bn which means that the fair value of K1 is S$1.20.

x 0

BB is really good. Because not much interest in this counter, BB is able to keep pushing it lower even though the cash per share is $0.098 per share with very little debt. Let' s see how low they can push ... interesting. Since they have done all the work .... we shouldn' t waste their effort. keen to add more.

x 0

Sorry, typo .... 9M profit is 50M RMB which is around 10M SGD (not 20M).

nngeeh ( Date: 09-May-2017 14:45) Posted:

The price now is equivalent to their total cash on hand ... and this doesn' t even include the actual business. The value of their cash is 0.097 (which is the current share price) and other assets is worth another 0.2+ .... If 9months, they can generate $20M profit ... the FY result should be good.

nngeeh ( Date: 09-May-2017 14:37) Posted:

Just vested. 9 mths - profit ard $20M SGD. Debt just $2M SGD. NAV - $0.30 SGD, Cash - $24M ... which works out to be around $0.0957 per share.

P/B is 0.3, Cash is $0.0957 and PE is near to 1. The FY result is due soon.

If BB push lower, i wil grab more :)

x 0

The price now is equivalent to their total cash on hand ... and this doesn' t even include the actual business. The value of their cash is 0.097 (which is the current share price) and other assets is worth another 0.2+ .... If 9months, they can generate $20M profit ... the FY result should be good.

nngeeh ( Date: 09-May-2017 14:37) Posted:

Just vested. 9 mths - profit ard $20M SGD. Debt just $2M SGD. NAV - $0.30 SGD, Cash - $24M ... which works out to be around $0.0957 per share.

P/B is 0.3, Cash is $0.0957 and PE is near to 1. The FY result is due soon.

If BB push lower, i wil grab more :)

x 0

Just vested. 9 mths - profit ard $20M SGD. Debt just $2M SGD. NAV - $0.30 SGD, Cash - $24M ... which works out to be around $0.0957 per share.

P/B is 0.3, Cash is $0.0957 and PE is near to 1. The FY result is due soon.

If BB push lower, i wil grab more :)

x 0

This is a 5 years warrant, and normally, there will be adjustment to the exercise price and quantity whenever they distribute the dividend. To me, as long as the share price stays above the exercise price of 0.25 ..... over the years, the exercise price will normally be adjusted (i couldn' t confirm as i couldn' t find the OLS for this warrant).

Technically, i won' t lose out comparing with the actual shareholders if they distribute dividend (if there is adjustment), and i' m buying at a fraction of the share price, but if the share price goes up 0.01c (ard 3% for normal shares), the warrant will go up 100%. If the share price drop by more than 0.01, the maximum lost for warrant holders will be 0.009. With just $900 (100 Lots of warrant), i' m buying the potential gain similar to 100 Lots of mother share which cost $25.5K. But i enjoy the same gain as mother, but risk only $900 if the mother drops drastically.

tankookoo ( Date: 05-May-2017 18:13) Posted:

company need to do something to spur the price..

nngeeh ( Date: 05-May-2017 18:09) Posted:

Bought some to punt.