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volvo125 Master	15-Aug-2025 13:19        volvo125 About Contact  Quote this Post!
x 1   x 0  Alert Admin	Ok, guys, IR has just come back and confirmed the mgt will address the question during EGM. From 0.69 to 0.285 to today 1.06, it has been a damn wild roller-coaster ride in the past ~3 years for the many of us here who boarded the train since Apr 2022. For those who persisted and braved through the stormy ride, regardless all the fear mongering and all the naysayers bashing, the journey has emerged to be a very, very immensely rewarding one. Some of you here may wish to finally abort the train, 赚 够 了 , while some may wish to sail on with the new YFH/YMD chapter, 希 望 应 该 有 机 会 赚 的 更 多 . For me, I am still appraising my options. RenYL is a man of no nonsense and actions, and he almost always delivers, whether back then in YSB, or now in YFH, or in the future fronting YMD or in the background controlling the new YFH. So, renewing the ticket to board the YFH/YFM train seems a very sound option to me. Hope to see you guys in the EGM. xxxxx We really understand your concerns. The management team will address your questions during the EGM. xxxxx
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alanchee Senior	15-Aug-2025 12:41        alanchee About Contact  Quote this Post!
x 0   x 0  Alert Admin	That's anyone's guess. I just sold some at 1.05 stonkmaster      ( Date: 15-Aug-2025 07:49) Posted: i sold all my shares when hit 60 cents. now $1 still a good buy?
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volvo125 Master	15-Aug-2025 12:25        volvo125 About Contact  Quote this Post!
x 1   x 0  Alert Admin	IR has acknowledged receipt, now wait for Mgt to respond. If no response from Mgt through IR in the next one week, I will follow-up to seek a respond. Note that Mgt may choose to address the question during the EGM, regardless, IR should have been advised and in turn let us know the decision. xxxxxxx Than you very much, Zhou Yan. The issuance of the additional $250mil share and in turn resulting in a 20% dilution is alarming and unnerving to me, as well as to the investment community at large. What basis do this new "special" group of sophisticated investors have to warrant such a steep discount ? I hope my (our) interpretation to the clause is wrong. I look forward to hearing from the management on the clarification soonest. xxxxxx
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HVRRVH Elite	15-Aug-2025 10:32        HVRRVH About Contact  Quote this Post!
x 0   x 0  Alert Admin	Let' s wait for a resopnd from the company, it' s good to seek clarification though I do not think old Ren, who hold about 25% of the equity interest in YZJF and by extension, would hold the same percentage in YZJM post spin, would want to see his stake diluted by 20%. Based on the projected timeline provided by volvo125, if EGM passes all the 3 resolutions, we could see YZJM listed as soon as Oct or early Nov or even late Sep. With a current combined NAV of $1.11, those already holding YZJF would want to see market prices for YZJF and YZJM post spin to hit at least $1.11 combined. We won' t know how market will accord the values post spin but a good sign will be that YZJF' s price hit above or closer to NAV of $1.11 before spin off.
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Eyk3000 Senior	15-Aug-2025 09:28        Eyk3000 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thank you so much, volvo, for bringing up concerns on behalf of all retail investors. I share the same sentiment, this is indeed a matter of concern for me as well. It reminds me of the situation where YFH proposed selling treasury shares at a significant discount to selected " investors and senior employees" despite still holding substantial cash reserves that had yet to be deployed for better returns.  That move led to a sharp decline in the share price. While I understand the intention might have been to reward senior employees, there are alternative approaches, such as stock-based compensation, that would not have negatively impacted market perception or investor confidence in YZFs valuation.
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pkli899 Supreme	15-Aug-2025 09:11        pkli899 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thanks volvo125 for the initiative.
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stonkmaster Veteran	15-Aug-2025 07:49        stonkmaster About Contact  Quote this Post!
x 0   x 0  Alert Admin	i sold all my shares when hit 60 cents. now $1 still a good buy?
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ysh2006 Supreme	15-Aug-2025 05:09        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	If correct today is three weeks before EGM .....once receive next week start engine warming up loh...
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volvo125 Master	14-Aug-2025 22:30        volvo125 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Let me update the earlier timeline :- YSB/YFH 2022 spin off timeline (Reference) 29 Nov 2021 -    (A) 1st announcement on proposed spin off 24 Jan 2022 -        (B) SGX approval of submission (1 month 3 weeks from A) 27 Feb 2022 -      (C) FY21 result release (~1 month from B) 09 Mar 2022 -      (D) Circular release  (~2 weeks from C) 24 Mar 2022 -      (E) ETL (eligible to list) obtained (~2 weeks from D) 18 Apr 2022 -        (F)  EGM to seek Spin Off Approval (~3 weeks from E) , newly inserted, missed out earlier. 24 Apr 2022 -        (G) List (1 week from F) Total time taken from 29 Nov 2021 to 24 Apr 2022 &ndash 4 months 3 weeks   YFH/YMD 2025 spin off probable timeline (Taking YSB/YFH 2022 as reference) 27 Apr 2025 -    (A) 1st announcement on proposed spin-off - Done 02 Jul 2025 -        (B) SGX approval of submission (~2 months 1 week from A) - Done 12 Aug 2025 -      (C) FY21 result release (1 month 1 week from B) 12 Aug/Sep 2025 -      (D) Circular release  (same time as C) ? Sep/Oct 2025 -      (E) ETL (eligible to list) obtained (~? weeks from D) 4 Sep 2025 -    (F) EGM to seek Spin Off Approval (~? weeks from E) ? Sep/Oct/Nov 2025 -        (G) List (? weeks/month from F) YFH has yet to receive the ETL from SGX. Based on the previous YSB spin off reference, YSB received the ETL about 3 weeks before the EGM was convened. So the ETL could come in anytime from now till EGM. And it took just 1 week after EGM for YSB to spin off YFH. volvo125      ( Date: 14-Jul-2025 01:24) Posted: YSB/YFH 2022 spin off timeline (Reference) 29 Nov 2021 -    (A) 1st announcement on proposed spin off 24 Jan 2022 -        (B) SGX approval of submission (1 month 3 weeks from A) 27 Feb 2022 -      (C) FY21 result release (~1 month from B) 09 Mar 2022 -      (D) Circular release  (~2 weeks from C) 24 Mar 2022 -      (E) ETL (eligible to list) obtained (~2 weeks from D) 24 Apr 2022 -        (F) List (1 month from E) Total time taken from 29 Nov 2021 to 24 Apr 2022 &ndash 4 months 3 weeks   YFH/YMD 2025 spin off probable timeline (Taking YSB/YFH 2022 as reference) 27 Apr 2025 -    (A) 1st announcement on proposed spin-off - Done 02 Jul 2025 -        (B) SGX approval of submission (~2 months 1 week from A) - Done ? Aug 2025 -      (C) FY21 result release (? month from B) ? Aug/Sep 2025 -      (D) Circular release  (? weeks from C) ? Sep/Oct 2025 -      (E) ETL (eligible to list) obtained (~? weeks from D) ? Oct/Nov 2025 -        (F) List (1 month from E) I think the YFH/YMD spin off will complete within a 6~7month timeline by Oct~Nov, baring any unforeseen Black Swarn market shock in the months ahead.   (B) was decisively executed on 2 Jul, after the close of 1H25 on 30 Jun, likely implies that 1H25 result is Good or at least Not Bad to support the ongoing spin off initiative mood. This is my speculation, and I could be wrong, but I think it is a reasonable assumption because a sub-par 1H25 will negatively impact on the spin off valuation appraisal and will almost certain to derail a supposedly intended positive spin off outcome for both the new listed entities. (C) should follow shortly after 1H25 release, with the Circular detailing the new capital structures and revenues/earnings projections for both the Legacy and new spin off coy. I have given some thoughts on the probable capital structures of YFH and YMD but I have little clue on how to appraise YMD on its earning trajectory. I will pen my thoughts on these later if I find time to organize my analysis.   Meanwhile, Sit tight with a solid seat belt and expect all the fear mongering and brutal rinising.
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volvo125 Master	14-Aug-2025 17:41        volvo125 About Contact  Quote this Post!
x 2   x 0  Alert Admin	I will share in this thread if the mgt does reply. The mgt may choose to reply or address this question during the EGM, I'm not sure.
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volvo125 Master	14-Aug-2025 17:37        volvo125 About Contact  Quote this Post!
x 2   x 0  Alert Admin	YZJF Circular dated 12Aug 1 message Thu, 14 Aug 2025 at 5:34  pm To: Zhou Yan , [email protected] Hi PR of YZJF, I hold shares in YZJF and I have a question for the management. xxxxxxx  as at the Latest Practicable Date, the Company envisages that based on an amount of up to S$250 million to be raised from the Proposed Placement, it will result in a percentage reduction of 20.0% or more of the Company&rsquo s equity interest in YZJ Maritime, under Rule 805(2)(b) xxxxx Regardless how I read the above, this 20% dilution is  attributed to the additional proposed placement $250m and the impact will result in YFM, not due to the YFH/YFM capital reduction exercise. It seems to me that the issuance of this $250m to these new group of so called "sophisticated" investors (AI and Institution Investors) will cause a 20% dilution to all the existing shareholders due to the final enlarged share base value (~$2B + $250m) = ~$2250m. Just a quick crude workout. The post spin off original base is ~$2000m. If the new placement increase the value by $500m to $2500m, then the original group of shareholders will see their ownership become 2000/2500 = 80%, or their ownership are diluted by 20%. However, the share placement is only $250m, not $500m, yet can impact a 20% dilution. So does it mean that this new shares are going to be issued at a steep 50% discount ?  Could the management kindly enlighten me on the above ? If my interpretation is correct, then I think it is a very unfair deal for the existing shareholders. I look forward to hearing from the management soon.
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HVRRVH Elite	14-Aug-2025 17:09        HVRRVH About Contact  Quote this Post!
x 0   x 0  Alert Admin	volvo125      ( Date: 14-Aug-2025 17:01) Posted: No I don't, I just emailed the PR listed inside the announcement release.
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pkli899 Supreme	14-Aug-2025 17:02        pkli899 About Contact  Quote this Post!
x 0   x 0  Alert Admin	This was my initial interpretation too.  I actually see some deliberate actions to keep price in check at the moment. To new investors advantage as lousy price means lower placement price. volvo125      ( Date: 14-Aug-2025 16:49) Posted: xxxxxxx as at the Latest Practicable Date, the Company envisages that based on an amount of up to S$250 million to be raised from the Proposed Placement, it will result in a percentage reduction of 20.0% or more of the Company&rsquo s equity interest in YZJ Maritime, under Rule 805(2)(b) xxxxx Haiz ..... i think my English really cannot make it. Regardless how I read the above, this 20% dilution is still attributed to the additional proposed placement $250m and the impact will result in YFM. It still seems to me that the issuance of this $250m to the new shareholders will cause a 20% dilution to all the existing shareholders due to the final enlarged share base value (~$2B + $250m) = $2250m. Just a quick crude workout. The post spin off original base is ~$2000m. If the new placement increase the value by $500m to $2500m, then the original group of shareholders will see their ownership become 2000/2500 = 80%, or their ownership are diluted by 20%. However, the share placement is only $250m, not $500m, yet can impact a 20% dilution. So does it mean this mean this new shares are going to be issued at a steep 50% discount ? I think I need to re-take my GCE O level English again to really interpret the above statement ....
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volvo125 Master	14-Aug-2025 17:01        volvo125 About Contact  Quote this Post!
x 0   x 0  Alert Admin	No I don't, I just emailed the PR listed inside the announcement release.
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HVRRVH Elite	14-Aug-2025 16:57        HVRRVH About Contact  Quote this Post!
x 0   x 0  Alert Admin	Your calculation is right if based on 20% dilution and yes, the discount is 50% to NAV! I done the calculation too and I do not think why would the company give 50% discount to a handful of institutional investors and AIs to the detriment of existing holders? More probably explanation is since they are doing placement concurrently with YZJM distribution and the main YZJF will have 0% equity interest post the concurrent distribution and placement, they are obliged to seek shareholders approval since 0% from 100% has breached the threashold of more than 20% dilution. Do you have a com line established already with YZJF, perhpas can fire them the question lol. volvo125      ( Date: 14-Aug-2025 16:49) Posted: xxxxxxx as at the Latest Practicable Date, the Company envisages that based on an amount of up to S$250 million to be raised from the Proposed Placement, it will result in a percentage reduction of 20.0% or more of the Company&rsquo s equity interest in YZJ Maritime, under Rule 805(2)(b) xxxxx Haiz ..... i think my English really cannot make it. Regardless how I read the above, this 20% dilution is still attributed to the additional proposed placement $250m and the impact will result in YFM. It still seems to me that the issuance of this $250m to the new shareholders will cause a 20% dilution to all the existing shareholders due to the final enlarged share base value (~$2B + $250m) = $2250m. Just a quick crude workout. The post spin off original base is ~$2000m. If the new placement increase the value by $500m to $2500m, then the original group of shareholders will see their ownership become 2000/2500 = 80%, or their ownership are diluted by 20%. However, the share placement is only $250m, not $500m, yet can impact a 20% dilution. So does it mean this mean this new shares are going to be issued at a steep 50% discount ? I think I need to re-take my GCE O level English again to really interpret the above statement ....
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HVRRVH Elite	14-Aug-2025 16:49        HVRRVH About Contact  Quote this Post!
x 0   x 0  Alert Admin	yup only known factor is minimum $250m worth of placement. Anyway if any of the resolution not passed, the other 2 resolutions will not pass too. They are inter contigent on each others.  pasttime      ( Date: 14-Aug-2025 16:47) Posted: i will reject resolution number 2  as no price is mentioned per share or even indication of the placement price caluclation.  approving it is giving management blank cheque. what if the price is 1 cent.  then how? think they need to do more work and give a details.
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volvo125 Master	14-Aug-2025 16:49        volvo125 About Contact  Quote this Post!
x 0   x 0  Alert Admin	xxxxxxx as at the Latest Practicable Date, the Company envisages that based on an amount of up to S$250 million to be raised from the Proposed Placement, it will result in a percentage reduction of 20.0% or more of the Company&rsquo s equity interest in YZJ Maritime, under Rule 805(2)(b) xxxxx Haiz ..... i think my English really cannot make it. Regardless how I read the above, this 20% dilution is still attributed to the additional proposed placement $250m and the impact will result in YFM. It still seems to me that the issuance of this $250m to the new shareholders will cause a 20% dilution to all the existing shareholders due to the final enlarged share base value (~$2B + $250m) = $2250m. Just a quick crude workout. The post spin off original base is ~$2000m. If the new placement increase the value by $500m to $2500m, then the original group of shareholders will see their ownership become 2000/2500 = 80%, or their ownership are diluted by 20%. However, the share placement is only $250m, not $500m, yet can impact a 20% dilution. So does it mean this mean this new shares are going to be issued at a steep 50% discount ? I think I need to re-take my GCE O level English again to really interpret the above statement ....
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pkli899 Supreme	14-Aug-2025 16:48        pkli899 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Is not easy to place shares prior to listing. Unlike IPO where share price already predetermined. In this case, trading has not started, so placement has no price to base on. One possible way is based on NAV and give a slight discount to entice investors. This is to say, in order to raise $250m, some 400m over new units need to be issued (at roughly 60c per share with NAV estimated to be slightly above this price). In actual fact, NAV is less than 60c (maybe wrong). Hence, dilution of at least 10% is expected based on above scenario. I wonder why they want to raise this money so urgently (flush with cash currently)? They can do placement after the spinoff. With confidence so high, share price should then be at a premium to NAV. Assuming price went above 80c shortly after listing, do the placement then. They would be able to raise the same amount with at least 100m units less new shares issued.
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pasttime Supreme	14-Aug-2025 16:47        pasttime About Contact  Quote this Post!   Yells: "gold silver are real money. not others iou."
x 0   x 0  Alert Admin	i will reject resolution number 2  as no price is mentioned per share or even indication of the placement price caluclation.  approving it is giving management blank cheque. what if the price is 1 cent.  then how? think they need to do more work and give a details.
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pasttime Supreme	14-Aug-2025 16:27        pasttime About Contact  Quote this Post!   Yells: "gold silver are real money. not others iou."
x 0   x 0  Alert Admin	free free make a guess of placement price. 250m maybe give 321m shares that will be about about 77 cents per share. good number as it means soon soon. soon soon huat.
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