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RoundRound Elite	31-Jul-2014 08:59        RoundRound About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Tikam Tikam can also"
x 0   x 0  Alert Admin	Bro, not as simple as you mentioned. If the rights issue money raised is used for business expansion and the new business is generating good return, that is very positive. BUT if the money raised is used to par down huge debts and on working capital, then it is a bad thing. It is similar to shareholders paying the management to burn money, or worse, throwing money into a black hole counter      ( Date: 31-Jul-2014 08:29) Posted: In the event of rights issue, as the number of shares will increase, the value of assets will also rise due to the cash raised. As the rights will  only be issued to the existing  shareholders, it what ways will they be adversely affected?
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counter Veteran	31-Jul-2014 08:29        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	In the event of rights issue, as the number of shares will increase, the value of assets will also rise due to the cash raised. As the rights will  only be issued to the existing  shareholders, it what ways will they be adversely affected?
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spore1 Supreme	31-Jul-2014 08:26        spore1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	more likely is option no.1   Lucky03      ( Date: 31-Jul-2014 07:53) Posted: I believe we will have more clarity of any significant corporate movements after Q2 result is released. There can be any one of combination of the following scenarios : 1. NOL continues to focus in business as usual on cost cutting and retiring of the more expensive chartered ships and push out aggressive to increase utilization rate for those new vessels added to its fleet and expand G6 network. Depending on its balance sheet, cash flow and cash contribution from operating activities, we will see if NOL indeed needs to make another cash call, refinance its debts or issues new bonds which will probably be guaranteed by Tamasek. 2. Hapag makes its moves to make an offer to acquire NOL. Depending on its own IPO progress, it may or may not continue to list NOL. That also depends if it had managed to hit the threshold to require it to make a general offer to buy up all remaining shares. Alternatively, it will be a merger through share swap but that will require an EOGM to approve any such proposition. 3. Tamesek decides that it is better for them to take NOL private by making an offer to the 33% that they are not already owning. Tamasek can then have more flexibility and control to carry out major restructuring including possible disposal of some assets to realise NOL's intrinsic value and to make it more lean and then assess if it will relist it in the future. Well, it is only 7 days from the announcement of the Q2 result. May be interesting to put a vote :)
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Lucky03 Elite	31-Jul-2014 07:53        Lucky03 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I believe we will have more clarity of any significant corporate movements after Q2 result is released. There can be any one of combination of the following scenarios : 1. NOL continues to focus in business as usual on cost cutting and retiring of the more expensive chartered ships and push out aggressive to increase utilization rate for those new vessels added to its fleet and expand G6 network. Depending on its balance sheet, cash flow and cash contribution from operating activities, we will see if NOL indeed needs to make another cash call, refinance its debts or issues new bonds which will probably be guaranteed by Tamasek. 2. Hapag makes its moves to make an offer to acquire NOL. Depending on its own IPO progress, it may or may not continue to list NOL. That also depends if it had managed to hit the threshold to require it to make a general offer to buy up all remaining shares. Alternatively, it will be a merger through share swap but that will require an EOGM to approve any such proposition. 3. Tamesek decides that it is better for them to take NOL private by making an offer to the 33% that they are not already owning. Tamasek can then have more flexibility and control to carry out major restructuring including possible disposal of some assets to realise NOL's intrinsic value and to make it more lean and then assess if it will relist it in the future. Well, it is only 7 days from the announcement of the Q2 result. May be interesting to put a vote :)
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counter Veteran	30-Jul-2014 22:42        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	The US economy bounces back in the second quarter. http://www.reuters.com/article/2014/07/30/us-usa-economy-idUSKBN0FZ09P20140730
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counter Veteran	30-Jul-2014 18:50        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Btw, NOL has also been trying to reinvent itself over the last 2.5 years.
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counter Veteran	30-Jul-2014 18:48        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	You are right indeed. NOL is struggling. Freight charges are depressed. But revenue is a function of price and quantity.  In the case of shipping, although the price is depressed, the quantity is rising. Let us hope this will be reflected on the Q2 result. As for now, nobody can say for sure whether that will happen. Qanghoo      ( Date: 30-Jul-2014 18:40) Posted: But 50 yrs on, has the co. outlived its strategic purpose?  In the earlyr yrs of independence and economic development, the govt had to introduce many economic  initiatives and build the engines for growth.  Other state giants include the Development Bank of Singapore, Keppel Shipyard.  and Sembawang Shipyard.  While most of them have successfully reinvented themselves, sadly, NOL is struggling, partly because of the oversupply situation with no foreseeable end in sight yet.
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famouspinky Supreme	30-Jul-2014 18:40        famouspinky About Contact  Quote this Post!
x 0   x 0  Alert Admin	Many people r still ignorant about this fact.LKY mentioned that we will be paupers if we continue to behave in this manner.. Consume and consume..and no export, we will be dead.the lambo owners hav super deep pockets.. Mostly with global connection and homes all ard the world. Normal wage earners? counter      ( Date: 30-Jul-2014 18:30) Posted: Yes, for  export purpose. Yes, it is now still the same. The Singapore government does not own the foreign shipping lines. The world has indeed changed dramatically but many facts have not and will not change. earlybird14      ( Date: 30-Jul-2014 17:30) Posted: Export purpose? now still the same? Singapore almost got all container shipping lines set up their branch here. world is changed.
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Qanghoo Supreme	30-Jul-2014 18:40        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	But 50 yrs on, has the co. outlived its strategic purpose?  In the earlyr yrs of independence and economic development, the govt had to introduce many economic  initiatives and build the engines for growth.  Other state giants include the Development Bank of Singapore, Keppel Shipyard.  and Sembawang Shipyard.  While most of them have successfully reinvented themselves, sadly, NOL is struggling, partly because of the oversupply situation with no foreseeable end in sight yet.
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counter Veteran	30-Jul-2014 18:30        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Yes, for  export purpose. Yes, it is now still the same. The Singapore government does not own the foreign shipping lines. The world has indeed changed dramatically but many facts have not and will not change. earlybird14      ( Date: 30-Jul-2014 17:30) Posted: Export purpose? now still the same? Singapore almost got all container shipping lines set up their branch here. world is changed. counter      ( Date: 30-Jul-2014 15:54) Posted: The purpose of starting NOL was to support the export-driven growth strategy. As an export-dependent economy, it is undesirable for the exports sector to be totally dependent on foreign shipping compaines. You have distorted facts too far.
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earlybird14 Supreme	30-Jul-2014 17:30        earlybird14 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Export purpose? now still the same? Singapore almost got all container shipping lines set up their branch here. world is changed. counter      ( Date: 30-Jul-2014 15:54) Posted: The purpose of starting NOL was to support the export-driven growth strategy. As an export-dependent economy, it is undesirable for the exports sector to be totally dependent on foreign shipping compaines. You have distorted facts too far. earlybird14      ( Date: 30-Jul-2014 15:30) Posted: Purpose of NOL set up was same as Chartered Semi Conductor set up to attract related foreign business parties to  set up regional office in Singapore. If NOL and Chartered Semicon can perform as well as keppel, Sembcorp and other business units under Temasek which are market leaders, Temasek will be happy to support NOL continually. Unfortunately both of them are loser. APL contribute almost all revenue to NOL but APL is still a US company and main operation is still in US.  Compared to NOL, PIL is more important to Singapore.
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counter Veteran	30-Jul-2014 15:54        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	The purpose of starting NOL was to support the export-driven growth strategy. As an export-dependent economy, it is undesirable for the exports sector to be totally dependent on foreign shipping compaines. You have distorted facts too far. earlybird14      ( Date: 30-Jul-2014 15:30) Posted: Purpose of NOL set up was same as Chartered Semi Conductor set up to attract related foreign business parties to  set up regional office in Singapore. If NOL and Chartered Semicon can perform as well as keppel, Sembcorp and other business units under Temasek which are market leaders, Temasek will be happy to support NOL continually. Unfortunately both of them are loser. APL contribute almost all revenue to NOL but APL is still a US company and main operation is still in US.  Compared to NOL, PIL is more important to Singapore.   counter      ( Date: 30-Jul-2014 15:09) Posted: Or maybe you would like to tell us why you think that NOL is less important to the Singapore than 20 years ago.
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famouspinky Supreme	30-Jul-2014 15:49        famouspinky About Contact  Quote this Post!
x 0   x 0  Alert Admin	U r super funny on accounting principles. earlybird14      ( Date: 30-Jul-2014 15:30) Posted: Purpose of NOL set up was same as Chartered Semi Conductor set up to attract related foreign business parties to  set up regional office in Singapore. If NOL and Chartered Semicon can perform as well as keppel, Sembcorp and other business units under Temasek which are market leaders, Temasek will be happy to support NOL continually. Unfortunately both of them are loser. APL contribute almost all revenue to NOL but APL is still a US company and main operation is still in US.  Compared to NOL, PIL is more important to Singapore.   counter      ( Date: 30-Jul-2014 15:09) Posted: Or maybe you would like to tell us why you think that NOL is less important to the Singapore than 20 years ago.
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counter Veteran	30-Jul-2014 15:48        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	The purpose of starting NOL by the Singapore government is to attract foreign business parties!!! Are you kidding us? earlybird14      ( Date: 30-Jul-2014 15:30) Posted: Purpose of NOL set up was same as Chartered Semi Conductor set up to attract related foreign business parties to  set up regional office in Singapore. If NOL and Chartered Semicon can perform as well as keppel, Sembcorp and other business units under Temasek which are market leaders, Temasek will be happy to support NOL continually. Unfortunately both of them are loser. APL contribute almost all revenue to NOL but APL is still a US company and main operation is still in US.  Compared to NOL, PIL is more important to Singapore.   counter      ( Date: 30-Jul-2014 15:09) Posted: Or maybe you would like to tell us why you think that NOL is less important to the Singapore than 20 years ago.
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earlybird14 Supreme	30-Jul-2014 15:30        earlybird14 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Purpose of NOL set up was same as Chartered Semi Conductor set up to attract related foreign business parties to  set up regional office in Singapore. If NOL and Chartered Semicon can perform as well as keppel, Sembcorp and other business units under Temasek which are market leaders, Temasek will be happy to support NOL continually. Unfortunately both of them are loser. APL contribute almost all revenue to NOL but APL is still a US company and main operation is still in US.  Compared to NOL, PIL is more important to Singapore.   counter      ( Date: 30-Jul-2014 15:09) Posted: Or maybe you would like to tell us why you think that NOL is less important to the Singapore than 20 years ago.
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counter Veteran	30-Jul-2014 15:09        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Or maybe you would like to tell us why you think that NOL is less important to the Singapore than 20 years ago.
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counter Veteran	30-Jul-2014 15:06        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	I can provide  reasons why NOL is as important to the Singapore economy today as it was in the past. But I reckon that given your refusal to consider the developmental and circumstantial factors when presenting your points in an attempt to make NOL  appear much worse than it actually is, it will be a total waste of time to do so. earlybird14      ( Date: 30-Jul-2014 14:47) Posted: Yes, very important 20 to 30 years ago. counter      ( Date: 30-Jul-2014 14:38) Posted: Besides, the fact that the Singapore government started NOL to support and develop the Singapore economy tells you that it is deemed important to the economy. It does not take a genius to under that, does it.
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earlybird14 Supreme	30-Jul-2014 14:47        earlybird14 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Yes, very important 20 to 30 years ago. counter      ( Date: 30-Jul-2014 14:38) Posted: Besides, the fact that the Singapore government started NOL to support and develop the Singapore economy tells you that it is deemed important to the economy. It does not take a genius to under that, does it.
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counter Veteran	30-Jul-2014 14:38        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Besides, the fact that the Singapore government started NOL to support and develop the Singapore economy tells you that it is deemed important to the economy. It does not take a genius to under that, does it.
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counter Veteran	30-Jul-2014 14:30        counter About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	You have got it wrong again. NOL was not started by the Singapore government to create jobs for Singaporeans. It was started to support Singapore's export-driven growth strategy. earlybird14      ( Date: 30-Jul-2014 08:56) Posted: Temasek shall consider to acquire those offshore company like swiber, ezra, ezion and etc instead of NOL. The amount of singaporean employed by anyone of this company are more than NOL. NOL is just another company in Temasek old portfolio like Chartered Semi Con which is required to be consolidated by the market. The foreign content of NOL is huge and APL is running her headquarter in US. Singapore require PSA instead of NOL, just a merely 2.3% shipping market share, the contribution from NOL to Singapore is very tiny. To you, all these may be mistake. However it can be a reference for others. For the time being, NOL need cash and chance of privatization is low, cash call become compulsory, dilution is coming. Merging with Hapaq is definitely a good solution, will Temasek consider to be the major share holder? This chance may be higher but it will not be so fast since Hapaq just merged with CSAV and is busy with their IPO. In short term, this will not be a solution. counter      ( Date: 29-Jul-2014 18:28) Posted: You keep making the same mistake again and again. NOL is not just another investment in Temasek' s portfolio.  Indeed, NOL was started in 1968 by the Singapore  Government in an effort to developed and support Singapore' s economy. It was not set up  with the primary objective of  making profit. Indeed, in contrast to your ' view' , I think that privatisation is likely.
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