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FECB had inject few million to purchase Addvalue
PHInsider63
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01-Apr-2022 18:45     
 
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 Alert Admin 		Normally when news of this scale is out, BB will let market digest. Some actions should happen starting next week en route to Q1 review update.

As mentioned by better, I agree 95 should be the new support.
I don see it being breached unless some negative macro happens.
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chiachiawee
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01-Apr-2022 18:44     
 
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 Alert Admin 		Wow. I learned something here. That' s how a forum should serve the information-sharing purpose. Thanks for the presentation. cheers.

PHInsider63      ( Date: 01-Apr-2022 18:41) Posted:

Thanks for the book values info. The numbers are impt.
Based on my understanding and prior knowledge in doing merger, albeit at smaller scale, the following should happen.
As stated and reiterated by the latest announcement, a Common Entity will be formed (or a Newco).

Based on book value of:
KOM 2b
SM 4b
A plain vanilla merger model will be 66.7% (SM) and 33.3% (KOM).

Which means Newco will be formed by 66.7% of SM shh and 33.3% of KC shh in which (as mentioned) KC will decide and intend to distribute to their shareholders.

If this happens, Temasek holding will be:

36.67% + 6.66% (20% original KC shares diluted accordingly) = 43.33%

KC shareholders may get a special dividends from sales proceeds of junk rigs from Asset CO (as mentioned in the announcement will be an external party).

So, assuming my stake is 15m shares, my shares will be folded to 10m shares. But with an enlarged CE, this will be a new landmark chapter.

Now if this happens, the price will be determined at existing book value of SM at 0.12. And the price needs to move up during this month.

Note. This is based on a plain Vanilla model. Of course M&A of this scale will be far more complex.

No matter what, KC and SM shh, all of us should have a truce because this will be a good news for all. Both parties will benefit. I expect small dividend from SM prior to merger on the region of 0.005 or $160 m. Temasek will get $88m. On the other hand, KC rid the problematic KOM and also stand to obtain dividends from sale of junk rigs to Asset co and shares of CE.

better      ( Date: 01-Apr-2022 17:29) Posted:

Notes about the merger:

The negotiation of the merger terms is between Temasek and Keppel corp. Temasek is the majority shareholders (55%) of SCM and obviously KC owns Keppel OM. Temasek in turn owns 20% of KC.  If I am Temasek, there are 2 possible routes. First, Temasek can offer to give up their 20% KC shares to take over Keppel OM and then merge it with SCM at book value. Book value for Keppel OM (excluding cash holding) is about $2billion. SCM' s book value is about $4billion. In this case, Temasek will own 70% of SCM. This would be a non-cash transaction.


The second route is for Temasek to first offer to buy SCM shares that they do not already own in say 2 yrs time at 20 cents. As a majority shareholder, Temasek would not want to dilute its SCM shareholding by issuing excessive new SCM shares to KC. A future takeover offer similar to the one they made to KC 3 yrs ago would peg the exchange rate (SCM' s share price) at 20 cents and also allow KC to claim that they have sold Keppel OM at book value and not below. In this case, only about 10 billion new SCM shares need to be issued. Temasek can also offer to buy 5 billion new SCM shares at 20 cents, thus giving SCM $1 billion in cash to provide additional liquidity to SCM for continuing Keppel OM' s existing projects given that Keppel OM is going to be merged into SCM without any cash. I suspect about $1+ billion of the $3+ billion cash in KC' s book is currently used for Keppel OM' s running capital. KC also has $4+billion associated debt that is due this year. Although they do have the overdraft facilities to fund it, tapping their overdraft will incur a relatively high interest rate. The shares that KC receives will then be distributed to their shareholders which Temasek will receive 20%. Based on the above scenario, Temasek will own 52+% of SCM after merger.

Keppel OM' s unsold rigs/ legacy asset of about $3.2 billion will go into the asset co. and probably Temasek and other related investors will buy about 80% of it at maybe 10-20% discount off their book value.
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PHInsider63
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01-Apr-2022 18:41     
 
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 Alert Admin 		Thanks for the book values info. The numbers are impt.
Based on my understanding and prior knowledge in doing merger, albeit at smaller scale, the following should happen.
As stated and reiterated by the latest announcement, a Common Entity will be formed (or a Newco).

Based on book value of:
KOM 2b
SM 4b
A plain vanilla merger model will be 66.7% (SM) and 33.3% (KOM).

Which means Newco will be formed by 66.7% of SM shh and 33.3% of KC shh in which (as mentioned) KC will decide and intend to distribute to their shareholders.

If this happens, Temasek holding will be:

36.67% + 6.66% (20% original KC shares diluted accordingly) = 43.33%

KC shareholders may get a special dividends from sales proceeds of junk rigs from Asset CO (as mentioned in the announcement will be an external party).

So, assuming my stake is 15m shares, my shares will be folded to 10m shares. But with an enlarged CE, this will be a new landmark chapter.

Now if this happens, the price will be determined at existing book value of SM at 0.12. And the price needs to move up during this month.

Note. This is based on a plain Vanilla model. Of course M&A of this scale will be far more complex.

No matter what, KC and SM shh, all of us should have a truce because this will be a good news for all. Both parties will benefit. I expect small dividend from SM prior to merger on the region of 0.005 or $160 m. Temasek will get $88m. On the other hand, KC rid the problematic KOM and also stand to obtain dividends from sale of junk rigs to Asset co and shares of CE.

better      ( Date: 01-Apr-2022 17:29) Posted:

Notes about the merger:

The negotiation of the merger terms is between Temasek and Keppel corp. Temasek is the majority shareholders (55%) of SCM and obviously KC owns Keppel OM. Temasek in turn owns 20% of KC.  If I am Temasek, there are 2 possible routes. First, Temasek can offer to give up their 20% KC shares to take over Keppel OM and then merge it with SCM at book value. Book value for Keppel OM (excluding cash holding) is about $2billion. SCM' s book value is about $4billion. In this case, Temasek will own 70% of SCM. This would be a non-cash transaction.


The second route is for Temasek to first offer to buy SCM shares that they do not already own in say 2 yrs time at 20 cents. As a majority shareholder, Temasek would not want to dilute its SCM shareholding by issuing excessive new SCM shares to KC. A future takeover offer similar to the one they made to KC 3 yrs ago would peg the exchange rate (SCM' s share price) at 20 cents and also allow KC to claim that they have sold Keppel OM at book value and not below. In this case, only about 10 billion new SCM shares need to be issued. Temasek can also offer to buy 5 billion new SCM shares at 20 cents, thus giving SCM $1 billion in cash to provide additional liquidity to SCM for continuing Keppel OM' s existing projects given that Keppel OM is going to be merged into SCM without any cash. I suspect about $1+ billion of the $3+ billion cash in KC' s book is currently used for Keppel OM' s running capital. KC also has $4+billion associated debt that is due this year. Although they do have the overdraft facilities to fund it, tapping their overdraft will incur a relatively high interest rate. The shares that KC receives will then be distributed to their shareholders which Temasek will receive 20%. Based on the above scenario, Temasek will own 52+% of SCM after merger.

Keppel OM' s unsold rigs/ legacy asset of about $3.2 billion will go into the asset co. and probably Temasek and other related investors will buy about 80% of it at maybe 10-20% discount off their book value.
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MANFREDTMK
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01-Apr-2022 18:33     
 
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 Alert Admin 		So our only guess hereon is to figure out whether TH really likes KC or not. That will then determine the option chosen.
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MANFREDTMK
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01-Apr-2022 18:10     
 
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 Alert Admin 		For the second option, it appears to be a forward contract whose obligation becomes binding only after 2 years and will be redundant if prices rise above 20 cents then. This implies that we have to hold for at least 2 years if SM prices is trading below 20 cents. Is that what it meant?

MANFREDTMK      ( Date: 01-Apr-2022 17:58) Posted:

If the first option is taken, TH effectively own 70% of SM and NEWCO becomes redundant

better      ( Date: 01-Apr-2022 17:29) Posted:

Notes about the merger:

The negotiation of the merger terms is between Temasek and Keppel corp. Temasek is the majority shareholders (55%) of SCM and obviously KC owns Keppel OM. Temasek in turn owns 20% of KC.  If I am Temasek, there are 2 possible routes. First, Temasek can offer to give up their 20% KC shares to take over Keppel OM and then merge it with SCM at book value. Book value for Keppel OM (excluding cash holding) is about $2billion. SCM' s book value is about $4billion. In this case, Temasek will own 70% of SCM. This would be a non-cash transaction.


The second route is for Temasek to first offer to buy SCM shares that they do not already own in say 2 yrs time at 20 cents. As a majority shareholder, Temasek would not want to dilute its SCM shareholding by issuing excessive new SCM shares to KC. A future takeover offer similar to the one they made to KC 3 yrs ago would peg the exchange rate (SCM' s share price) at 20 cents and also allow KC to claim that they have sold Keppel OM at book value and not below. In this case, only about 10 billion new SCM shares need to be issued. Temasek can also offer to buy 5 billion new SCM shares at 20 cents, thus giving SCM $1 billion in cash to provide additional liquidity to SCM for continuing Keppel OM' s existing projects given that Keppel OM is going to be merged into SCM without any cash. I suspect about $1+ billion of the $3+ billion cash in KC' s book is currently used for Keppel OM' s running capital. KC also has $4+billion associated debt that is due this year. Although they do have the overdraft facilities to fund it, tapping their overdraft will incur a relatively high interest rate. The shares that KC receives will then be distributed to their shareholders which Temasek will receive 20%. Based on the above scenario, Temasek will own 52+% of SCM after merger.

Keppel OM' s unsold rigs/ legacy asset of about $3.2 billion will go into the asset co. and probably Temasek and other related investors will buy about 80% of it at maybe 10-20% discount off their book value.
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MANFREDTMK
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01-Apr-2022 17:58     
 
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 Alert Admin 		If the first option is taken, TH effectively own 70% of SM and NEWCO becomes redundant

better      ( Date: 01-Apr-2022 17:29) Posted:

Notes about the merger:

The negotiation of the merger terms is between Temasek and Keppel corp. Temasek is the majority shareholders (55%) of SCM and obviously KC owns Keppel OM. Temasek in turn owns 20% of KC.  If I am Temasek, there are 2 possible routes. First, Temasek can offer to give up their 20% KC shares to take over Keppel OM and then merge it with SCM at book value. Book value for Keppel OM (excluding cash holding) is about $2billion. SCM' s book value is about $4billion. In this case, Temasek will own 70% of SCM. This would be a non-cash transaction.


The second route is for Temasek to first offer to buy SCM shares that they do not already own in say 2 yrs time at 20 cents. As a majority shareholder, Temasek would not want to dilute its SCM shareholding by issuing excessive new SCM shares to KC. A future takeover offer similar to the one they made to KC 3 yrs ago would peg the exchange rate (SCM' s share price) at 20 cents and also allow KC to claim that they have sold Keppel OM at book value and not below. In this case, only about 10 billion new SCM shares need to be issued. Temasek can also offer to buy 5 billion new SCM shares at 20 cents, thus giving SCM $1 billion in cash to provide additional liquidity to SCM for continuing Keppel OM' s existing projects given that Keppel OM is going to be merged into SCM without any cash. I suspect about $1+ billion of the $3+ billion cash in KC' s book is currently used for Keppel OM' s running capital. KC also has $4+billion associated debt that is due this year. Although they do have the overdraft facilities to fund it, tapping their overdraft will incur a relatively high interest rate. The shares that KC receives will then be distributed to their shareholders which Temasek will receive 20%. Based on the above scenario, Temasek will own 52+% of SCM after merger.

Keppel OM' s unsold rigs/ legacy asset of about $3.2 billion will go into the asset co. and probably Temasek and other related investors will buy about 80% of it at maybe 10-20% discount off their book value.
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better
Elite
01-Apr-2022 17:29     
 
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 Alert Admin 		Notes about the merger:

The negotiation of the merger terms is between Temasek and Keppel corp. Temasek is the majority shareholders (55%) of SCM and obviously KC owns Keppel OM. Temasek in turn owns 20% of KC.  If I am Temasek, there are 2 possible routes. First, Temasek can offer to give up their 20% KC shares to take over Keppel OM and then merge it with SCM at book value. Book value for Keppel OM (excluding cash holding) is about $2billion. SCM' s book value is about $4billion. In this case, Temasek will own 70% of SCM. This would be a non-cash transaction.


The second route is for Temasek to first offer to buy SCM shares that they do not already own in say 2 yrs time at 20 cents. As a majority shareholder, Temasek would not want to dilute its SCM shareholding by issuing excessive new SCM shares to KC. A future takeover offer similar to the one they made to KC 3 yrs ago would peg the exchange rate (SCM' s share price) at 20 cents and also allow KC to claim that they have sold Keppel OM at book value and not below. In this case, only about 10 billion new SCM shares need to be issued. Temasek can also offer to buy 5 billion new SCM shares at 20 cents, thus giving SCM $1 billion in cash to provide additional liquidity to SCM for continuing Keppel OM' s existing projects given that Keppel OM is going to be merged into SCM without any cash. I suspect about $1+ billion of the $3+ billion cash in KC' s book is currently used for Keppel OM' s running capital. KC also has $4+billion associated debt that is due this year. Although they do have the overdraft facilities to fund it, tapping their overdraft will incur a relatively high interest rate. The shares that KC receives will then be distributed to their shareholders which Temasek will receive 20%. Based on the above scenario, Temasek will own 52+% of SCM after merger.

Keppel OM' s unsold rigs/ legacy asset of about $3.2 billion will go into the asset co. and probably Temasek and other related investors will buy about 80% of it at maybe 10-20% discount off their book value.
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observer2022
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01-Apr-2022 17:20     
 
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 Alert Admin 		slow but steady
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MANFREDTMK
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01-Apr-2022 15:54     
 
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 Alert Admin 		No use, we came here, they still follow us. We can't run away from reality. When people failed in life, they rather choose to envy and blame others. Already 9.6 cents and they still talk about ZERO cents. They will self comfort and entertain each other whenever there's a temporary respite, only to find that it's short-lived. Their hatred will not end and lead them to follow us whenever we go. If you don't believe me, look under your bed tonight and tell me what you see, all the Cs. Bye Bye, till death we part. Hiding is not the solution, facing them is. Saying sorry for their mistake will not stop their sadistic pursuit, only reinforce it. Remember, their objectives are to irritate and belittle us at every opportunity. The best response is to Totally ignore them, their silent pain and misery for not having the guts to do anything in life. Forever a Loser by choice. Needs no sympathy.

PHInsider63      ( Date: 01-Apr-2022 12:20) Posted:

Bro better pls start a new thread if so happen
Only for positivists
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PHInsider63
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01-Apr-2022 15:52     
 
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 Alert Admin 		The Common Entity will be an unprecedented scale and significance.

Both KC and SM will benefit from it.
Total contracts expect to exceed S$10b.
Will become a mega yard of world class standard rivaling the leaders and potentially becoming World leaders and beaters.

A truce to supporter of SM and KC.

The next issue is the ratio of combination. I expect 50-50.

I need better to comment on this. Bro better
What is the net book value of KOM (after removing the gangrenous rigs)?
Book value of SM is about $4.67b right?
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pkli899
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01-Apr-2022 15:04     
 
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 Alert Admin 		Wise words.....I like.
If everyone follow......we will have peace....no more war.
Can imagine how much more money can be channelled to help the needy.

PHInsider63      ( Date: 01-Apr-2022 12:30) Posted:

Ego is Man?s BIGGEST enemy
When National Ego strikes, Wars erupted and Innocent lives lost.

In any argument, I let the opposite camp wins. Cos time will tell.
Sorry is the cheapest and commonest word used but it is the toughest word to utter in an argument.

In any heated exchanges, just walk away get some sleep. One will have a different perspective the next day. Mark this.



Chagataii      ( Date: 01-Apr-2022 12:24) Posted:

Running away from Reality Init the Better solution
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MANFREDTMK
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01-Apr-2022 14:45     
 
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 Alert Admin 		Everyone here already making money except you and you SORE LOSER, still have the audacity to teach us, WINNER, what to do. Beh pai sei, crocodile skin 🐊 🐊 🐊

MANFREDTMK      ( Date: 01-Apr-2022 14:40) Posted:

Don't humiliate yourself anymore. Already very pathetic.

weekaykee      ( Date: 01-Apr-2022 13:05) Posted:

Savvy stock investors never get irritated like you have. Hallmark of failure. Based on your reaction, i would suggest look for alternative investment classes. Physical properties should suit you if you ever find the money for it
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MANFREDTMK
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01-Apr-2022 14:40     
 
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 Alert Admin 		Don't humiliate yourself anymore. Already very pathetic.

weekaykee      ( Date: 01-Apr-2022 13:05) Posted:

Savvy stock investors never get irritated like you have. Hallmark of failure. Based on your reaction, i would suggest look for alternative investment classes. Physical properties should suit you if you ever find the money for it.

MANFREDTMK      ( Date: 01-Apr-2022 09:27) Posted:

Please stopped irritating others when you don't have the guts to do anything in life and forever become a sore loser. Whenever price pull back a bit, you start to rejoice and make fun of others. It only reflects your sadism, but I can assure you, IT WILL BE VERY SHORT -LIVED proven many times before. Don't get offended, you have to stop humiliating yourself. Within 1 week, you will slap your own face. Stop humiliating yourself
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ICXGOLD
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01-Apr-2022 13:29     
 
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 Alert Admin 		SCM sure does have the worst Management team in town, they stop a decent rally with a 3 year loss update, which everyone knows, whats worse they knew then that on 31st they were going to extend the deadline to april, they may have as well done both bews release together on 31st. But I guess they have their own plans.

However, when it comes to SCM as an entity, with Tamasek as majority shareholder, recent and upcoming contract wins, upturn in the energy market, and an key national asset, SCM is here to stay. Be it in this name or a new one.

Technical we are positive and this weeks news will fade over the weekend. So looking forward to the weeks ahead. Have a good weekend everyone
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PHInsider63
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01-Apr-2022 13:15     
 
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 Alert Admin 		No problem.
I deleted in order not to confuse you.
In short, I am glad to be in the money.
SM is my best investment this year.


weekaykee      ( Date: 01-Apr-2022 13:11) Posted:

Sorry, don' t get what you are trying to say. You made lots of profits and would that be 2kk+1k+0.5k and 10kk from earlier investments?. Whats is the difference between " kk" and ' k" ?

PHInsider63      ( Date: 01-Apr-2022 13:04) Posted:

--- Post Removed by User ---
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weekaykee
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01-Apr-2022 13:11     
 
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 Alert Admin 		Sorry, don' t get what you are trying to say. You made lots of profits and would that be 2kk+1k+0.5k and 10kk from earlier investments?. Whats is the difference between " kk" and ' k" ?

PHInsider63      ( Date: 01-Apr-2022 13:04) Posted:

--- Post Removed by User ---
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weekaykee
Master
01-Apr-2022 13:05     
 
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 Alert Admin 		Savvy stock investors never get irritated like you have. Hallmark of failure. Based on your reaction, i would suggest look for alternative investment classes. Physical properties should suit you if you ever find the money for it.

MANFREDTMK      ( Date: 01-Apr-2022 09:27) Posted:

Please stopped irritating others when you don't have the guts to do anything in life and forever become a sore loser. Whenever price pull back a bit, you start to rejoice and make fun of others. It only reflects your sadism, but I can assure you, IT WILL BE VERY SHORT -LIVED proven many times before. Don't get offended, you have to stop humiliating yourself. Within 1 week, you will slap your own face. Stop humiliating yourself

weekaykee      ( Date: 01-Apr-2022 09:10) Posted:

Yes follow " Better" who spent a long time nibbling at 16-20cts. So now you can nibble at 9.5cts all the way down to 4 cts or even zero
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weekaykee
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01-Apr-2022 13:01     
 
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 Alert Admin 		So are you implying that KC will now agree to more favourable merger terms with the death of 2 workers?

better      ( Date: 01-Apr-2022 10:31) Posted:

Tragic accident at Keppel' s yard.
 

Two workers die after accident at Singapore&rsquo s Keppel shipyard

Two workers died this week in an accident at a shipyard run by Singapore&rsquo s Keppel Corporation (SGX:BN4). The Bangladeshi men, aged 30 and 42, were reported to have fallen from a vessel in dry dock at a Tuas shipyard and were pronounced dead at the scene by paramedics.
By Energy Voice
01/04/2022, 1:02 am
​
© Supplied by Keppel O& MKeppel Shipyard in Singapore


Two workers died this week in an accident at a shipyard run by Singapore&rsquo s Keppel Corporation (SGX:BN4). The Bangladeshi men, aged 30 and 42, were reported to have fallen from a vessel in dry dock at a Tuas shipyard and were pronounced dead at the scene by paramedics.

They were among three men working on scaffolding on the vessel when the structure collapsed, Singapore&rsquo s Ministry of Manpower said.

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weekaykee
Master
01-Apr-2022 12:59     
 
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 Alert Admin 		Agree. Many of them have bet everything on SCM. Thus their extreme emotional responses to any statement that makes their investments / hopes look bad.. What makes it worst is quite a number of them are immatured undergraduates out to become rich quickly. With time they will become wiser after losing their pants several times. SCM will be one of those stocks which will help to become " baptised"

bystander1965      ( Date: 01-Apr-2022 09:35) Posted:

A sure sign of over trading or investing. A little bit of movement will cause reactions to others comments whether neutral or bullish or bearish. Stay calm lah.

bystander1965      ( Date: 01-Apr-2022 09:24) Posted:

Some people are just too emotional.😂 My reading of the last announcement is actually everything is nearly pending the sales of kom's legacy stuff. Of course what do I know? There are so many emotional experts here.
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PHInsider63
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01-Apr-2022 12:56     
 
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 Alert Admin 		May you read and analyse properly?
Newco to be formed or SM be the acquiring entity?
If Newco, of course it needs to issue shared to both KC and SM else how to merge?

If you do not understand, pm me. Thanks

chart_expert123      ( Date: 01-Apr-2022 12:51) Posted:

https://www.channelnewsasia.com/business/keppels-om-unit-and-sembcorp-marine-eye-definitive-deal-merger-april-end-2599581

Keppel' s offshore and marine (O& M) arm and smaller rival Sembcorp Marine are working towards having an agreement over their business unification in place by the end of April, the companies said on Thursday

smaller leh, mean no a 50-50%. Bear in mind, Keppel Corp shareholders will be offered with new free shares of SCM for the merge deal. So, it will add up another 31 Bil more shares to dilute existing SCM Shareholders holding further.

will it be 60-40 or 70-30%? who get free shares will sell
 

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