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Chasen Hldg
bystander1965
Supreme
31-Mar-2022 07:33     
 
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Yells: "What I say is just my assessment. DYODD"
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 Alert Admin 		The deall is such that KC will get up to S$500m and maybe some shares of the newco. I read it as if they get 500m, then no shares. If they can' t get max $, they will get some shares which they will distribute to their SH. That' s just my reading. I could be very wrong.

I don' t think the merger will involve SCM issuing shares. That' s not merger but take-over. SCM as I said since 2 years ago, is in no position to do that. They will just kill it the 3rd time if they do that again.

Lastly, TH' s holding of SCM is not 14c, not 10c, not even 5c I think. After the 1st right in 2020, I did a quick calculation but now out of the top of my head it cost them < 5c. After the 2nd rights, I bet their cost is even lower. Even if it goes up, it will be nowhere near 8c.
 

PHInsider63      ( Date: 31-Mar-2022 06:34) Posted:

My apologies
I understand where you came from
It seems based on Better s earlier post, the merger may be funded by SM shares (specie share if so be) and Better expected it to be at 0.20. Why not? SCI deal was issued with SM shares at 0.20 (May forummer comment cos I can t recall this part of the earlier debacle)? If so there might be some precedence for pricing.

It does also make sense that the deal might be at $0.20 based on following reasons:

1. KC being more dire and desperate to rid this gangrenous KOM and may just bite the bullet.
2. Temasek s average price is $0.14 and deal at 0.20 makes financial sense as fewer SM shares may need to be issued and hence less dilutive to Temasek?s holdings.
3. Macro factors favoring SM
4. Company wise, SM winning close to $7/8b contracts this year. Expected positive results and reversal of provisions, boosting Book Value and eventually PE relevant model.

If so, the goalposts for the earlier NON BINDING may completely change from COMMON ENTITY to SM being the ACQUIRING ENTITY.

The script may then change. Shares trading at this low range band, may suddenly halt and gap up upon lifting of halt, a mirror image of earlier trauma when many shh were caught by surprise when price was 0.19/0.20, halted with news of rights at 0.08 and then shares tumbled upon lifting.

Well, a dream 😴 but why not?

Let s lasso Better s views on this.
Bro better, any comments?

Oxtail      ( Date: 30-Mar-2022 23:50) Posted:

It is big deal for those investing for the short or medium term. SCM is purely OM . Keppel is not. Not every KC shareholders want to hold om shares. After merge, if KC wants to distribute to their shareholders, we could expect a huge sell volume for the market to absorb. Because of the above reason, I am not so keen to merge. if can merge, ok. if cannot, also ok
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PHInsider63
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31-Mar-2022 06:34     
 
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 Alert Admin 		My apologies
I understand where you came from
It seems based on Better s earlier post, the merger may be funded by SM shares (specie share if so be) and Better expected it to be at 0.20. Why not? SCI deal was issued with SM shares at 0.20 (May forummer comment cos I can t recall this part of the earlier debacle)? If so there might be some precedence for pricing.

It does also make sense that the deal might be at $0.20 based on following reasons:

1. KC being more dire and desperate to rid this gangrenous KOM and may just bite the bullet.
2. Temasek s average price is $0.14 and deal at 0.20 makes financial sense as fewer SM shares may need to be issued and hence less dilutive to Temasek?s holdings.
3. Macro factors favoring SM
4. Company wise, SM winning close to $7/8b contracts this year. Expected positive results and reversal of provisions, boosting Book Value and eventually PE relevant model.

If so, the goalposts for the earlier NON BINDING may completely change from COMMON ENTITY to SM being the ACQUIRING ENTITY.

The script may then change. Shares trading at this low range band, may suddenly halt and gap up upon lifting of halt, a mirror image of earlier trauma when many shh were caught by surprise when price was 0.19/0.20, halted with news of rights at 0.08 and then shares tumbled upon lifting.

Well, a dream 😴 but why not?

Let s lasso Better s views on this.
Bro better, any comments?

Oxtail      ( Date: 30-Mar-2022 23:50) Posted:

It is big deal for those investing for the short or medium term. SCM is purely OM . Keppel is not. Not every KC shareholders want to hold om shares. After merge, if KC wants to distribute to their shareholders, we could expect a huge sell volume for the market to absorb. Because of the above reason, I am not so keen to merge. if can merge, ok. if cannot, also ok.

PHInsider63      ( Date: 30-Mar-2022 23:01) Posted:

If successfully completed, Keppel Corporation will receive shares in the Combined Entity and a cash consideration.
Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie.

Hello.
1. Kc holds shares
2. Then INTENDS TO distribute to shh Al the COMBINED ENTITY (Newco) that it receives.

Come on.

No longer any shares in specie of SM shares like SCI.
Fyi, SM will also receive shares at COMBINED ENTITY (Newco).
So what s the big deal? No more free specie shares of SM.
Let us be clear



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ahbui8
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31-Mar-2022 00:35     
 
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 Alert Admin 		You are right, Keppel is more desperate, as Keppel annual report said finalized merge by 1st Q of 2022 but SM said in 1st half of 2022. 😂 tomorrow morning we will know

But merge to be finalized until SM trade at 20cts? Totally don' t make sense to me. 

better      ( Date: 30-Mar-2022 22:57) Posted:

I did not make any comment about the merger recently because I did not expect the merger terms to be finanlised until SCM is trading at around 20 cents or higher. Temasek might come out with some cash for the deal, but the main currency used to buy Keppel OM is SCM share. If the exchange rate (SCM share price) is not favourable, it is going to be a no go.  KC is very eager to sell Keppel OM but Temasek is a tough bargainer who can see through all of Loh Chin Hua' s bag of tricks. 


KC is likely suffering in their China property biz now as the Chinese property market took a nose dive since Q4 last year. So if Temasek take their time, KC will be gettig desperate by Q2 when their Chinese property biz calls out for a cash injection to survive. Just look at the top 2 property developers in China (Country Gardens and Evergrande). Further, Keppel has stopped investing in keppel OM for quite sometime already, just look at their debilitated yards from the photos. Why invest in something that you are going to sell soon?


Also, there seems to be some rivalry going on between Keppel and Temasek. First, Temasek offer to buy KC at $7+, but KC deliberately sabotaged the offer by reporting a disastrous loss in 2020 which led Temasek to cancel the buyout. Then, recently the Temasek supported consortium snatched the SPH deal from KC' s jaws at the last minute. 

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Oxtail
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31-Mar-2022 00:07     
 
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 Alert Admin 		this is a good contract. if successful, scm no need to beg for contracts for the next at least 10 years.

better      ( Date: 30-Mar-2022 23:59) Posted:

The mystery buyer of the WTIV is Maersk.

 

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Oxtail
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31-Mar-2022 00:05     
 
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 Alert Admin 		OM is uptrending. It is no longer a doubt if scm able to get contracts. It is whether scm can get good profit margin contracts. This goes the same for keppel. It is going to be very hard to negotiate for a merge. The easiest way, I think is for TH to use cash to buy the whole of keppel om and merge with scm. TH will hold 75% of the new merged company. From the impression that keppel gives me, cash is their main priority.

better      ( Date: 30-Mar-2022 22:57) Posted:

I did not make any comment about the merger recently because I did not expect the merger terms to be finanlised until SCM is trading at around 20 cents or higher. Temasek might come out with some cash for the deal, but the main currency used to buy Keppel OM is SCM share. If the exchange rate (SCM share price) is not favourable, it is going to be a no go.  KC is very eager to sell Keppel OM but Temasek is a tough bargainer who can see through all of Loh Chin Hua' s bag of tricks. 


KC is likely suffering in their China property biz now as the Chinese property market took a nose dive since Q4 last year. So if Temasek take their time, KC will be gettig desperate by Q2 when their Chinese property biz calls out for a cash injection to survive. Just look at the top 2 property developers in China (Country Gardens and Evergrande). Further, Keppel has stopped investing in keppel OM for quite sometime already, just look at their debilitated yards from the photos. Why invest in something that you are going to sell soon?


Also, there seems to be some rivalry going on between Keppel and Temasek. First, Temasek offer to buy KC at $7+, but KC deliberately sabotaged the offer by reporting a disastrous loss in 2020 which led Temasek to cancel the buyout. Then, recently the Temasek supported consortium snatched the SPH deal from KC' s jaws at the last minute. 

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better
Elite
31-Mar-2022 00:01     
 
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 Alert Admin

Maersk Makes Grand Entrance Into Offshore Wind Installation Market

March 29, 2022, by  Adrijana Buljan


The recently announced wind turbine installation vessel (WTIV) for which Singapore&rsquo s Sembcorp Marine won a shipbuilding contract is now confirmed to have been ordered by Maersk, whose subsidiary Maersk Supply Service has just revealed that it signed a firm contract with a joint venture between Equinor and BP for the installation of the Empire 1 and 2 offshore wind farms in the US.

Maersk Supply Service


As reported last week, Sembcorp Marine informed that it had won a contract for the construction of a wind turbine installation vessel based on its in-house design in collaboration with its client which the Singaporean shipyard then left unidentified.

RELATED ARTICLE



It has been revealed now that Maersk developed the vessel concept which will deliver installation of wind turbines by a Jones Act-compliant spread.

Empire Offshore Wind, the Equinor-BP joint venture, has chartered the vessel which, together with US constructed barges and tugs built and operated by Kirby Offshore Wind, will be used for the installation of  the Vestas 15 MW turbines  on Empire Wind 1 and 2 offshore wind farms in New York.

The newbuild vessel is planned to be ready for operation for the two projects in the mid-2020s, Empire Offshore Wind said.

According to Maersk Supply Service and Sembcorp Marine, the steel-cutting ceremony is set for Q4 2022 and the vessel is scheduled to be completed in early 2025.

Maersk&rsquo s vessel will be supported by two newbuilt tugs and barges, which will transport the wind turbine components from the South Brooklyn Marine Terminal to the Empire Wind lease area offshore Long Island.

The barges and tugs will be constructed and operated by Kirby Offshore Wind, a subsidiary of Kirby Corporation. The concept ensures that the vessel can remain in operation while the barges transport turbine components from the staging port on a continual basis, Equinor and BP said.

&ldquo The Maersk concept will ensure efficient installation of the Empire Wind turbines by using a dock-in feeder solution, which will improve safety by reducing the number of offshore lifts. We are pleased that Maersk is also exploring the opportunity of using climate neutral fuels to operate the wind installation vessel&rdquo ,  said  Trond Gulichsen, project director for Empire Wind.
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better
Elite
30-Mar-2022 23:59     
 
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 Alert Admin 		The mystery buyer of the WTIV is Maersk.

 
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MANFREDTMK
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30-Mar-2022 23:54     
 
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 Alert Admin 		Yes Better, all along, I mentioned that cash consideration can be done through the share swap ratio. Nothing bothers me except the swap ratio. I am sure Keppel will press for a discount to NAV of 12 cents. In this regard, who will chase the share to 20 cents. This is why I believe 11 cents at most, but given the speculative fever, may overshoot. But 20 cents is a tall order, even for the greatest fool

better      ( Date: 30-Mar-2022 22:57) Posted:

I did not make any comment about the merger recently because I did not expect the merger terms to be finanlised until SCM is trading at around 20 cents or higher. Temasek might come out with some cash for the deal, but the main currency used to buy Keppel OM is SCM share. If the exchange rate (SCM share price) is not favourable, it is going to be a no go.  KC is very eager to sell Keppel OM but Temasek is a tough bargainer who can see through all of Loh Chin Hua' s bag of tricks. 


KC is likely suffering in their China property biz now as the Chinese property market took a nose dive since Q4 last year. So if Temasek take their time, KC will be gettig desperate by Q2 when their Chinese property biz calls out for a cash injection to survive. Just look at the top 2 property developers in China (Country Gardens and Evergrande). Further, Keppel has stopped investing in keppel OM for quite sometime already, just look at their debilitated yards from the photos. Why invest in something that you are going to sell soon?


Also, there seems to be some rivalry going on between Keppel and Temasek. First, Temasek offer to buy KC at $7+, but KC deliberately sabotaged the offer by reporting a disastrous loss in 2020 which led Temasek to cancel the buyout. Then, recently the Temasek supported consortium snatched the SPH deal from KC' s jaws at the last minute. 

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Oxtail
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30-Mar-2022 23:50     
 
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 Alert Admin 		It is big deal for those investing for the short or medium term. SCM is purely OM . Keppel is not. Not every KC shareholders want to hold om shares. After merge, if KC wants to distribute to their shareholders, we could expect a huge sell volume for the market to absorb. Because of the above reason, I am not so keen to merge. if can merge, ok. if cannot, also ok.

PHInsider63      ( Date: 30-Mar-2022 23:01) Posted:

If successfully completed, Keppel Corporation will receive shares in the Combined Entity and a cash consideration.
Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie.

Hello.
1. Kc holds shares
2. Then INTENDS TO distribute to shh Al the COMBINED ENTITY (Newco) that it receives.

Come on.

No longer any shares in specie of SM shares like SCI.
Fyi, SM will also receive shares at COMBINED ENTITY (Newco).
So what s the big deal? No more free specie shares of SM.
Let us be clear



Oxtail      ( Date: 30-Mar-2022 22:51) Posted:

https://www.keppelom.com/en/news-item.aspx?sid=2605&aid=9989&title=keppel-corporation-signs-non-binding-mous-in-connection-with-proposed-combination-of-keppel-om-and-sembcorp-marine ...... Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie ....... can link us your latest mou


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MANFREDTMK
Master
30-Mar-2022 23:42     
 
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 Alert Admin 		Okay, I saw where the misunderstanding lies. Yes, Keppel shareholders still receive shares in specie, of course in Newco because SM is no longer around which also implies there will not be any dumping of SM shares as in the case of SCI. Namely, SM is gone.
The confusion arises from what we CONSTRUE from the paragraph, that Keppel will keep NEWCO and the distribution is in the form of Dividend.
Misunderstanding does happen, no worries.

PHInsider63      ( Date: 30-Mar-2022 23:01) Posted:

If successfully completed, Keppel Corporation will receive shares in the Combined Entity and a cash consideration.
Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie.

Hello.
1. Kc holds shares
2. Then INTENDS TO distribute to shh Al the COMBINED ENTITY (Newco) that it receives.

Come on.

No longer any shares in specie of SM shares like SCI.
Fyi, SM will also receive shares at COMBINED ENTITY (Newco).
So what s the big deal? No more free specie shares of SM.
Let us be clear



Oxtail      ( Date: 30-Mar-2022 22:51) Posted:

https://www.keppelom.com/en/news-item.aspx?sid=2605&aid=9989&title=keppel-corporation-signs-non-binding-mous-in-connection-with-proposed-combination-of-keppel-om-and-sembcorp-marine ...... Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie ....... can link us your latest mou


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Ryuuenji
Elite
30-Mar-2022 23:26     
 
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 Alert Admin 		0.72 in 12 months time. ... My estimate... lol
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MANFREDTMK
Master
30-Mar-2022 23:03     
 
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 Alert Admin 		You are then sharp, better than a razor

better      ( Date: 30-Mar-2022 22:57) Posted:

I did not make any comment about the merger recently because I did not expect the merger terms to be finanlised until SCM is trading at around 20 cents or higher. Temasek might come out with some cash for the deal, but the main currency used to buy Keppel OM is SCM share. If the exchange rate (SCM share price) is not favourable, it is going to be a no go.  KC is very eager to sell Keppel OM but Temasek is a tough bargainer who can see through all of Loh Chin Hua' s bag of tricks. 


KC is likely suffering in their China property biz now as the Chinese property market took a nose dive since Q4 last year. So if Temasek take their time, KC will be gettig desperate by Q2 when their Chinese property biz calls out for a cash injection to survive. Just look at the top 2 property developers in China (Country Gardens and Evergrande). Further, Keppel has stopped investing in keppel OM for quite sometime already, just look at their debilitated yards from the photos. Why invest in something that you are going to sell soon?


Also, there seems to be some rivalry going on between Keppel and Temasek. First, Temasek offer to buy KC at $7+, but KC deliberately sabotaged the offer by reporting a disastrous loss in 2020 which led Temasek to cancel the buyout. Then, recently the Temasek supported consortium snatched the SPH deal from KC' s jaws at the last minute. 

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PHInsider63
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30-Mar-2022 23:03     
 
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 Alert Admin 		You are the BEST
Your last paragraph answers why there might be a delay.
Thanks for the inputs.
Always valued in this thread.

better      ( Date: 30-Mar-2022 22:57) Posted:

I did not make any comment about the merger recently because I did not expect the merger terms to be finanlised until SCM is trading at around 20 cents or higher. Temasek might come out with some cash for the deal, but the main currency used to buy Keppel OM is SCM share. If the exchange rate (SCM share price) is not favourable, it is going to be a no go.  KC is very eager to sell Keppel OM but Temasek is a tough bargainer who can see through all of Loh Chin Hua' s bag of tricks. 


KC is likely suffering in their China property biz now as the Chinese property market took a nose dive since Q4 last year. So if Temasek take their time, KC will be gettig desperate by Q2 when their Chinese property biz calls out for a cash injection to survive. Just look at the top 2 property developers in China (Country Gardens and Evergrande). Further, Keppel has stopped investing in keppel OM for quite sometime already, just look at their debilitated yards from the photos. Why invest in something that you are going to sell soon?


Also, there seems to be some rivalry going on between Keppel and Temasek. First, Temasek offer to buy KC at $7+, but KC deliberately sabotaged the offer by reporting a disastrous loss in 2020 which led Temasek to cancel the buyout. Then, recently the Temasek supported consortium snatched the SPH deal from KC' s jaws at the last minute. 

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PHInsider63
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30-Mar-2022 23:01     
 
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 Alert Admin 		If successfully completed, Keppel Corporation will receive shares in the Combined Entity and a cash consideration.
Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie.

Hello.
1. Kc holds shares
2. Then INTENDS TO distribute to shh Al the COMBINED ENTITY (Newco) that it receives.

Come on.

No longer any shares in specie of SM shares like SCI.
Fyi, SM will also receive shares at COMBINED ENTITY (Newco).
So what s the big deal? No more free specie shares of SM.
Let us be clear



Oxtail      ( Date: 30-Mar-2022 22:51) Posted:

https://www.keppelom.com/en/news-item.aspx?sid=2605&aid=9989&title=keppel-corporation-signs-non-binding-mous-in-connection-with-proposed-combination-of-keppel-om-and-sembcorp-marine ...... Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie ....... can link us your latest mou ?

PHInsider63      ( Date: 30-Mar-2022 21:10) Posted:

KC will be the shareholder of Newco.
No shares will be issued to KC retail shareholders. KC as a company, of course they can sell shares as a corporate shareholder. After selling shares in Newco, they may declare dividends to KC shh. There will not be a model like SCI. Let s be clear about it. Hi check their MOU
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better
Elite
30-Mar-2022 22:57     
 
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 Alert Admin 		I did not make any comment about the merger recently because I did not expect the merger terms to be finanlised until SCM is trading at around 20 cents or higher. Temasek might come out with some cash for the deal, but the main currency used to buy Keppel OM is SCM share. If the exchange rate (SCM share price) is not favourable, it is going to be a no go.  KC is very eager to sell Keppel OM but Temasek is a tough bargainer who can see through all of Loh Chin Hua' s bag of tricks. 


KC is likely suffering in their China property biz now as the Chinese property market took a nose dive since Q4 last year. So if Temasek take their time, KC will be gettig desperate by Q2 when their Chinese property biz calls out for a cash injection to survive. Just look at the top 2 property developers in China (Country Gardens and Evergrande). Further, Keppel has stopped investing in keppel OM for quite sometime already, just look at their debilitated yards from the photos. Why invest in something that you are going to sell soon?


Also, there seems to be some rivalry going on between Keppel and Temasek. First, Temasek offer to buy KC at $7+, but KC deliberately sabotaged the offer by reporting a disastrous loss in 2020 which led Temasek to cancel the buyout. Then, recently the Temasek supported consortium snatched the SPH deal from KC' s jaws at the last minute. 
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MANFREDTMK
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30-Mar-2022 22:57     
 
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 Alert Admin 		No, this rumors are all over the place

PHInsider63      ( Date: 30-Mar-2022 22:50) Posted:

Bro better, you have let the cat out of the bag.

You stated (WE)can find takers for half completed Seles Drillships.

This pronoun WE confirm my earlier speculation you are an Insider.

Now the cat is out.

Thanks for sharing this INSIDER news.

Ladies and Gentlemen.

Hail Better 🇺 🇦

better      ( Date: 30-Mar-2022 22:02) Posted:

About $7-8 billion.  Add another $1-2 billion if we can find takers for those half completed Setes drillships.

The expected contracts are WTIV, Napant, Darodo, Cambo, P80/81, Setes and a few specialised green ships
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Oxtail
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30-Mar-2022 22:51     
 
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 Alert Admin 		https://www.keppelom.com/en/news-item.aspx?sid=2605&aid=9989&title=keppel-corporation-signs-non-binding-mous-in-connection-with-proposed-combination-of-keppel-om-and-sembcorp-marine ...... Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie ....... can link us your latest mou ?

PHInsider63      ( Date: 30-Mar-2022 21:10) Posted:

KC will be the shareholder of Newco.
No shares will be issued to KC retail shareholders. KC as a company, of course they can sell shares as a corporate shareholder. After selling shares in Newco, they may declare dividends to KC shh. There will not be a model like SCI. Let s be clear about it. Hi check their MOU.

MANFREDTMK      ( Date: 30-Mar-2022 19:16) Posted:

Yes Keppel shareholders will receive share in species and will unload. After the selling, they will cry. Normal.
Your colleagues will not believe, understandable
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PHInsider63
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30-Mar-2022 22:50     
 
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 Alert Admin 		Bro better, you have let the cat out of the bag.

You stated (WE)can find takers for half completed Seles Drillships.

This pronoun WE confirm my earlier speculation you are an Insider.

Now the cat is out.

Thanks for sharing this INSIDER news.

Ladies and Gentlemen.

Hail Better 🇺 🇦

better      ( Date: 30-Mar-2022 22:02) Posted:

About $7-8 billion.  Add another $1-2 billion if we can find takers for those half completed Setes drillships.

The expected contracts are WTIV, Napant, Darodo, Cambo, P80/81, Setes and a few specialised green ships.

PHInsider63      ( Date: 30-Mar-2022 21:13) Posted:

$1b here, $2b there, how much total contracts wins you reckon SM will win this year?


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PHInsider63
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30-Mar-2022 22:47     
 
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 Alert Admin 		Bro Better is the Best.


MANFREDTMK      ( Date: 30-Mar-2022 22:39) Posted:

Fantastic bro, I didn't read the MOU, think was set up in August last year. You clarify everything, loud and clear. If this point was mentioned earlier, it would have cleared the concern of many negativists who frequently brought up this point. Many of us didn't follow too because the merger was stalled. In this case, the deal is a merger and not acquisition. Thank you so much for the invaluable update. You are great 👍

PHInsider63      ( Date: 30-Mar-2022 21:10) Posted:

KC will be the shareholder of Newco.
No shares will be issued to KC retail shareholders. KC as a company, of course they can sell shares as a corporate shareholder. After selling shares in Newco, they may declare dividends to KC shh. There will not be a model like SCI. Let s be clear about it. Hi check their MOU
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MANFREDTMK
Master
30-Mar-2022 22:39     
 
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 Alert Admin 		Fantastic bro, I didn't read the MOU, think was set up in August last year. You clarify everything, loud and clear. If this point was mentioned earlier, it would have cleared the concern of many negativists who frequently brought up this point. Many of us didn't follow too because the merger was stalled. In this case, the deal is a merger and not acquisition. Thank you so much for the invaluable update. You are great 👍

PHInsider63      ( Date: 30-Mar-2022 21:10) Posted:

KC will be the shareholder of Newco.
No shares will be issued to KC retail shareholders. KC as a company, of course they can sell shares as a corporate shareholder. After selling shares in Newco, they may declare dividends to KC shh. There will not be a model like SCI. Let s be clear about it. Hi check their MOU.

MANFREDTMK      ( Date: 30-Mar-2022 19:16) Posted:

Yes Keppel shareholders will receive share in species and will unload. After the selling, they will cry. Normal.
Your colleagues will not believe, understandable
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