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Suntec REIT
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Alignment
Elite |
02-Sep-2024 20:16
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So will there be another offer for the remaining shares? | ||
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Joelton
Supreme |
27-Aug-2024 12:00
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Halcyon Agri to delist after failing to restore free float
Halcyon Agri will be delisting as it was unable to restore its free float to at least 10% of its total number of shares as per Listing Rule 723.
In a Singapore Exchange Regulation (SGX RegCo) letter dated Aug 26, the regulator said sufficient time has been given to the company to comply with the listing rule. As such, the company is required to make an exit offer to its shareholders.
Halcyon Agri announced, on Aug 23, that it was unable to restore the free float despite its &ldquo extensive efforts and exhausting the various options by the deadline&rdquo . To this end, the company would not be applying for a further extension of time to comply with the listing rule.
On Nov 16, 2022, China Hainan Rubber made a cash offer to acquire 574.2 million shares in Halcyon Agri for a total cash consideration of US$180.9 million ($248.7 million at the time) or 44 cents per share.
The number of shares acquired by China Hainan Rubber represents 36% of the total issued and paid-up share capital of Halcyon Agri.
In February 2023, China Rubber Investment Co Ltd, a direct wholly-owned subsidiary of Hainan Rubber, announced a mandatory conditional cash offer to acquire all the paid-up ordinary shares other than those already owned at 41.3 cents in cash.
As at the close of the offer on April 24, 2023, the total number of shares owned, controlled or agreed to be acquired by China Rubber Investments and valid acceptances to the offer amount to an aggregate of 1,086,256,025 shares, representing approximately 68.103% of the total number of shares in the company.
Accordingly, as less than 10% of the company&rsquo s shares are held by the public, trading in its shares has been suspended since April 25, 2023, at 41 cents.
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Joelton
Supreme |
14-Aug-2024 11:35
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Halcyon Agri&rsquo s H1 loss narrows to US$21.8 million
Revenue is up 25.7% to US$1.5 billion on improved sales, higher market prices
RUBBER producer Halcyon Agri posted a loss of US$21.8 million for the six months ended June 2024. This was compared to a loss of US$62.1 million in the year-ago period.
Revenue increased 25.7 per cent to US$1.5 billion, from US$1.2 billion.
In a bourse filing on Tuesday (Aug 13), the group attributed this to expanded sales and better prices for its products. It noted that total sales volume increased 14.2 per cent to 901,780 metric tonnes.
Its gross profit improved 20.8 per cent to US$73.5 million on higher market prices as well as the group&rsquo s efforts to capitalise on its traceable rubber. Its revenue per tonne increased to US$1,691 from US$1,535.
But cost of sales increased 26 per cent to US$1.5 billion, with the group noting an increase in cost of sales per tonne by 10.4 per cent to US$1,609, which was &ldquo in line with rubber price trends&rdquo .
Improved sales volume was a benefit of integration with Hainan Rubber Group, specifically the expansion of sales in China, it said.
Looking ahead, Halcyon Agri noted rubber demand would be mainly affected by the interest rate environment, geopolitical tensions as well as the impact of China&rsquo s economic trends and policy stimulus on automotive manufacturers.
With the European Union Deforestation Regulation, market interest in traceable natural rubber products could increase and the company said it would actively capitalise on this market opportunity.
Hainan Rubber Group&rsquo s mandatory conditional cash offer of S$0.413 per share for Halcyon Agri closed on Apr 24, 2023, with the free float dropping to less than 10 per cent. Halcyon Agri shares have been suspended from trading since Apr 25, 2023.
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MrBear12
Supreme |
18-May-2024 13:30
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Good company acquired. | ||
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Joelton
Supreme |
18-May-2024 13:18
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Halcyon Agri posts 88.2% rise in Q1 Ebitda
The higher earnings are due to improvements in gross profit margin and cost-saving initiatives
RUBBER producer Halcyon Agri&rsquo s : 5VJ 0% earnings before interest, taxes, depreciation and amortisation increased 88.2 per cent to US$8.5 million in the first quarter ended Mar 31, 2024, from US$1 million in the year-ago period.
The higher earnings were due to gross profit margin improvement and the positive impact of cost-saving initiatives activated since FY2023, said the company in a voluntary business update on Friday (May 17).
Revenue for Q1 rose 20.5 per cent to US$592.9 million from US$492.2 million in the year-ago period, on the back of higher volume and prices.
Gross profit for the quarter also grew in tandem with revenue, hitting US$32.4 million, compared with US$30.5 million in Q1 2023.
Over the same period, the group&rsquo s sales volume also saw an increase of 18 per cent to 365,375 tonnes, from 309,737 tonnes a year ago.
In the regulatory filing, the mainboard-listed company said the macroeconomic environment continued to be volatile in Q1 due to inflationary pressure cast by the high interest rate environment, with escalating geopolitical tensions having further added to uncertainties.
Commenting on the latest results, Halcyon Agri&rsquo s chief executive officer Sun Weiliang said: &ldquo While we expect the macroeconomic conditions to remain at the current level in near future, the natural rubber demand has been resilient, and we are ready to capture business opportunities that arise.&rdquo
The mandatory conditional cash offer for Halcyon Agri at S$0.413 per share by Hainan Rubber Group closed on Apr 24, 2023, with free float dropping to less than 10 per cent.
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Alignment
Elite |
02-Mar-2024 21:29
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Shareholders were lucky the offer came when it did. Not sure why anyone would not have tendered in. They must be regretting it now. |
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Joelton
Supreme |
01-Mar-2024 11:53
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Halcyon Agri H2 net loss widens to US$24.9 million despite higher revenue from rising sales volume
RUBBER producer Halcyon Agri Corporation : 5VJ 0% on Thursday (Feb 29) posted a net loss of US$24.9 million for the six months ended Dec 31, 2023, widening 31 per cent from the net loss of US$19 million in the corresponding year-ago period.
Loss per share for the half year stood at US$0.018, rising by 25.9 per cent from the net loss of US$0.0143 per share in H2 2022.
The loss pushes the group, which had previously reported a net loss of US$62.1 million in H1 2023, further into the red.
For FY2023, the group recorded a net loss per share of US$0.0593, widening from the net loss of US$0.016 per share a year earlier.
The loss came despite an increase in revenue for the group by 20.5 per cent to US$1.7 billion in H2 2023 from US$1.4 billion in the same period a year earlier.
Revenue for the financial year also increased, albeit to a lesser extent, by 7.7 per cent to US$2.9 billion from US$2.7 billion.
The group attributed the growth in revenue to the increasing sales volume resulting from its initial integration with China Hainan Rubber Industry Group. Hainan Rubber acquired a 36 per cent stake in Halcyon Agri&rsquo s shares in H1 2023.
The increase in sales came mostly from China, evidenced by a record-high sales volume in H2 2023 and FY 2023, it added.
However, this increase in sales revenue is partially offset by the lower average selling prices, in tandem with the market-price movement.
To conserve funds for the group&rsquo s business activities and working capital requirement, the board of directors has recommended no dividend for FY2023, the same as a year earlier.
&ldquo We&rsquo ve made good progress on our integration with Hainan Rubber Group during the inaugural year of our merger. As we move into 2024, our focus will shift towards deepening our mutual understanding and unlocking additional synergies to enhance value for all stakeholders,&rdquo said Halcyon Agri&rsquo s chief executive Li Xuetao.
The mandatory conditional cash offer for Halcyon Agri at S$0.413 per share by Hainan Rubber Group closed on Apr 24, 2023, with the free float dropping to less than 10 per cent. Halcyon Agri shares have been suspended from trading since Apr 25, 2023.
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Joelton
Supreme |
25-Nov-2023 09:27
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Halcyon Agri Q3 earnings fall 38.2% to US$6.3 million
HALCYON Agri&rsquo s : 5VJ 0% earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 38.2 per cent to US$6.3 million in the third quarter ended Sep 30, 2023, from US$10.2 million in the corresponding period a year earlier.
Revenue climbed 6.8 per cent to US$757.9 million from US$709.8 million a year earlier, said the rubber supplier in a voluntary business update on Friday (Nov 24).
This was driven by a 36.2 per cent increase in sales volume in Q3 to 517,579 metric tonnes, from 380,092 metric tonnes previously.
Gross profit slipped 4.3 per cent to US$37.4 million, from US$39.1 million in the year-ago period.
The mainboard-listed company said it continues to &ldquo realise synergies&rdquo from its integration with Hainan Rubber. It noted that the integration has driven an increase in the company&rsquo s sales volume and revenue for a third consecutive quarter.
This has been further &ldquo buoyed by the gradually recovering downstream demand&rdquo , which came on the back of a surge in industrial and manufacturing activities, as well as a stabilisation of global interest rates, it added.
Commenting on the results, Halcyon Agri chief executive Li Xuetao said that while operating conditions will remain &ldquo challenging&rdquo in the fourth quarter, the company will continue to focus on enhancing its strength, and explore integration opportunities with its controlling shareholder to &ldquo unlock synergistic value&rdquo .
Halcyon Agri shares have been suspended from trading since Apr 25.
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Joelton
Supreme |
15-Aug-2023 10:52
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Halcyon Agri in the red with US$62.1 million H1 net loss
HALCYON Agri Corporation : 5VJ 0% on Monday (Aug 14) sank into the red with a US$62.1 million net loss for the first half ended Jun 30.
This was compared with a net profit of US$1 million in the corresponding year-ago period, the mainboard-listed rubber producer said in its results.
Halcyon Agri&rsquo s first half revenue declined 6.1 per cent year on year to US$1.2 million, from US$1.3 million. This was attributed to a 23.9 per cent decrease in revenue per tonne to US$1,535 in H1 FY2023, from US$2,017 in H1 FY2022, in line with natural rubber market prices.
This was partially offset by a 23.4 per cent climb in sales volume to 789,966 tonnes.
Gross profit also lowered 29.2 per cent to US$60.9 million, from US$85.9 million. This was caused by margin compression across key origins, as a decline in rubber prices was met with an increase in raw material costs, driven by scarcity.
The rubber producer had on Aug 7 guided for a net loss after tax for the six months, also based on margin compression as a result of sluggish rubber prices.
This was due to slower global demand and raw material prices surging, as well as higher net financing costs as interest rates continued to rise.
It also attributed the loss to a loan to a third party, where the recoverable sum is likely to be below its carrying amount and &ldquo thus will be recognising additional impairment provision&rdquo .
Loss per share for the period was US$0.0413, compared with a previous loss per share of US$0.0017.
Li Xuetao, Halcyon Agri&rsquo s chief executive, said operating conditions will remain challenging, but the group anticipates a demand recovery in the fourth quarter of 2023.
The group highlighted it had successfully closed two syndicated loans to refinance its existing indebtedness.
The first is a syndicated one-year working capital loan of US$189.6 million on Jun 19, led by the Industrial and Commercial Bank of China, which may be upsized to US$300 million.
On Jul 31, Halcyon Agri closed a one-year sustainability-linked syndicated loan of up to US$300 million, led and advised by China CITIC Bank International.
The facility features sustainability-linked elements, for which the interest rate will be tied to the group&rsquo s achievement of ESG-related key performance indicators, such as power and water consumption intensity, as well as tracing the source of the group&rsquo s raw materials.
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Alignment
Elite |
08-Aug-2023 23:47
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The share trading suspension seems to me to be somewhat counterproductive if the intent is to protect small investors. Surely such investors are better off to be allowed to trade on a willing buyer/seller basis even if the free float is low. | ||
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Joelton
Supreme |
08-Aug-2023 13:21
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ssw518
Supreme |
05-Aug-2023 09:17
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best advise you can get should be from your broker, it' s their job to give you a full understanding, just call him / her.
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james87
Master |
05-Aug-2023 08:37
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I?m still holding the shares and the status of Halcyon stock is still under suspension. May I know if the stock will be delisted eventually and my holdings will be compensated back to me through cash? | ||
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Joelton
Supreme |
20-Jun-2023 09:38
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Halcyon Agri allowed time to restore free float Swiber&rsquo s proposed delisting granted
THE Singapore Exchange (SGX) has no objections to granting Halcyon Agri : 5VJ 0%Corporation : 5VJ 0% an extension to meet the free float requirement as well as to Swiber Holdings : BGK 0%&rsquo proposed delisting, the two companies said in their respective filings on Monday (Jun 19).
In its filing, Halcyon Agri said it had been granted a three-month period commencing from Apr 24 to raise the percentage of its shares in public hands to at least 10 per cent. The issuer may be removed from the mainboard if it fails to meet the free float requirement after the period.
The mandatory conditional cash offer for Halcyon Agri at S$0.413 per share by China Hainan Rubber Industry Group&rsquo s wholly-owned subsidiary closed on Apr 24 with the free float dropping to less than 10 per cent. Halcyon Agri shares have been suspended from trading since Apr 25.
But the offeror did not intend for the natural rubber supplier to be delisted and privatised following the close of the offer.
Meanwhile, insolvent offshore and marine group Swiber Holdings has been allowed by SGX to delist, with the date of its exit from the exchange to be announced, its liquidator said. The firm was listed in 2006.
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Joelton
Supreme |
24-May-2023 10:40
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Halcyon Agri Q1 earnings fall 93.4% to US$1 million on high raw material prices
HALCYON Agri : 5VJ 0% saw its earnings before interest, taxes, depreciation and amortisation (Ebita) tumble 93.4 per cent to US$1 million in the first quarter ended Mar 31, 2023, from US$15.1 million in the previous corresponding period.
&ldquo With raw material prices remaining persistently high, the effect of margin compression is more apparent as we are in a low rubber-tapping season that generally ends mid to end-April,&rdquo said the natural rubber supplier in a voluntary business update on Tuesday (May 23) evening.
Revenue for Q1 fell 20.3 per cent to US$492.2 million, from US$617.3 million a year earlier. This came even as sales volumes for the period nudged up 2 per cent to 309,737 tonnes, from 303,574 tonnes in the year-ago period.
Gross profit dropped 35.1 per cent to US$30.5 million, from US$47 million the year before due to the effects of margin compression.
In the regulatory filing, the mainboard-listed company said it would continue to focus on &ldquo creating added value to customers as well as managing overall cost amid uncertainty in the market&rdquo .
Commenting on the latest results, Li Xuetao, the group&rsquo s chief executive, said the group&rsquo s immediate priority was to achieve smooth integration with China Hainan Rubber Industry Group as well as keep its cost structure &ldquo in check&rdquo amid an inflationary environment.
The mandatory general offer by the Chinese rubber producer for Halcyon Agri closed on Apr 24, with Hainan Rubber gaining 68.1 per cent of the total number of shares.
&ldquo We continue to strive (to do) our best in navigating the headwinds and challenges in the near term, but we believe that the long-term demand remains intact,&rdquo added Li. &ldquo Overall, we remain cautiously optimistic towards the group&rsquo s prospects.&rdquo
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bernardc
Elite |
28-Apr-2023 19:37
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Since the coy is taken private.. Just wait for money to be deposited in your account soon
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Taksaka
Member |
28-Apr-2023 19:33
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Based on below, I think they will keep it listed...... As stated in the Offer Document and the Loss of Free Float Announcement, it is the intention of the Offeror to maintain the listing status of the Company on the SGX-ST following the Offer. Accordingly, if the trading of the Shares is suspended pursuant to the rules of the Listing Manual, the Offeror reserves the right to undertake or support any action as may be necessary for any such listing suspension by the SGX-ST to be lifted. There is no assurance that timely and appropriate actions can be taken as these are dependent on, inter alia, prevailing market conditions at the relevant time. | ||
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Taksaka
Member |
28-Apr-2023 19:13
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Is Halcyon Agri unlisted from SGX. I am not aware. How to sell the share now ? | ||
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Dannkh
Master |
28-Apr-2023 09:37
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I accepted the offer in late March & received payment abt 7 days later in early April. The money will be credited to your bank a/c linked to your cdp a/c or to your cpf if u used cpf to purchase the shares.
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beachlover1270
Member |
28-Apr-2023 09:16
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Any bros out there know when we can get back our monies from the acceptance of the offer ? | ||
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