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Ocean Sky could be the next multiplier

junming82
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06-Oct-2013 16:10

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Ocean Sky is definitely a value stock and with the stock market darling, Ezion, proposing a share swap to take a stake in it, I am sure the stock will rise

Ezion taking stake in Ocean Sky - http://valuestocksinvesting.blogspot.sg/2013/10/finding-undervalued-singapore-stock.html
Undervalued stock - Ocean Sky - http://valuestocksinvesting.blogspot.sg/2013/04/finding-undervalued-singapore-stock.html

________________________________________________________________________________ __________________________________

Disclaimer: This is not a buy or sell stock tip. Please do your own research.

Value investing blog: http://valuestocksinvesting.blogspot.sg/

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Octavia
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04-Oct-2013 09:44

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CLARIFICATION TO PROPOSED (I) ACQUISITION (II) SUBSCRIPTION OF SHARES (III) OPTIONS (IV) PLACEMENT (2nd part)

http://infopub.sgx.com/FileOpen/OSIL_Clarification_Announcement_Acquisition_Subscription_Options_Placement_041013.ashx?App=Announcement& FileID=258594

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PapaSmurf
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02-Oct-2013 09:28

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$1 in the making

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Octavia
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02-Oct-2013 09:22

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CLARIFICATION TO PROPOSED (I) ACQUISITION (II) SUBSCRIPTION OF SHARES (III) OPTIONS (IV) PLACEMENT

http://infopub.sgx.com/FileOpen/OSIL_Clarification_Announcement_Acquisition_Subscription_Options_Placement.ashx?App=Announcement& FileID=258278

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Octavia
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01-Oct-2013 13:43

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Ezion is redesignating its existing chief operating officer, Captain Larry Glenn Johnson, as the new chief executive officer cum executive director of Ocean Sky upon the successful acquisition of 45.15% of the total enlarged share capital of Ocean Sky.

Ezion will also appoint its deputy chief operating officer, Lee Kon Meng, as its chief operating officer.

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Octavia
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01-Oct-2013 09:30

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Ezion / Ocean Sky: CIMB maintains its high conviction O/p call on Ezion with $2.68 TP. Note that the restructuring of Ezion?s marine supply base business via a special purpose vehicle will enable the company to focus its resources on expansion of its service rig business while allowing it to continue reaping benefits from other business opportunities. Add that the restructuring, should also see the next shift in Ezion?s focus ? from a service rig owner (provision of vessel only) to an operator (provision of both crew and vessel). Secondly, OSI will be able to develop the marine base using its own balance sheet, without stretching Ezion?s balance sheet or human resources. On completion of the acquisition, OSI will be a well-capitalised company with a starting equity base of $108m and will be primed to start work immediately. Last, the dilution for Ezion?s existing shareholders is minimal at 2%. Overall, house keeps FY13-15 EPS forecasts as there is marginal impact from the restructuring. Also intact are Outperform rating and target price, which remains based on a blend of P/E (7.7x CY14) and P/BV (2.3x CY13) valuations. Ezion is house top pick among small-to mid-cap O& M stocks.

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WanSiTong
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30-Sep-2013 14:12

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In accordance with Rule 14 of the Singapore Code on Take-overs and Mergers (the " Code" ), the Offeror is required, on Completion, to make a mandatory cash offer (the " Offer" ) for all the issued and paid-up ordinary shares in the capital of the Company (the " Shares" ) other than those already owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it, in accordance with Section 139 of the Securities and Futures Act, Chapter 289 of Singapore (the " SFA" ) and the Code.

1.2. Pre-Conditional Offer.

acjyyy ( Date: 30-Sep-2013 10:46) Posted:

a subscription agreement dated 30 September 2013 (the ?Introducer Agreement?)

with Mr. Tan Kim Seng (the ?Introducer?), pursuant to which the Company shall allot

and issue to the Introducer 25,000,000 new ordinary shares in the capital of the 3

Company (the ?Introducer Shares?) at an issue price of S$0.108 per Introducer

Share

The $0.108 shares are alloted to Mr Tan Kim Seng, so i don't think will have huge impact on the share price.. imho

WanSiTong ( Date: 30-Sep-2013 10:38) Posted:

3. DETAILS OF THE OFFER

3.1. Terms of the Offer. In accordance with Section 139 of the SFA and Rule 14 of the Code, and subject to the satisfaction of the Conditions Precedent and the occurrence of Completion, the Offeror will on Completion make the Offer for all the Shares other than those already owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it (the " Offer Shares" ) on the following basis:

For each Offer Share: S$0.108 in cash (the " Offer Price" ).

The Offeror does not intend to revise the Offer Price.

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giganticmoney
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30-Sep-2013 13:49

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Ezion has proposed to subscribe for 440 million new Ocean Sky shares at S$0.108 each to be satisfied by the issue of 20.21 million new Ezion shares to Ocean Sky. ? i thought it will be cash offer?

Octavia ( Date: 30-Sep-2013 13:47) Posted:

Ezion to buy 45.15% of enlarged Ocean Sky, inject marine ops

EZION Holdings said on Monday that it is planning to buy 45.15 per cent of the enlarged share capital of Ocean Sky International.

Ezion has proposed to subscribe for 440 million new Ocean Sky shares at S$0.108 each to be satisfied by the issue of 20.21 million new Ezion shares to Ocean Sky.

In addition, Ezion is also proposing to buy 165 million share options. Each option carrys the right to subscribe for one new Ocean Sky share at the exercise price of S$0.108 each.

Ezion plans to inject its marine supply base business into Ocean Sky.

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Pauperman
Master

30-Sep-2013 13:49

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So now Ezion will have it's 2nd engine to boost its company size

Octavia ( Date: 30-Sep-2013 13:47) Posted:

Ezion to buy 45.15% of enlarged Ocean Sky, inject marine ops

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Octavia
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30-Sep-2013 13:47

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Ezion to buy 45.15% of enlarged Ocean Sky, inject marine ops

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WanSiTong
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30-Sep-2013 11:53

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NAV after the 13c dividend is : 11.62c

Offer price of 10.8c is 7.6% discount to NAV

WanSiTong ( Date: 30-Sep-2013 11:33) Posted:

Pls read carefully this morning SGX Announcement No 35.

Offer price only 10.8c

Trade with care ! Huat arh...........

ruready ( Date: 30-Sep-2013 11:16) Posted:

Now the good news cannot move the price,,,,,,,,,market is it very tire

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WanSiTong
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30-Sep-2013 11:33

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Pls read carefully this morning SGX Announcement No 35.

Offer price only 10.8c

Trade with care ! Huat arh...........

ruready ( Date: 30-Sep-2013 11:16) Posted:

Now the good news cannot move the price,,,,,,,,,market is it very tire

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acjyyy
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30-Sep-2013 11:23

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could it be those contra players who get trap by the halt selling off now?

after this bloodbath should move up

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ruready
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30-Sep-2013 11:16

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Yells: "Follow the micro penny , May be this is the last train"

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Now the good news cannot move the price,,,,,,,,,market is it very tire

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Octavia
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30-Sep-2013 11:02

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Take profit first until the dust is settled.

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Octavia
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30-Sep-2013 10:55

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The potential of OS cannot be under estimated.

Huat arh!

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acjyyy
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30-Sep-2013 10:46

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a subscription agreement dated 30 September 2013 (the ?Introducer Agreement?)

with Mr. Tan Kim Seng (the ?Introducer?), pursuant to which the Company shall allot

and issue to the Introducer 25,000,000 new ordinary shares in the capital of the 3

Company (the ?Introducer Shares?) at an issue price of S$0.108 per Introducer

Share

The $0.108 shares are alloted to Mr Tan Kim Seng, so i don't think will have huge impact on the share price.. imho

WanSiTong ( Date: 30-Sep-2013 10:38) Posted:

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WanSiTong
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30-Sep-2013 10:42

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4. FINANCIAL EVALUATION OF THE OFFER

4.1. Evaluation of the Offer Price. The Offer Price represents a discount over the recent market prices of the Shares. Specifically, the Offer Price represents the following discount:

Benchmark Price(1)		Discount of Offer Price to the benchmark Price
(i)	Last transacted price as quoted on the SGX-ST on 24 September 2013, being the latest date on which the Shares were traded prior to the date of this Announcement	S$0.379	71.50%
(ii)	VWAP for the one-week period up to 24 September 2013	S$0.354	69.47%
(iii)	VWAP for the one-month period up to 24 September 2013	S$0.323	66.56%
(iv)	VWAP for the three-month period up to 24 September 2013	S$0.310	65.16%
(v)	VWAP for the six-month period up to 24 September 2013	S$0.293	63.14%
(vi)	VWAP for the twelve-month period up to 24 September 2013	S$0.275	60.73%

Note:

(1) The figures set out in this paragraph 4.1 are based on data extracted from Bloomberg.

WanSiTong ( Date: 30-Sep-2013 10:38) Posted:

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WanSiTong
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30-Sep-2013 10:38

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acjyyy
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30-Sep-2013 10:37

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The Placement Price of S$0.341 is at an approximately 10.0% discount to the volume

weighted average price of S$0.379 of the Shares for trades done on the SGX-ST on 24

September 2013, being the last full market day on which the Shares were traded prior to the

date the Placement Agreement was signed).

Does it mean dilution?

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