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Rex International says purchase price allocation caused discrepancy
Rex International Holding announced on March 24 that there were some discrepancies between is unaudited condensed interim financial statement and audited financial statement for the 12 months to Dec 31, 2022.
The material variances between the Group&rsquo s audited financial statements and the unaudited financial statements were due to the completion of the purchase price allocation for the acquisition of the Yme Field in Norway.
Very sad. Fully agreed with Joelton open letter. After so many years of holding Rex shares, I felt betrayed , frustrated, and totally disappointed. Shareholders are being abandoned and there is not a single word from the Rex management as to why the share is melting everyday.
George' s article on 23 March 2023 in BT.
share buyback - unless the Co allocates a sum of money to do share buyback, most buybacks are meaningless and ineffective.
Probably hyped for interested parties to offload in most cases in this market.
interest expense on the Co' s borrowing is shooting up, the Norwegian floating rate has more than doubled since the bond was launched
Co has more cash than the borrowing - should not the Co try to do early redemption of its bonds to optimise its interest expense
Co in its presentation, indicated that it would pay quarterly 0.5 cents dividend per quarter and 2 cents for 2023?
Not easy to read the Oil Co' s cashflow...
Also what the cash flow requirements for the Provisioning on Decommissioning?
The Co' s made huge profit from its partnered oil fields in 2021.
Of concern, the declining production volume from its Oman oilfield and not to mention production stoppage.
The foray into drone and concern over IPT, is a distraction.
The Co IPO on its oil detection technology and supposedly to provide this to other oil exploration cos. It did not sustain.
As George pointed it is better to invest in funds that invest in drones than IPTs. Although the amount may not be huge, it is a distraction raises queries on governance, on strategy, etc...
Co has an investment portolio.. are they more profitable than offseting the bond increasing interest expenses??
What are Co' s investors looking for? Besides trading in the stock volatility?
Oil Exploration Technonlogy - did not take off as hyped.
Oman oil fields - declining oil production
Drone ventures?
DYODD
share buyback - unless the Co allocates a sum of money to do share buyback, most buybacks are meaningless and ineffective.
Probably hyped for interested parties to offload in most cases in this market.
interest expense on the Co' s borrowing is shooting up, the Norwegian floating rate has more than doubled since the bond was launched
Co has more cash than the borrowing - should not the Co try to do early redemption of its bonds to optimise its interest expense
Co in its presentation, indicated that it would pay quarterly 0.5 cents dividend per quarter and 2 cents for 2023?
Not easy to read the Oil Co' s cashflow...
Also what the cash flow requirements for the Provisioning on Decommissioning?
The Co' s made huge profit from its partnered oil fields in 2021.
Of concern, the declining production volume from its Oman oilfield and not to mention production stoppage.
The foray into drone and concern over IPT, is a distraction.
The Co IPO on its oil detection technology and supposedly to provide this to other oil exploration cos. It did not sustain.
As George pointed it is better to invest in funds that invest in drones than IPTs. Although the amount may not be huge, it is a distraction raises queries on governance, on strategy, etc...
Co has an investment portolio.. are they more profitable than offseting the bond increasing interest expenses??
What are Co' s investors looking for? Besides trading in the stock volatility?
Oil Exploration Technonlogy - did not take off as hyped.
Oman oil fields - declining oil production
Drone ventures?
DYODD
Open letter to Rex International Holding&rsquo s directors and management
AS A long-term shareholder of Rex International, I would like to add my voice to those who have categorically deplored the company&rsquo s diversification into loss-making, non-oil and gas-related businesses through acquisitions of shares from family members of management.
Like the vast majority of shareholders, I have no interest whatsoever in these types of unlisted investments in drones and biotech businesses. But, if I had, I would invest through a professional venture capital manager with a proven track record who selects portfolio companies from a broad universe of startups rather than just from his family members&rsquo businesses.
The impression shareholders get is that the management &ndash after many years of trying &ndash has given up hope of making the core oil and gas business a sustainable success, or of exercising performance options, or finding a trade buyer. There is also the sense that, now in their golden years and preparing for retirement, the management is resorting to finding ways to transfer wealth from shareholders to family members.
Even if these investments have been carefully constituted to be compliant with the letter of all applicable laws and regulations, this type of behaviour by the management hits rock bottom in the corporate governance spectrum. Not to mention, it is a gross betrayal of shareholders&rsquo trust in them. More simply put, it is unethical.
It is not too late for the management to change course, put a stop to the distraction of these non-core-related party transactions, roll up their sleeves and get back to work in the core oil and gas business. The company still has adequate cash on its balance sheet, claims to be sitting on vast probable and unproven reserves in Oman, and boasts of proprietary technology that gives it a competitive edge in oil and gas exploration. So why not use that technology to find more oil to supplement the rapidly depleting proven reserves there?
After years of doing only exploration and acting as a non-operating minority partner, once it started its own production in Oman, it turned out that the company&rsquo s skill base in maintaining steady production was woefully inadequate.
At the same time, the appalling production stoppages in 2022 when oil was at over US$100 a barrel have never been satisfactorily explained. This seems to indicate a pressing need to upgrade skills and personnel in the production area to ensure that this type of disruption never happens again.
If the existing management lacks the requisite energy for the task or is simply now too old, they should do the decent thing on behalf of shareholders: just sail off into the sunset and retire to allow the company to select new and energetic professional management with the vision to pursue achievable goals exclusively in the oil and gas sector.
Finally, the company has a share buyback mandate. With the stock trading at such bargain basement prices, failure to use the mandate now gives the distinct impression that the management doesn&rsquo t see value at this level, because worse news is yet to come &ndash possibly even revelations of fraud, as some fear. If this is not the case, start buying back shares now! I know it is too much to ask, but it would also be really helpful, if the management were to show even greater confidence by adding to their personal shareholdings in the company.
Most of the IPT was done b4 move to main board.
Catalist rules are more lax. Now under MB, scrutiny by SGX will be more rigorous.
Never like IPT for unrelated biz in general bec absence of synergy to core biz.
Catalist rules are more lax. Now under MB, scrutiny by SGX will be more rigorous.
Never like IPT for unrelated biz in general bec absence of synergy to core biz.
ahberngh ( Date: 21-Mar-2023 16:35) Posted:
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Those interested parties transactions, no need shareholders approval meh???
Should SGX query?
Just asking, I don' t know the rules!
Should SGX query?
Just asking, I don' t know the rules!
They will / wanna keep the $ for interested persons transactions leh
NEWCOW ( Date: 21-Mar-2023 16:19) Posted:
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No share buy back to defend the stock price?? May be at 12 sen the manangement still think it is over pricing...
With the adverse market conditions, any analyst' s downgrade would cause a fall in share price.
It is like someone shouting ' fire' in the cinema, and everyone rushes to the Exit.
Easier to call a downgrade than an upgrade.
It is like someone shouting ' fire' in the cinema, and everyone rushes to the Exit.
Easier to call a downgrade than an upgrade.
SAVIORFOREVER ( Date: 21-Mar-2023 15:29) Posted:
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Those who bought above 30 and still holding must really go for trading courses.
I believe many must have cut losses when it dropped below 30.
Those who sold everything above 30 can thank their lucky stars.
Trade with expectation and DYODD
I believe many must have cut losses when it dropped below 30.
Those who sold everything above 30 can thank their lucky stars.
Trade with expectation and DYODD
The last six months and full year financials show signifcant increase in:
Production and operating expenses
impairment of oil and gas properties
finance cost
also, if one tracked the production figures for Oman, came down from 12 to 5 per month.
With oil prices going down, one has to be careful of this co, esp impairment, production expenses and also, finance costs.
Production and operating expenses
impairment of oil and gas properties
finance cost
also, if one tracked the production figures for Oman, came down from 12 to 5 per month.
With oil prices going down, one has to be careful of this co, esp impairment, production expenses and also, finance costs.
If the co cannot drill more than breakeven, then it defeats the purpose in this industry.
The cost of drilling is excessively high. They just get themselves busy and employed
for nothing and at the expense of the shareholders.
The cost of drilling is excessively high. They just get themselves busy and employed
for nothing and at the expense of the shareholders.
SAVIORFOREVER ( Date: 21-Mar-2023 11:21) Posted:
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Is company doing well?
I wouldn't buy even if dropped below 10c.
Trade with caution no contra buy and DYODD
I wouldn't buy even if dropped below 10c.
Trade with caution no contra buy and DYODD
ahberngh ( Date: 21-Mar-2023 10:22) Posted:
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In sgx the incredible thing is when u see upgrades. The stock hardly move. But downgrade comes. Drop faster than stone. That?s how many shortist waiting for pounce
another SGX ATM machine
Downgrade to sell temporarily I can understand. I am also not happy
with management at the moment. They need to buck up.
But 10c, ???, they are probably waiting to buy from you at 10c.
Or shortists waiting to cover at that price.
Rex is weak at the moment but if holders are scared by these people to sell
at current prices, then your loss.
Just my opinion.
with management at the moment. They need to buck up.
But 10c, ???, they are probably waiting to buy from you at 10c.
Or shortists waiting to cover at that price.
Rex is weak at the moment but if holders are scared by these people to sell
at current prices, then your loss.
Just my opinion.
Brokers downgrading are not that common at best they' ll say neutral.
They may think that with oil price coming down they hope to see 10c level.
I think this is an indication of slow drift and accululation between present price of 13c and 10c tgt.
They may think that with oil price coming down they hope to see 10c level.
I think this is an indication of slow drift and accululation between present price of 13c and 10c tgt.
Huataarrhh ( Date: 21-Mar-2023 09:01) Posted:
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if they downgrade, you start your slow buying because the funds and the institutions will also want to bargain buy at low.
Huataarrhh ( Date: 21-Mar-2023 09:01) Posted:
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those bought at 40 over cents gonna hold for years to come again..sad life
UOB Kay Hian downgrade today
Rex International Holding (REXI SP) Not The Oil Price Play That We Expected Downgrade To SELL REX managed to only eke out a small profit in 2022 despite average oil prices jumping 42% yoy due to poor oil production performance. Importantly, the company&rsquo s two interested party transactions into drone and medical technology, both of which are unrelated to the company&rsquo s core upstream oil and gas business, may be of concern to investors. Downgrade to SELL. Lower target price to S$0.10
Rex International Holding (REXI SP) Not The Oil Price Play That We Expected Downgrade To SELL REX managed to only eke out a small profit in 2022 despite average oil prices jumping 42% yoy due to poor oil production performance. Importantly, the company&rsquo s two interested party transactions into drone and medical technology, both of which are unrelated to the company&rsquo s core upstream oil and gas business, may be of concern to investors. Downgrade to SELL. Lower target price to S$0.10