New Toyo

[greengiraffe]

Aiya,

U still haven't see broken on Toyo meh...

At least they still pay decent dividends on top of milking the company for admin and directors' salary. Not so bad lah...

GG

Before the BAT contract, New Toyo equity was around $100mil. After gaining control of BAT contract equity increased to around $160mil (up to today). A 60% jump. But there is a CATCH.

Equity per share or roughly NAV has remained the same pre and post BAT contract.
Pre-BAT contract
2005 - 35.34 cents
2006 - 34.61 cents
2007 - 38.90 cents
Pre-BAT contract, Ave NAV = 36.3 cents

fast forward (post- BAT contract)
2011 - 36.49 cents
2012 - 36.57 cents
2013 - 35.64 cents
Post-BAT contract, Ave NAV = 36.2 cents


Based on NAV, there is in fact NO shareholder value creation from the BAT contract (IMHO).