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08-09-2014, 10:04 AM
Yet another update 4 months on..
FOP wishes to sell its freehold industrial plot (1 out of the 3 investment properties on hand) to K-Fix, a subsidiary of Kingsmen C. K-Fix has been leasing this premise and I do think they will need it for a long time now hence K-Fix/Kingsmen has decided to purchase the plot instead of leasing it.
Good news?
Summation of ALL three investment properties on hand is just 14.6 million SGD. (http://infopub.sgx.com/FileOpen/2013%20F...leID=21025)
"The excess of the net proceeds of the Property to be disposed of over the net book value is
S$8,818,000 and the gain on disposal of the Property is S$7,712,500."
A gain of 7.7 million SGD is approximately 15 cents of cash per share.
Add this to my previous figure of 21cents of cash per share, you get a whooping 36cents of cash per share. Current bid price of 31cents seems to be too much of a joke still.
No S-chip here, and I figure this cash is really there. Hopefully this is a first salvo of what is to come. With around 18million of cash, the company may attempt to find a new driver of growth. Hope I am going to be watching a movie unfold here (not horror movie I hope).
FOP wishes to sell its freehold industrial plot (1 out of the 3 investment properties on hand) to K-Fix, a subsidiary of Kingsmen C. K-Fix has been leasing this premise and I do think they will need it for a long time now hence K-Fix/Kingsmen has decided to purchase the plot instead of leasing it.
Good news?
Summation of ALL three investment properties on hand is just 14.6 million SGD. (http://infopub.sgx.com/FileOpen/2013%20F...leID=21025)
"The excess of the net proceeds of the Property to be disposed of over the net book value is
S$8,818,000 and the gain on disposal of the Property is S$7,712,500."
A gain of 7.7 million SGD is approximately 15 cents of cash per share.
Add this to my previous figure of 21cents of cash per share, you get a whooping 36cents of cash per share. Current bid price of 31cents seems to be too much of a joke still.
No S-chip here, and I figure this cash is really there. Hopefully this is a first salvo of what is to come. With around 18million of cash, the company may attempt to find a new driver of growth. Hope I am going to be watching a movie unfold here (not horror movie I hope).
It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy. –George Lorimer