Marco Polo Marine Ltd

[weijian]

The end game is here.

Request for Suspension
http://infopub.sgx.com/FileOpen/MPML%20_...eID=451577

2 of the restructuring exercises have been completed - and it seems like the game continues for MPM and its Mgt (unless shareholders throw a spanner in the works in the upcoming EGM?). But for existing shareholders, the game also continues on paper, but it is practically the end (the massive amount of dilution and also the selling once the new warrants are exercised)

http://infopub.sgx.com/FileOpen/MPML_Res...eID=478679
http://infopub.sgx.com/FileOpen/MPML_Out...eID=478871

[tomth]

interesting to see out this will pan out in January 18!

[CY09]

http://infopub.sgx.com/Apps?A=COW_CorpAn...43d2673bbb

Marco Polo marine has undergone a successful restructuring. What baffles me though is that 100 mil of new shares has been awarded to CEO Sean Lee and his relative. At an assumed price of 2.5 cents, this means the 2 of them will receive 2.5mil as their first tranche bonus for saving the company. This is just the first tranche; adding the other 200mil more of shares to be awarded to them, the 2 sibling are set to receive a total of 7.5mil for rescuing the company which they ran to the ground to start with.no doubt their original stake had been diluted but to receive 320mil of new shares for free is simply unbelievable. The saving grace is that it has a 5 year holding period, which I don't think makes much sense since the family's fortune is tied to Marco Polo marine to start with

Such a good bonus, how I wish I could have such an enviable position.

[cfa]

Who actually save the company ? The latest financial shown this comapny still in 150m negative equity .

[CY09]

In the recent structuring, debt holders voted to convert their debts at $0.035 per shares, while new investors subscribed for new shares at $0.028 per share with a $60mil equity injection. All these turned Marco Polo marine into a company with positive equity.

[cfa]

In the recent structuring, debt holders voted to convert their debts at $0.035 per shares, while new investors subscribed for new shares at $0.028 per share with a $60mil equity injection. All these turned Marco Polo marine into a company with positive equity.

Many thanks for the update .

[CY09]

http://infopub.sgx.com/FileOpen/MPML_Res...eID=487098

Marco Polo Marine will resume trading starting from tomorrow.

As a penguin shareholder, I am tempted to tell Penguin Holdings to sell any amount of shares if Marco Polo continues to trade above 3 cents. Not a great company and that we can expect further dilution when the siblings receive their additional 200 million shares.

This is because we must not forget that Marco Polo Marine has to take delivery of its US$200 mil rig it had ordered with Semb Corp Marine. I don't think the rig will be of that much value in the current depressed market condition. It is likely Marco Polo Marine will have to assume debt again for the delivery and it may mean a possible debt to equity ratio of 1 to 1.

<vested in Penguin>

[holymage]

Seems like the Marco Polo Marine guys have strong connections in the business world. Temasek is next in line, after the 9 prominent business man.

Temasek Holdings, Singapore’s state investor, is reportedly considering the acquisition of equity stakes in listed groups Marco Polo Marine and Ezion Holdings through its unit Heliconia Capital Management, according to an account by The Business Times. The transaction will apparently see Heliconia Capital purchase UOB Bank’s 10.29 per cent stake in Marco Polo, as well as injecting capital into liftboat-focused Ezion Holdings.

https://www.dealstreetasia.com/stories/h...ion-91568/

http://www.straitstimes.com/business/com...olo-marine

[CY09]

Interesting piece of development.

As of now, MPM is trading at 6.4 cents, which means bondholders can get their full capital back and 65% returns.

Great time to offload stakes

[weijian]

Hi CY09,
The rig that MPM had with SCM, is already sold to Borr Drilling. Isn't explicitly mentioned but the numbers add up.

https://www.valuebuddies.com/thread-1795...#pid143274
http://infopub.sgx.com/FileOpen/SCM%20Pr...eID=473339

hi holyimage,
Rather than "good connections", in some sense i think Temasek is doing national service by been a "capital provider of last resort". The local OnG industry is substantial and a critical mass needs to be sustained to maintain the ecosystem - from the upstream rig builders to the service providers (up/downstream). Previously, the Gov's help came in the form of (1) delayed implementation of foreign worker quota tightening and (2) nudge the banks to keep their credit lines open by offering co-sharing of risk.

The worst (in terms of oil price) is probably over but it is still long winter in the upstream markets. While both companies have been given a lifeline but it is not guaranteed they can survive. But it is always good to have Big Daddy behind.