Posts: 8,305
Threads: 496
Joined: Jul 2011
Reputation:
60
I personally think that these smart $ have been evaluating taxi based on cashflows not accounting earnings...
Almost Vested
(18-11-2014, 07:20 AM)CY09 Wrote: Even if transcab ipo had gone through, the stock will be just a run of the mill kind. Almost everyone here knows transcab is enjoying one time credit gains as seen in p&l statement. Strip it out, and the stock earns approx 4 cents adjusted core eps. it can't be scrapping taxis all the time.Following its dividend policy, future shareholders are only getting 3.5% off from ipo price. This makes it wonder if lion global etc did thorough checks before adding it into their equity funds
Posts: 3,727
Threads: 6
Joined: Oct 2012
Reputation:
95
(18-11-2014, 06:54 AM)greengiraffe Wrote: Btw, the following is the latest extract from ST:
The figure of $1.83 million is much lower than a purported insurance debt of $50 million that a person by the name of S.S. Phoa claimed in a letter Trans-Cab owed.
The letter, addressed to the Singapore Exchange just a few days after Trans-Cab first announced on Nov 3 its intention to go public, alleged that with the IPO, Trans-Cab would be "transferring" the debt to the public.
The amount is said to be owing to First Capital Insurance.
So never never mess around with S.S. - Secret Squirrels...
This is interesting. More likely a poison letter than mere insurance hike to tank the IPO.
As usual stated reasons might not be real reason. Have to read between the lines. The stated reason makes no sense in terms of quantum or regulatory liability.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
Posts: 8,305
Threads: 496
Joined: Jul 2011
Reputation:
60
(18-11-2014, 01:03 PM)specuvestor Wrote: (18-11-2014, 06:54 AM)greengiraffe Wrote: Btw, the following is the latest extract from ST:
The figure of $1.83 million is much lower than a purported insurance debt of $50 million that a person by the name of S.S. Phoa claimed in a letter Trans-Cab owed.
The letter, addressed to the Singapore Exchange just a few days after Trans-Cab first announced on Nov 3 its intention to go public, alleged that with the IPO, Trans-Cab would be "transferring" the debt to the public.
The amount is said to be owing to First Capital Insurance.
So never never mess around with S.S. - Secret Squirrels...
This is interesting. More likely a poison letter than mere insurance hike to tank the IPO.
As usual stated reasons might not be real reason. Have to read between the lines. The stated reason makes no sense in terms of quantum or regulatory liability.
I fully agree but better not to get to the bottom of it... do nobody any good...
Revision of insurance premium is a forward exercise and moreover, there are plenty of chances to shop around for the best deal...
Official line I heard is that they don't want to go thru the trouble of issuing a supplementary circular to the prospectus to get pass the finishing line...
Whatever... we will not see the last of the taxi and now the bus given that some operators still need to be accountable for the mess in recent history of Singapore efficient transport system...
Interesting times for regulated but essential services in Singapore...
Posts: 3,474
Threads: 95
Joined: Jul 2011
Reputation:
17
18-11-2014, 02:28 PM
(This post was last modified: 18-11-2014, 02:35 PM by Temperament.)
(18-11-2014, 01:08 PM)greengiraffe Wrote: (18-11-2014, 01:03 PM)specuvestor Wrote: (18-11-2014, 06:54 AM)greengiraffe Wrote: Btw, the following is the latest extract from ST:
The figure of $1.83 million is much lower than a purported insurance debt of $50 million that a person by the name of S.S. Phoa claimed in a letter Trans-Cab owed.
The letter, addressed to the Singapore Exchange just a few days after Trans-Cab first announced on Nov 3 its intention to go public, alleged that with the IPO, Trans-Cab would be "transferring" the debt to the public.
The amount is said to be owing to First Capital Insurance.
So never never mess around with S.S. - Secret Squirrels...
This is interesting. More likely a poison letter than mere insurance hike to tank the IPO.
As usual stated reasons might not be real reason. Have to read between the lines. The stated reason makes no sense in terms of quantum or regulatory liability.
I fully agree but better not to get to the bottom of it... do nobody any good...
Revision of insurance premium is a forward exercise and moreover, there are plenty of chances to shop around for the best deal...
Official line I heard is that they don't want to go thru the trouble of issuing a supplementary circular to the prospectus to get pass the finishing line...
Whatever... we will not see the last of the taxi and now the bus given that some operators still need to be accountable for the mess in recent history of Singapore efficient transport system...
Interesting times for regulated but essential services in Singapore... Quote:The figure of $1.83 million is much lower than a purported insurance debt of $50 million that a person by the name of S.S. Phoa claimed in a letter Trans-Cab owed.
The letter, addressed to the Singapore Exchange just a few days after Trans-Cab first announced on Nov 3 its intention to go public, alleged that with the IPO, Trans-Cab would be "transferring" the debt to the public.
Unquote:-
If the above is true, does it warrants the police to investigate? Maybe after police investigation the verdict is an IMH case or malicious poison letter case or it's the truth. If it's the truth,then Heng Ah! S.S. PHOA should be the toast of the town.
Any other verdicts possible?
Any one want to give it a try?
Of course, any Joe or Mary can say, "Caveat Emptor" even for IPOs.
Like almost all of the S-CHIP's IPOs. No?
"Caveat Emptor, Caveat Emptor, Caveat Emptor", see i just said it 3 times already!
But seriously, there is no other way but "Caveat Emptor" as far as your money is concerned. Even Yes! for IPOs or anything you want to buy or sell. No?
Shalom.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
Posts: 5
Threads: 0
Joined: Jun 2014
Reputation:
0
Maybe it is just the conspiracy theorist in me but, anyone suspect the real reason behind the cancellation is that the CEO and deputy wants to collect their big year end bonus first without needing to justify to the shareholders? Its their company and they have a right to profits after all.
Posts: 457
Threads: 7
Joined: Dec 2012
Reputation:
5
then isnt it more convenient to just launch the IPO after the year end bonus...
Posts: 9,841
Threads: 711
Joined: Mar 2012
Reputation:
64
Interview with the MD, Mr. Teo...
Trans-cab won’t give up IPO, MD Teo tells The Edge
SINGAPORE (Nov 18): Trans-cab Holdings’ managing director Teo Kiang Ang says he is very disappointed about having to call off the company’s initial public offering. However, Teo is not giving up on his intention to list the taxi company on the Singapore Exchange.
Trans-cab said in a statement on Nov 17 it would be withdrawing its IPO after new information emerged about an additional $1.83 million insurance premium liability. It says the information came on Nov 14, two days after Trans-cab launched its offering.
According to Teo, the company’s professional advisors said it was material information that had to be disclosed, and urged the IPO be pulled as there would not be enough time to do so. The offering was to have closed on Nov 18 at noon.
“So we are withdrawing first to review the situation and our options,” Teo tells The Edge Singapore in Mandarin over the telephone, “But I won’t give up [the IPO]. We have matured through this process, and we will prepare better.”
Teo adds that he does not know S.S. Phoa, the purported author of a letter to the Singapore Exchange that claimed Trans-cab owed $50 million in insurance debt, as reported in local media. He says he had a discussion with SGX to refute the claim.
Trans-cab, Singapore’s second-largest taxi company by fleet size, was aiming to raise at least $114 million through a global public offering of 168 million shares. It would have made its market debut on Nov 20.
http://www.theedgemarkets.com/sg/article...tells-edge
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
Posts: 3,474
Threads: 95
Joined: Jul 2011
Reputation:
17
Shall we carry out a vote?
How many of us think if no letter from S. S. Phoa to SGX, then the IPO would have proceeded?
Of course, you know what i think. Don't you? Then no sudden last minute about insurance problem.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
Posts: 1,343
Threads: 49
Joined: Nov 2010
Reputation:
7
It seems World -class SGX is capable of attracting such kind of companies !
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
Posts: 2,808
Threads: 170
Joined: Sep 2010
Reputation:
1
seems like there is some hatred sentiment against towkay teo as noted there seems to be a 'poison' letter by a person called phoa.
some bad blood stain sighted
|
Homepage
PR Newswire
