Ya mungkin sampai hari H akan digenjot pembeliannya, dapatnya berapa
kekurangannya pinjam Founder Share, so siap2 aja... :D
Redy
--- In obrolan-bandar@yahoogroups.com, "spr_serpong"
<[EMAIL PROTECTED]> wrote:
>
> YES ! You're right, but .... buyback yg tahun lalu sudah
dicadangkan
> untuk Convertible Bonds bahkan sebagian besar sdh di konversi jadi
> saham
>
>
> --- In obrolan-bandar@yahoogroups.com, "redyherinantoalb"
> <redyherinantoalb@> wrote:
> >
> > Jangan lupa, sebelum program buyback yang sekarang, dulu juga
ada
> > program buyback di harga bawah, waktu masih seribuan, itu
treasury
> > stock yang mau dijual.... ada juga founder shares yang di
> > tawarkan...
> >
> > Redy
> >
> > --- In obrolan-bandar@yahoogroups.com, "spr_serpong"
> > <spr_serpong@> wrote:
> > >
> > > If dikatakan : the company has only completed c.100m shares or
> > c.25%
> > > of allowed numbers of shares to be bought back thus another
> 300m
> > > shares still outstanding.
> > >
> > > jadi kalo 300m shares itu di buyback dlm waktu 30 hari kerja
> atau
> > > sampai akhir oktober artinya tiap hari harus buyback 10m
shares
> > atau
> > > 20.000 lot, mungkinkah dilakukan ?
> > >
> > > so..... isu nya ada benernya juga nih...
> > >
> > >
> > > --- In obrolan-bandar@yahoogroups.com, "hermanlatief"
> > > <hermanlatief@> wrote:
> > > >
> > > > --- In obrolan-bandar@yahoogroups.com, "mbahqu" <mbahqu@>
> wrote:
> > > > >
> > > > > Isu yg beredar, SPO BLTA mundur dari rencana Oktober 2006.
> > > > > Apa ada yg punya info yg melengkapi ?
> > > > >
> > > > kayaknya nggak , ini saya lampirkan report punya DBS
> > > >
> > > > �� Story: Proposed offering in SGX has been
> > amended,
> > > canceling
> > > > the issuance 5% new shares, such that the offering would only
> > > > comprise of treasury shares of up to 410m shares, and
possibly
> in
> > > > conjunction with placement of founder shares.
> > > > �� Point: This should have no impact at all,
as
> > the
> > > objective of
> > > > secondary listing is to unlock its book value rather than to
> > raise
> > > > more capital.
> > > > �� Relevance: We maintain our Strong Buy
rating
> on
> > > BLTA with
> > > > target price of IDR3,000, with further catalyst beside the
> > > imminent
> > > > secondary listing - of robust q-o-q improvement in the 3Q
> > financial
> > > > performance, as strong recovery in oil tanker rates has been
> > > > evidenced from its lows in the 2Q, and renewed contract
prices
> > for
> > > > chemical tankers effective in this quarter. We share the
> > company's
> > > > view of bullish chemical rates in 07 given expected shift of
> > > > significant cargo volumes to higher grade IMO II chemical
> > vessels on
> > > > the back of new regulations.
> > > >
> > > > What are the changes? The company has amended its proposed
> > > > offering in the SGX, eliminating the issuance of 5% new
shares
> > > > without pre-emptive rights, thus the initial offering would
> only
> > > > come from the treasury stocks arising from current buyback
> > > > program of up to 410m shares (10% of total outstanding) and
> > > > possibly in conjunction with placement of founder shares of
> > > > another 410m shares. This is good news in our view, as
> previously
> > > > the company has been at odds with the stock exchange
authority,
> > > > as traditionally the 5% new shares issuance is allocated for
a
> > > > private placement with a 12-month lock up period, instead of
a
> > > > public offering.
> > > > Why the secondary listing? Worthy of note is that the
> objective
> > of
> > > > the secondary listing is to 1) unlock company's book value,
as
> > > > assets would be marked to market (FY06 P/BV should drop to
> > > > estimated 1.4x from current 2.7x), thus allowing BLTA to
> further
> > > > leverage for its expansion, and 2) obtain more favorable
> > > > valuations by expanding its audience base, rather than an
> > exercise
> > > > to re-capitalize. BLTA's cash position is strong as the
company
> > > > should receive around USD135m in cash arising from the sale-
> > > > andleaseback
> > > > of three chemical tankers, booking extraordinary gain
> > > > of USD54m, thus lending a hand to its expansion plan
> particularly
> > > > as BLTA has entered the new FPSO business segment.
> > > > Nevertheless, there is potential gain to be made from the
> > offering
> > > > of the treasury stocks, assuming average buyback price of
> > > > IDR2,300/share, there is c.IDR41bn potential gain or 3% of
06
> net
> > > > profits.
> > > >
> > > > How much can we expect? We understand that the secondary
> listing
> > is
> > > > imminent, with book
> > > > building likely to be carried out by the end of this month
and
> > the
> > > > actual listing by mid next month.
> > > > The company is said to aim for 9.0x PER for the offering
> > compared
> > > to
> > > > current valuation of 6.7x FY07
> > > > PER. We think 8.0x PER is more likely and should be
> achievable,
> > > > translating to share price of IDR2,400
> > > > around SGD41cents or 18% upside from the current market
> > price.
> > > > Supporting the share price
> > > > would be the current buyback program in place, of which the
> > company
> > > > has only completed c.100m
> > > > shares or c.25% of allowed numbers of shares to be bought
> back
> > > > thus another 300m shares still
> > > > outstanding.
> > > >
> > >
> >
>
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