Just sharing some of the small/mid-cap stocks you may never hear before and traded before that is in my portfolio... Maybe can be a thread for others to share their small and mid caps in their portfolio too.

An update to the Small/Mid Cap (Excluding REITs):

$Chuan Hup(C33)
$Captii(AWV)
$Japan Foods(5OI) - Addition
$Trendlines(42T.SI) - Invested since Aug 2017 but forget to add
$Colex(567.SI) - Most recent additional
$Ellipsiz(BIX.SI) - Repurchase in 2018
$CWX Global(594.SI) - Added small amount.
$TSH(574.SI) - Forget to add this too!
$SingHaiyi(5H0.SI) - Itchy fingers adding!
$Sysma(5UO.SI) - Cash counter!
$TheHourGlass(AGS.SI) - Added.

Fully Sold:
$SingHaiyi(5H0) - Sold all again!
$LTC Corp(L17)
$CDW(BXE)
$SingHoldings(5IC)
$Sin Ghee Huat(B7K)
$BBR(KJ5) - Just sold all on 17 May 17.
$Boustead(F9D) - Sold.
$SamuderaShipping(S56) - Sold
$TTJ(K1Q) - Sell - Buy - Sell!
$Miyoshi(M03.SI) - Sold all!
$Secura(43B.SI) - Sold all
$Ocean Sky Intl(O05.SI) - Sold all at great gains!
$Yongnam(AXB.SI) - Sold off already.
$Ellipsiz(BIX.SI) - Sold off all already.
$Tiong Seng(BFI) - Sold all
$Hock Lian Seng(J2T) - Sold all as well
$PNE Industries(BDA) - Sold all as well!!
$Teckwah(561.SI) - sold.
$OKP(5CF.SI) - sold with little profit
$Starland(5UA.SI) - Loss
$GRP(BLU.SI) - Loss
$Challenger(573.SI) - Sold with some profit

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115 likes 1 share 581 comments
TUBInvesting

This thread will remain closed for the future! Do look out for my other posting!

TUBInvesting

Sold off $Starland(5UA.SI) , $GRP(BLU.SI) and $CHALLENGER LIMITED(CGF.AX) . 2 Cut Losses. 1 Made some gain. Consolidation mode activated.

TUBInvesting

Reply to @Liang_Soon_Fong : And I wanted to consolidate my positions.

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TUBInvesting

Reply to @Liang_Soon_Fong : oh no...wow... sounds bad. Do take care. The confused below is I am saying I am confused about GRP and starland! Because GRP the director did a buy back, but starland only gave 0.005 dividend.

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Liang_Soon_Fong

Reply to @TUBInvesting : small construction firm, growly quietly ... except 2015, a mysterious drop to a few cts.

TUBInvesting

Reply to @chanvei : Basically, I did not change but the world has change.

I want to go into concentration mode, while holding on to the best counters.

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TUBInvesting

$Trendlines(42T.SI) results out. Quite good. But dividend need to wait till FY2018.

TUBInvesting

Wanted to sell $GRP(BLU.SI) for $Starland(5UA.SI) . But no one is selling $Starland(5UA.SI) . As a proxy will keep $GRP(BLU.SI) for now.

TUBInvesting

Reply to @TUBInvesting : Steady. Added a very few lots of $Starland(5UA.SI).

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Recommended & Related Posts

What's My Current View On The Trendlines Group Ltd?
- Original Post from T.U.B Investing

$Trendlines(42T.SI)

This article may have came a bit too late.



I felt I have to write another article about The Trendlines Group Ltd (Trendlines) after my last post on them, as well as my very bold estimation of Trendlines on IN.






Screenshot from IN

But since the last post and estimation, Trendlines share price has been on a downtrend on a prolong period.






Screenshot from IN
I am not sure if the post or estimation have influenced anyone to purchase Trendlines. Nevertheless I still felt that I had to be responsible and thus, I will write out my current thoughts on Trendlines.


First of all, I will like you to know that I am still vested in Trendlines (about 2.5% of my portfolio).




Why am I still vested? If you had read my previous post on Trendlines, other than point 1*, all the other positive points are still relevant. Some of these points, as elaborated below, have become even more advantageous!



*CEOs did not continue to purchase Trendlines and the company also did not made any share buybacks.




1. Their dividend policies have become clearer with recent new on Stimatix. Stimatix will provide recurring income for Trendlines and in return dividend for the shareholders. Do note that Trendlines owns 28.2% of Stimatix and a payout ratio of 90% of dividend payments received from royalties.




2. Collaborators! Other than B Braun Melsungen AG, Trendlines also have many other extensive partnership collaborators!






Trendlines Investor's Powerpoint




3. Companies born out of Trendlines lab are not within its balance sheet yet! These companies will eventually bring in profit and will definitely boost its asset within the balance sheet. Thus, the balance sheet is actually still understated!






Trendlines Investor's Powerpoint




4. News, news and news! Recently, an IN friend have actually found some news on the Trendlines' portfolio companies that are not explicitly announced and here they are:






Regardless of the above positives, the RISKS that I stated in the previous post still exists too: (1) Overstating of the value of their portfolio company and (2) having failed portfolio companies being written off in future. This could produce losses that will definitely impact the share price negatively.



So what is the Fair Value?



Recently, many of you will have notice the changes in how I view a company recently. I will always try to look for a REASONABLE fair value. For Trendlines' share price, the management had compared against other industry comparables as per its investor's powerpoint slide.






Trendlines Investor's Powerpoint



But I felt the share price calculation should be based on dividend instead. This is because I felt dividend will eventually become the main catalyst for Trendlines over the next 2 years.

So the amount of dividend I calculated is....0.3 cents! This is only about 2.5% dividend yield based on the current share price.

This is based on the estimation of the following -

1. Dividend Payout of 90% of dividend distribution of about US$800k

2. Dividend Payout of 40% of an Exit Event where the net cash after tax distributable proceeds paid to Trendlines for the financial year is at least US$2 million.

Finally, one must also take note of the following taken from the recent annual report and announcements:

1. In August 2016, Medical received a dividend distribution from the Portfolio Company in the amount of approximately 897, the dividend distribution representing Medical’s share of a portion of the cash consideration received from the Licensee.

2. In addition to a dividend which was received subsequent to the initial closing in November 2014, Trendlines Incubators Israel Ltd., the Group’s wholly-owned subsidiary, has additionally been paid approximately US$1.6 million in dividends, to date, upon Stimatix’s completion of the relevant milestones.

3. On September 29, 2016, the Group sold its holdings in E.T.View (including options). The Group received consideration in the amount of 3,700, of which 2,100 is recorded in gain from disposal of investments accounted for under the equity method and 1,600 in gain from change in fair value of investments in Portfolio Companies.

4. In June 2017, the Group completed the sale of its holdings in Biosight LTD. The Group received consideration in the amount of 1,300 and recorded realized gain from change in fair value of investments in Portfolio Companies in the amount of $1,200.

5. On November 13, 2017, the Group completed the sale of its holding in MitrAssist Ltd (“MitrAssist) for a total consideration of approximately 1,150. The Group recorded realized gain from change in fair value of investments in Portfolio Companies in the amount of $1.1M as well as financial expenses in the amount of $0.5M with respect to repayment of the IIA loan relating to MitrAssist.




In Short

I understand that the current estimated dividend yield is quite low. Not even 3%. It could get even lower since the last few exits Trendlines had made is less than US$2 Million. Thus, these are more of the negatives that I believe investors should take note.

BUT I will still stay vested and may even buy more if the share price drop even MUCH MORE.

This is because I believe in the company's growth and it takes time for the revenue to grow. In the meantime, the dividend can "comfort your continuing patience".

I must also state that Trendlines has "not" yet given any dividend and their dividend policy must have well-thought through prior to announcing. Therefore, their current exits events could possibly be used to support their current operations, rather than for dividends. Nevertheless, Trendlines is not the usual business model and investors should not really used their current understanding to define this firm.

Investors will just have to wait for Trendlines to grow for at least 2 years before it become the multibagger we are waiting for.

Simple Investor SG and I will be having our next Coffee With Us on 17 April 2018.If you are interested in the event, do sign up via this LINK.We look forward to meeting you!

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

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The Counter That I Regretted Saying "I Will Ignore It"
- Original Post from T.U.B Investing

$SingHaiyi(5H0.SI)
Warning: This will be a slightly long post. But it will be packed with information.

I will like to apologize for the delay in putting up with this post due to the information I need to gather.

I will be writing on Singhaiyi Group Ltd (Singhaiyi) that I am currently already vested in and also on its industry.

I have wrote a few articles on Singhaiyi before – some good and some bad. Although in the last post, I already stated that I was going to ignore them. But I re-purchase them again recently.

Prior to me explaining why I did that, let me explain about what had happened over the last 12 months (Earliest to the latest):

1. Sold their stake in TripleOne Sommerset,
2. Did not exercise the rights to own OKH Global,
3. Owning 100% of the development of City Suites,
4. Acquire Sun Rosier via Enbloc Sales along with Haiyi Holdings
5. Acquire How Sun Park via Enbloc Sales along with Haiyi Holdings
6. Investing in Cromwell Property Group, the sponsor of Cromwell REIT.
7. Acquire Park West via Enbloc Sales along with Haiyi Holdings
8. Sold Entire Vietnam Town Phase II,
9. Then it issue rights at 10 cent per right share.



During the whole time, I did have my reservations over the management due to these thoughts:

Why did Singhaiyi acquire land bank using along with Haiyi Holdings - a company 100% owned by Gordan Tang, the executive director and Serene/Celine Tang, the CEO? Is there something I don’t know?

Furthermore, with their track record of not being totally upfront (please read my last post on them), I did not have the full confidence in them.

But why did I purchase them again?

1. Haiyi Holdings

I am always unsure of why the management always include Haiyi Holdings alongside Singhaiyi in all its investment/purchases.

Haiyi Holdings is a private company held by the management and I am unable to ascertain their motives.

Currently, I think I should apologize to the management for my short-sightedness. This is because a recent post on IN made me realised that Haiyi Holdings is placed there in order to support Singhaiyi when required.




Screenshot of Post from IN


To show their commitment, Haiyi Holdings actually scoop up over 1,048 million of rights shares – which translate to the management pumping in over $104 million into Singhaiyi. This also resulted in Gordan Tang increasing its deem ownership to 66.91% and Celine Tang increasing its deem ownership to64.55% in Singhaiyi respectively.



The management actions over the last 12 months can also be viewed as positive, especially when it chose not to exercise Singhaiyi rights to purchase OKH Global.



With that, I concluded that the management actions have shown their commitment towards Singhaiyi and are in line with the shareholders.



2. Enbloc Sales of Sun Rosier and How Sun Park



When Singhaiyi bought Sun Rosier and How Sun Park, the reactions from the public were mainly negative. It seems that they paid too much for the 2 plots of lands. Some investors even went on to sell off their holdings. I was no different (Oh... I bought, sold, bought, sold and now bought again.)



I was sceptical about the purchases and wrote to the Singhaiyi IR. With their approval and blessing, I was able to attach their reply below.







A Portion of the Screenshot of The Email Reply From IR



Even with their reply, I was not fully convinced. Thus, I did a full analysis on almost all the Enbloc Sales over the last 12 months.










Information Grab from Tracygoh.sg, Business Times, The Edge, Straits Times


From the table, it is good to note that the total overhead cost psf (including construction) is estimated to be around $369 to $684 depending on the district.




Expected selling price psf is always stated to be a 10% margin on top of total cost (Land + Overhead + Construction).



As indicated in the table, it seems like the overall enbloc sales has increased the land prices around Singapore significantly.



In my opinion, this could be caused by a few factors – FOMO from the perspective of developers, the continued vibrant property purchases, higher living standards and continued foreigner purchases.



Nevertheless, this table re-enforces the view that the prices Singhaiyi paid for the enbloc sales are not unreasonable.



However, for Enbloc Sales within district 19, it still seem like Singhaiyi still paid a bit too much.



But on a closer look, one should take note that other district 19 enbloc sales were (1) larger plot of land, as well as (2) occurred much earlier during May to July when enbloc sales were not as vibrant, and (3) those were 100+ years leasehold land as compared to the freehold land that Singhaiyi bought.



Therefore, with all the above information, I concluded that the prices that Singhaiyi paid for Sun Rosier and How Sun Park were, at least, within reasonable range.




3. Park West Enbloc Sales



Singhaiyi was able to purchase Park West condo – 1.3 million sf based on a plot ratio of 2.1 – at $741 psf in Clementi.



Based on the current sale of The Trilinq, an IOI Properties project that is 350 metres away, the average selling price of the units were $1,335 psf.



Therefore, I am quite positive that Singhaiyi will be able make a nice tidy profit on the sale of the development in this area.




4. The Calculation of NAV



The simple calculation of NAV determined that there is a certain margin of safety for this counter.



As per 3Q FY 18 report – The equity was $512,974,000 and the number of shares were 2,870,297,850.



If the rights issued were added to the equity and number of shares, the NAV will be:



(Equity + Cash Collected From Rights) / (Number of Shares + Rights Shares) = (512,974,000 + 143,514,892) / (2,870,297,850 + 1,435,148,925) = $0.152 per share.



Based on the current price of $0.097, that is a 36% discount to NAV.




5. Fair Value



I also did a fair value calculation based on these few plots of land. I decided that I will based the fair value back to the book value of Singhaiyi.



Nevertheless, my calculation will come with A LOT OF assumptions and could get a bit complicated.

But let me explain:



Firstly, I calculate how the Enbloc Sales will be financed by Singhaiyi. Do note that Singhaiyi only holds 50% of each Enbloc Sale.




Part 1 of My Calculation


In this assumption, all the cash, cash from rights, entire sale of phase II of Vietnam town, sale from City Suites (Est 56 units sold at $1 million each) and receivables will be used to finance the purchase of the 3 Enbloc Sales.





Thus, it is deem that a loan of $127 million could be required.



Secondly, I calculate the present value of all the 3 Enbloc Sales. It is based on the following assumption:



- All enbloc sale will be redeveloped and sold in 4 years.

- Overhead + Construction Cost is $450 psf.

- Sun Rosier will have a 5% margin.

- How Sun Park will have a 10% margin.

- Park West have a 20% margin.

- Discounted at 10% over 4 years.









Part 2 of My Calculation


Next, I calculated the fair value of the current book value.



Fair value = New equity amount (including rights issue) – all the expected sources of financing the 3 enbloc sales + 50% of the estimated present value of the development value – the present value of the total overhead, including construction cost, of the development.




Part 3 of My Calculation


Finally, I arrived at $0.124 per share. This is much lower than NAV of $0.152 per share and only has 21% of margin of safety.





Is this margin too little for the significant assumptions used above?



My personal view is that I did not include the following in my calculation:



- Potential gain from re-developing of Park Mall which will complete by 2019,

- Redevelopment of 5 Thomas Mellon Circle in USA,

- Rental income from Tri-County Mall in the USA,

- Potential gain in staple securities of Cromwell Property Group.



All the above could potentially push the present value of Singhaiyi to greater heights. Thus, I believe the fair value of $0.124 was reasonable.



In Short

With the positive factors stated above, I believe the current price provide some margin of safety for retail investors. In fact, I believe 20% discount off the fair valueat $0.099 will be a good entry price.

But do note that I have only stated the positive pointers. This purchase do come with RISK too.

The main risk will be the property industry did not rise as much and the property developments did not achieved the expected prices.

Another major risk is the Singapore government coming up with more cooling measures for the industry in the future.



In addition, it is also important to note that the fair value is calculated based on the future value of the development 4 years later. Thus, if you purchase Singhaiyi now, you should be in it for the LONG TERM.

Therefore, only purchase this counter if you understand the risk and are prepared to hold for the long term.

Do note that the author is vested in Singhaiyi Group Ltd.

If you are interested to know more about The Ultimate Scorecard or Full Analysis, do visit the website for more information and sign up here!

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.



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The Value Of Chuan Hup Holdings Ltd
- Original Post from T.U.B Investing

$Chuan Hup(C33.SI)
I have been looking for a counter to reduce my almost 30% of cash holding.

Thus, an interesting counter stands out from the list of companies in my portfolio.

That is Chuan Hup Holdings Ltd (CH).




Chuan Hup Holding Logo
Over the last few months, CH share price has been hovering around and above 30 cents. I have been thinking of adding more of CH into my portfolio and have been rather reluctant because my average share price was much lower.

However, a meet up with Simple Investorremindedme about Warren Buffett’s quote - “Price is what you pay, but Value is what you get.”

Therefore, I decided to look at the valuation of CH before deciding further. In my view, CH should be consider from a book value perspective rather than earnings or DCF perspective. This is because it act more like an investment firm due to the associate and subsidiary it has invested in. Hence, I settled on a “Sum of All Parts” calculation for CH.

From CH's 2017 annual report, it owns the following:

- 76.17% of PCI Ltd (PCI)(Subsidiary)
- 19.7% of Finbar Group Ltd (Finbar)(Associate)
- 35.5% of Pacific Star Development (PSD)(Associate)

All other assets are deem to be fully owned by CH. Do note that CH also own Keyland Ayala Properties Inc (formerly known as Security Land Corporation), but this is actually located under available for sales investment. So I will not be calculating it separately.

Do also note that only PCI financials are incorporated into CH Group financials. Therefore, its asset and liabilities will be deducted from CH Group financials. Associates, which consist of only Finbar and PSD, will also be deducted from CH Group financials.

The 3 companies will be calculated separate based on their market cap.

Based on the ownership and market cap as of 16 March 2018, CH ownership of the following companies will translated into the following:

PCI – 76.17% x S$169.234 million = S$129.802 million
Finbar – 19.7% x A$223.232 million = A$43.293 million => S$44.3 million
PSD – 35.5% x S$109.925 million = S$39.023 million

Based on the CH and PCI financials ending Dec-17:




Calculation of Sum of All Parts


As per the above calculation, the value of each share is 44.8 cents.

After giving it 20% discount, CH will be valued at 35.8 cents.

I believe giving discount is important in the current market because it is still on a bull run. With so much uncertainty in the world right now, the market will be very volatile moving forward.

In Short

With all the calculation done above, I will deem each CH share to be 35.8 cents (after a 20% discount – which is the least we should do for a satisfactory margin of safety). This will be about 19% of gain based on a share price of 30 cents.

Nevertheless, it is important to note that CH is a counter that will do well in bull run and WILL FALL significantly in a bear market. Over the last 3 years, I recalled the lowest share price seem to be 23.5 cents in 2016. That will be 16.7% of loss based on a share price of 30 cents.

If you like to more if CH passed my Ultimate Scorecard or the Full Analysis Scorecard,do visit the website for more information or sign up here!

Do note that the author is vested in Chuan Hup Holdings Ltd.

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

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The Story of GRP, Starland and ayondo
- Original Post from T.U.B Investing

$GRP(BLU.SI) $Starland(5UA.SI)

With the recent possible IPO news of ayondo Holding AG (ayonda), there were some request on IN for me to write a post after I inform them to look at GRP Ltd (GRP) and Starland Holdings Ltd (Starland) instead.




Do note that I am vested in the 2 counters, but have only very very small holdings.





Short Background of the 3 Parties:




Very long long time ago, GRP was in the business of providing hose supplies for the marine, oil and gas industry. In fact, I believe, many years ago, it was a Net Current Asset Value (NCAV) counter.



Then in the last few years, it went into property development and acquired 83.17% of Starland Holdings Ltd in Jan 2016 (The shareholding structure changed a lot during the year. But to summarized, 83.17% is the current ownership.).




Then in June 2017, ayondo Holding AG wanted to do a RTO with Starland and also had a loan from GRP. But in Sep 2017, the RTO was called off, and GRP as well as Starland had a settlement Ayonda.




The Interesting Bit - The Settlement



As Quoted from GRP's latest half yearly report:




“…On 30 October 2017, the Company announced that it had entered into an agreement with ayondo on converting the $2.1 million loan plus accrued interest of $0.0796 million into a redeemable convertible loan ("RCL"). Under the agreement the Company has the option to elect to convert the RCL into new ordinary shares of ayondo at an agreed conversion price. The agreed conversion price is 33% discount to the IPO price. In the event that the RCL is not converted into new ordinary shares, ayondo will repay the RCL and all accrued and unpaid interest in cash. Maturity date of the RCL is 30 September 2018 or such later date to be mutually agreed between the two parties.




On 30 October 2017, Starland announced that it had agreed with ayondo to convert $0.992 million in expenses incurred by ayondo which was paid by Starland on its behalf plus accrued interest of $0.035 million into the RCL amounting to $1.027 million. In the event that the RCL is not converted into new ordinary shares, ayondo will repay the RCL and all accrued and unpaid interest in cash. Maturity date of the RCL is 30 September 2018 or such later date to be mutually agreed between the two parties.




Starland and ayondo had also agreed to issue new ordinary shares of ayondo, at an agreed conversion price of 33% discount to the IPO price, as reimbursement of $1.141 million of expenses ("Acquisition Expenses") incurred by Starland Group in connection with the Proposed Acquisition ("Conversion Settlement"). Upon the conversion of the Acquisition Expenses into new ordinary shares, ayondo shall be released and discharged from any and all further payment obligations in respect of the Acquisition Expenses. In the event that the IPO does not occur prior to 30 September 2018, the Conversion Settlement shall cease and ayondo will not be required to reimburse Starland for the Acquisition Expenses…”





Other Reasons Why I Choose GRP and Starland?




1. Both of them are NCAV Counter. Both have high cash amount with low debt.



2. Starland just turned profitable and is intending to give out dividend on a later date as per their latest report.




3. GRP is growing and expanding in Singapore and Malaysia as well.




4. GRP have links with Luminor Capital Pte Ltd through his Executive Director, Kwan Chee Seng.





In Short




I am vested in GRP and then Starland. But due to their illiquid volume, I only held a very small holding. If you are interested, you should do more of your own due diligence prior to purchasing any of the above counter.




For subscribers of Fundamental Scorecard, it will be good to look at my scorecard prior to investing!




If you are interested to understand more about our scorecard method and theories, do come for our upcoming FREE AUA on 6 March 2018.



If not, you can also sign up directly at our Fundamental Scorecard website to gain access to over 500 scorecard reports!



Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

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The Story of GRP, Starland and ayondo
- Original Post from T.U.B Investing

$GRP(BLU.SI) $Starland(5UA.SI)

With the recent possible IPO news of ayondo Holding AG (ayonda), there were some request on IN for me to write a post after I inform them to look at GRP Ltd (GRP) and Starland Holdings Ltd (Starland) instead.




Do note that I am vested in the 2 counters, but have only very very small holdings.





Short Background of the 3 Parties:




Very long long time ago, GRP was in the business of providing hose supplies for the marine, oil and gas industry. In fact, I believe, many years ago, it was a Net Current Asset Value (NCAV) counter.



Then in the last few years, it went into property development and acquired 83.17% of Starland Holdings Ltd in Jan 2016 (The shareholding structure changed a lot during the year. But to summarized, 83.17% is the current ownership.).




Then in June 2017, ayondo Holding AG wanted to do a RTO with Starland and also had a loan from GRP. But in Sep 2017, the RTO was called off, and GRP as well as Starland had a settlement Ayonda.




The Interesting Bit - The Settlement



As Quoted from GRP's latest half yearly report:




“…On 30 October 2017, the Company announced that it had entered into an agreement with ayondo on converting the $2.1 million loan plus accrued interest of $0.0796 million into a redeemable convertible loan ("RCL"). Under the agreement the Company has the option to elect to convert the RCL into new ordinary shares of ayondo at an agreed conversion price. The agreed conversion price is 33% discount to the IPO price. In the event that the RCL is not converted into new ordinary shares, ayondo will repay the RCL and all accrued and unpaid interest in cash. Maturity date of the RCL is 30 September 2018 or such later date to be mutually agreed between the two parties.




On 30 October 2017, Starland announced that it had agreed with ayondo to convert $0.992 million in expenses incurred by ayondo which was paid by Starland on its behalf plus accrued interest of $0.035 million into the RCL amounting to $1.027 million. In the event that the RCL is not converted into new ordinary shares, ayondo will repay the RCL and all accrued and unpaid interest in cash. Maturity date of the RCL is 30 September 2018 or such later date to be mutually agreed between the two parties.




Starland and ayondo had also agreed to issue new ordinary shares of ayondo, at an agreed conversion price of 33% discount to the IPO price, as reimbursement of $1.141 million of expenses ("Acquisition Expenses") incurred by Starland Group in connection with the Proposed Acquisition ("Conversion Settlement"). Upon the conversion of the Acquisition Expenses into new ordinary shares, ayondo shall be released and discharged from any and all further payment obligations in respect of the Acquisition Expenses. In the event that the IPO does not occur prior to 30 September 2018, the Conversion Settlement shall cease and ayondo will not be required to reimburse Starland for the Acquisition Expenses…”





Other Reasons Why I Choose GRP and Starland?




1. Both of them are NCAV Counter. Both have high cash amount with low debt.



2. Starland just turned profitable and is intending to give out dividend on a later date as per their latest report.




3. GRP is growing and expanding in Singapore and Malaysia as well.




4. GRP have links with Luminor Capital Pte Ltd through his Executive Director, Kwan Chee Seng.





In Short




I am vested in GRP and then Starland. But due to their illiquid volume, I only held a very small holding. If you are interested, you should do more of your own due diligence prior to purchasing any of the above counter.




For subscribers of Fundamental Scorecard, it will be good to look at my scorecard prior to investing!




If you are interested to understand more about our scorecard method and theories, do come for our upcoming FREE AUA on 6 March 2018.



If not, you can also sign up directly at our Fundamental Scorecard website to gain access to over 500 scorecard reports!



Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

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