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Latest Forum Topics / Swiber  Post Reply
Swiber
ronleech
Master
27-Aug-2009 13:52     
 
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Yells: "Believe in yourself. Ride with the waves......"
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 Alert Admin 		Maybe inside kosong liao.....
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ericsim
Senior
27-Aug-2009 12:00     
 
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 Alert Admin 		beside, trust nobody even brokerage firm. do yr homework b4 jumping in....good luck!!!
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ericsim
Senior
27-Aug-2009 11:52     
 
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convertible bond with interest of 5% for 5yrs surely those BBs are not stupid to push up the price so do small investors right? well let the mkt speaks. well suspect company must hv some big projects, but yet to confirm, going on otherwise price wouldn't shoot-up within 11/2 hr after open.

wear glove to catch the falling knife lor....hehe 

 

Update Time Symbol Stock Name Price Trade size Amount Bid Ask  
10:45:13 AK3 SWIBER HOLDINGS 1.020 800,000 816,000 Sold to Buyer Quad
Viewer
10:14:22 AK3 SWIBER HOLDINGS 1.030 855,000 880,650 Sold to Buyer Quad
Viewer
10:13:33 AK3 SWIBER HOLDINGS 1.030 500,000 515,000 Bought from Seller Quad
Viewer
10:12:11 AK3 SWIBER HOLDINGS 1.020 1,841,000 1,877,820 Bought from Seller Quad
Viewer
10:07:33 AK3 SWIBER HOLDINGS 1.010 1,289,000 1,301,890 Bought from Seller Quad
Viewer
10:06:34 AK3 SWIBER HOLDINGS 1.000 1,722,000 1,722,000 Bought from All Seller Quad
Viewer
10:05:26 AK3 SWIBER HOLDINGS 0.990 695,000 688,050 Bought from Seller Quad
Viewer
09:51:06 AK3 SWIBER HOLDINGS 1.000 500,000 500,000 Bought from Seller Quad
Viewer
09:46:36 AK3 SWIBER HOLDINGS 0.990 1,000,000 990,000 Bought from Seller Quad
Viewer
09:44:54 AK3 SWIBER HOLDINGS 0.985 863,000 850,055 Bought from Seller Quad
Viewer
09:44:03 AK3 SWIBER HOLDINGS 0.980 1,000,000 980,000 Bought from Seller Quad
Viewer
09:42:53 AK3 SWIBER HOLDINGS 0.975 1,689,000 1,646,775 Bought from Seller Quad
Viewer
09:27:40 AK3 SWIBER HOLDINGS 0.950 630,000 598,500 Bought from Seller Quad
Viewer
08:59:03 AK3 SWIBER HOLDINGS 0.900 688,000 619,200 Sold to Buyer Quad
Viewer
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richtan
Supreme
27-Aug-2009 11:28     
 
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Swiber Holdings: Capital raising again (NEUTRAL\S$0.94\Target: Under review)


Serene Lim (62323897, serene.lim@dmgaps.com.sg)


Yet another capital raising exercise.

Late last night, Swiber proposed, unexpectedly, the issuance of US$78m convertible bonds due 2014.

An additional US$22m, referred to as Up-size Option is also made available. The convertible bonds will bear interest at the rate of 5%, payable semi-annually. The conversion premium is 28% over last Monday’s last trading price of S$0.94.

We note that this is the second capital raising following a placement of 84m shares to raise proceeds of S$73.9m in Jun 09.

We do not view this favourably. We have previously cautioned on Swiber’s negative free cashflow in our
2Q09 results note.

We are currently making revisions to our earnings model and assumptions. As such, our NEUTRAL rating and target price are under review.

Convertible bond. Swiber announced the issuance of up to US$100m convertible bond at the
convertible price of S$1.20 late last night. The convertible price represents a premium of 25% above
Tuesday’s closing price of S$0.96. Interest on the convertible bonds is at an annualised rate of 5%, 90bp
above Swiber’s effective interest rate of 4.10% for FY08. Assuming no exercise of Up-size Option and
no conversion made, we estimate the increase in interest cost will impact Swiber’s FY09/10 bottomline
by 3%/8%.


Dilutive impact on Swiber shares.

Assuming no exercise of the Up-size option, the number of outstanding shares will increase by 19% from 505 million to 600 million upon full conversion of the convertible bond.


Impact of news.

We think this capital raising exercise is unexpected, as this follows shortly a placement
of 84m shares conducted in Jun 09.

We do not view this favourably, as this raises concerns related to

1) usage of funds, 2) execution capabilities, 3) working capital requirements.
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nickyng
Supreme
27-Aug-2009 10:47     
 
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 Alert Admin 		wait...my hunch is unlikely will close >$1 today... :D

dcang84      ( Date: 27-Aug-2009 10:17) Posted:

brudder, it just passed $1. dun play with fire.

nickyng      ( Date: 27-Aug-2009 10:02) Posted:

ehh....see where u GRAB hor! dun grab the knife edgs can liao :P wont trade above $1...go with any burger who raise $$ via bond issue like FirstResource..etc.. :P


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ozone2002
Supreme
27-Aug-2009 10:33     
 
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 Alert Admin 		swiber showin its true colors

ozone2002      ( Date: 27-Aug-2009 09:36) Posted:

swiber n swissco can't be equal price.. somehow the disconnect will breakaway and reveal the true price..
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dcang84
Veteran
27-Aug-2009 10:17     
 
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 Alert Admin 		brudder, it just passed $1. dun play with fire.

nickyng      ( Date: 27-Aug-2009 10:02) Posted:

ehh....see where u GRAB hor! dun grab the knife edgs can liao :P wont trade above $1...go with any burger who raise $$ via bond issue like FirstResource..etc.. :P

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jackjames
Elite
27-Aug-2009 10:16     
 
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$1.04..... Smiley



nickyng      ( Date: 27-Aug-2009 10:02) Posted:

ehh....see where u GRAB hor! dun grab the knife edgs can liao :P wont trade above $1...go with any burger who raise $$ via bond issue like FirstResource..etc.. :P

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dcang84
Veteran
27-Aug-2009 10:14     
 
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 Alert Admin 		You mean 96 cents assuming the conversion bond price of $1.08.

alexmay      ( Date: 27-Aug-2009 10:02) Posted:

Sorry miimum price you get is 96cts not $1.08. DYODD.
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alexmay
Veteran
27-Aug-2009 10:02     
 
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 Alert Admin 		Sorry miimum price you get is 96cts not $1.08. DYODD.
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nickyng
Supreme
27-Aug-2009 10:02     
 
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 Alert Admin 		ehh....see where u GRAB hor! dun grab the knife edgs can liao :P wont trade above $1...go with any burger who raise $$ via bond issue like FirstResource..etc.. :P
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alexmay
Veteran
27-Aug-2009 09:48     
 
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20days weighted avg from the day of issue of the CB will hold Swiber at a minimum of $1.08. This is the minimum price you will get.

 
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dcang84
Veteran
27-Aug-2009 09:45     
 
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 Alert Admin 		Congrats James! It will fly.

jackjames      ( Date: 27-Aug-2009 09:43) Posted:



still not too late to join the upturn... it was $3.60 in year 2007...

don't wait liao la.....

as said, anything below $1, grab !
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jackjames
Elite
27-Aug-2009 09:43     
 
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still not too late to join the upturn... it was $3.60 in year 2007...

don't wait liao la.....

as said, anything below $1, grab !
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dcang84
Veteran
27-Aug-2009 09:38     
 
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 Alert Admin 		Yup they need it. At least, you'll know they won't run out of cash in the near term especially so soon after their share placement. The thing to note is the pricing of their bonds at $1.08-$1.20. So there's more upside from where it is now.

mazimaz10      ( Date: 27-Aug-2009 09:23) Posted:

Is it good news to issue CB?
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ozone2002
Supreme
27-Aug-2009 09:36     
 
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 Alert Admin 		swiber n swissco can't be equal price.. somehow the disconnect will breakaway and reveal the true price..
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mazimaz10
Senior
27-Aug-2009 09:23     
 
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 Alert Admin 		Is it good news to issue CB?
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jackjames
Elite
27-Aug-2009 09:02     
 
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 Alert Admin 		I am in @0.90 .. good luck guys.
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dcang84
Veteran
27-Aug-2009 09:01     
 
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 Alert Admin 		Yup.

Peg_li      ( Date: 27-Aug-2009 08:56) Posted:

know already, they issued 100m us dollars bond!

can check from their website.



dcang84      ( Date: 27-Aug-2009 08:48) Posted:

It could be hedge fund or some strategic partners taking a stake in the company. They're not ready to make the announcement just yet.However, there's been a couple of queries by SGX on the financial statements but Swiber has made the necessary clarification. Could this halt be related to the latest query? A restatement perhaps to follow through? I'd put my money on the first. 
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Peg_li
Master
27-Aug-2009 08:56     
 
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know already, they issued 100m us dollars bond!

can check from their website.



dcang84      ( Date: 27-Aug-2009 08:48) Posted:

It could be hedge fund or some strategic partners taking a stake in the company. They're not ready to make the announcement just yet.However, there's been a couple of queries by SGX on the financial statements but Swiber has made the necessary clarification. Could this halt be related to the latest query? A restatement perhaps to follow through? I'd put my money on the first. 



Peg_li      ( Date: 26-Aug-2009 21:51) Posted:

Agree with you, I also think it should be bad news. if it's good news,it is released earlier already. why take a few days to release news? something funny.no confidence to it. luckly not hold so many for it! for those one who hold too many.be careful
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