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Midas
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yipyip
Master |
17-Jul-2009 12:30
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Midas is pleased to announce that it has successfully raised gross proceeds of S$90.6 million through a private placement of 120 million new ordinary shares (the "Placement Shares"), representing 14.2% of the existing share capital of the Company, at the price of S$0.755 per share. Net proceeds from the placement amounted to approximately S$89.4 million, after deducting commission and estimated expenses incurred in connection with the placement. The Group intends to utilise approximately S$81.0 million for the expansion of its aluminium alloy production capacity (including the purchase of two new production lines), with the balance of approximately S$8.4 million to be utilised for general corporate and working capital requirements. What is Private placement? Private placement financing is another unique method for a business to obtain capital, and provide cash infusions at the same time to be used to increase sales, or to cover the cost of new equipment or software. As with other sources of financing, private placement has to be done properly to ensure your business get the most benefit possible. Private placement is a perfect source of financing for companies which are growing. Private placement is the investment of money from private investors who granted shares in the company. Through the purchasing of stocks or bonds a company will obtain the capital they need to continue expanding. With a private placement the company selling their stocks and bonds most of the time does not have to register with the Securities Exchange Commission. This reduces the amount of extra work involved, or needed. It is the most popular form of Regulation D non-public investing. Another benefit is that private placement is cheaper most of the time than actually taking a company public. Other benefits of private placement include: • Flexible financing needs for companies of all sizes including capital from 100 thousand up to the millions. • Investors don’t look for quick profits and high returns on their investments. They are ok with a return of 10 to 20%. • Capital can be raised much faster. • The cost of obtaining the capital is quite a bit less. |
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aleoleo
Master |
17-Jul-2009 09:23
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give me bad posts also no use la ... this is the fact wat ...... do not go in first, as still trading around the placement share px ....
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maseratiq
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17-Jul-2009 08:56
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On the contrary, I think this latest Midas news is a good thing. | ||||||||||||||||||||||||||||
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rextay
Member |
16-Jul-2009 23:35
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Rumour come true
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ericsim
Senior |
16-Jul-2009 22:05
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Latest news fm sgx MIDAS’ SHARE PLACEMENT MEETS WITH OVERWHELMING RESPONSE; S$90.6 MILLION RAISED TO FUND EXPANSION PLANS - Net proceeds to be used mainly for the expansion of aluminium alloy production capacity; - Poised to capture growing business opportunities in the PRC and global railway market Singapore, July 16, 2009 The placement received strong demand from investors, including tier one global funds, long and hedge funds and support from existing shareholders. Midas had earlier announced that it had entered into a placement agreement ("Placement Agreement") with DBS Bank Ltd. ("DBS") to place out up to 100 million ordinary shares ("Shares"), with an option to place out up to an additional 20 million Shares (the "Upsize Option"). In view of the strong support received from institutional investors and book several times covered, DBS exercised the Upsize Option in full and placed out all 120 million Placement Shares at S$0.755 each. The placement price per share is S$0.755, being a discount of approximately 7.0% to the volume weighted average price for trades done on the Singapore Exchange - Mainboard-listed Midas Holdings Limited ("Midas", and together with its subsidiaries, "the Group") (麦达斯控股有限公司), is pleased to announce that it has successfully raised gross proceeds of S$90.6 million through a private placement of 120 million new ordinary shares (the "Placement Shares"), representing 14.2% of the existing share capital of the Company, at the price of S$0.755 per share. Page 2 of 4 Securities Trading Limited for the full market day of July 15, 2009, being the preceding market day on which the Placement Agreement was signed. Net proceeds from the placement amounted to approximately S$89.4 million, after deducting commission and estimated expenses incurred in connection with the placement. The Group intends to utilise approximately S$81.0 million for the expansion of its aluminium alloy production capacity (including the purchase of two new production lines), with the balance of approximately S$8.4 million to be utilised for general corporate and working capital requirements. Said Mr Patrick Chew ( We had recently clinched over RMB1 billion worth of contracts, including three maiden fabrication contracts. With our established track record in the PRC and strong working relationships with major rolling stock companies in the country, we are confident that the expansion of our aluminium alloy production capacity will enable us to capture further lucrative growth opportunities in the PRC and international railway markets." The share capital of Midas will increase from approximately 844.4 million to approximately 964.4 million after the issuance of the 120 million Placement Shares. 周华光), CEO of Midas: "The strong take-up rate of 120 million Placement Shares is an indication of investors’ confidence in Midas’ business prospects and its underlying fundamentals. About Midas Holdings Limited Founded in 2000, Midas is today a leading manufacturer of aluminium alloy extrusion products, primarily for the rail transportation sector in the PRC. The Group operates three business divisions; namely, Aluminium Alloy, PE Pipe and Agency and Procurement, which are strategically located in the PRC to capitalise on the Page 3 of 4 opportunities arising from the rapid development of the PRC’s rail transport and infrastructure sectors. In July 2009, Midas was awarded the prestigious International Railway Industry Standard (IRIS) certification, which represents the most stringent requirements on quality standards in the global rail transportation industry and is recognised by railway industry players worldwide. Midas is the first company in the PRC to receive the IRIS certification in its business category. Midas is currently a PRC certified supplier to the world’s largest train manufacturers, ALSTOM SA, Siemens and Changchun Bombardier. In addition, it is a preferred supplier for Alstom Transport’s projects globally, under Alstom’s "Leading Partners 150" programme. Midas’ customers include ALSTOM Transport SA, Siemens International Trading Ltd, Bombardier Transportation, Changchun Railway Vehicles Co., Ltd, Since 2003, Midas has been involved in many high profile rail transport projects in the PRC. In addition, it has also successfully exported its products to the international market including Europe, Middle East, Korea and Singapore since 2004. Besides its core business, Midas has a 32.5% equity stake in a Sino-foreign joint venture, Nanjing SR Puzhen Rail Transport Co., Ltd, to engage in the development, manufacturing and sale of metro trains, bogies and their related parts. CNR Tangshan Locomotive and Rolling Stock Works, Nanjing SR Puzhen Rail Transport Co., Ltd and CSR Zhuzhou Electric Locomotive Co., Ltd. Page 4 of 4 In September 2007, Midas’ Aluminium Alloy Division was named "2007 China’s Top Brand" by the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China ("AQSIQ") ( Midas was also named a Forbes Asia’s Best Under A Billion Company consecutively for three years from 2006 to 2008. ISSUED ON BEHALF OF : Midas Holdings Limited BY : Citigate Dewe Rogerson, i.MAGE Pte Ltd 1 Raffles Place #26-02 OUB Centre SINGAPORE 048616 CONTACT : Ms Chia Hui Kheng / Karin Xiao at telephone DURING OFFICE HOURS : 6534-5122/ 530-7133 (Office) AFTER OFFICE HOURS : 9781-5913/9827-5226 (Handphone) EMAIL : huikheng.chia@citigatedrimage.com karin.xiao@citigatedrimage.com 082/09/007/MHL July 16, 2009 国家质量监督检验检疫总局). |
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ronleech
Master |
16-Jul-2009 21:39
Yells: "Believe in yourself. Ride with the waves......" |
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After counting, the average price is about 0.9cts lower which is about $0.81/ share....should not have great impact on the price... | ||||||||||||||||||||||||||||
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ericsim
Senior |
16-Jul-2009 18:08
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me too blur blur, can some expertise pls enlighten?? read this shld be accurate http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_750E170F20E5EA32482575F5002E5511/$file/Announcement-Placement.pdf?openelement |
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markthong
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16-Jul-2009 17:48
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What are the implications and your views please?
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ericsim
Senior |
16-Jul-2009 16:54
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MIDAS:TOP UP PLACEMENT OF 100M NEW SHARES WITH UPSIZE OPTION of 20M ISSUER: Midas Holdings Ltd (Bloomberg: MIDAS SP | Reuters: MIDA.SI) TYPE OF OFFERING: Top-Up Placement of New Shares (on best effort basis) NO. OF OFFERING SHARES: Base Offering *: 100m new shares (11.8% of the company's share capital) Top up option: Up to 20m new shares (14.2% of the company's share capital including the top up option) * If the demand is less than the base offering, the issuer will have the right to decide whether to proceed INDICATIVE PRICE:S$0.74 - S$0.76 per share which represents discount of 7.3% - 9.8% discount to last closing price of $0.82 on 15 July 2009 PROCEEDS:S$74m - S$76m (base offering); S$88.8m - S$91.2m (including top up shares) ROLE OF DBS BANK: Sole Placement Agent BOOKBUILDING PERIOD: Close of Bookbuilding: 10pm on July 16, 2009 - Singapore time (all locations) Trade date/Allocation: Friday, July 17, 2009 Settlement: By 8.30 am (Sin) on July, 22, 2009 INDICATIONS OF DEMAND: Demand to be reflected in no of shares or SGD SELLING RESTRICTION: Section 272B of Securities and Futures Act |
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ozone2002
Supreme |
16-Jul-2009 16:37
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placement of MIDAS share @ 76c | ||||||||||||||||||||||||||||
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yipyip
Master |
16-Jul-2009 16:20
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From Kim Eng: New TP of $1.10, based on 18x FY10 P/E From CIMB: Target price is S$0.88, and translates into 15x CY10 P/E |
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ronleech
Master |
16-Jul-2009 15:56
Yells: "Believe in yourself. Ride with the waves......" |
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This is what i had for this counter : Why the TP so much different?
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yipyip
Master |
16-Jul-2009 15:48
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Midas Holdings July 15 close: $0.82 KIM ENG, July 15 We have adjusted our FY10 net earnings by 10 per cent and derive a new TP of $1.10, based on 18x FY10 PE. BUY CONTRACTS have continued coming in since our last update: Since our last update on June 22, minor contracts worth a total of 277.8 million yuan (S$59.1 million) have continued to pour in for Midas. This brings the total value of contracts won in the past month to 1.05 billion yuan. Having highlighted earlier that contracts are likely to come in as its third extrusion line nears operation, we are encouraged by the intensity of contract momentum. Orderbook - from hopes to reality: Including these contracts, we estimate net orderbook to be about $300 million currently. To put things into perspective, we believe Midas' three extrusion production lines are fully booked till FY10 and 70 per cent booked for FY11. While we have already factored this type of utilisation rates in our earlier forecasts due to the expected strong demand, a firm orderbook now has lent greater credence to our revenue and profit models. Downstream fabrication is next: Of these contracts, 121.8 million yuan is for downstream fabrication work. Midas has installed the first fabrication line, which will likely start operations in H2 2009. Since this is still a new venture operationally, we have adopted a conservative view and our current estimates only factor in the current magnitude of contracts won. A cut above the rest: Midas also announced that it has been awarded the International Railway Industry Standard certification, which is the first for a PRC company in its business category. Together with its status as the only highest grade certified supplier to all three major international train manufacturers, we believe that Midas is still ahead of the pack in its arena. More rabbits in the hat: With extrusion capacity largely accounted for, we now believe further upside to our earnings estimate will likely come from more downstream fabrication contracts, NPRT (Nanjing SR Puzhen Rail Transport Co) contracts and possible addition of third and fourth extrusion lines. We have adjusted our FY10 net earnings by 10 per cent and derive a new TP of $1.10, based on 18x FY10 PE. BUY |
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ronleech
Master |
16-Jul-2009 14:38
Yells: "Believe in yourself. Ride with the waves......" |
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From the previous news lor....my friend holding on the close to 200 lots.... | ||||||||||||||||||||||||||||
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jasonsg
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16-Jul-2009 14:14
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Just wonder how do u know about that?
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ronleech
Master |
16-Jul-2009 14:01
Yells: "Believe in yourself. Ride with the waves......" |
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Midas order book full, currently cannot fulfill order due to factory space and production line constrain...but donno how true | ||||||||||||||||||||||||||||
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sureesh40
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16-Jul-2009 13:49
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why would they want to buy a news factory, or do you mean a new factory
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knightbridge
Veteran |
16-Jul-2009 11:50
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depend place out to who..which institution and what price.. placement shares are not neccessary a bad thing.. New reputable institution come on board will help to push or stabilise the shares price. You can look at shares without institutional interest, share price dun move de... Institution investors do not invest to make loss.. Again what kind of time frame you are looking at short term or long term.. all depends on market condition also If place out to a big train maker, might be looking at takeover deal at a later stage. so many co place shares out still manage to eke out gain eg. capitalmall trust to ntuc fairprice 120 plus now about 150
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aleoleo
Master |
16-Jul-2009 11:25
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placement shares ......... this will dilute the share price again ..... dun believe ? lets see later ....... | ||||||||||||||||||||||||||||
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ronleech
Master |
16-Jul-2009 09:27
Yells: "Believe in yourself. Ride with the waves......" |
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Heard it will announce it will buy a news factory for about 150ms....donno how true.... | ||||||||||||||||||||||||||||
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