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| Vantage (fka Blu Inc / MPH) |
(Post 1 of 432) 07/18/1999.08:23:00 |
| Author : |
Article in BT yesterday : After more than a year of vacillation during which the stock languished around the 40-cent level, Jack Chia-MPH appears to have finally found a saviour in property deal-maker Simon Cheong. It is probably the best thing that has happened to the publishing, book and magazine distribution, confectionery and residential property development empire that the late Jack Chia founded. Mr Cheong, who has made quite a name here as a savvy property operator, is buying the approximately 38.6 per cent shareholding that the Chiarapurk family still holds after some forced selling by several financial institutions to whom some of the shares had been pledged for loans. Through his family's companies, Davale Pte Ltd and Chrydall Pte Ltd, the former banker and a member of the founding family of the listed Hong Fok group, Mr Cheong is paying 75 cents or a total of $73 million for the 97.21 million shares still held by the Chiarapurk family. Davale will take 71.3 million shares and Chrydall the rest. General offer: As the proposed transaction breaches the 25 per cent limit under the Singapore Code on Takeovers & Mergers, Mr Cheong may have to fork out another $121 million for the remaining shares under a general offer. Market observers believe that Mr Cheong, who recently splurged nearly $100 million on an apartment block in Newton and the Ladyhill Hotel, will inject his numerous property holdings into JC-MPH should he succeed in the offer. They think Mr Cheong's interest in JC-MPH rests on the fact that most of the company's turnover and profits come from a controlling stake in listed AV Jennings, Australia's largest residential property developer. However, he may decide to dispose of this to concentrate on his properties here. There is nothing really wrong with JC-MPH's core businesses. The laggard performance of its shares was due more to the financial problems of its major shareholders, the Chiarapurks, rather than the businesses themselves, although yields could have been better in some areas. This is evidenced by the results for the financial year ended March 31, 1999. In that period, net profits surged 50 per cent to $12.1 million on a 5 per cent rise in turnover to $764.9 million. As usual, most of the earnings came from AV Jennings which posted pre-tax earnings of $30.8 million. The consumer products division, however, posted a small loss compared to a profit of $7.5 million previously, as profits from Malaysia were offset by confectionery losses in the UK and by the disposal of Dollar Sweets during the year. Despite difficult trading conditions, the MPH books and publishing division in Singapore and Malaysia remained profitable, although profits were lower at $2.2 million. The retail operations in Singapore incurred a loss due to intense competition. Some blamed the poorer performance of the consumer products division and the books and publishing division to a lack of management focus as a result of the family's financial problems. Getting a partner: Mr Cheong is thought to be averse to taking risks alone and often ropes in a partner for many of his projects. In the recent Ladyhill Hotel deal, he brought in First Capital Corporation as a 40 per cent stakeholder to redevelop the hotel site into a residential development. So there is some speculation that Mr Cheong will do the same for the JC-MPH takeover, with talk that the partner may be another listed company. Mr Cheong certainly does not lack friends and there is no dearth of financiers for JC-MPH. Until the recent correction, the price of JC-MPH shares had been moving up since news of a takeover hit the market in March. The price hit a high of $1.26 recently, but has since fallen in line with the general market trend. Still, it is firm, closing at 93.5 cents yesterday compared with the general offer price of 75 cents. It thus looks like most investors will be hanging on to their shares and bank on Mr Cheong taking the counter to new heights. |
| (Post 2 of 432) 08/23/1999.10:49:00 |
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Heard from my remisier that some restructuring news coming out. Anybody hv any info on this? Tks in advance. |
| (Post 3 of 432) 10/10/1999.02:21:00 |
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Cheong family takes up option to buy 28.4 pct of Jack Chia-MPH Ltd SINGAPORE (AFX-ASIA) - The Development Bank of Singapore said Simon Cheong and his family has exercised a call option to take up an additional 28. 4 pct of Jack Chia-MPH Ltd. The option involves 71.31 mln shares at 0.7571 sgd each for a total price of 53.99 mln sgd. The family bought a 10.3 pct stake in June for 19.61 mln sgd. Family-controlled company Davale Pte Ltd will now make a conditional offer for the remaining shares in the company at 0.7571 sgd each. The offer is conditional on receiving acceptances for more than 50 pct of the company. Jack Chia-MPH was unchanged at 0.875 sgd today before being suspended pending an announcement. Davale and another family company involved in the deal, Chrydall Pte Ltd, are owned by Simon Cheong, his brother Cheong Por Ping and their parents Cheong Soon Teik and Tan Seok Khim. dmb/gms AFN HOX10-08Oct99 10:43 GMT AFX ; ASIA ; |
| (Post 4 of 432) 10/11/1999.13:56:00 |
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Cymn, I will post my reply here. I too feel that JC MPH is a good share to get into in the long run. I believe in putting my money in people and so far Simon Cheung has been making all the right moves. However, I am not rushing into it yet as there is talk that it will fall to around the 80cts level. However, one has to be super bullish to buy the warrants. It is priced at 11cts and expires in 3 months time with an exercise price of $1.15. Hence, buying it now means that one thinks that the share price will be above $1.26, which is over 50% premium to its current mother price. I do not place any value on its time element as it is near expiry and the nearer this gets, there is a tendency for the market to price this at a discount even though the share price may move above the $1.15 level. Hence, if you want to join in the ride, buy the mother. |
| (Post 5 of 432) 10/17/1999.07:43:00 |
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JACK CHIA-MPH LIMITED ANNOUNCEMENT 15 October 1999 ANNOUNCEMENT Further to the announcement released by Jack Chia-MPH Limited ("JC-MPH" or the "Company") on 11 October 1999, the Board of Directors of the Company wishes to announce the following:- Notice of Take-over Offer On 9 October 1999, the Board of Directors of the Company received a Notice of Take-over Offer from The Development Bank of Singapore Ltd for and on behalf of Davale Pte Ltd (the "Offeror") and a Statement in Compliance with Part B of the Tenth Schedule to the Companies Act (Chapter 50) in respect of the following offers (the "Offers"):- (a) a conditional general offer (the "Stock Unit Offer") for all the remaining ordinary stock units of $1.00 each in the capital of JC-MPH not already owned, controlled or agreed to be acquired by the Offeror or any party acting in concert with it (the "Offer Stock Units") , including ordinary stock units of $1.00 each in the capital of JC-MPH ("Stock Units") arising from the valid exercise of outstanding warrants of the Company ("Warrants") or stock options granted under the Jack Chia-MPH Share Option Scheme 1989 and the Jack Chia-MPH Executive Share Option Scheme 1997 at any time up to 3.30 p.m. on the closing date of the Stock Unit Offer, at an offer price of $0.7571 for each Offer Stock Unit in cash. (b) a conditional general offer for all the outstanding Warrants ("Offer Warrants") not already owned, controlled or agreed to be acquired by the Offeror or any party acting in concert with it, at an offer price of $0.001 for each Offer Warrant in cash. Appointment of Financial Adviser The Board of Directors of JC-MPH has appointed N M Rothschild & Sons (Singapore)Limited ("Rothschild") as the financial adviser to the independent Directors of JC-MPH in connection with the Offers. A circular containing the advice of Rothschild and the recommendation of the independent Directors of JC-MPH will be sent to stockholders and warrantholders of the Company within fourteen days from the date of despatch of the offer document to be issued by the Offeror. In the meantime, stockholders and warrantholders of the Company are advised to refrain from taking any action in relation to their Offer Stock Units and Offer Warrants which may be prejudicial to their interests. Responsibility Statement The Directors of the Company (including those who have delegated detailed supervision of this announcement) have taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate and that no material facts have been omitted and they jointly and severally accept responsibility accordingly. By order of the Board Stephen Leow Liang Chuang Director |
| (Post 6 of 432) 11/09/1999.15:21:00 |
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Saw the increased activity in this share today. Decided to join in the ride. After all Simon Cheong is someone with a good track record and certainly someone to follow. The share has certainly fallen from the 93.5cts at the time of the announcement to just 79.5cts, just a little above the offer price of 75.7cts. I guess there are lots of options opened to Simon on JC MPH. Its publishing, book and magazine distribution businesses are well known and it should not be difficult to find buyers for this. As for the property side, it is a shame with the recent announcement of the over zealous accounting for AV Jennings. In actual fact, Simon now has control over 3 listed vehicles. JC MPH, ANA and AV Jennings. I am sure with time he will reveal what he intends to do with all these 3. Given that he is a deal maker extraordinary, I wonder if he will sell JC MPH, take back the bulk of his money and get AV Jennings for a song( given the recent negative announcement on this property company ). |
| (Post 7 of 432) 11/09/1999.16:31:00 |
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This counter has shown that with today's dip to 0.78, there mite be an upward change in the stoc. MACD is picking up with increased volume. I'm in the counter too. Good spotting Oldman. Crossing fingers tight |
| (Post 8 of 432) 11/09/1999.17:27:00 |
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Just looked through the Mar 99 report. Now this report came up before that AV Jennings overstatement blunder of A$12.5 mil. In the report, it stated that out of its total turnover of $591 mil, - 76% came from AV Jennings. - 12% from its consumer products division - 8% from its books and publications Looking at it from a profits perspective, - $30.8 mil came from AV Jennings (prior to the announcement) - loss of $31,000 from the consumer products division - $2.2 mil from books and publications The total NEBT improved 25% to $26 mil and the nett profit attributed to shareholders was at $17 mil compared to a $65 mil loss the year before. This resulted in an eps of 4.8cts. The stated NTA at the time of this report is 83cts per share. The debt level however increased to $218 mil vs $194 mil the year before. As for its book and publishing business, we are all familiar with its flagship at Stamford Road. It owns this building. AV Jennings is its 70.4% subsidiary property division in Australia that constructs homes on an 'order' basis for individual customers. Kind of interesting concept http://www.avjennings.com.au What I did not know is that it too owns a 50.24% stake in Tumble Tots International. Tumble Tots also owns the Letterland program that I use for my daughter. The other main property that it owns is in UK. This is called the Combe Grove Manor Hotel and Country Club which is in Bath. This is a large freehold site of 332,100 sq metres with a built in of 53,000 sq metre! After the takeover of the shares, Simon Cheong and family will own 97 mil shares or 38.6% of the company. As for the warrants, it is interesting to see only 2.5% of the shares at the time of the report is owned by the Jack Chia family ( under judicial management ) and the rest are with small investors such that the top 20 warrant holders only own 18% of the warrants. |
| (Post 9 of 432) 11/10/1999.09:24:00 |
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Someone just polished up over 600 lots at 79.5 that was on the queue. Looks like someone likes this share as much as we do. |
| (Post 10 of 432) 11/10/1999.10:35:00 |
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yah loh... :( me was q-ing at 0.77 for it, hoping for a little drop b4 being pushed up....but sigh... will be chasing it... will wait and see if the afternoon session will push it down again... good for u! oldman... :) |
| (Post 11 of 432) 11/10/1999.10:36:00 |
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won't be chasing it, i mean... :) |
| (Post 12 of 432) 11/10/1999.11:42:00 |
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Oldman Thank You!!! Got some pocket money ... you will "spin" in yr chair and laugh yr head off if you only knew what happened ... think my broker very lucky ... this time round, ask him to buy, he bought the warrent!!! *geeisH* Made it and am out ... dun wanna touch leow *scared* |
| (Post 13 of 432) 11/10/1999.11:53:00 |
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Eka, you are lucky today! :) Congratulation! |
| (Post 14 of 432) 11/10/1999.12:03:00 |
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Eka, it is your lucky day! The warrants are one of the top gainers today. I think that there is going to be a lot more play going by the vol of transactions. 12 mil warrants and 6.5 mil shares traded today and it is only 3 hours into trading... |
| (Post 15 of 432) 11/10/1999.12:10:00 |
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*sprinkLe good luck around ... * share with all the nice ppl around *s* *hehehe* this is what I say kuku broker, with blurr-blurr client ... cheers!!! None in hand sold off all already lor ... *sNiFFs* |
| (Post 16 of 432) 11/11/1999.01:04:00 |
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JC MPH is a potential candidate for stock split. Par value $1.00, share price less than $1.00. Watch out. |
| (Post 17 of 432) 11/12/1999.15:38:00 |
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It is obvious someone is taking the opportunity to collect JC MPH. Have been looking at the buying pattern today and am confident that there is going to be another push. For folks who are riding this as well, have patience. The cash offer by Davale will close on Mon the 15th. Hopefully, we will hear more of Simon's plans then. Have a good weekend. |
| (Post 18 of 432) 11/12/1999.19:15:00 |
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hi oldman, me juz got into this counter yesterday at 0.82... will be holding on till u say,"time to move on..." :) not much action for this today.. :( |
| (Post 19 of 432) 11/14/1999.17:27:00 |
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oldman, how does 1 tell that someone is collecting this counter? By the large buy (single block) order? thanks |
| (Post 20 of 432) 11/15/1999.09:37:00 |
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Hi Oldman, I received the conditional share offer for JC-MPH at S$0.75. Can I know what is this all about? I'm new to this. Thank you and have a great week. |
| (Post 21 of 432) 11/15/1999.09:55:00 |
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John, don't bother too much about it unless you want to sell it to them at 75cts when you can sell in the market at 83cts now. Anyway, today is the closing date. By the way, fortunately you do not need to act on this one but if you do receive other circulars next time, do read them early. Some of these require your prompt action. If you leave it to the last day, there ain't much time to respond. Just a word of advice. |
| (Post 22 of 432) 11/15/1999.10:05:00 |
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Hi Oldman, Thank you so much for your advise. |
| (Post 23 of 432) 11/15/1999.10:07:00 |
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Khoon, it is not easy to tell. One has to look at volumes, individual trading lots as well as make a calculated guess whether it was heavy selling or buying by looking at the buy and sell queues before the transactions were done. Hence, complex and I certainly do not think one can make a science out of it. I put that to experience and gut feel ! But saying that, many times, I too am fooled. |
| (Post 24 of 432) 11/16/1999.02:08:00 |
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Davale obtains 38.9 pct acceptances for Jack Chia takeover; offer lapses SINGAPORE (AFX-ASIA) - Davale Pte Ltd said it received 38.9 pct acceptances for its takeover offer for Jack Chia-MPH Ltd at the close of the offer today. As Davale has not manged to secure more than 50 pct of Jack Chia-MPH's shares, Davale said its takeover offer has lapsed. ah/av AFN KBW30-15Nov99 11:45 GMT |
| (Post 25 of 432) 11/16/1999.10:27:00 |
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Folks, there is a strong surge this am and I have decided to take my profits on this one as it is within the contra period. Likely to go in again if it goes down again. Good luck. |
| (Post 26 of 432) 11/16/1999.14:06:00 |
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Oldman, The surge is on! From the mid-70's a week ago to the high-80's today. Your patience has been rewarded, old chap! Jolly good show. |
| (Post 27 of 432) 11/17/1999.23:24:00 |
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Hi Oldman, I bought the JC-MPH warrant @ 0.155 this morning but it closed @ 0.13 today. Do you think I should cut loses tomorrow? I can only breakeven at 0.160 as I'm holding 50 lots now. As this warrant is expirying in 21 Jan 20000. I'm worried the price may not pick up after the drop. Need your advice. Thank you. |
| (Post 28 of 432) 11/18/1999.06:26:00 |
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John, JC MPH warrants are a punting favourite. As can be seen from my previous writeups, most of these warrants are with small investors with only 2.5% owned by the Jack Chia family when the report came out in mid 99. With only 2 months left and an exercise price of $1.15, this warrant is becoming more risky by the day as the mother only hovers around 87cts. In situations like this, one is under the mercy of the market. Certainly one hopes that whoever have been holding this warrant price up will continue playing with this. One never knows if the play is over and herein lies the risk. As for the mother, please refer to my recent writeup. There you will note that although I am optimistic, my timeframes will certainly go way pass the expiry of this warrant. Another way of putting it is that I am optimistic in the medium term rather than the short term. Warrants with these numbers should be trading closer to the 3 cts mark at this time rather than the 13cts that it is commanding now. |
| (Post 29 of 432) 11/18/1999.08:31:00 |
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Oldman, thank you for your kind advice. |
| (Post 30 of 432) 11/19/1999.16:03:00 |
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"Jc-mph. Will be pushed beyond $1.30 by jan 20 2000 for the conversion to take place. I suspect the $1.30 may be as early as 3rd week of dec 1999 to instil confidence to warrant holders to convert at $1.15. Why? Simon cheong needs funds to repay bond by jan 2000 otherwise default. In order for the price to rise, he may inject at least 1 property deal to jc-mph. Note. Jc-mph warrants should be avoided as upside in price is limited. Whereas the mother share has an upward potential of at least 40%" I copied the above from a posting by "Serious Investors" at another forum a few days ago. Considering what Oldman said about dealmaker Simon Cheong, the above scenerio may happen in a bullish market. Will Simon Cheong inject the newly acquired enbloc of Cuscaden Towers located next to Four Seasons Condo? I checked the bond amounts to $72 million and the wrts if exercised will net cash of $55.6 million. This is a $1 par value share. Be prepared to hold until early Jan 2000. I have interests in mother & daughter. Any comments? |
| (Post 31 of 432) 11/19/1999.20:50:00 |
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Thanks Oldman for taking your precious time to give your advice. I should have read your previous analysis carefully. If JCMPH do a placement it may move a bit, I guess. I am learning all the time. All the best. |
| (Post 32 of 432) 11/19/1999.21:04:00 |
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FairPC, yes, you are right. I was also hinting that it is cleaner and better for them to do a placing than to ramp the shares up just to get the warrant conversion and then land up with an unjustifiable valuation. At the back of my mind is the significant play on these mother and daughter shares in the past 6 months and I am wondering if some folks have still got a lot of these and want to dispose of them knowing that the business may get worse first before getting better. That to me was why the mother were ramped up and then lots of warrants were transacted. It appears to me that folks are dumping warrants onto the retail investors. And that was when alarm bells starting ringing in my head. That is why I have decided to become a spectator. Always interesting to see in 6 months time whether my assessment is true or not. Have a good weekend. |
| (Post 33 of 432) 11/25/1999.11:08:00 |
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Hi Oldman, I've got 10 lots JC MPH, 10 lots LKH and 10 lots Cosco, all warrants. But I can only hold 1 counter & still contemplating which one. Contra dateline today before 5pm. Could you pls advise? Thanks. |
| (Post 34 of 432) 11/25/1999.22:29:00 |
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Hi oldman, based on ur recommendation, I've loaded some mother shares @ $0.86. Pls advise bottom price to sell out. Thanx. |
| (Post 35 of 432) 11/25/1999.22:37:00 |
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gee |
| (Post 36 of 432) 11/25/1999.23:10:00 |
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oldman become personnal financial adviser now ... |
| (Post 37 of 432) 11/26/1999.07:41:00 |
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Silverbullet, you hit it spot on. I will not give advice on share portfolios but would share my thoughts on why I buy certain stocks and why I do not touch others. I am not trained as a financial adviser and that is why you will not find me answering direct questions on personal investments and portfolios. |
| (Post 38 of 432) 11/26/1999.07:44:00 |
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Invest, please read my postings in the past few days. Yes, I have changed my mind on this counter. Also, please do not take my comments as recommendations as I am here just to share my thoughts rather than make any recommendations. |
| (Post 39 of 432) 11/26/1999.08:39:00 |
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Nah, oldman, I would presumme many silent players are following behind your writting and see our buying as an indicator instead of doing their own homework. Or worst, a recommendation as stated below. You pick up a rock, analyse it, tell the world your result. Some one think you found a gem. The next moment, you announce to the world, that's a rock not a gem..... well, too bad for those who already order the rock to be cut. |
| (Post 40 of 432) 11/27/1999.17:42:00 |
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Oldman, Silverbullet, Noted ur comments and thank you. I shall now be doing more of my own homework! By the way, I only buy stocks which I have interest in. I of course would do a bit of homework, but just not as much as u who's so good and experienced. Afterall, it involves the consumption of my hard earned $$$. |
| (Post 41 of 432) 11/27/1999.17:42:00 |
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Oldman, Silverbullet, Noted ur comments and thank you. I shall now be doing more of my own homework! By the way, I only buy stocks which I have interest in too. I of course would do a bit of homework, but just not as much as u who's so good and experienced. Afterall, it involves the consumption of my hard earned $$$. |
| (Post 42 of 432) 11/27/1999.17:47:00 |
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Glad to know that,Invest. You are right that it is our own hard earned money that we are investing and it becomes even more critical to make sure we invest these sums wisely. Take care. |
| (Post 43 of 432) 11/27/1999.18:25:00 |
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Any comment on the recently announced results for JC MPH? |
| (Post 44 of 432) 11/27/1999.22:04:00 |
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Invest, In that case, the Market is not suited for you, best stay out, or you gonna be giving up all your hard earned money to others. Love me or hate me, you will be grateful to me for my advice. On another note, allow mw to share a story here (this one is not mine): "Few people ever make money by trading on the occasional tips or recommendations of others. Many beg for information and then don't know how to use it. "At a dinner party one night a lady kept pestering me beyond endurance for some market advice. In one of those wweak moments I told her to buy some Cerro de Pasco which that day had crossed a Pivotal Point. From the next morning's opening the stock advanced 15 points during the next week with only trifling reactions. Then the action of the stock gave forth a danger signal. I recalled the lady's inquiry and hastened to have Mrs Livermore telephone her to sell. Fancy my surprise to learn that she had not yet bought the stock as she first wanted to see whether my information was correct. So wags the world of market tips." Invest, I would be grateful if Warren Buffet himself whispered in my ear, but I would still not act on it until such time when I have ascertained for myself a proper decision is to be made. In fact, I would most probably subject the info to various tests before I take the plunge. That's a decision-making process, for you. |
| (Post 45 of 432) 12/02/1999.22:35:00 |
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Jack Chia-MPH reports stunning 476 percent jump in net profit Mainboard listed Jack Chia-MPH has reported a stunning 476 percent jump in its net profit at half time to almost $6 million. Turnover, however, rose just 25 percent to some $440 million. The company said its Australian unit AV Jennings Homes continued to achieve higher slaes and profits due to strong growth in housing demand. But it said the performance of its Singapore books and publishing business was below expectations, in view of keen competition. |
| (Post 46 of 432) 12/03/1999.03:13:00 |
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Jack Chia MPH H1 to Sept net profit pre-extras 5.85 mln sgd vs 1.02 mln Jack Chia MPH six months to Sept 30 results: Net profit pre-extra - 5.85 mln sgd vs 1.02 mln Extraordinary gain - 214,000 sgd vs 4.15 mln Net profit - 6.07 mln sgd vs 5.17 mln Sales - 440.39 mln sgd vs 351.51 ln sgd Pre-tax profit - 11.97 mln sgd vs 7.35 mln sgd Interim div - nil vs 1.80 cents EPS - 2.30 cents vs 0.40 The company said its home building business under AVJennings Homes in Australia continued to achieve higher sales and profits due to strong housing demand in the first half. The consumer products businesses in Malaysia and France saw buoyant sales and profits but these gains were negated by the poor performance of the U.K. consumer products division and the book retailing and publishing business in Singapore. The company said results in the previous have been adjusted to reflect the overstatement of AVJennings contributions in the previous year. The cumulative overstatement is 11.60 mln sgd and the effect for the year to March 1999 accounts is 1.90 mln aud. |
| (Post 47 of 432) 12/03/1999.16:52:00 |
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Looks like JC MPH may be turning the corner. The shinning star is AV Jennings. Not considering the overstatement of its profits, the operating profit before tax and exceptional items improved 35% to $22 mil. As a result, NTA has improved to 82cts. With most of the profits attributed to AV Jennings, this division must certainly be worth a lot more now. Given this scenario, it is now highly unlikely that they will sell their jewel AV Jennings. Looks now like MPH may become a long term buy on the future propects of AV Jennings and the recovery potential of their 2 other businesses. Given that most publishers have gone dot com, I wonder when MPH will go this direction. --------------------------------------------- Prior Year Adjustment The Group's listed subsidiary in Australia, AVJennings Homes Limited ("AVJ"), in which the Group has a 70.44% equity interest, announced during the period that it had materially overstated its profits in previous years. AVJ, together with its auditors, has undertaken a review and reconciliation of its accounts and records. The overstatement was found to arise mainly from errors in the cost ledgers of AVJ's New South Wales operations and was quantified at a cumulative total amount of A$11.6 million as at 31 March 1999. The overstatement of profit for the financial year ended 31 March 1999 was A$1.9 million, of which A$0.7 million related to the first six months ended 30 September 1998 and A$1.2 million to the second six months ended 31 March 1999. The effect of the overstatement of profit by AVJ on the consolidated accounts of the Group is an overstatement of profit attributable to stockholders by a cumulative total amount of S$9.1 million as at 31 March 1999, with a consequential reduction in the NTA of the Group as at 31 March 1999 by S$0.04 from S$0.83, as previously reported, to S$0.79 per share. The fundamental error in AVJ's accounts as at 31 March 1999 has been treated in the Group's accounts for the current period as a prior year adjustment, in accordance with Singapore Statement of Accounting Standard No. 8. Accordingly, the comparative figures for the period ended 30 September 1998 included in this announcement have been adjusted to correct the overstatement of profit relating to that period and the retained earnings brought forward to the current period have been reduced by the cumulative total amount of S$9.1 million. Review of the performance of the company and its principal subsidiaries The Group's turnover for the six months ended 30 September 1999 increased by 25% to S$443.9 million and the Group's pre-tax profit increased by 63% to S$12.0 million. After accounting for taxation of S$2.4 million and minority interest of S$3.7 million, profit after tax and minority interest for the Group increased by 476% to S$5.9 million. During the first half year, the residential home building business under AVJennings Homes Limited in Australia continued to achieve higher sales and profits due to strong growth in housing demand. The consumer products business in Malaysia and France achieved higher sales and profit. However, this was negated by the adverse performance of the UK consumer products division. In Singapore, the books and publishing business faced keen competition and its performance was below expectations. However, the MPH group of companies in Malaysia achieved higher sales and profit despite difficult trading conditions. |
| (Post 48 of 432) 12/20/1999.09:42:00 |
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I am not touching this warrant although it is currently featured as a top % loser. It is now trading at 2cts. The exercise price is $1.15 and the warrant expires on the 21st of January, giving it slighly under 3 weeks more to trade on the exchange. The mother is hovering at about 80cts. I expect to see it trading nearer the 1/2 ct mark in the next few weeks. |
| (Post 49 of 432) 12/22/1999.15:04:00 |
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some accumulation on parent? |
| (Post 50 of 432) 12/28/1999.14:31:00 |
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How come JCMPH rises so much today ?? Something is going to happen ?? Please comment ... |
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