Sembcorp Marine

Re: Sembcorp Marine

Postby winston » Thu Aug 06, 2020 12:46 pm

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Sembcorp, Sembmarine urge investors to vote in favour of demerger

by UMA DEVI

SEMBCORP Industries (SCI) and Sembcorp Marine (SMM) are calling on their shareholders to vote in favour of the proposed S$2.1 billion recapitalisation for the offshore and marine engineering group and a demerger from each other that will result in Temasek Holdings having a direct stake in the marine arm.

At the upcoming EGMs on Aug 11, shareholders will vote on three resolutions:
1. SCI's move to distribute its SMM shares in specie
2. SMM's undertaking of the rights issue and
3. A whitewash resolution that will waive investors' rights to receive a mandatory takeover offer from Temasek.

All three resolutions require a simple majority, but are inter-conditional.


Source: Business Times

https://www.businesstimes.com.sg/compan ... f-demerger
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Re: Sembcorp Marine

Postby winston » Fri Aug 07, 2020 7:39 am

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Sembcorp Industries, Sembmarine respond to shareholder queries

Both firms assured that the demerger deal is in the best interests of shareholders.

If any one of the resolutions proposed at the SCI EGM or the SCM EGM is not approved, SCI would retain its current shareholding in SCM, the latter’s $1.5b subordinated loan owing to SCI will remain outstanding, and the critical need to address SCM’s liquidity requirements will not be met.

“If that were to happen, SCM’s strenuous efforts to recapitalise and strengthen its balance sheet will be negated and the critical need to address its liquidity requirements will fail.

Sembmarine added, if ever they failed to gain shareholder approval, that the various capital raising alternatives considered include debt financing, equity-linked debt and equity issuance.

“Faced with the urgency of the situation to recapitalise SCM, the rights issue is the most optimal solution and is in the best interests of shareholders. The rights issue has the support of both SCM’s parent company, SCI, which has undertaken to subscribe for up to $1.5b of rights shares under the rights issue, and its ultimate holding company, Temasek, which has sub-underwritten the balance $0.6bn of rights shares under the rights issue,” Sembmarine stated.

For the transaction to proceed, SCI explained that there are in total three resolutions that need to be approved for the proposed distribution and the proposed SCM rights issue.

For SCI, only one resolution will be tabled: an ordinary resolution to approve the proposed distribution. The resolution requires the approval of a simple majority (>50%) of SCI shareholders who are voting at the SCI EGM, whilst Temasek will abstain from voting on this resolution.

For SCM, two resolutions will be tabled: an ordinary resolution to approve the proposed SCM rights issue and a whitewash resolution with respect to the proposed distribution. Both resolutions require the approval of a simple majority (>50%) of SCM Shareholders who are voting at the SCM EGM, where Temasek will also abstain from voting in on the whitewash resolution.

SCI also noted that the three resolutions are inter-conditional.

Following the demerger, SCI pledged to focus on unlocking value for shareholders, executing their transformation plan to create long-term value for our stakeholders.

“The rights issue will provide SCM with the much needed recapitalisation to ride out the industry downturn, to strengthen its balance sheet and reposition the company for its long term viability. It is beneficial to the company and all shareholders,” Sembmarine added.

Source: Business Times

https://sbr.com.sg/stocks/news/sembcorp ... er-queries
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Re: Sembcorp Marine

Postby winston » Wed Aug 12, 2020 5:11 pm

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Sembcorp Marine (SMM SP) - Saying Goodbye to the Parent

Sembcorp Marine is one of the global leaders in rig building, offshore platforms and specialized shipbuilding and repairs.

Outlook is challenging with the low oil prices and one of the risks mentioned in our earlier reports (fund raising) has transpired.

Further risks include:-
1) higher than expected capex requirements in the future
2) risks relating to Brazil and
3) lower than expected new order flows.

A rights issue and a potential de-merger from parent Sembcorp Industries have been approved by shareholders in the recent EGMs. SELL.

Source: OCBC
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Re: Sembcorp Marine

Postby behappyalways » Sat Aug 22, 2020 11:44 am

Sembcorp Marine is expected to 'remain loss-making' in FY20 and FY21, estimates KGI Securities
https://www.theedgesingapore.com/capita ... imates-kgi
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Re: Sembcorp Marine

Postby behappyalways » Tue Sep 08, 2020 4:28 pm

Sembcorp Marine fails to win full support on rights issue
https://www.theedgesingapore.com/news/o ... sue-sept-2
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