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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » EXPOLANKA HOLDINGS PLC (EXPO.N0000)

EXPOLANKA HOLDINGS PLC (EXPO.N0000)

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41EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat Apr 09, 2011 11:02 pm

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics

I think , this anoucement was discussed. Some PLCs invest prior to IPO... for added advantage and greater profits.


http://www.cse.lk/cmt/upload_cse_announcements/261301658536_.pdf

42EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sun Apr 10, 2011 9:58 am

million


Senior Equity Analytic
Senior Equity Analytic
the private placement being at Rs.6 according to guardian capital announcement. but i hear rumors the IPO being even more than Rs.15. big difference

Can it happen ????????

43EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sun Apr 10, 2011 10:00 pm

milanka


Vice President - Equity Analytics
Vice President - Equity Analytics
@smallville wrote:
@milanka wrote:
@$$$ wrote:Respected company that has been in business for years ....

They are calling applications for a MBA/CFA qualified person to the Head the strategic Plannining and Business Development. The job is to evaluvate new business opperortunities and make strategic recommendations.

Looks they are getting ready to expand.


Well I could apply it seems... Razz where did u get this?

Half page advert on Daily FT on Saturday 9th April.

http://forum.srilankaequity.com/u188

44EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sun Apr 10, 2011 11:42 pm

mark


Expert
Expert
@smallville wrote:
@milanka wrote:
@$$$ wrote:Respected company that has been in business for years ....

They are calling applications for a MBA/CFA qualified person to the Head the strategic Plannining and Business Development. The job is to evaluvate new business opperortunities and make strategic recommendations.

Looks they are getting ready to expand.


Well I could apply it seems... Razz where did u get this?

WOW..........you got CFA?...............

cse.alpha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
ExpoLanka - Rs 2.4 bn IPO opens on 12 May 2011
172 mn shares offered @ Rs 14 each
http://www.cse.lk/cmt/upload_cse_announcements/6461302596552_.pdf

Recent Pre-IPO private placement (sell down) seems to have been done at Rs 6 per share - JKH, WAPO and Logan Rockfeller Global were among initial buyers

46EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 2:20 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@cse.alpha wrote:ExpoLanka - Rs 2.4 bn IPO opens on 12 May 2011

172 mn shares offered @ Rs 14 each

http://www.cse.lk/cmt/upload_cse_announcements/6461302596552_.pdf

Recent Pre-IPO private placement (sell down) seems to have been done at Rs 6 per share - JKH, WAPO and Logan Rockfeller Global were among initial buyers

the pricing to retail investors @ very high premium.... See WAPO & JKH and others already gain more than Rs.8 capital gain...

Look at WAPO capital gain @ rate of 14 ( 41,600,000*Cool = Rs.332,800,000... This only at IPO price... If it is in the MKt price WAPO would be getting more than Rs.500Mn...

In future WAPO also would come out with strong portfolio like GUAR and CINV..... Better to look in to WAPO if the price comes down...

Happy Trading

47EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 2:59 pm

cse.alpha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
WAPO has 25.8 mn shares in issue now - its net asset value (NAV) per share, even after allowing for 350% appreciation in 41.6 mn Expolanka shares (cost Rs 6 each - at Rs21, capital gain is around Rs 624 mn) is still under Rs 50 per share.

After 75 for 2 rights issue @ Rs 20 per share that raised Rs 503 million, WAPO's adjusted net book value (NBV) per share would be approx Rs 20 - total NBV of Rs 524 mn (Rs 250 mn worth of Expo Lanka shares, and Rs 270 mn of cash).

If ExpoLanka trades at Rs 21 (up 50% from Rs 14 IPO price), WAPO's Expo investment would be worth Rs 874 mn.

That would still raise WAPO's adjusted NBV per share by only around Rs 24 to approximately Rs 45 per share.

At Rs290, investors paying more than 6 times adjusted NBV, for what is basically an investment trust where net asset value is better valuation method than PER or discounted free cash flows methods, seem to be very confident of management ability to deliver exceptional super normal returns on adjusted asset base.

WAPO will do well, but will it do well enough to justify current prices of around Rs 290? Similar, but much larger investment trusts such as CINV and GUAR do not trade at such 6 times premiums to NAV.

48EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 3:00 pm

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics
Are they Pre IPO investments ?

49EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 3:16 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@cse.alpha wrote:WAPO has 25.8 mn shares in issue now - its net asset value (NAV) per share, even after allowing for 350% appreciation in 41.6 mn Expolanka shares (cost Rs 6 each - at Rs21, capital gain is around Rs 624 mn) is still under Rs 50 per share.

After 75 for 2 rights issue @ Rs 20 per share that raised Rs 503 million, WAPO's adjusted net book value (NBV) per share would be approx Rs 20 - total NBV of Rs 524 mn (Rs 250 mn worth of Expo Lanka shares, and Rs 270 mn of cash).

If ExpoLanka trades at Rs 21 (up 50% from Rs 14 IPO price), WAPO's Expo investment would be worth Rs 874 mn.

That would still raise WAPO's adjusted NBV per share by only around Rs 24 to approximately Rs 45 per share.

At Rs290, investors paying more than 6 times adjusted NBV, for what is basically an investment trust where net asset value is better valuation method than PER or discounted free cash flows methods, seem to be very confident of management ability to deliver exceptional super normal returns on adjusted asset base.

WAPO will do well, but will it do well enough to justify current prices of around Rs 290? Similar, but much larger investment trusts such as CINV and GUAR do not trade at such 6 times premiums to NAV.

Yes cse.alpha

Thanks for the good input on WAPO... Yes WAPO this price level Pretty much high.. However this will perform in future days as their strategy to invest with private equity in pre IPO session and come out with massive capital gain.. Now they used the half of the rights issue proceeds.... will see, balance half where there are going to invest...........

Happy Trading

50EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 3:50 pm

mzm


Stock Trader
@ssb wrote:did expo Lanka went in to IPO ?????
when???

CSE has announced today the offer for subscription by Expolanka

http://www.cse.lk/cmt/upload_cse_announcements/6461302596552_.pdf

51EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 6:13 pm

Chabbi

Chabbi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@cse.alpha wrote:WAPO has 25.8 mn shares in issue now - its net asset value (NAV) per share, even after allowing for 350% appreciation in 41.6 mn Expolanka shares (cost Rs 6 each - at Rs21, capital gain is around Rs 624 mn) is still under Rs 50 per share.

After 75 for 2 rights issue @ Rs 20 per share that raised Rs 503 million, WAPO's adjusted net book value (NBV) per share would be approx Rs 20 - total NBV of Rs 524 mn (Rs 250 mn worth of Expo Lanka shares, and Rs 270 mn of cash).

If ExpoLanka trades at Rs 21 (up 50% from Rs 14 IPO price), WAPO's Expo investment would be worth Rs 874 mn.

That would still raise WAPO's adjusted NBV per share by only around Rs 24 to approximately Rs 45 per share.

At Rs290, investors paying more than 6 times adjusted NBV, for what is basically an investment trust where net asset value is better valuation method than PER or discounted free cash flows methods, seem to be very confident of management ability to deliver exceptional super normal returns on adjusted asset base.

WAPO will do well, but will it do well enough to justify current prices of around Rs 290? Similar, but much larger investment trusts such as CINV and GUAR do not trade at such 6 times premiums to NAV.

Im too agree with cse. I calculate when the WAPO made thr initial announcement that period wapo arnd 800 & aftr increase and right issue. i check with 800 levels it should be arnd 40 - 45 .... bt now its higher Rs. 280 + ....

Further with new rules WAPO cant sell on EXPO 1st day @ Mkt. with my knwledge WAPO shd need many this kind of capital gains to justify with current mkt rate.

Pls point my mistake to correct me Smile

Cheerz

52EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 7:25 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@mark wrote:
@smallville wrote:
@milanka wrote:
@$$$ wrote:Respected company that has been in business for years ....

They are calling applications for a MBA/CFA qualified person to the Head the strategic Plannining and Business Development. The job is to evaluvate new business opperortunities and make strategic recommendations.

Looks they are getting ready to expand.


Well I could apply it seems... Razz where did u get this?

WOW..........you got CFA?...............

It smells MBA nuh? Wink



Last edited by smallville on Tue Apr 12, 2011 7:44 pm; edited 1 time in total

53EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 7:28 pm

mark

mark
Expert
Expert
GOT IT MILANKA

54EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Tue Apr 12, 2011 9:44 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
so basically a person applies upto 7,100 shares will be considered as retailer. am i right? I think some days back they appointed some reputed directors also to their board - http://forum.srilankaequity.com/t2422-expolanka-holdings-appoints-independent-directors-pre-ipo

55EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Thu Apr 14, 2011 2:35 am

newbie


Equity Analytic
Equity Analytic
this should be really good.... Twisted Evil

56EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Thu Apr 14, 2011 7:01 am

econ

econ
Global Moderator
Is it possible to give PRE IPO private placements at 6 and IPO at 14? no rules of pricing?

57EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Thu Apr 14, 2011 9:57 am

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
IPO fans ought to ask themselves why the hell they should pay 14 rupees for a share out of their life's savings, when companies with hundreds of billions of rupees worth of assets have been allowed to buy that same share at 6

58EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Thu Apr 14, 2011 12:34 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Where was this PP news?
However with SEC new rules, they cant sell it on the market till a year rite?

59EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Thu Apr 14, 2011 12:46 pm

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
@smallville wrote:Where was this PP news?
However with SEC new rules, they cant sell it on the market till a year rite?

Well CINV has sold their EXPO holding to WAPO at 6 rupees per share http://www.cse.lk/cmt/uploadAnnounceFiles/4191301658437_612.pdf

Which possibly means
1) they bought the shares at less than 6
2) they can sell at anytime.

even WAPO can't sell that stuff for an year, it doesn't change the fact that they paid less than half the price that you are about to pay.,

60EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Thu Apr 14, 2011 12:57 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@tubal wrote:
@smallville wrote:Where was this PP news?
However with SEC new rules, they cant sell it on the market till a year rite?

Well CINV has sold their EXPO holding to WAPO at 6 rupees per share http://www.cse.lk/cmt/uploadAnnounceFiles/4191301658437_612.pdf

Which possibly means
1) they bought the shares at less than 6
2) they can sell at anytime.

even WAPO can't sell that stuff for an year, it doesn't change the fact that they paid less than half the price that you are about to pay.,

Tubal
agree with you point on the retailers paying double.

Small:
Regarding CINV and WAPO. We need to double check what this new SEC rule says. Is selloff/trasnfer allowed within related companies is the question

61EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Thu Apr 14, 2011 1:29 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:
@tubal wrote:
@smallville wrote:Where was this PP news?
However with SEC new rules, they cant sell it on the market till a year rite?

Well CINV has sold their EXPO holding to WAPO at 6 rupees per share http://www.cse.lk/cmt/uploadAnnounceFiles/4191301658437_612.pdf

Which possibly means
1) they bought the shares at less than 6
2) they can sell at anytime.

even WAPO can't sell that stuff for an year, it doesn't change the fact that they paid less than half the price that you are about to pay.,

Tubal
agree with you point on the retailers paying double.

Small:
Regarding CINV and WAPO. We need to double check what this new SEC rule says. Is selloff/trasnfer allowed within related companies is the question

Hi
I think the WAPO will be able to sell the shares as and when they decide, As per the amended SEC rule the shares allotted before Feb 7 2011 will not be bound to this rule.... Further CINV paid for the EXPO Lanka in 3rd quarter since we could there was amount 249Mn for pending allurement. I think shares would have been allotted in early Jan.

Just the attachment of SEC rules....

EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Circul10

EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Circul11

62EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty PP price (pre-IPO) & IPO Price !! Fri Apr 15, 2011 8:29 pm

factFINDER

factFINDER
Manager - Equity Analytics
Manager - Equity Analytics
@econ wrote:Is it possible to give PRE IPO private placements at 6 and IPO at 14? no rules of pricing?


@econ

Same thing was practiced by UBC (Union Bank of Colombo) and they had nice (nice to issuers) justification too. (see Page 155 of UBC prospectus)

According to Page 156-158 of the same, about 150M shares were issued as PP @LKR12.5 few months ago, while the IPO was @25/-.

I'm not very sure whether any of subscribers to PP were sold full/part of their stakes at the market. (the 12 months LOCK was not applicable to them)



Decleration : I don't have UBC or WAPO shares with me.

63EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Fri Apr 15, 2011 9:49 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Thanks Seyon for the insight..

So we're arriving at the following;

1.) CINV has bought the shares before 7th Feb 2011
2.) CINV transferred the shares to WAPO and WAPO can sell it at even 15/- with abt 150% gain on first day it self.
3.) The amt of shares in question was a huge 41.6 Mn, which will not be healthy for the upside of the Expo shares.. If they sell low these orders will attract crowd and instead of selling, everyone will buy.

Even we would buy if this trades around 15-16 as its just 2 rs ahead of IPO price..

So what do you guys think?

64EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat Apr 16, 2011 7:39 am

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics
@smallville wrote:Thanks Seyon for the insight..

So we're arriving at the following;

1.) CINV has bought the shares before 7th Feb 2011
2.) CINV transferred the shares to WAPO and WAPO can sell it at even 15/- with abt 150% gain on first day it self.
3.) The amt of shares in question was a huge 41.6 Mn, which will not be healthy for the upside of the Expo shares.. If they sell low these orders will attract crowd and instead of selling, everyone will buy.

Even we would buy if this trades around 15-16 as its just 2 rs ahead of IPO price..

So what do you guys think?


Three PLCs CINV, WAPO and GUAR are at strong positions, ……….I do not think they will sell those stocks, often they collect more stocks……..very often strengthen their portfolios. ..CINV has no financial constrains……. GUAR also owns Guardian Fund management limited….. GUAR recently made extra ordinary profits. ….Expolanka pre IPO investments are an added advantage for CINV and GUAR….CINV further strengthen their positions… Monday onwards …
Smile Very Happy Smile Very Happy Smile

65EXPOLANKA HOLDINGS PLC (EXPO.N0000) - Page 3 Empty Re: EXPOLANKA HOLDINGS PLC (EXPO.N0000) Sat Apr 16, 2011 8:45 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@smallville wrote:Thanks Seyon for the insight..

So we're arriving at the following;

1.) CINV has bought the shares before 7th Feb 2011
2.) CINV transferred the shares to WAPO and WAPO can sell it at even 15/- with abt 150% gain on first day it self.
3.) The amt of shares in question was a huge 41.6 Mn, which will not be healthy for the upside of the Expo shares.. If they sell low these orders will attract crowd and instead of selling, everyone will buy.

Even we would buy if this trades around 15-16 as its just 2 rs ahead of IPO price..

So what do you guys think?

I don"t think the WAPO will sell shares in early stage.. as u said it is not healthy for Expo Lanka.. They might hold this for to get the max return or time to come for other opportunity to invest in companies in pre IPO stage... WAPO will decide to sell... Since WAPO is mainly set up to manage the private equity fund like companies in pre IPO stage...

Happy Trading

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