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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Prosperity | PMHL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 129.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 129.75 | 129.75 |
| Top Posts |
|---|
Posted at 08/9/2013 22:38 by davidosh I think a fair bit of PMHL money may find its way across to Naibu. I am trying to set up a results presentation and trip to China for those who may be interested. At least the board are far more communicative than they ever were here and although I made a profit and gained dividends I cannot say I was confident of doing so until the actual offer to give a cash exit came along ! |
Posted at 26/7/2013 16:30 by rearsky My gut feel is that the current acquisition of the 34% of PMHL by PIHL has a specific purpose: to help the financing of the pending US$500-650m Billion Win Capital Malaysian Iron ore Mines. Its deadline has been pushed to end of sep 2013.We know that PMHL has a Real Estate cash and assets business worth north of US$400m valued at next to nothing by Mr Market. This war chest will surely reduce the funding needs for the Billion Win acquisition. What worries me is that Billion Win is a related party transaction and that it is supposed to be funded with a lot of new shares and converts, and I struggle to understand who the real beneficiary will be: PIHL, or AWC? Will the valuation be "fair"? (sounds naive I know:)) Wong holds 79.26% of AWC which holds 70% of Billion Win capital. He also holds some Sun Honest shares (they have 15% of Billion Win). Have you guys digged a bit into PIHL? Would need some help there to sort out the end game... |
Posted at 24/7/2013 12:01 by 0rb1t To me it looked like PIHL were making deals that were not beneficial to PMHL. Such as property deals that would benefit other parts of PIHL but not PMHL. Iron Ore offtake agreements that looked like they tied up substantial sums of cash for little return. Share buybacks timed just before share bonuses to inflate the bonuses that were then paid in cash. Or maybe these were just unfortunate business decisions.Fortunately for shareholders it looked like LIM Asia Special Situations Master Fund got some guarantee. 4 February 2013 Prosperity Minerals Holdings Limited ("Prosperity" or "the Company") Granting of put options over Prosperity's shares by its majority shareholder Prosperity notes the announcement made by its majority shareholder, Prosperity International Holdings (H.K.) Limited ("PIHL"), today on the Hong Kong Stock Exchange. PIHL has granted put options (the "Put Options") to LIM Asian Multi-Strategy Fund Inc. and LIM Asia Special Situations Master Fund Limited (together "LIM Advisors") in relation to their entire aggregate interest in Prosperity, being 7,869,396 shares (the "Option Shares") held by LIM Advisors, representing 5.49% of the Company's issued share capital. At the same time, PIHL announced details of a proposed issue of convertible notes over PIHL shares to LIM Advisors (the "Convertible Notes"). Under the Put Options, LIM Advisors can require PIHL (or its nominee) to purchase all or part of their Option Shares (and any shares deriving from their Option Shares) at an initial exercise price of £1.30 per Option Share (the "Exercise Price"), subject to adjustments, at any time over a two year period commencing from the issue date of the Convertible Notes. PIHL has agreed to pay the Exercise Price by issuing PIHL shares at an initial issue price of HK$0.50 per PIHL share (subject to adjustments) equal to the aggregate Exercise Price payable for the Option Shares. If PIHL does not complete the issue of the Convertible Notes to LIM Advisors, the Put Options will terminate. PIHL holds 91,865,324 shares in Prosperity, representing approximately 64.07% of the total issued share capital. If LIM Advisors require PIHL to purchase all their Option Shares, the percentage interest held by PIHL in Prosperity will increase from 64.07% to approximately 69.55% |
Posted at 23/7/2013 13:05 by fft I had a look at the Mackenzie website and a number of funds do have small(ish) holdings in PMHL. all the ones I spotted were less than 3%. I suspect that they should aggregate these for reporting whenever they buy or sell shares in an individual fund, but the lack of any rns from them indicates they havnt.btw, looking at the original cost and value now (3 months ago) that even the current price leaves them heavily underwater. I would be surprised if PIHL hadn't talked to them. It means the real free float in PMHL has been even lower than I thought. |
Posted at 23/7/2013 10:47 by rupe1958 Seems to me that the chances of forcing a better offer are quite good here. PIHL/JETGO (the bidder) has to get 90% acceptances. Looking at the offer doc page 7: "The Offer is conditional upon, amongst other things, valid acceptances being received in respect of such number of PMHL Shares which will result in the Company (directly and/or indirectly through Jetgo Bidco) holding in aggregate not less than 90% of the total number of PMHL Shares, including the PMHL Shares already held by the Company." I'll try to find out who the key person in at Mackenzie at make them aware how incredibly low this offer is. I'm sure that Aurora IT (Mars Asset Management) will be rejecting the offer. All PI's should do the same, IMO. We can definitely push the offer to 150, maybe higher. |
Posted at 16/7/2013 11:07 by edmundshaw 2p final dividend looks bad now. Wong is in part using PMHL's own cash to buy it out. And just before the big - already known but not yet booked - property profits. Cannot blame Wong for buying PMHL and dropping the AIM listing, but it is not a fair price. He could afford to be fairer. |
Posted at 26/6/2013 10:14 by celeritas Lol Edmund.IO, we knew about it, the transition takes time The only real negative is the divi but then again most are here for capital growth. Major positive is the property, you were right DR, only 45 left to sell and some massive profits to book once that permit comes through. At which time I expect a special dividend. Cutting the dividend could be seen as preserving cash, why give a big dividend if you intend to buy what you don't own of pmhl, worth thinking about. |
Posted at 13/6/2013 13:59 by celeritas We shouldn't foget that pmhl received £337m for their cement business back in June 2010. The share price back then reached 170p. The bulk of the cash was invested into property which is only now coming to fruition.Anhui Conch is the most likely to buy acc, but I wouldn't rule out TCC. I remember when pmhl sold it's majority of cement plants and wondered why acc was never part of the TCC (Taiwan cement corporation) deal. On further research i found that pmhl was still in a lock in period so couldn't legally sell acc, so it never became part of the deal. That period is well past now. |
Posted at 17/4/2013 10:30 by dr contrarian UP - As far as I can see, as the figures are in PMHL's accounts also. That ACC was used as security for PMHL purposes. PIHL are reporting this security as their loan as PMHL are classified as a subsidary of PMHL.Do not really see a problem with PMHL using this to guarantee for a loan, looking at their balance sheet, which is full of cash. Meanwhile the stake in ACC trades at 71p per share, so sell at 60p if you wish, I believe this year will see a decent rerating as the property development profits are booked. |
Posted at 16/4/2013 08:51 by utterly pointless Just a wee heads up. I had a substantial holding in this - about 400,000+ - which I have now sold out of so now might be a good time to buy back in (if you want). But just a word as to why I sold out. The appalling corporate governance is well known about - anyone spot the last non-related party transaction PMHL entered into? Less well known about is the huge (potential) hole in PMHL's balance sheet arising from the fact that at some point in time PMHL pledged its shareholding in ACC (which makes up a good part of the value of the share) as collateral for some of PIHL's borrowings - which keep going up. Just read the accounts. It's buried in the notes for both PIHL and PMHL's accounts... |
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