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MarcoPolo Marine *Official* (SGX:5LY)

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Old 08-11-2017, 08:32 PM   #16
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http://www.businesstimes.com.sg/comp...co-polo-marine
Wed, Nov 08, 2017 - 8:11 PM
Nine white knights pool together S$60m in rescue financing for Marco Polo Marine

NINE prominent business names have pooled together S$60 million in rescue financing for listed offshore and marine group, Marco Polo Marine.
The founders or founding families behind household names Super Group, Soilbuild, Goldbell and Yanlord were named in association with the equity injection deal. Oxley Holdings' deputy chief executive Low See Ching and two other Singapore listed entities, Vibrant Group and Penguin International, have also thrown their hats into the ring.
Some, if not all, of those named are business acquaintances of Marco Polo Marine's chief executive, Sean Lee.
The Lees have offered to dilute their shareholding by 90 per cent to just 6 per cent of the enlarged share capital in favour of bringing in these equity investors and deleveraging the group's balance sheet.
Over two billion new shares valued at S$0.028 will be issued to these nine named investors.
Of the new investors, Apricot Capital - the private investment vehicle of Super Group's founder David Teo - will emerge the largest shareholder with a 19.5 per cent interest in Marco Polo's enlarged share capital after the deal is completed.
Apricot has pledged S$20 million in new equity injection followed by S$10 million each from Penguin International and the private investment arm of Yanlord Land Group's founding chairman and CEO, Zhong Sheng Jian.
Marco Polo confirmed to The Business Times on Wednesday that Apricot and Penguin will also be granted board seats.
Penguin added after trading closed on Wednesday that it has agreed to subscribe to over 357 million shares representing 10 per cent of Marco Polo's enlarged share capital at S$10 million. Of this, S$8 million will be paid by the listed company and another S$2 million by its executive chairman, Jeffrey Hing.
The deals are conditional on - among other things - its total liabilities being pared down to not more than S$12 million prior to the closing of the new investments. The parties involved have agreed to a long-stop date of March 12, 2018.
Marco Polo has over S$258 million of total debts on its books. Mr Lee, the CEO, told BT that about S$200 million are bank loans and the other S$50 million relate to the Singapore dollar note issuance.
UOB is the largest senior lender answering for over S$90 million of the group's bank loans. Five other bank creditors are DBS, OCBC, CIMB, Sumitomo Mitsui Finance & Leasing and Caterpillar Financial Services.
The group has sought restructuring under two separate schemes of arrangement filed with Singapore's High Court.
Its Indonesian subsidiary, PT Marcopolo Shipyard, has also placed itself under Penundaan Kewajiban Pembayaran Utang (PKPU), an Indonesian regime which extends protection from creditors to entities seeking to restructure.
Mr Lee said that the group is seeking about 69 per cent, 72 per cent, and 95 per cent debt forgiveness from its bank lenders, noteholder and for its contingent liabilities, respectively.
New shares will be issued at S$0.035 in part-settlement of these liabilities.
Marco Polo is also proposing to issue over 269 million free warrants to existing shareholders. Each warrant will carry the right to subscribe to one share at the exercise price of S$0.035.
The group intends to hold an extraordinary general meeting in December to table the restructuring plan for shareholders' approval.
Shares in Marco Polo Marine last traded at S$0.059 before trading was suspended.
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Old 08-11-2017, 10:04 PM   #17
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http://infopub.sgx.com/FileOpen/MPML...&FileID=477297

1) Apricot Capital (Super Group) - $20m invested
2) Azure All-Star Fund (Azure Capital) - $2.5m invested
3) Chua Chuan Leong Ventures (Goldbell Group) - $5m invested
4) Lim Chap Huat (SoilBuild) - $5m invested
5) Singapore Enterprise (Vibrant Group) - $5m invested
6) Yanlord Capital (Yanlord Land) - $10m invested
7) Penguin International - $10m invested
8) Low See Ching (Oxley Holdings) - $1m invested
9) Ho Lee Group - $1.5m invested
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Old 09-11-2017, 08:29 AM   #18
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1) Apricot Capital (Super Group) - $20m invested
2) Azure All-Star Fund (Azure Capital) - $2.5m invested
3) Chua Chuan Leong Ventures (Goldbell Group) - $5m invested
4) Lim Chap Huat (SoilBuild) - $5m invested
5) Singapore Enterprise (Vibrant Group) - $5m invested
6) Yanlord Capital (Yanlord Land) - $10m invested
7) Penguin International - $10m invested
8) Low See Ching (Oxley Holdings) - $1m invested
9) Ho Lee Group - $1.5m invested
Do you think those that help to "invest" in, their profit will drop?
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Old 09-11-2017, 08:22 PM   #19
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Do you think those that help to "invest" in, their profit will drop?
Dun see why. Most of them (apart from Penguin and possibly Ho Lee) are investing from entities separate from the core business. And the sum is also quite small. So not likely to have any significant impact even if it goes sour for them in the end.
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Old 09-11-2017, 09:08 PM   #20
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The wife of the CEO is Vivian Hsu. That is how I get to know this company.
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Old 16-11-2017, 08:04 AM   #21
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http://www.businesstimes.com.sg/comp...-restructuring
Noteholders grant nod to Marco Polo's restructuring
Wed, Nov 15, 2017 - 5:29 PM Tan Hwee Hwee hweetan@sph.com.sg

MARCO Polo Marine said before Wednesday trading close that it has won a majority vote in support of the redemption of S$50 million notes using cash and equity swap.
Noteholders holding an aggregate of S$39.25 million or 78.5 per cent of the notes principal had submitted voting instructions or were present at the meeting.
Out of the total 157 votes cast, 141 votes representing 89.81 per cent of votes cast were in favour of the resolution. This in effect, grants the company the green light to proceed with the partial redemption of the S$50 million notes maturing in January 2018 by paying S$35,868 in cash.
In addition, it will issue 1.02 million shares priced at 3.5 Singapore cents per share to its noteholders.
Marco Polo Marine has previously indicated to The Business Times that taking in both the cash and equity swap components, it has sought 71 per cent debt forgiveness from its noteholders.
The company has cleared the first hurdle on securing the green light from its noteholders at Wednesday's CSE so as to pave the way for S$60 million new equity to be injected into its offshore support vessel-focused business.
The new equity pledged by nine white knight investors is also conditional on the successful restructuring of S$202 million bank loans on its books.

Price link: http://www.shareinvestor.com/fundame...counter=5LY.SI
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Old 16-11-2017, 08:28 PM   #22
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Scheme creditors give nod to Marco Polo's debt restructuring
Thu, Nov 16, 2017 - 6:57 PM Tan Hwee Hwee hweetan@sph.com.sg

MARCO Polo Marine has secured the requisite majority approval from its scheme creditors for its restructuring plan, which calls for debt forgiveness towards S$258 million of liabilities to make way for S$60 million new equity to be injected into the listed group.
Marco Polo Marine and its key subsidiary Marco Polo Shipyard Pte Ltd (MPSY) on Thursday convened two separate court meetings with their scheme creditors.
At the court meeting for the listed parent company, five of the seven scheme creditors representing S$187.4 million or 75.5 per cent of the admitted claims for voting, voted in support of the restructuring plan.
In a separate court meeting, all 40 of MPSY's creditors answering for S$4.68 million of the admitted claims for voting granted unanimous approval to its restructuring plan.
In both cases, Marco Polo and its shipyard subsidiary have meet the statutory requirement of securing at least 75 per cent in majority vote from their scheme creditors.
With its scheme creditors' support, Marco Polo has crossed another milestone for its debt restructuring exercise.
On Wednesday, the listed parent company also won a majority vote from its noteholders for the restructuring of its S$50 million Singapore dollar note issuance.
Marco Polo has another S$202 million of bank loans on its books.
The listed group had asked for 69 per cent, 71 per cent and 95 per cent debt forgiveness from its bank lenders, noteholders and for its contingent liabilities with the two schemes and the notes restructuring proposal.
It had also pledged to issue new shares at S$0.035 per share as part-settlement for these liabilities.
Trade debts will be termed out for another three more years.
The restructuring of its liabilities is a pre-condition for nine investors to inject S$60 million new equity into its offshore support vessel-focused business.
The group has to also seek its existing shareholders' approval for the required equity dilution and greenlight to proceed with the debt restructuring of its Batam-based subsidiary under Indonesia's Penundaan Kewajiban Pembayaran Utang (PKPU) regime.

Price link (susp): http://www.shareinvestor.com/fundame...counter=5LY.SI
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Old 20-12-2017, 08:49 PM   #23
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Marco Polo clears final hurdle to proceed with debt restructuring
WED, DEC 20, 2017 - 7:04 PM JACQUELINE WOO tsjwoo@sph.com.sg

THE Batam-based unit of Marco Polo Marine has been given the approval to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment.
This means Marco Polo has cleared the final hurdle to proceed with debt restructuring for the holding company and its key shipyard subsidiary under the two schemes of arrangement filed with Singapore's High Court.
The group last week won a majority vote at an extraordinary general meeting in favour of issuing new securities that is key to its restructuring plan.
In a filing to the Singapore Exchange on Wednesday, Marco Polo said that its subsidiary, Marcopolo Shipyard, has obtained the requisite court declaration made in response to the PKPU restructuring proposal - namely, that a valid debt restructuring has been agreed to by Marcopolo Shipyard and the relevant creditors.
Accordingly, the Commercial Court of Medan has endorsed the agreed debt restructuring under the PKPU restructuring proposal and has ordered Marcopolo Shipyard and the relevant creditors to comply with the proposal.
The application was filed on May 18 this year.
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Old 28-12-2017, 06:50 PM   #24
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Marco Polo widens net loss to S$312.69m; to wrap debt revamp soon
WED, DEC 27, 2017 - 7:35 PM TAN HWEE HWEE hweetan@sph.com.sg

MARCO Polo Marine, on posting a full-year net loss of S$312.69 million after Wednesday's trading close, said that it expects to wrap up the last leg of the group's debt restructuring exercise early next year.
Full-year net loss for the offshore support vessel group has widened from S$16.94 million for FY2016, mainly due to an increase in other operating expenses to S$253.08 million for FY2017 compared with S$10 million for the previous financial year.
Loss per share for FY2017 was 92.91 Singapore cents compared with five Singapore cents for FY2016.
The group's full-year revenue also decreased by 18 per cent to S$38.64 million.
Marco Polo said that its Batam-based subsidiary secured approval from the Indonesian court on Dec 18 for its restructuring proposal under the PKPU (Penundaan Kewajiban Pembayaran Utang) regime.
It added that the last step towards the completion of the debt restructuring exercise relates to the restructuring of its Indonesia-based OSV operating subsidiary, PT BBR. This is expected to be concluded in early 2018.
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Old 06-01-2018, 07:48 PM   #25
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Penguin may fly again in 2018!

1) Apricot Capital (Super Group) - $20m invested
2) Azure All-Star Fund (Azure Capital) - $2.5m invested
3) Chua Chuan Leong Ventures (Goldbell Group) - $5m invested
4) Lim Chap Huat (SoilBuild) - $5m invested
5) Singapore Enterprise (Vibrant Group) - $5m invested
6) Yanlord Capital (Yanlord Land) - $10m invested
7) Penguin International - $10m invested
8) Low See Ching (Oxley Holdings) - $1m invested
9) Ho Lee Group - $1.5m invested[/QUOTE]
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Old 02-02-2018, 10:45 AM   #26
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Hot stock: Marco Polo Marine surges 12% on new equity injection
Fri, Feb 02, 2018 - 10:22 AM Rachel Mui rachmui@sph.com.sg Tan Hwee Hwee hweetan@sph.com.sg

SHARES of Marco Polo Marine surged 12 per cent, or 0.7 Singapore cent to 6.6 Singapore cents apiece as at 10.11am on Friday in the wake of a S$20 million equity investment by Super Group's founding Teo family.
Some 538 million shares changed hands, making it the most hotly traded counter on the Singapore bourse in the early morning trade.
Apricot, the private investment firm of the Teo family, is forking out a third of the S$60 million rescue financing pledged by nine investors for Marco Polo.
Among other things, Darren Teo, who heads up Apricot, explained that his family is building on a block of trust they have in Marco Polo's chief executive, Sean Lee. He added that the family is taking a contrarian view and trying to uncover gems in the oil and gas (O&G) sector.
Just last week, Marco Polo completed its months-long debt restructuring exercise, paving the way for this new equity to enter the financially troubled listed group. Apricot has emerged as the largest shareholder in Marco Polo with a 19.28 per cent deemed and direct interest.
In addition, Singapore government-owned investment firm Temasek Holdings is also said to be mulling equity stakes in Mainboard-listed Marco Polo.
BT understands that Heliconia Capital, a Temasek Holdings-funded investmnet firm, is eyeing UOB Bank's 10.29 per cent stake in Marco Polo.
Industry observers believe that if Temasek is serious about investing in O&M firms, Marco Polo would be an understandable choice since it is among the first listed entities to emerge from a debt revamp.
One analyst said UOB's exit would offer Heliconia the opportunity for a stake in Marco Polo at a good bargain.
Upon completion of Marco Polo's debt restructuring last week, UOB's stake of 10.29 per cent in deemed and direct interest worked out to over 362.18 million shares, according to a Jan 29 disclosure on the Singapore Exchange. Marco Polo had offered as part settlement of its bank loans and other liabilities an equity swap pegged at 3.5 Singapore cents per share.
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Old 03-02-2018, 05:12 PM   #27
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UOB sells 10.29% stake in Marco Polo Marine for S$12.68 million
Fri, Feb 02, 2018 - 9:18 PM Lee Meixian leemx@sph.com.sg

UNITED Overseas Bank (UOB) on Friday evening said that it has disposed of its entire 10.29 per cent interest, comprising about 362.2 million shares, in Marco Polo Marine at a price of S$0.035 per share.
This adds up to a total consideration of about S$12.68 million.
The move comes just a week after the bank announced its acquisition of the stake in the marine logistic group - at the same price - pursuant to a court-approved refinancing and debt restructuring exercise involving the company and some of its subsidiaries.
The Business Times had earlier reported that Heliconia Capital, a Temasek Holdings-funded investment firm, was eyeing UOB's 10.29 per cent stake in Marco Polo. Analysts had also noted that UOB, a major bank lender to Marco Polo and the broader offshore and marine (O&M) sector, is not in the business of holding equity in O&M clients.
UOB said: "The disposal is not expected to have a material impact on the net tangible assets and earnings per share of the bank for the financial year ending Dec 31, 2018."
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Old 05-02-2018, 08:12 AM   #28
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Hi Bro and Sis, I have received the warrant from marcopolo but don't know what to do with them. Can anyone help to advise?
Many thanks.
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Old 07-02-2018, 11:29 PM   #29
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Hi Bro and Sis, I have received the warrant from marcopolo but don't know what to do with them. Can anyone help to advise?
Many thanks.
There are a few things you can do now.

1) Sell all (or part of) the warrants in the open market. The market price of the warrants is $0.017 now.

2) Exercise all (of part of) the warrants in six months’ time, on 30 July 2018. This means filling up a form, paying some money, and converting the warrants to the mother price. More details will be released closer to the date.

3) Accumulate more warrants from now till the expiry, and doing a combination of 1) and/ 2).

4) Do nothing from now till the expiry of the warrants which is 29 Jan 2023, in which case the warrants will expire worthless.



http://marcopolo.listedcompany.com/n...4JRE4AAQ.1.pdf
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Old 10-02-2018, 10:02 AM   #30
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Temasek Holdings' deemed interest in Marco Polo Marine pared from 5.23% to 3.24%
Fri, Feb 09, 2018 - 10:06 PM Vivien Shiao vshiao@sph.com.sg

SINGAPORE state investor Temasek Holdings notified the Singapore Exchange in a filing that its deemed interest in shares of Marco Polo Marine has changed from 5.23 per cent to 3.24 per cent.
This is due to the disposal of 70 million shares by Pavilion Capital Holdings, an indirect subsidiary of Temasek, in an off-market transaction for the sum of S$4.13 million.
Temasek's deemed interest via Pavilion Capital Holdings was pared from 4.829 per cent to 2.84 per cent currently. Temasek has another 0.40 per cent of deemed interest via DBS Holdings.
UOB announced earlier in February that it has disposed of its entire 10.29 per cent interest, comprising about 362.2 million shares, in Marco Polo Marine at a price of S$0.035 per share.
The Business Times had earlier reported that Heliconia Capital, a Temasek Holdings-funded investment firm, was eyeing UOB's 10.29 per cent stake in Marco Polo.
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