investman93
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Hello everyone, I am new here..
Have anyone think there is potential in Marco Polo Marine?
Have anyone think there is potential in Marco Polo Marine?
MarcoPolo Marine *Official* (SGX:5LY)
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investman93
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Genosis
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The first question to ask, is why you are interested in company that is losing money?
Also why you are investing in a company that has unsettled legal dispute with some well known company?
Whats your logic behind thinking this company is a good buy for long term?
If you are unsure of your reasoning, then say no to buying
Also why you are investing in a company that has unsettled legal dispute with some well known company?
Whats your logic behind thinking this company is a good buy for long term?
If you are unsure of your reasoning, then say no to buying
investman93
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Thank you
Initially I thought that they are way too undervalued and that they will recover from this lawsuit and setback. But your reasoning is much more rational and I will follow your advice
Asphodeli
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In Singapore, stocks which have lawsuits tend to be shorted down, especially if it's a big company vs a small one.Thank you
Initially I thought that they are way too undervalued and that they will recover from this lawsuit and setback. But your reasoning is much more rational and I will follow your advice
IIRC a financial blogger did mention that Marco is a speculative rig owner or something. That's why homework using Google is important.
Sent from Sony D5833 using GAGT
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Debt-ridden Marco Polo Marine plunges further into the red, with Q3 net loss widening to $304 millio
Debt-ridden Marco Polo Marine plunges further into the red, with Q3 net loss widening to $304 million
http://www.straitstimes.com/busines...rine-plunges-further-into-the-red-with-q3-net
SINGAPORE - Struggling shipping services firm Marco Polo Marine saw widening losses in the third quarter, posting a $304.2 million net loss for the three months ended June 30, from a $6.4 million net loss the year before.
Revenue stayed relatively flat year-on-year, at $9.1 million .
The ailing company has suspended trading of its shares since May 2017, as a debt refinancing and restructuring plan got underway.
Marco Polo Marine said it is in advance negotiations with potential investors to raise fresh funding.
"The long-term prospects of the group, in particular, its ability to continue its business and operations in the next 12 months, are dependent on the ability of the group to achieve a successful refinancing and debt restructuring," it added.
But the board of directors noted that there is no assurance that the group may successfully complete its refinancing exercise or raise enough fresh funds to sustain operations for the next 12 months - especially with the gloomy outlook for the oil and gas and marine industries.
Loss per share stood at 91.81 cents, against 2.23 cents in the same period a year ago, while net liability value per share amounted to 44.8 cents.
Marco Polo Marine draws its revenue from two key segments - ship chartering and ship building and repair.
While it has improved utilisation of its tugboat and barge fleet, the gain in turnover was offset by a decline in dry-dock and repair jobs.
It noted that there is nothing due from customers in the present quarter, with net liabilities having ballooned to $150.8 million against assets of $158.8 million as at Sept 30, 2016.
Debt-ridden Marco Polo Marine plunges further into the red, with Q3 net loss widening to $304 million
http://www.straitstimes.com/busines...rine-plunges-further-into-the-red-with-q3-net
SINGAPORE - Struggling shipping services firm Marco Polo Marine saw widening losses in the third quarter, posting a $304.2 million net loss for the three months ended June 30, from a $6.4 million net loss the year before.
Revenue stayed relatively flat year-on-year, at $9.1 million .
The ailing company has suspended trading of its shares since May 2017, as a debt refinancing and restructuring plan got underway.
Marco Polo Marine said it is in advance negotiations with potential investors to raise fresh funding.
"The long-term prospects of the group, in particular, its ability to continue its business and operations in the next 12 months, are dependent on the ability of the group to achieve a successful refinancing and debt restructuring," it added.
But the board of directors noted that there is no assurance that the group may successfully complete its refinancing exercise or raise enough fresh funds to sustain operations for the next 12 months - especially with the gloomy outlook for the oil and gas and marine industries.
Loss per share stood at 91.81 cents, against 2.23 cents in the same period a year ago, while net liability value per share amounted to 44.8 cents.
Marco Polo Marine draws its revenue from two key segments - ship chartering and ship building and repair.
While it has improved utilisation of its tugboat and barge fleet, the gain in turnover was offset by a decline in dry-dock and repair jobs.
It noted that there is nothing due from customers in the present quarter, with net liabilities having ballooned to $150.8 million against assets of $158.8 million as at Sept 30, 2016.
Shion
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Marco Polo asks noteholders' to vote on big haircut, waivers for 5.75% bonds due 2016
Marco Polo asks noteholders' to vote on big haircut, waivers for 5.75% bonds due 2016
http://www.straitstimes.com/busines...-to-vote-on-big-haircut-waivers-for-575-bonds
SINGAPORE - Beleaguered shipping services firm Marco Polo Marine is seeking noteholders' approval to take a big haircut and waive key obligations for a S$50 million series of 5.75 per cent notes due 2016.
The company is asking, among other things, that noteholders allow the company to redeem the bonds by January 2018 by paying S$35,868 in cash and the same amount in 1.02 million shares priced at 3.5 Singapore cents per share, amounting to a combined redemption amount of S$71,736.
They will vote on the debt restructuring at a meeting to take place at 11am on Nov 15 at Ocean Financial Centre.
Marco Polo said in its notice to noteholders on Tuesday (Oct 24) that it has been in discussion with a group of investors to raise about S$50 million to S$60 million, but as part of the conditions to this, it must undertake a restructuring of all of its secured and unsecured debt.
As of June 30, 2017, total debt was about S$260.8 million, comprising about S$250 million in secured debt and S$10.8 million in unsecured debt.
In addition, Marco Polo said it has contingent liabilities from guarantees provided in connection with the majority of the loans taken on by the group companies.
Among the many risk factors the company outlined in a separate statement, Marco Polo said it suffered net losses of S$309 million for the nine months ended June 30, 2017, and expects to record net losses for the full year. This will be mainly due to lower utilisation rates of the group's vessels and lower charter rates, decreased revenues from the shipbuilding business and various impairment charges.
There cannot be any assurance that the company will be able to continue as a going concern, it said.
It added that if passed, the extraordinary resolution will be binding on all noteholders, even if a noteholder did not vote for it. This includes all claims against the company resulting from any breach of the financial covenants or any non-payment of the outstanding principal amount of the notes on the original maturity date, which will be waived if the extraordinary resolution is passed.
Marco Polo asks noteholders' to vote on big haircut, waivers for 5.75% bonds due 2016
http://www.straitstimes.com/busines...-to-vote-on-big-haircut-waivers-for-575-bonds
SINGAPORE - Beleaguered shipping services firm Marco Polo Marine is seeking noteholders' approval to take a big haircut and waive key obligations for a S$50 million series of 5.75 per cent notes due 2016.
The company is asking, among other things, that noteholders allow the company to redeem the bonds by January 2018 by paying S$35,868 in cash and the same amount in 1.02 million shares priced at 3.5 Singapore cents per share, amounting to a combined redemption amount of S$71,736.
They will vote on the debt restructuring at a meeting to take place at 11am on Nov 15 at Ocean Financial Centre.
Marco Polo said in its notice to noteholders on Tuesday (Oct 24) that it has been in discussion with a group of investors to raise about S$50 million to S$60 million, but as part of the conditions to this, it must undertake a restructuring of all of its secured and unsecured debt.
As of June 30, 2017, total debt was about S$260.8 million, comprising about S$250 million in secured debt and S$10.8 million in unsecured debt.
In addition, Marco Polo said it has contingent liabilities from guarantees provided in connection with the majority of the loans taken on by the group companies.
Among the many risk factors the company outlined in a separate statement, Marco Polo said it suffered net losses of S$309 million for the nine months ended June 30, 2017, and expects to record net losses for the full year. This will be mainly due to lower utilisation rates of the group's vessels and lower charter rates, decreased revenues from the shipbuilding business and various impairment charges.
There cannot be any assurance that the company will be able to continue as a going concern, it said.
It added that if passed, the extraordinary resolution will be binding on all noteholders, even if a noteholder did not vote for it. This includes all claims against the company resulting from any breach of the financial covenants or any non-payment of the outstanding principal amount of the notes on the original maturity date, which will be waived if the extraordinary resolution is passed.
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$250,000 bond becomes S$35,868 in cash and S$35,868 in 1.02 million shares priced at S$0.035 apiece, amounting to a combined redemption amount of S$71,736..
Approx 71% haircut
Approx 71% haircut
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http://www.businesstimes.com.sg/com...60m-in-rescue-financing-for-marco-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.
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.
Shion
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http://infopub.sgx.com/FileOpen/MPM...e8Nov2017.ashx?App=Announcement&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
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?
Paul Lee
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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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