Suspended to negotiate debt restructuring. They refinanced their debt, and reduced their debt payments, so they should be returning to trading in the coming weeks after everything is finalized.
*Official* Ezion Holdings
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Suspended to negotiate debt restructuring. They refinanced their debt, and reduced their debt payments, so they should be returning to trading in the coming weeks after everything is finalized.
Jupiter2017
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http://www.businesstimes.com.sg/com...ime-extension-for-release-of-fy2017-financial
Ezion Holdings requests for time extension for release of FY2017 financial statements
Thu, Feb 08, 2018 - 10:07 PM Vivien Shiao vshiao@sph.com.sg
EZION Holdings announced late on Thursday that it has applied for an extension of 30 days for the release of its FY2017 financial statements, from the original deadline of March 1 2018 to March 31 2018.
The company says that a fair and objective view of its financial position can be established only when the outcome of the refinancing exercise becomes clear and definitive subsequent to the expected EGM to be held in March 2018.
It is finalising its refinancing exercise of itself and its subsidiaries regarding all of their current secured and unsecured debts to strengthen their cash flow and working capital position.
The company is in discussions with various stakeholders such as bank lenders in light of the anticipated challenges to the cash flow of the group and has been arranging a series of informal meetings with its lenders and holders of securities issued by the company for its US$1.5 billion Multicurrency Debt Issuance Programme.
Ezion Holdings requests for time extension for release of FY2017 financial statements
Thu, Feb 08, 2018 - 10:07 PM Vivien Shiao vshiao@sph.com.sg
EZION Holdings announced late on Thursday that it has applied for an extension of 30 days for the release of its FY2017 financial statements, from the original deadline of March 1 2018 to March 31 2018.
The company says that a fair and objective view of its financial position can be established only when the outcome of the refinancing exercise becomes clear and definitive subsequent to the expected EGM to be held in March 2018.
It is finalising its refinancing exercise of itself and its subsidiaries regarding all of their current secured and unsecured debts to strengthen their cash flow and working capital position.
The company is in discussions with various stakeholders such as bank lenders in light of the anticipated challenges to the cash flow of the group and has been arranging a series of informal meetings with its lenders and holders of securities issued by the company for its US$1.5 billion Multicurrency Debt Issuance Programme.
appl888
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old news
theedgesingapore.com/ezion-opportunity-bottom-fishing-after-unexpected-selldown-says-dbs
Ezion an opportunity for bottom-fishing after unexpected selldown, says DBS
By:
PC Lee
15/05/18, 01:25 pm
SINGAPORE (May 15): DBS Group Research is maintaining a “buy” on Ezion Holdings saying the stock provides a bottom-fishing opportunity.
With successful restructuring, improving outlook and strategic shareholders coming in above 20 cents, DBS says it did not expect the stock to be sold down to 0.5 times impaired book value.
Since the lifting of share trading suspension on April 17, Ezion’s shares has trended lower. given selling pressure from Prudential - M&G which was paring down its stake to below its initial 5.65% or 132 million shares.
“We surmise some stakeholders may have cashed out at a loss,” says DBS analyst Ho Pei Hwa in a Monday report, “as of May 9, approximately 44% or 813 million shares were issued from bondholders’ conversion.”
This will transfer US$100 million of debt to equity. In addition, there is also an equity injection from strategic investors as well as new shares issued for professional fees and consent fees of US$60 million in total.
Surprisingly, Ezion’s trading volume has been overwhelmingly high with more than 2.4 billion shares or 138 million shares changing hands daily since resumption of trading.
Ezion had put out a clarification on Apr 30 that the company is not aware of any development that may contribute to the unusual share price movement and drew attention to the Securities and Futures Act which prohibits market manipulation.
Regardless, Ho holds on to the view that Ezion is poised to re-rate from its current low valuation which reflects insolvency.
This should be led by successful refinancing exercise which provides a six-year runway, improving utilisation and day rates driving an earnings recovery; Temasek-linked Pavilion Capital as strategic investor boosts confidence; and potential strategic partners to brighten growth prospects.
“We believe potential tie-ups with prominent industry players enhances Ezion’s growth prospects, which would otherwise be constrained by its high gearing level. This serves as a catalyst for further re-rating,” says Ho.
“We value Ezion based on 1.4 tines FY18 book value, in line with the valuation multiple ascribed to SGX-listed peer PACC Offshore (POSH) post massive impairments, arriving at a target price of $0.29,” says Ho.
Our FY18F book value has factored in ~US$1.1bn total impairments made in 2015-2017 and assumes full conversion and exercise of bondholders’ warrants
As at 1.22pm, shares in Ezion are trading 0.2 cent lower at 11 cents.
theedgesingapore.com/ezion-opportunity-bottom-fishing-after-unexpected-selldown-says-dbs
Ezion an opportunity for bottom-fishing after unexpected selldown, says DBS
By:
PC Lee
15/05/18, 01:25 pm
SINGAPORE (May 15): DBS Group Research is maintaining a “buy” on Ezion Holdings saying the stock provides a bottom-fishing opportunity.
With successful restructuring, improving outlook and strategic shareholders coming in above 20 cents, DBS says it did not expect the stock to be sold down to 0.5 times impaired book value.
Since the lifting of share trading suspension on April 17, Ezion’s shares has trended lower. given selling pressure from Prudential - M&G which was paring down its stake to below its initial 5.65% or 132 million shares.
“We surmise some stakeholders may have cashed out at a loss,” says DBS analyst Ho Pei Hwa in a Monday report, “as of May 9, approximately 44% or 813 million shares were issued from bondholders’ conversion.”
This will transfer US$100 million of debt to equity. In addition, there is also an equity injection from strategic investors as well as new shares issued for professional fees and consent fees of US$60 million in total.
Surprisingly, Ezion’s trading volume has been overwhelmingly high with more than 2.4 billion shares or 138 million shares changing hands daily since resumption of trading.
Ezion had put out a clarification on Apr 30 that the company is not aware of any development that may contribute to the unusual share price movement and drew attention to the Securities and Futures Act which prohibits market manipulation.
Regardless, Ho holds on to the view that Ezion is poised to re-rate from its current low valuation which reflects insolvency.
This should be led by successful refinancing exercise which provides a six-year runway, improving utilisation and day rates driving an earnings recovery; Temasek-linked Pavilion Capital as strategic investor boosts confidence; and potential strategic partners to brighten growth prospects.
“We believe potential tie-ups with prominent industry players enhances Ezion’s growth prospects, which would otherwise be constrained by its high gearing level. This serves as a catalyst for further re-rating,” says Ho.
“We value Ezion based on 1.4 tines FY18 book value, in line with the valuation multiple ascribed to SGX-listed peer PACC Offshore (POSH) post massive impairments, arriving at a target price of $0.29,” says Ho.
Our FY18F book value has factored in ~US$1.1bn total impairments made in 2015-2017 and assumes full conversion and exercise of bondholders’ warrants
As at 1.22pm, shares in Ezion are trading 0.2 cent lower at 11 cents.
DBS
Strategic tie-up with China Merchant enhances growth prospects. Ezion has formed a joint venture (JV) with China Merchant Group&rsquo s 52%-owned subsidiary TSC Group to cooperate in the ownership and operations of liftboats. We believe such tie-ups with prominent industry players enhances Ezion&rsquo s growth prospects, which would otherwise be constrained by its high gearing level.
Where we differ. We are more hopeful on Ezion&rsquo s turnaround. While it has also been hit hard by the recent oil crisis, Ezion is among the few surviving players with a niche competitive edge in liftboats, a segment with brighter demand/supply outlook relative to other offshore support vessels.
Risks
Slower recovery. Falling oil price below US$50/bbl might hit O& G activities, and thus drag demand and day rates improvement for liftboats. This poses downside risks to our earnings forecasts.
Keener competition. The rising acceptance and growing demand for liftboats have attracted new entrants to the market. We estimate that there are c.20 new liftboats currently under construction, of which a majority is near completion.
Strategic tie-up with China Merchant enhances growth prospects. Ezion has formed a joint venture (JV) with China Merchant Group&rsquo s 52%-owned subsidiary TSC Group to cooperate in the ownership and operations of liftboats. We believe such tie-ups with prominent industry players enhances Ezion&rsquo s growth prospects, which would otherwise be constrained by its high gearing level.
Where we differ. We are more hopeful on Ezion&rsquo s turnaround. While it has also been hit hard by the recent oil crisis, Ezion is among the few surviving players with a niche competitive edge in liftboats, a segment with brighter demand/supply outlook relative to other offshore support vessels.
Risks
Slower recovery. Falling oil price below US$50/bbl might hit O& G activities, and thus drag demand and day rates improvement for liftboats. This poses downside risks to our earnings forecasts.
Keener competition. The rising acceptance and growing demand for liftboats have attracted new entrants to the market. We estimate that there are c.20 new liftboats currently under construction, of which a majority is near completion.
Response to Query Regarding Trading Activity::
Are you aware of any other possible explanation for the trading? Such information may include public circulation of information by rumours or reports.
Company’s Response
The Company is not aware of any other possible explanation for the unusual volume movements in the Company’s shares.
As per our latest 3Q2018 results announcement of the Company dated 8 November 2018, the Group is in preliminary discussions with potential strategic investors and continues to work with strategic investors and partners to grow its market share in the Liftboat business as well as strengthen the Group’s financial position. In relation to the preliminary discussions with potential strategic investors, certain due diligence on the Company has commenced. There is no certainty that any transaction will materialise from such indications of interest. The Company will, in compliance with the applicable rules of the listing manual of the SGX-ST, issue a further announcement if and when there are any material developments.
Are you aware of any other possible explanation for the trading? Such information may include public circulation of information by rumours or reports.
Company’s Response
The Company is not aware of any other possible explanation for the unusual volume movements in the Company’s shares.
As per our latest 3Q2018 results announcement of the Company dated 8 November 2018, the Group is in preliminary discussions with potential strategic investors and continues to work with strategic investors and partners to grow its market share in the Liftboat business as well as strengthen the Group’s financial position. In relation to the preliminary discussions with potential strategic investors, certain due diligence on the Company has commenced. There is no certainty that any transaction will materialise from such indications of interest. The Company will, in compliance with the applicable rules of the listing manual of the SGX-ST, issue a further announcement if and when there are any material developments.
Shion
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Potential white knight Yinson could pull plug on Ezion lifeline
Potential white knight Yinson could pull plug on Ezion lifeline
https://www.straitstimes.com/busine...ight-yinson-could-pull-plug-on-ezion-lifeline
SINGAPORE - Troubled offshore and marine group Ezion Holdings on Monday (April 15) said its potential white knight Malaysia-listed Yinson Holdings has not entered into the debt assignment agreements with its lenders by the April 14 deadline.
That means Yinson has the right to terminate the conditional debt conversion agreement immediately, in which case its proposed share subscription and grant of options will not proceed.
Ezion said Yinson is still in negotiations with Ezion's "designated lenders" - certain lenders, including major secured ones - for a rescue package that will see Yinson wiping off US$916 million of Ezion's debt and in turn get new Ezion shares at 5.5 Singapore cents apiece.
The ailing firm announced on March 31 that Yinson Eden Pte Ltd, an indirect wholly owned subsidiary of Malaysia's Yinson Holdings, was looking to acquire the rights and benefits of the US$916 million ($1.2 billion) debt and emerge as Ezion's controlling owner. Yinson is an integrated offshore production and support services provider company.
This deal follows just over a year after Ezion landed with a US$2 billion refinancing package from six secured lenders - DBS Bank, OCBC Bank, United Overseas Bank, MayBank, CIMB and Caterpillar Financial.
Potential white knight Yinson could pull plug on Ezion lifeline
https://www.straitstimes.com/busine...ight-yinson-could-pull-plug-on-ezion-lifeline
SINGAPORE - Troubled offshore and marine group Ezion Holdings on Monday (April 15) said its potential white knight Malaysia-listed Yinson Holdings has not entered into the debt assignment agreements with its lenders by the April 14 deadline.
That means Yinson has the right to terminate the conditional debt conversion agreement immediately, in which case its proposed share subscription and grant of options will not proceed.
Ezion said Yinson is still in negotiations with Ezion's "designated lenders" - certain lenders, including major secured ones - for a rescue package that will see Yinson wiping off US$916 million of Ezion's debt and in turn get new Ezion shares at 5.5 Singapore cents apiece.
The ailing firm announced on March 31 that Yinson Eden Pte Ltd, an indirect wholly owned subsidiary of Malaysia's Yinson Holdings, was looking to acquire the rights and benefits of the US$916 million ($1.2 billion) debt and emerge as Ezion's controlling owner. Yinson is an integrated offshore production and support services provider company.
This deal follows just over a year after Ezion landed with a US$2 billion refinancing package from six secured lenders - DBS Bank, OCBC Bank, United Overseas Bank, MayBank, CIMB and Caterpillar Financial.
RexxarLoh
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Anyone has any news on this now?
Shion
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Don't seem to be
Check from SGX website ?
https://www2.sgx.com/securities/company-announcements?value=EZION HOLDINGS LIMITED&type=company
At the current price. It’s as good as losing all bro
At least can use that money for chicken rice and movie:sad
appl888
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Marco Polo marine came back fm suspension
Have to hope
But the chances may not be good
![[[ForeverAlone]]](https://forums-media.hardwarezone.com.sg/data/avatars/m/509/509978.jpg?1616643271){kind=avatar}
[[ForeverAlone]]
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what happen to Ezion?
Long time never check around this counter
now stop trading in SGX?
Long time never check around this counter
now stop trading in SGX?
[[ForeverAlone]]
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so when they resume trading ? I check they still listed but cannot trade.
Shion
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No idea...
[[ForeverAlone]]
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in fact I want to buy but I remember yes they halt trading ..but never expect so long till now?
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