In today’s briefing:
- Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer
- Silverlake Axis (SILV SP): Goh’s Hybrid Offer Now Open
- Hanwha Group Makes A Move On Dyna-Mac
- 10 in 10 with InnoTek Limited – Precision Metal Components for the Future
Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer
- Dyna Mac Holdings (DMHL SP) disclosed a voluntary conditional offer from Hanwha Aerospace (012450 KS) and Hanwha Ocean (042660 KS) at S$0.60, a 21.2% premium to the undisturbed price.
- The offer is conditional on regulatory approval (Competition and Consumer Commission of Singapore) and a 50% minimum acceptance condition.
- The offer is reasonable compared to peer multiples. However, it may face resistance as it is below the recent high of S$0.615 and Dyna-Mac’s improving outlook (S$681 million order book).
Silverlake Axis (SILV SP): Goh’s Hybrid Offer Now Open
- Back on the 26 August, Goh Peng Ooi, the executive chair and founder, made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
- The Offer Doc is now out for this S$0.36/share cash Offer. The first close is the 7th October.
- There was no IFA opinion in this Doc. This will appear in the Response Doc within a fortnight. It’ll be interesting how the mixed consideration alternative is assessed. Or not.
Hanwha Group Makes A Move On Dyna-Mac
- Following a Partial Offer for Hanwha Corporation (000880 KS) in July, and Hanwha Galleria (452260 KS)‘s yesterday, the Hanwha Group has now made an Offer for Dyna-Mac (DMHL SP).
- Hanwha Ocean (042660 KS) and Hanwha Aerospace (012450 KS), collectively holding 25.36%, have made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance hurdle.
- Terms are not final for the offshore oil-and-gas contractor. Optically, that’s probably prudent. The Offer also requires Singapore’s competition watchdog signing off.
10 in 10 with InnoTek Limited – Precision Metal Components for the Future
- 10 Questions for https://investors.sgx.com/_security-types/stocks/M14 What are some of the latest updates from InnoTek with reference to its financial performance? Net profit for 1H24 remained steady at S million, unchanged from the previous year, which includes a S million provision for inventory obsolescence.
- In the past two years, InnoTek has diversified its customer base into technologically advanced sectors such as GPU servers, gaming machines, medical equipment, and ATMs.
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