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#	AUTHOR DATE SUBJECT
34	member 10/23/13 9:15AM IPO Delayed
Hopefully this is because Goodman is a stubborn guy about value, not because he is overreaching. He has a large fraction of his net worth in RHDGF, so our interests are aligned. In the meantime view available tags
33	member 10/12/13 3:18PM RE: RE: IPO on Singapore Exchange 32
I see there's a euroweek headline: Sewko hits a snag with $119m IPO..., but I don't have access to the article. view available tags
32	member 9/30/13 9:12AM RE: IPO on Singapore Exchange 26
I found a draft version of the prospectus here: http://mqs2000.blogspot.com/2013/09/sewko-holdings-limited-draft-prospectus.html The woman on their website certainly looks excited for the IPO! http://www.sewko.com/index.html view available tags
31	member 9/29/13 2:05PM RE: RE: RE: RE: RE: IPO on Singapore Exchange 30
Yes, I see the link takes you now to a subscription required page. Sorry about this--it worked yesterday, but I didn't keep a copy. view available tags
30	member 9/29/13 1:56PM RE: RE: RE: RE: IPO on Singapore Exchange 29
Hi Baird, would you be able to copy and paste the Finance Asia article? I can't see the actual article from the link. view available tags
29	member 9/29/13 11:33AM RE: RE: RE: IPO on Singapore Exchange 28
$4+/sh of liquidity if RHDGF and Asia Partners sell in proportion to their holdings? This makes no provision for taxes (does Curacao incorporation avoid cap gain tax?). The IPO numbers in the article are presumably view available tags
28	member 9/29/13 9:28AM RE: RE: IPO on Singapore Exchange 27
Assuming IPO goes ahead and is successful, baird909, what do you think is the value of RHDGF that gets liquidity from this? view available tags
27	member 9/28/13 10:20AM RE: IPO on Singapore Exchange 26
Don't know if anyone follows this anymore, but Sewko Holdings has filed a preliminary prospectus for an IPO in Singapore. According to this article from Finance Asia, the plan is a $119 million (US) sale... login to read the rest view available tags
26	member 6/11/13 3:05PM IPO on Singapore Exchange
Press release today about potential IPO in Singapore of a new holding company, Sewko Holdings Ltd, which would include all of Singer Asia. This would let the other major shareholder, USC Asia Partners, get liquidity, view available tags
25	member 3/28/12 1:05PM great quarter at Singer Asia 24
The 40% revenue growth at Singer Sri Lanka is remarkable, this is already not a small unit for them and with their market share this is bound to create significant operating leverage. Singer Asia is... login to read the rest view available tags
24	member 10/27/11 2:26PM Sale rumors
Clancy, do you still follow this? Probably you saw the piece in the Sri Lankan press last month? http://www.dailynews.lk/2011/09/08/bus01.asp view available tags
22	member 12/17/10 12:36AM RE: RE: RE: RE: RE: RE: dividends/buybacks 21
I spoke with Amy Pappas at corporate HQ who is usually available to talk with shareholders (914-241-3404 ext 3); though she couldn't release a detailed breakdown of tax and transaction costs, it sounds like in... login to read the rest view available tags
21	member 11/16/10 4:03PM RE: RE: RE: RE: RE: dividends/buybacks 20
Just curious if you have spoken to Goodman post-deal...perhaps he was able to walk you through the numbers on how the sale of the stake got us to the $9.54 (ie taxes fees / discount view available tags
20	member 11/16/10 3:21PM RE: RE: RE: RE: dividends/buybacks 19
I'm glad to see this deal and another significant near-term cash inflow. Though I took profits on a minority of my position with the news, I think it's again an attractive holding at $17, particularly... login to read the rest view available tags
19	member 11/04/10 11:38AM RE: RE: RE: dividends/buybacks 18
"the net, after-tax profit attributable to Retail Holdings' shareholders is projected to be approximately $25.6 million and the net, after-tax cash consideration attributable to Retail Holdings' shareholders is projected to be approximately... login to read the rest view available tags
16	member 10/21/10 1:16AM dividends/buybacks 15
Sure, no problem. I don't own a Bloomberg and got my share data in the writeup from the websites of the appropriate national stock exchanges, in this case the DSE at http://www.dsebd.org . (It... login to read the rest view available tags
13	member 10/20/10 7:17PM RE: RE: RE: RE: Taxes 12
Thanks for the insight bondo. As I'd neglected to mention in the writeup, all the distributions in the last several years have in fact been non-taxable return of capital distributions for US federal income tax... login to read the rest view available tags
12	member 10/20/10 11:11AM RE: RE: RE: Taxes 11
Unless the foreign aspects of this change something, then if the company dissolves and distributes the proceeds the distributions will not be treated as dividends, but will be treated as a return of capital. From... login to read the rest view available tags
11	member 10/20/10 12:23AM RE: RE: Taxes 10
My back of the envelope is not nearly as detailed as Clancy's post, but essentially I focus on earnings vs. the public market value of the subs as I don't really trust the ability of... login to read the rest view available tags
10	member 10/17/10 4:20PM RE: Taxes 9
briarwood988 - Since NAV is in the mid $30's and the stock is hovering around $10-$11, it seems as if there is a lot of value to play with here. I assume that even though you... login to read the rest view available tags
9	member 10/16/10 12:10PM Taxes
Clancy -Have you done any work on estimating the tax hit upon dissolution? If I am thinking about it correctly there would be two taxable events - first the capital gains tax on the gain... login to read the rest view available tags
8	member 10/11/10 6:56PM RE: KSIN Notes 7
Mrsox, I'm pretty sure that's the entity in question; in fact the notes to the RHDGF reports mention that KSIN is now called SVP Holdings Ltd. As a KKR entity they likely don't need to... login to read the rest view available tags
7	member 9/27/10 11:36AM KSIN Notes 6
Clancy, Do you know if this is the Company that is controlled by the KKR entity behind the KSIN notes ? http://www.svpworldwide.com/ If so, do they have any public financials that you have been able to find? thanks mrS view available tags
6	member 8/31/10 3:09PM RE: Cool write up 1
Thanks everyone for your kind words re the writeup. It's certainly an obscure one but is actually my favorite idea in some time. Ndn, as far as I can tell the discount boils down to it... login to read the rest view available tags
2	member 8/30/10 2:03PM Why the huge discount?
Clancy, Size and complexity aside, are there any specific reasons known as to why the market would be providing such a big discount to your valuation? I concur with Nails, very interesting indeed. You don't often see view available tags

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			2009	2010
Price:	14.50	EPS	$1.10	$1.24
Shares Out. (in M):	667	P/E	13x	11.5x
Market Cap (in $M):	9,600	P/FCF	14x	12x
Net Debt (in $M):	16,400	EBIT	3,900	4,250
TEV (in $M):	39,500	TEV/EBIT	10.1x	9.3x

Description

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