Samko Timber launched its IPO of 183 million new shares at 55 cents each to raise $100.65 million. The offer was delayed due to stock market volatility and will close on this thursday, 21 Feb 2008. This was a far cry from the original intention to sell those shares at betwen 63 cents to 81 cents.
Placement - 180 million shares at $0.55
Public - 3m shares at $0.55
The offer closed within 3 business days after it was open for subscription on 18 Feb 2008 at 6pm. This very much shows that the placement offer has been fuly subscribed and that Credit Suisse is just waiting for the right timing to launch the IPO.
Financial results:
8 months YTD to 31 Aug 2007: Revenue US$142.5 milion, net profit: US$ 4.5 million. However, this figure will be changed to sales US$216.5m and net profit of US$11.6m for the 8 months if the acquistion of is accounted.
Frankly it is difficult to do financial projections for the timber company. Its results has been rather erratic in the past. The peer listed in Singapore will be Unifiber.
I am too tired to do a detailed projections but i will give this company a miss for now due to the big float. Let me se if my mind can function better tomorrow since i had a few glasses of wine tonight with my ex-colleagues....z.z.z..z
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