In today’s briefing:
- Preview Rex International FY21 Results: Prime Beneficiary Of Rising Oil Price
- Roxy-Pacific (ROXY SP): Circular Out. IFA Says Not Fair But Reasonable
Preview Rex International FY21 Results: Prime Beneficiary Of Rising Oil Price
- Rex International Holding (REXI SP) will report results around 25/2/2022; we expect a major 2H21 performance inflection as the Norwegian Brage field cash flow is included from 01/01/2021.
- According to a press release on 13/1/22 the company is actively applying to uplist from Catalist to the mainboard. We see no reason why SGX should not grant this application.
- Rex’s Oman production has disappointed in 4Q21 but cash flow-wise shortfall should be made up by higher oil prices and Brage. Maiden dividend announcement should be forthcoming.
Roxy-Pacific (ROXY SP): Circular Out. IFA Says Not Fair But Reasonable
- An Offeror consortium, led by Teo Hong Lim, founder of Roxy Pacific (ROXY SP), is offering S$0.485/share, a 19.8% premium to last close. The Offer Price will NOT be increased.
- The Circular was dispatched yesterday (the Offer Doc was issued on the 5 January), in which the IFA considered the terms not fair but reasonable).
- Trading to terms. The first close is the 3 February.
Before it’s here, it’s on Smartkarma
