Tuesday, May 22, 2007

oh, more newzzzz

Again, a chokeful of news to digest.

Pacific andes posted this announcement
(it's too long, so join them all up without any breaks for the links)


It's about the rights issue. They are going to issue rights (rights to purchase 1 new share for every share you have) at $0.52 per rights. It has received in principle approval from SGX, so I should be getting the offer soon. I heard from cna forum users that in right issue like this, they will send you an offer to accept the right, so you can pay thru ATM or through submission of a form, something like that. I'll update when I know more.

Will I subscribe? DEFINITELY yes! With the rights issue, more shares will be available in the market, thereby diluting the price, but I'll still want it! At 0.52, it's a great discount to the closing price of $1.19 today. I believe it have a great fundamentals. I'll be able to back it up when I know more.

Next, china fishery announced that it had acquired three purse seine vessels in Peru with combined fish hold capacity of 692 m³. That increases total purse seine fishing fleet size to 26. Since china fishery is a subsidiary of Pac andes, it should reflect positively on pac andes balance sheet. Coming soon, the results for pac andes.

Another one..more exciting...yellow page had more boardroom tussle. Confirmed that they are going to hold an extraordinary general meeting to oust some directors off the board. Haha, one of them is Helen Yeo, the who's who name list :) I'll leave it there.

I read more on ST that the 2 persons that wanted to oust those directors feel that the directors are not doing their best to bring out the best in Yellow page. They feel that changing them would revitalise and bring new ideas to the board (I totally agree!). Yellow page would do much better if it ventures overboard rather than stuck in singapore with its meagre advertising base.

Anyway, yellow page closed up 0.050 at $1.440. I guess investor liked that idea?

Straits asia charts getting nice after closing up 0.09 to close at 1.22. CSC closed up 0.04 at 0.375 (what a disappointment, I thought it'll close above 0.40). As promised, I'll only buy when they won contracts. Bought too much actually, 20 lots at 0.385.

Lesson 1: Don't buy in the morning as enthusiastic buyers queue overnight in a bid to get in

Lesson 2: Don't buy so many lots at one shot. A more rational me would have bought on 5 lots at 0.385, then another 5 lots if necessary at another time/day.

I hate myself. Never seem to learn these 2 lessons, keep repeating them again and again.

Oh, I finally sold OCBC warrants at a profit after holding for 3 weeks. 5 lots at 0.32 and 5 lots at 0.215 makes my average buy price of 0.2675 for 10 lots. Made a profit of around $140. Enough already, though I think the charts can support further rise in price. DBS and UOB, esp DBC, made a dash from the start of market opening. This is due to positive news from China that DBS had finally settled their license thingy for operation in china (something like that).

Lesson 3: For CANSLIM theory for short term gains, buy the LEADER not the LAGGARD. I so regret not buying DBS warrants when I was deciding between the three. UOB I straight away eliminate out because of bad charts formation. It was a choice between DBS and OCBC. I chose OCBC because it had more room to run, whereas DBS had already ran. It was so wrong... yes, i made profit in the end, but it could have been less agonising and even more. Good lessons here.

Anyway, enough of warrants for now. No index warrants for me (except exceptional circumstance like dow +500/-500). I'll see if the situation tempts me to buy stock warrants again. Probably not soon.

STI close up 25 pts. Dow -8 now. Europe mostly green.