Buy @ $2.36, $2.35, $2,28, $2.21
At 9:42am, was alerted by Sam of huge volume and price run-up. He checked that 68,268 lots @ $2.98, married deal @ 9:32am. The price and qty figures tally with the Nan Fung deal but there were no SGX Annc. Prices ran up to a high of $2.45 and when it retraced back, I decided to buy… all the way down to $2.21. The SGX Annc finally came out at 12:08pm but prices at best just see-sawed from $2.21 to $2.28.
At least my bet that this deal has a high probability of success did finally come true. The other part I was expecting didn't happen…. I'm expecting prices to trade closer to $2.98, with ~10% discount ie. ~$2.68. Looks like it may take a while and likely need Nan Fung to show more visibilty plus action. My expectation would be something like what F&N did at FCOT. May take a few years… Their last DPU payout was for Jun-11 (1H) and I'm hopeful that they'll resume for Dec-13 (2H) as their cash flow is now a lot better after selling an asset in recent times. 😀