Buy @ $0.715
Jump-Q during preopen. I wanted to bring down my break-even from $0.73 to $0.725 as it'd give me an option to take profit at a lower price, if required. 😀
Open = $0.715 ; Close = $0.73 ; Range = $0.71 to $0.735 ; Vol = 37,721,000
The surprise for today was the SGX Annc that Mr Lim (Major Shareholder) has bought 20Mil Units @ $0.73 in the open market! This brings his holdings from 19.992% to 22.481%. In addition, there's a 7% which he'd lent to the Underwriter cum Stabilising Manager. If prices remain below IPO price, the Stabilising Manager would be able to buy back and return the entire 7% to Mr Lim.
The question I'm pondering is whether Mr Lim will be required to make a Mandatory General Offer if he crosses over the 30% level. If so, either he'll need to get a waiver from SGX (not to make this offer) or that'll limit how much more he'll buy from the open market as 22.481% + 7% = 29.481% ie. only 0.519% (4,103 lots) left … Let's follow the SGX Annc closely to help us decide on the next course of action.