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 Post subject: Re: EZRA HOLDINGS LIMITED
PostPosted: September 6th, 2011, 5:45 am 
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Singapore Companies
Published September 6, 2011

Ezra mulls perpetual capital securities
Any further details of the issue will be announced later


By NISHA RAMCHANDANI

OFFSHORE support services provider Ezra Holdings is looking at issuing Singapore dollar-denominated perpetual capital securities, as more local companies explore selling these more complicated fixed income securities following Hyflux's success.

In a release to the Singapore Exchange yesterday, Ezra said: 'The board of directors of Ezra Holdings wishes to announce that the company is considering an issue of Singapore dollar denominated perpetual capital securities.'

It went on to add that further details of the offering - if any - will be announced at a later date.

A perpetual security typically does not have an expiry date but can be redeemed by the company.

Banks have generally been the main issuers of such securities here, though water treatment services provider Hyflux became the first local company to do so with a $400 million subordinated Class A preference share offering in April this year.

The offer of these Class A shares was twice its original subscription size of $200 million and the public offer attracted a subscription rate of five times.

Hyflux sold $200 million of the shares to retail investors, $190 million to institutional players, and set aside the remaining $10 million for its directors, management and employees, and its subsidiaries under the reserve offer.

The Hyflux preference shares issued were 6 per cent cumulative, non-convertible and non-voting. Hyflux has the option to redeem the shares on or after April 25, 2018; but if they are not redeemed then, the dividend rate will be stepped up to 8 per cent.

In early August, Ezion Holdings also announced that it is considering an issue of Singapore dollar-denominated perpetual capital securities, having appointed DBS Bank as the sole lead manager and bookrunner.

In the announcement, Ezion then said that further details (if any) would be released at a later date.

And Hong Kong's Cheung Kong Holdings reportedly has plans for a perpetual bond here - which would make it the first from an overseas issuer in Singapore - that could raise as much as $750 million.

Last September, its indirect subsidiary Cheung Kong Infrastructure issued a US$1 billion perpetual non-call five bond, the first from an Asian corporate issuer in 13 years, a media report said last week.

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'Kites rise highest against the wind; not with it' - Sir Winston Churchill

'A practitioner is not judged by the rigour of his logic or by the elegance of his presentation. He is judged by the results.' - Dr Goh Keng Swee


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 Post subject: Re: EZRA HOLDINGS LIMITED
PostPosted: September 7th, 2011, 6:01 am 
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Singapore Companies
Published September 7, 2011

Ezra calls under review by some analysts
By LYNN KAN

ANALYSTS from DBS Vickers and OCBC have placed their calls for Ezra Holdings under review as the subsea services company plans to issue a tranche of Singapore dollar-denominated perpetual capital securities.

Ezra has yet to reveal more details about the issuance, but the believed higher cost of the security has raised some initial alarm bells.

'Given the relatively high cost of this form of funding, we are concerned over the lack of clarity at this juncture on the use of these funds - which will be key to determine if Ezra is able to generate a return higher than the cost of capital,' said DBS Vickers analyst Jeremy Thia.

Said OCBC: 'The issue of such a hybrid security may be non-dilutive to existing ordinary shareholders, but pending further details, we put our 'buy' rating and fair value estimate of $1.87 under review.'

Other houses have kept their ratings unchanged, waiting for more details on the issuance.

CIMB has pegged the size of the issuance to be in the range of US$100 million to US$130 million. The coupon rate could be between 6 and 8 per cent.

A perpetual note is a security without a maturity date, but can be called at the company's discretion.

This more complex security doles out mandatory coupon payments.

Ezra is believed to be issuing preference shares akin to what Hyflux had done in April this year.

Mr Thia believes that Ezra's coupon rate should be higher than the 4.78 per cent paid on its three-year unsecured notes issued last year.

Though the coupon rate is higher, the upside is that Ezra's earnings could improve 'on lower interest expense as well as a lower net debt ratio of 0.7x (from 0.9x)', said CIMB.

CIMB further believes that the market reaction could well be neutral to the issuance.

'We believe the reaction to this news could be a neutral one as the positives of non-dilutive and pro-active capital management to reduce net debt could be offset by market perceptions that this is another of Ezra's 'innovative' financing avenues,' said the analyst.

'In addition, perpetual securities are still not widely known in the Singapore market with Cheung Kong, Hyflux and Ezion being the first few to tap such instruments.'

In the stock market yesterday, Ezra closed two cents up at 94 cents.

_________________
'Kites rise highest against the wind; not with it' - Sir Winston Churchill

'A practitioner is not judged by the rigour of his logic or by the elegance of his presentation. He is judged by the results.' - Dr Goh Keng Swee


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 Post subject: Re: EZRA HOLDINGS LIMITED
PostPosted: September 15th, 2011, 5:20 am 
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Singapore Companies
Published September 15, 2011

Ezra cans proposed issue of perpetual bonds
Market volatility cited as investors retreat amid contagion in Europe

By SIOW LI SEN

EZRA Holdings has canned its proposed issue of perpetual bonds citing market volatility as investors have retreated to the sidelines amid alarming newsflows from Europe's deepening financial crisis.

Fixed income players remain optimistic that the contagion from Europe may still be contained and say that it is just investors being cautious, waiting for the shocks to subside.

The choppy market may also see a hiatus in the more complex perpetual bond issuance which had become popular of late among non-bank corporates, they say.

'I'm optimistic it can be contained. There's a lot of investible funds in the market which need to be deployed,' said Clifford Lee, DBS head of fixed income.

'With wild swings like these, it is difficult for investors to gauge what is a fair price,' added Mr Lee.

In a normal market, the spread in the secondary market between the bid and offer price is about 30-50 basis points; it has widened to about 200 basis points now, he noted.

Up to now the Singapore bond market seemed to be defying gravity as one company after another, including several foreign issuers, launched bond sales which were oversubscribed.

Even as late as last week, Hong Kong's Henderson Land sold its inaugural $200 million bonds, about the same time that Ezra proposed a bond sale.

On Monday, the subsea services company told investors that in view of the current market volatility, the company feels that it is not conducive for a new issue and intends to postpone the proposed offering.

'The company will re-engage the investor community when market conditions improve,' Ezra said.

'Within the week, the situation has deteriorated considerably and this has worried investors,' said Rajeev De Mello, Schroders head of Asian fixed income.

He said the downgrading by rating agency Moody's of some of the largest French banks and conflicting statements from European authorities is worrying investors.

'Contagion has spread to Asia, issuers want to issue amid the low interest rates but investors want to let the worst of the turmoil pass,' he said.

As the global environment deteriorates, investors are happy to own government bonds and the Singapore Government Securities (SGS) has done extremely well, he pointed out.

The SGS in the 13 days of this month has rallied 81 basis points and year-to-date is up 7.4 per cent, he said. The performance for non-government corporate bonds is pretty similar, he added.

When will the market open up again?

Mr Lee said plain vanilla bonds will still be sold and he is in discussions with several issuers.

Tan Kee Phong, Standard Chartered bank director and head of capital markets Singapore, also thinks that despite the volatility, investors are receptive to vanilla corporate bonds.

'It looks like the receptiveness towards vanilla corporate bonds would remain as investors are still looking for assets to invest in. However, the market is cautious in consideration of more complex and riskier instruments during this time of volatility,' said Mr Tan.

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'Kites rise highest against the wind; not with it' - Sir Winston Churchill

'A practitioner is not judged by the rigour of his logic or by the elegance of his presentation. He is judged by the results.' - Dr Goh Keng Swee


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 Post subject: Re: EZRA HOLDINGS LIMITED
PostPosted: October 30th, 2013, 8:30 am 
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Ezra awarded US$110 million worth of new projects in subsea construction and offshore support services


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 Post subject: Re: EZRA HOLDINGS LIMITED
PostPosted: October 24th, 2014, 8:21 am 
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Ezra's Subsea Services division wins multiple contracts valued at US$70 million


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 Post subject: Re: EZRA HOLDINGS LIMITED
PostPosted: January 12th, 2015, 8:29 am 
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Ezra wins US$110m engineering & fabrication contract from Jurong Shipyard for deepwater project


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 Post subject: Re: EZRA HOLDINGS LIMITED
PostPosted: March 31st, 2016, 9:46 pm 
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Chiyoda Corporation and Ezra Holdings announce the establishment of 50:50 Joint Venture, EMAS CHIYODA Subsea


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 Post subject: Re: EZRA HOLDINGS LIMITED
PostPosted: February 3rd, 2017, 1:46 pm 
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ANNOUNCEMENT IN RELATION TO EMAS CHIYODA SUBSEA LIMITED AND GROUP RESTRUCTURING


http://infopub.sgx.com/FileOpen/Ezra%20 ... eID=437879


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