05 Apr '11, 2am

Singapore Daily Bulletin – 05/04/11: General Magnetics Shareholders Upset Over Low Exit Price A one-year wait for an…

General Magnetics Shareholders Upset Over Low Exit Price A one-year wait for an exit offer has brought minority shareholders of delisted multimedia products firm General Magnetics a four-cent per share deal. The private offer from General Magnetics’ general manager Ho Loon Ming would effectively value the company at $4m, based on its issued and paid-up share capital of 100m shares as at 1 Apr-10, when it was delisted under Singapore Exchange (SGX) rules after chalking up a string of losses in the past few years – $3.7m (restated) in 2007, $3.8m in 2008 and $2.4m in 2009, and its market capitalization fell below $40m. However, minority shareholders say that the firm is worth more than $4m. General Magnetic’s balance sheet remained relatively clean. According to the 2009 annual report, the company had no debt, and held cash and cash equivalents of $6.6m 3 months before it wa...

Full article: http://www.sharesinv.com/articles/2011/04/05/singapore-da...

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