If investors can recall,
in 2018, there was a rights issue at 4.5cts , 3 rights for every 2 shares.
In 2019, there is a takeover at 5.85cts by a group of investors led by Prime Marine’s Efstathios Topouzoglou.
Since then, FSL has paid out a total of USD9.6cts of dividend.
So as of 6th Sep, what's left for FSL ?
As reported in its 1HFY2022, NTA is US$0.04 or roughly S$0.0548. But FSL is trading at $0.073, that is a 33% premium over its NTA.
I can safely remove US$0.015 from its NTA, as it had just paid out 1.5cts as dividend.
I assume that the NTA left, should be US$0.025 or S$0.034, at S$0.073, its trading at 113% premium over its NTA.
Since 2020, FSL has been selling away its fleet of vessels.
I guess moving forward it may adopt this strategy, since the new investors has already profited US$0.096 + (S$0.073 - S$0.0585 = S$0.0145 ) = S$0.146 per share.
Personally, i would skip this counter and move on with life.
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