Ganesh Sahathevan

Maybank's "stabilization" of  Air Asia X's share price, which has not moved beyond the RM 1.25 IPO price , expires in about 2 weeks. AAX's Bursa filings make  clear that Maybank's support is what keeps the price at even RM 1.25, thus raising the inevitable :what happens in 2 weeks , or less  , when the price is no longer supported? Given recent past valuations of the company, based on transactions by company insiders (see previous posting below) , and after making some rough and ready adjustments for the IPO proceeds, but bearing in mind that share price is a function of earnings, it does appear that by Tony Fernandes's own reckoning AAX shares are worth only 5-70 sen (ie 40-50% of current price). Based on the price Richard Branson asked for his shares, AAX is only worth 25-40 sen per share. Friday, June 14, 2013 Tony Fernandes says AAX is a RM 3.1 B company, that was worth RM 1.25 B in 2008, and which plummeted in value to RM 660 ...

Reported in THE STAR : THE National Heritage Department has no plans to nominate the iconic Batu Caves to be listed as a World Heritage Site as it does not meet the criteria. Batu Caves does not fulfill even one criterion out of the 10 listed,’’ she said. To be included on the World Heritage List, sites must be of outstanding universal value and meet at least one out of ten selection criteria. The criteria for selection is listed below.Readers are invited to comment on which of 10 applies to Batu Caves. This writer can already see that a number of criterion within which Batu Caves would fall, but then, this writer does not possess the Malaysian National Heritage Department's level of literacy: The Criteria for Selection To be included on the World Heritage List, sites must be of outstanding universal value and meet at least one out of ten selection criteria. These criteria are explained in the Operational Guidelines for the Implementation of the World Heritage Convention wh...

Having become something of an Internet sensation lately, oil company PEXCO's  CEO has amended  his profile in an attempt to wish away his new found fame.    Mr Guest has gone from this: Last year in Malaysia, P exco Sarawak signed 4 PSCs for the large area west of the prolific Central Luconia Platform where there is more than 35Tcf of recoverable gas. The area covers almost 25,000km2 and makes Pexco one of the largest acreage holders in Malaysia . To this: Last year in Malaysia, Pexco Sarawak signed 4 PSCs off west of the prolific Central Luconia Platform. The area covers ~25,000km2 and has been under-explored in recent decades .  Unfortunately for Mr Guest the older, less modest profile has been copied and pasted on a large number of websites, in at least three languages,  and reported in publications such as Singapore's Business Times. One feels some sympathy for the man, but then he  should have known better, given that his boss is the notorio...

What Nicholas Ng , CEO LionGoldCorp told the SGX and Singapore investors: SINGAPORE, 23 January 2013 – LionGold Corp Ltd’s (“LionGold” or “the Group”) wholly  owned Castlemaine Goldfields produced 27,512 ounces of gold at its Ballarat Mine in 2012, its  first full year of production. Resulting gold sales generated revenue of A$43.4 million, about   S$56 million. For the year, 146,000 tonnes of gold-bearing ore were processed at an average  grade of 7.4 grams per tonne. Average gold recovery was 86%. Under Castlemaine ownership, the Ballarat gold mine poured its first gold bar in September  2011.  The mine then embarked on a six to nine month production ramp-up. Commenting on Castlemaine’s achievement, Chief Executive Officer Nicholas Ng stated,  “Ballarat has made the transition from explorer to producer and is targeting an annualised production rate of between 40,000 to 50,000 ounces in 2013 .  With the  successful ramp-up complete, LionGold...

The LionGoldCorp spi n: Under Castlemaine ownership, the Ballarat gold mine poured its first gold bar in September  2011 . The mine then embarked on a six to nine month production ramp-up. The average annualised rate for the 9 months to December 2012 has been 30,000 ounces per annum. The Ballarat gold mine is expected to produce between 40,000 and 50,000 ounces of gold in 2013. Commenting on Castlemaine’s achievement, Chief Executive Officer Nicholas Ng stated, “Ballarat has made the transition from explorer to producer and is targeting an annualised production rate of between 40,000 to 50,000 ounces in 2013. With the successful ramp-up complete, LionGold has demonstrated its ability to identify and acquire gold projects which build value for our shareholders. We look forward to providing updates on the Group’s other projects as these are progressed” The underlying reality , reported on 21 November 2011, AFTER  Castlemaine's "achievement of pouring its first gold bar in ...

As reported in The Edge Financial Daily, 28 June 2012: Sir Richard Branson’s Virgin Atlantic Airways Ltd is expected to divest its 10% stake in AirAsia X Sdn Bhd to local existing shareholders for more than RM66 million (US$21 million) ".... investors got an inkling of Air Asia X’s valuation (in 2008)  when Japan’s Orix Group and Manara Consortium took a 10% stake each in Air Asia X for a total sum of RM250 million. The deal effectively valued Air Asia X at RM1.25 billion." ".....“If it is true that Virgin is disposing of its 10% interest in Air Asia X for RM66 million, then the valuation of Air Asia X has changed,” said a banker." http://www.theedgemalaysia. com/in-the-financial-daily/ 216158-virgin-atlantic-exits- airasia-x.htm Readers are reminded that these were share transactions in a private company involving  long term shareholders to  which the existing  majority  would have had to agree. How much one buys and sells bits and pieces of one's own company i...

LionGold Ltd, a company listed on the Singapore Stock Exchange (SGX)is being touted by its supporters in the media, particularly Malaysia's The Star, as the next big thing in mining, mostly on the back on the company's takeover of the Castlemaine Goldfields in Ballarat. As The Star sees it: LionGold Corp Ltd , the Malaysian-controlled, Singapore listed gold miner, is poised to embark on another series of acquisitions that could nudge it to become one of Asia's largest gold mining players, sources said.    StarBiz had first reported on the SGX-listed LionGold last September, interviewing its executive chairman Tan Sri Nik Ibrahim Kamil , a former head honcho of KFC Holdings Bhd and the NSTP group.  LionGold already boasts control over three producing gold mines and a few more mines that are close to the production stage. One of the producing mines is the state-of-the-art Ballarat mine, near Melbourne, whose parent company, Castlemaine Goldfields Ltd , was a...