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serene
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AMF.N0000 Empty AMF.N0000

on Mon Jan 14, 2019 3:59 pm
Message reputation : 100% (2 votes)
ASSOCIATED MOTOR FINANCE COMPANY PLC (AMF.N0000)

Holds 94.02% that of  6,992,610 shares of  ARPICO FINANCE COMPANY PLC
(ARPI.N0000).

As per the Announcement made on 12 July 2018   AMF will be cease to exist from CSE and they expect to complete the Legal merger by November 2019.

AMF share holders will issue ARPI.N000 shares by way of private Placement.

Net Asset share of AMF as per the September interim results is Rs.414.39.

Performance of Last 4 quarters (EPS )  17.00 25.00 21.00 17.00
Trailing EPS = Rs.80/=  / PE = 5

Dividends = Non in 2018 / Paid Rs12.50 in 2017.


The question is How Many shares of ARPI.N000 will be issued for One share of AMF.N0000 and when would this amalgamation be completed.

Also we should note that ARPI.N000 is one of the Companies which shows Consistent Top line and Bottom line growth Past few Quarters and its Share Price does not equitably reflect its performance.
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AMF.N0000 Empty Re: AMF.N0000

on Tue Jan 15, 2019 2:38 am
Message reputation : 100% (1 vote)
Thanks.

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PANTOMATH
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AMF.N0000 Empty Re: AMF.N0000

on Tue Jan 15, 2019 4:45 am
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Thanks Serene for bringing these type of shares for discussions.

If you look at figures of ARPI it's way cheaper than most of the Fincos.ARPI currently trading about PE of 3 with around 50% YoY growth.PBV is 0.65,At current price DY is about 4% with YoY dividened growth.
Only problem I see in ARPI is it's very illiquid,I think after the merger that issue will be solved and ARPI will get it's due value.

On the other hand at current price AMF is over valued compared to ARPI.If someone wants to go with, I prefer ARPI above AMF ATM.
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serene
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AMF.N0000 Empty Re: AMF.N0000

on Tue Jan 15, 2019 7:31 am
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True Mate.
This is interesting scenario.
AMF net asset value is 414 at end of last quarter.
Will see what it's value at the December 31st.
Interesting to see what is their valuation of AMF for amalgamation.
Getting ARPI  shares is better than keeping AMF.
Also this might increase liquidity of ARPI which is one of the hindrance of ARPI share price movement.
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serene
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AMF.N0000 Empty Re: AMF.N0000

on Wed Jan 16, 2019 5:53 am
AMF Order Book Cleared for the Second Consecutive day and ARPI also reactivated.
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serene
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AMF.N0000 Empty Re: AMF.N0000

on Fri Jan 18, 2019 2:29 am
Order book cleared for 3 rd Consecutive day to R.750/= and finally close at Rs.720/=. While ARPI also reaching to Rs.195/=.

Then the usual SEC   inquiry. Very Happy

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It can be manipulated easily as very Low liquidity.

But the run has definitely something to do with the propose amalgamation.

Both ARPI and AMF move in tandem is quite interesting as when they determine the Number of ARPI shares which are to be given to AMF share holders, prices of ARPI and AMF both have to be considered.
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serene
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AMF.N0000 Empty Re: AMF.N0000

on Fri Jan 18, 2019 3:04 am
When digging this further so many interesting things come to surface.

When PLC acquired Seylan Merchan Leasing (SMLL).PLC shares given to SMLL share holders.
Peoples bank bought PLC shares as they didn't want to dilute their position after the amalgamation.
Is the same thing happen in ARPI and AMF.Is this the reason for high volume of ARPI last  few days.
But then when you see the ARPI top 20. AMF comes 1st with 94.02% and AMF Imperial Import & Export Co. (Pvt) Ltd 43.19% & Mr. John Paulu Irugalbandarage Nalatha Dayawansa  42.35%.

Like to see some expert opinion on this. Question Idea
PANTOMATH
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AMF.N0000 Empty Re: AMF.N0000

on Wed Jan 30, 2019 2:54 pm
Hit the sky of 750 with thin volume and returned home. Mad
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serene
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AMF.N0000 Empty Re: AMF.N0000

on Thu Jan 31, 2019 1:26 am
PANTOMATH wrote:Hit the sky of 750 with thin volume and returned home. Mad

Hmm..Couldn't got out at 750.
Nevertheless hope AMF share holders treat fairly when ARPI shares are given.
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