BONVEST

The chairman today bought 28,000 shares at average $1.1085. This bring his holding from 82.44% to 82.45%. The amount may be small but he is now control 82.45%.

There maybe a posibilities of him taking the company private which is only 7.55% away to 90%. Bonvest own 2 prime freehold properties in district 9 - Liat Tower and Sheraton Tower.

The NAV is $1.90 which I believe is very much higher today.

Henry Ngo bought 98,000 at $1.135 shares on 13th September 2013, increased his holding from 82.45% to 82.48%. This bring his holding 7.52% nearer to 90%.

The top 20 shareholders of Bonvest collectively holded 90%.
Henry Ngo is holding 82,48%

I suspect Henry Ngo is trying to flush & mop up Bonvest shares. It seem that he is trying to prevent sudden surge in share price. I suspect something interesting is go to take place. I maybe wrong, lets wait for any buying announcement.

Based on my estimate of the value of major properties (notably Sheraton Hotel), NAV may be closed to sgd3.00. You may wish to check this out.

I think you are right, Henry is likely mopping up the shares.

Lotustpsll, your estimate of Bonvest NAV of SGD 3/- is fair. See below:

BONVEST ASSETS

Liat Tower area = 38,000 sq ft.
Plot ratio = 6.1
Area = 231,800 sq ft. per plot ratio

Sheraton Tower area = 76,000 sq ft.
Plot ratio = 4.2
Area = 319,200 sq ft. per plot ratio

Liat Tower & Sheraton Tower area = 551,000 sq ft. per plot ratio

Bonvest assets include 3 oversea hotels, a few shops and retail outlets.

Rock, Bonvest is a deep value asset play and coupled with the significant shareholding controlled by Henry Ngo, this looks to be an appetizing target for privatisation. Recent transaction on Grand Park Orchard (sgd2.1m/key), has set new record and I see Sheraton Tower as an attractive target within the vicinity of Orchard Road.

Margin of safety is assured with this stock.