Oceanus has fixed its 150m TDR price at NT$11.25 or S$0.477, which is 38% above current price of $0.345. However, the shares in SG & TDRs are not direct fungible. Note Oceanus TDRs are already traded in Taiwan (NT$11.40) after it issued 200m TDRs in Dec 09. This is the 2nd tranche & involves only vendor shares, so the company does not benefit from additional funds. Oceanus may come up with 3rd TDR tranche (new shares) end of yr which may lead to earnings dilution.
Most brokers have a Hold rating on the stock. Stock trading at fwd P/E of 12x, stochastics pulling back from overbought levels.
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