Jaya

Jaya: Proposed to dispose all its subsidiaries for $625m cash to Mermaid Marine, Australia's largest marine services provider, priced at a 5% discount to book value. Including cash that the group had at the end of Dec'13, this translates into a gross implied value of $0.826/share. Post-disposal of its two core businesses- offshore support services and offshore engineering services, Jaya Holdings will become a shell company. The bulk of the proceeds will be distributed to shareholders by way of a special dividend, after utilizing a portion for its daily expenses till completion and an incentive bonus paid out to Jaya's executives, including its CEO.