Innotek

Innotek: NRA Research Head Kevin Scully thinks that "something is brewing" at Innotek. He notes that some corporate action is possible because: a) in May 2014 - its Managing Director Yong Kok Hoon resigned b) in July 2014 it sold its 15mn Sebana Reits at S$1.05 When the shares started to rise last week - Innotek was queried by the SGX. Innotek's first response was that it was not aware of any reason for the price movement. It subsequently announced that Gazelle Capital, one of its substantial shareholders was in discussions. Looking at its 2013 annual report - the shareholder numbers are as follows: a) Chandaria Trust owns 37.5% b) Gazelle Capital owns 5.56% Scully hypothesizes that any corporate development involving Innotek must involve the Chandaria's. With Innotek's NAV at $0.69 as at end 1Q14, it may be worth waiting to see what will happen.