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everyone always says a stock is gonna be a gapper, ill believe it when i see it
Posts: 596 | From: Kansas City | Registered: Jul 2006
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Posted by: chiphldr In reply to: bliz82 who wrote msg# 30529 Date:8/4/2006 8:55:24 PM Post #of 30778
Talk about how QUICK the numbers can add up in Construction and Real Estate Developement....Bet you never see real assets or numbers like this in PENNYLAND...Strong buy me thinks
Posted by: bliz82 In reply to: None Date:8/4/2006 7:42:15 PM Post #of 30614
Here's a list of projects I've compiled with expected revenues and profit in the next year or two. Let me know of any obvious mistakes or corrections I need to make. This does not include CCM at all! Tks!
Emaar Properties deal...$124M in revenues next 12 months
Red Sea Group supply side agreements $3M net profits (timeframe?)
Al Reem Island Resort...$130M in revenues next 24 months (roughly 65M in next 12 months) plus another $300M from ancillary products over the next 36 months (roughly 100m/yr).
Intec industries deal for 2 tire recyling plants...38M (30M euros). Completion date is around April 2007.
Two new automated robotic truss manufacturing facilities. Current plant in Kitchner, Toronto, ON does 4-6M per year in revs. New plants are expected to result in a 300% increase within 24-36 months. Estimated 16-24M in new revs. At least another 8-12M (I used 10M) in 12 months...12-18M in 24 months and 16-24M within 36M
Two state of the art lumber distribution centers. One in Detroit and one outside New Orleans. Each one expected to bring in 22M in revs per year when completed. Detroit facility should be done and the New Orleans one should be near completion (say 35M within 12 months).
Expected revenues in the next 12 months...375M (not counting old Sulja Bros rev from normal operations)
300 permanent residential units outside Biloxi, MS. 80k-150K each with construction costing 29M. Net profit expected to be 28% of sales. Using 132.5K per unit equals 39.75M in sales and thus expected net profit of about 11M (39.75 x .28)
Here's some rough numbers from all the Lofts we have and are building/renovating (used profit margin of 28% of sales).
Landsberg Lofts North...2.1M sale price...Net profit 588K
Ambrose Lofts...4.7M sale price (40% to Loftwerks) = Net of 526K
Doctor's Building in Nashville (50 units)...15M sale price = 4.2M net profit.
Mid rise condos in Detroit (50 units)...40M sale price = 11.2M net profit.
The Carlton Loft Condos (48 Units..140k-400k) used 200K x 48 = 9.6M sale price or 2.68M net profit.
The Carola?
The Stuberstone Lofts (13 Units at 150k-250k) 200K x 13 = 3.6M x .28 = 1M net profit
Jamison Lofts (12 units 221K=345K Avg 280K) 280K x 13 = 3.64M Net profit 1.02M
New Center Lofts 150K and up ???
St. Charles (12 units 160-200K) 180K x 12 = 2.16M x .28 = 604K net profit.
Landsburg Lofts (8 units 172k-370k) used 250K avg for 2M sale price and 560K net profit.
Riverton Lofts (172 units at 100k-500k) used 150K x 172 = 25.8M in sales and 7.22M net profit.
Roosevelt Hotel (32 units from 124k to 195k) used 150K x 32 = 4.8M sales and 1.34M net profit.
Van Vliet Condos (14 units used 179K) = 2.5M sales and 701K net profit.
Lamar (10 units at 130k) = 1.3M in sales and 364K net profit.
Best estimate on all lofts listed...156M in sales and 43M in net profit.
Sulja expected revs next 12 months...375M x .25 = 93.75M net profit
Old Loftwerks projects...156M x .28 = 43.5M net profit.
Combined total of 531M in revs and 137.25M in profit.
Divide the profit by our current O/S of 500M = .274 EPS x 30 = $8.23 PPS for a PE of 30-1.
Take out all the loft projects and you still get 375M in revenue and 93.75M in profit divided by 500M = .187 EPS x 30 = $5.62 PPS for a 30-1 PE.
Feel free to point out any obvious errors or misinterpretation of any PR's. Obviously, this will all change when CCM is merged into us. Thanks bliz...
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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quote:Originally posted by J_U_ICE: Posted by: chiphldr In reply to: bliz82 who wrote msg# 30529 Date:8/4/2006 8:55:24 PM Post #of 30778
Talk about how QUICK the numbers can add up in Construction and Real Estate Developement....Bet you never see real assets or numbers like this in PENNYLAND...Strong buy me thinks
Posted by: bliz82 In reply to: None Date:8/4/2006 7:42:15 PM Post #of 30614
Here's a list of projects I've compiled with expected revenues and profit in the next year or two. Let me know of any obvious mistakes or corrections I need to make. This does not include CCM at all! Tks!
Emaar Properties deal...$124M in revenues next 12 months
Red Sea Group supply side agreements $3M net profits (timeframe?)
Al Reem Island Resort...$130M in revenues next 24 months (roughly 65M in next 12 months) plus another $300M from ancillary products over the next 36 months (roughly 100m/yr).
Intec industries deal for 2 tire recyling plants...38M (30M euros). Completion date is around April 2007.
Two new automated robotic truss manufacturing facilities. Current plant in Kitchner, Toronto, ON does 4-6M per year in revs. New plants are expected to result in a 300% increase within 24-36 months. Estimated 16-24M in new revs. At least another 8-12M (I used 10M) in 12 months...12-18M in 24 months and 16-24M within 36M
Two state of the art lumber distribution centers. One in Detroit and one outside New Orleans. Each one expected to bring in 22M in revs per year when completed. Detroit facility should be done and the New Orleans one should be near completion (say 35M within 12 months).
Expected revenues in the next 12 months...375M (not counting old Sulja Bros rev from normal operations)
300 permanent residential units outside Biloxi, MS. 80k-150K each with construction costing 29M. Net profit expected to be 28% of sales. Using 132.5K per unit equals 39.75M in sales and thus expected net profit of about 11M (39.75 x .28)
Here's some rough numbers from all the Lofts we have and are building/renovating (used profit margin of 28% of sales).
Landsberg Lofts North...2.1M sale price...Net profit 588K
Ambrose Lofts...4.7M sale price (40% to Loftwerks) = Net of 526K
Doctor's Building in Nashville (50 units)...15M sale price = 4.2M net profit.
Mid rise condos in Detroit (50 units)...40M sale price = 11.2M net profit.
The Carlton Loft Condos (48 Units..140k-400k) used 200K x 48 = 9.6M sale price or 2.68M net profit.
The Carola?
The Stuberstone Lofts (13 Units at 150k-250k) 200K x 13 = 3.6M x .28 = 1M net profit
Jamison Lofts (12 units 221K=345K Avg 280K) 280K x 13 = 3.64M Net profit 1.02M
New Center Lofts 150K and up ???
St. Charles (12 units 160-200K) 180K x 12 = 2.16M x .28 = 604K net profit.
Landsburg Lofts (8 units 172k-370k) used 250K avg for 2M sale price and 560K net profit.
Riverton Lofts (172 units at 100k-500k) used 150K x 172 = 25.8M in sales and 7.22M net profit.
Roosevelt Hotel (32 units from 124k to 195k) used 150K x 32 = 4.8M sales and 1.34M net profit.
Van Vliet Condos (14 units used 179K) = 2.5M sales and 701K net profit.
Lamar (10 units at 130k) = 1.3M in sales and 364K net profit.
Best estimate on all lofts listed...156M in sales and 43M in net profit.
Sulja expected revs next 12 months...375M x .25 = 93.75M net profit
Old Loftwerks projects...156M x .28 = 43.5M net profit.
Combined total of 531M in revs and 137.25M in profit.
Divide the profit by our current O/S of 500M = .274 EPS x 30 = $8.23 PPS for a PE of 30-1.
Take out all the loft projects and you still get 375M in revenue and 93.75M in profit divided by 500M = .187 EPS x 30 = $5.62 PPS for a 30-1 PE.
Feel free to point out any obvious errors or misinterpretation of any PR's. Obviously, this will all change when CCM is merged into us. Thanks bliz...
Okay isn't the market based on future potential of a company. If all of that is correct, shouldn't we be at a $1 already
-------------------- Disclaimer: Not accountable for anything I say Posts: 6266 | Registered: Jun 2004
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^^^yes, now why would we not be? u dont think it has anything to do w. the MMs/? yes there are ppl that are taking profit, but that is normal, and its no the majority...i say within the next week or two we see some HUGE gains, and the pps is adj accordingly..IMO...GLTA
-------------------- Dont take my advice, due your own DD Posts: 711 | From: Oklahoma | Registered: Apr 2006
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quote:Originally posted by weekendwarrior1: ^^^yes, now why would we not be? u dont think it has anything to do w. the MMs/? yes there are ppl that are taking profit, but that is normal, and its no the majority...i say within the next week or two we see some HUGE gains, and the pps is adj accordingly..IMO...GLTA
Agreed, profit taking is normal, but apparently this week there was more profit taking than buying pressure. Got no problem with that, or flipping for that matter, but I just don’t like the mm blaming game when is obvious that ppl are dumping. If I sell myself I know others are doing same, so why post garbage like mm wont let this one go up. You’ve seen, mostly on the other boards, ppl claiming to hold big positions say they did not sell one share, even bought more, so who’s dumping then, as it looked to be a pretty big dumping going on the whole week. Is not the company as they already stated that. I just cant stand ppl who claim to be holding or buying more, tell others to buy and blaming the mms while they actually dump. What happened last week it might have been a massive group flip imo. They sold most around .12-13 then they took it down to buy back at lower price.
Posts: 122 | Registered: Mar 2006
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Posted by: sonslong Date:8/5/2006 11:52:50 AM Post #of 30993
Another post! Good read.
For all those who do not understand! First the Dubai listing, when approved, is on one of the most prestiges exchanges in Europe in one of the riches countries in the world. Second, the authorized shares includes ALL exchanges. They cannot have a number of authorized shares for U.S. exchanges and then another for other foreign exchanges. The corporate laws in the U.S. do not allow it! Third, the Dubai exchange listing is IN ADDITION, to the U.S. exchanges, therefore creating the situation that the issued is now seperated over 2 exchanges instead of just one! Fourth, if the company does not post the financials by the time we open up on the market on Monday, I will never provide my DD on this site again! Today's activity was proof why this company is now filing in Dubai. You will not see pennies in Dubai and therefore it will support the share price in the U.S. regardless of all the B.S. the shorters, the bashers, etc. etc. etc. The company is focused but more importantly they have the financial backing of the reverse merger company! I stand by my information and I suggest you do your own research instead of listening to all the short sellers and flippers in this stock. By the way if your take it to .07 I will purchase 1 million shares of the company. Please do me a favor and take it there tomorrow! I will be very grateful for your stupidity! Good Nite as it has been a long day!
In my very humble opinion, the move to a major Middle East Exchange in Dubai, which has many prestigious members to its credit, is a HUGE move for our company, moving it up in stature from the lackluster world of penny stocks on the OTC pink sheets (though our listing will remain a pink sheet at least for the time being - though not long, I suspect) to a major financial exchange. I don't know how much most of you posters know about Dubai but this is a RICH BEYOND IMAGINATION country, as you should glean from photographs of recent and ongoing projects up top in the IBox, if you've bothered to check them out at any depth. Moreover, the statement that struck me the most in today's news was this: "Recent deals have generated great interest in Sulja Bros. Building Supplies, Ltd. We are now working with one of the largest investment banking firms to complete the listing of Sulja Bros. Building Supplies, Ltd. on the Dubai International Financial Exchange." This was not a statement made by our company but by a savvy outsider, Wessal International Group, a prospective JV partner.
We're not dealing with a little BS company here folks...this is REAL. I am so incredibly excited to be part of this company and the recent merger with LFWK, adding one more strong component to our group of wholly owned subsidiaries. Just another feather in a great big cap (short for C A P I T A L).
We're going places with the Sulja boys! IMHO
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Point well taken Bikerider. I don't do a lot of posting here because I work days, but I am amazed to hear people talk about a stock at this level that swings several pennies on multiple days, and they insist they aren't trading. I especially love the one where they say, I'm afraid the train will leave the station without me. Yeah, like that's our biggest problem here. As far as I can see, out biggest problem here is that the train never leaves at all. As for this stock, I do believe we have a winner here, and it should make a serious move very soon.
-------------------- If you don't have instincts, get out. If you do; go with them. Posts: 262 | From: Florida | Registered: May 2005
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as long as the company has nothig filed with the sec, there is going to be no investor buying this stock whatsoever. don't get me wrong, i got nothing against the company i think there is lots of potential there , but they should know that as long as there is no stamp to certify that what they say its been verified and is true, there would be no real investor buying into this.
Posts: 122 | Registered: Mar 2006
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This was posted before and is what I believe to be the way this is going to play out! Now throw EMAAR into the mix and the story get better and better imo!
This HAS NOT and IS NOT your average pinkie play. In fact what started out as a small snowball rolling down the hill has grown into a massive bolder that is about to trigger an avalanche. Since SO MUCH has happened over the past few months, I believe that even some who have been in this play for months do not actually grasp what the heck it’s all leading up to. In short, this is the classic big fish eats little fish, that’s eaten by a bigger fish, that is eaten by one mother of a big whale. So for the newbie’s and some of us old timers, here is what has taken place up until now (In My Opinion) and where I see us heading.
1) Dennis Ammerman, original CEO of Loftwerks is challenged by a situation that has and continues to control the PPS of his company as well as most other pinkie’s as a result of Market Makers heavily shorting the stock to absolutely ridiculous levels. 2) He has a vision of expanding the company and realizes to reach his goals he needs to partner with another company with deeper pockets and at the same time somehow bring the PPS of LFWK’s back up to a level that accurately reflects it’s true worth. 3) Enter Kore Management which brings Ammerman up to speed on how the stock market really works in pinkie land. A study is done and low and behold, there are more shares being traded on the open market than authorized. In fact ALL shares being traded are phantom shares. This means that the Market Makers MUST buy back every share that you and I own, sooner or later to cover their naked shorts. The amount they pay is / will be determined by us, the phantom share holders. So, several plans of attack are proposed including issuing dividends to force a short squeeze which would force the PPS back up to more realistic levels. But wait, before any plans are put into motion new developments present themselves. 4) Consultech / Sulja Brothers see an opportunity to merge with Loftwerks to become a public trading company through the back door, rather than the more expensive Initial Public Offering. However, with three entities involved, it is not a simple merger. Another factor is Consultech, which is the bigger fish at this point, doesn’t want to fall pray to the MM’s control as well as the lower image that a pinkie portrays to the Wall Street big boys. They want to merge. They want to go public, but they insist on going to higher exchange as soon as possible. 5) It’s decided that in the best interest of the three companies and all stockholders, they are going to set out a game plan to force a short squeeze, announce financials and move to a higher exchange all at the same time, but just as they are about to let the cat out of the bag, a bigger fish wants a piece of the action. 6) Red Sea Group, a multi million dollar corp. (the new biggest fish) sees the opportunity to team up with the new Loftworks / Sulja Bros. / Consultech and also become a public traded company through the back door. With their combined assets, bookings and income, they should EASILY qualify for NASDAQ status. 7) The icing on the cake is reading in today’s PR that now Red Sea Groups parent company Wessel International (the mother of a whale fish) is now involved.
Key things to you need to ask yourselves are:
When does a Multi and I mean Multi Million Dollar Corporation such as Red Sea Group, whose activities include the development and management of hotel, residential, retail and medical facilities, take on Investor Relations for a penny stock? Under normal business practices, wouldn’t they be competitors?
When does a publicly traded company such as the new LFWK, consult with their Investor Relations firm in deciding if they would or would not do a reverse split.
Why did LFWK increase there Authorized shares for reverse mergers if they weren’t intending to do just that.
And finally, why would Wessel International, the parent company of Red Sea Group become involved in a six cent pinkie stock?
Obviously, this is way BIGGER than any of us thought! Forget about liftoff, I believe we are on our way to deep space at a warp speed that no Penny Stock has ever gone before!!! Can you say CHING !!!!!!!!
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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still time to get in at a great price before we have liftoff. dont miss out everyone
Posts: 596 | From: Kansas City | Registered: Jul 2006
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About Emaar Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index.
The company recently announced that its net profits for the first quarter ended 31 March 2006 reached AED 1.517 billion (US$406.9 million) – an impressive rise on the AED 1.325 billion (US$355.4 million) for the equivalent period. Emaar’s net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (US$460 million) for the year 2004.
In December 2005 Emaar was awarded the Euromoney Gulf Real Estate Award for Best Overall Developer in the UAE as well as Best Residential Developer in the UAE. The awards, voted for by industry peers, took into account factors such as most consistent providers of high quality, profitable real estate projects and innovation as well as individual developments, both recently completed and those at the planning stage.
Emaar has several real estate projects in its primary market of Dubai in various stages of completion. These include Dubai Marina, Arabian Ranches, Emirates Hills, The Meadows, The Springs, The Greens, The Lakes and The Views. The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date.
Emaar has begun construction of its most ambitious project within the UAE, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises Burj Dubai - stated to be the world’s tallest tower when completed in 2008; The Dubai Mall - the world’s largest entertainment and shopping mall; Burj Dubai Boulevard; Burj Dubai Business Hub; The Lofts; Burj Dubai Lake Hotel and Serviced Apartments; The Old Town; The Old Town Island; man-made lakes; landscaped parks and gardens.
In line with its international expansion strategy, Emaar has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Syria, Pakistan, Tunisia and Saudi Arabia. Major international projects include: Uptown Cairo in Egypt; Boulder Hills, a world-class leisure and residential community in Hyderabad, India; multiple resort projects in Morocco, including Amelkis II & III and Bahia Bay, luxury residential golfing communities; Eighth Gate project in Damascus, the city’s first master planned community; and Lakeside in Istanbul, a landmark development for Turkey’s cultural and commercial hub.
One of Emaar’s most recent international developments is that of the 55 million square metres King Abdullah Economic City in the Kingdom of Saudi Arabia. As the single largest private sector investment in the Kingdom of AED 97.7 billion (US$26.6 billion), the mixed use City will extend along a 35 kilometre shoreline and is strategically located between the two Holy Cities of Makkah and Madina and the commercial hub of Jeddah. The City will create six distinct components - a modern world-class Seaport, Industrial District, Financial Island, Education & Healthcare Zone, Resorts and The Residential Area and up to 500,000 employment opportunities.
While property development was the initial rider of Emaar, today, through its Vision 2010, the company is diversifying into retail, leisure, hospitality, health, education and finance to become one of the world’s most valuable companies in less than five years - further building value for its 59,000 shareholders, which includes the Government of Dubai.
Recently the award winning property developer announced plans to aggressively expand into the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent.
In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar’s flagship Burj Dubai tower and other locations will include Milan, London, Shanghai, New York and Tokyo.
In January 2006, the company also announced plans to expand its investments into the education business within the MENA region and India. The initiative will involve the establishment of international schools in the MENA region and India which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels.
Following Emaar’s expansion into the education business came that of its healthcare initiative in March 2006 where the property leader announced its plans to enter the healthcare sector in the MENA and South Asia markets. Emaar’s plan involves the construction of hospitals, clinics and medical centres and investing in the provision of world-class healthcare services. With a total investment outlay of around AED 18.35 billion (US$5 billion) over the next decade, Emaar’s plan is to develop and manage around 100 hospitals each with 200 bed capacities and super medical specialities added in key centres.
Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE’s leading Islamic home financing company.
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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Originally established in 2000, Amlak was the first to offer mortgages in the UAE. Amlak Finance proved highly popular with Dubai-based investors when its' 2004 Initial Public Offering (IPO) of AED412.5 million (US$112 million) was 33 times oversubscribed on the Dubai Financial Market.
By converting to Islamic status at the time of the IPO, Amlak has been able to tap into growing pools of liquid Gulf Cooperation Council-based funds seeking to invest in the real estate sector. Amlak has ample scope for growth with a residential property market expected to be worth around AED23 billion (US$6.25 billion) in 2008 .
The company was conceived to provide longer-term financing to Emaar customers, unable to meet more traditional short term payment schedules. Dubai's dynamic property market has proved the ideal environment to achieve its objective of becoming the leading mortgage financing player in the Region.
Islamic mortgages appeal to local house-buyers and investors. However, non-Muslim customers are treated as equals and can seek alternative life insurance cover. Twenty-five year mortgages are available to UAE nationals, while non-UAE nationals may obtain financing up to 15 years.
Although Amlak naturally complements Emaar's business by providing prospective homeowners with long-term financing, it will provide mortgages to a wide range of developers. The company is currently located in Dubai with offices planned throughout the Gulf.
Dubai Bank was established in September 2002 to offer top-tier service and innovation, in Dubai's competitive retail banking marketplace. It was also set up to assist the financing requirements of Amlak Finance - Emaar's mortgage arm. Provision of corporate finance services is also planned.
Dubai Bank's services are particularly targeted to the banking needs of the young professional segment of the market. Dubai Bank is committed to fulfilling its responsibilities as a bearer of the city's name. Currently Dubai Bank has branches in the U.A.E. at the Dubai World Trade Centre as well as Jebel Ali and in Abu Dhabi.
Dubai Bank acts as an important investment channel for Emaar Group resources, while actively diversifying the sources of its' revenues. The venture is expected to improve dividend streams for Emaar shareholders as Emaar actively pursues expansion in its core business of innovative, high quality real estate development.
Emrill Services LLC is a joint venture between Emaar Properties PJSC, the region's premier property developer and Carillion PLC, a leading UK-based provider of facilities and property management services. The company was established in 2002 with a view to delivering Facilities Management services across Emaar's developments and eventually to customers throughout Dubai and the wider Gulf region.
Integrated Facilities Management delivers a seamless solution to customer focused service provision. Emrill takes complete responsibility for a wide range of non-core services inlcuding the traditional hard services of mechanical, electrical, plumbing and air-conditioning maintenance. These are bundled together with custodial services of cleaning, security, pest control and waste management into one service delivery offering.
Emrill maintains and operates comprehensive Facilities, Asset and Maintenance Management systems with the ability to achieve:
Significant cost saving resulting in less downtime through effective planned maintenance. Improved plant efficiency ensuring consistent quality with less wastage or re-work. Comprehensive fault service and monitoring history essential for planning maintenance activities. Advanced inspection and test systems, making compliance with safety regulations and legislation easier. Work control system giving comprehensive details on costings. Instantly accessible and comprehensive asset register. Emrill also operates a 24/7 Facilities Management Call Centre that has been designed to log, monitor and report incidents relating to any aspects of the physical assets of an organization with maximum speed and with comprehensive back up tools and information.
Emaar Industries and Investments is a company of unique vision. In our quest to become a global brand in manufacturing investment, we identify partners that have the potential to become leaders in their fields, and provide the means for unlocking their true value.
Whether capitalisation, skills or access to our extensive network, or a combination of the three, Emaar Industries and Investments acts as a catalyst to building a brighter future together.
posted
Ten-day Emaar the Economic City IPO attracts record number of subscribers Riyadh, Saudi Arabia, August 2, 2006: The 10-day IPO of Emaar the Economic City (EEC), which was over-subscribed since the third day of subscription, closed today with record number of subscribers applying for shares.
As at the end of the ninth day of subscription, over 2.5 million applications were received from over 9.2 million subscribers, with the amount subscribed already over SR6.7 billion. The final calculations of the number of applications, subscribers and funds collected will be announced soon.
“We thank the Saudi investors for their tremendous response to the IPO and the CMA and our banking partners for their support,” said Mr Mohamed Ali Alabbar, Chairman, EEC. “The overwhelming appreciation for EEC shares is a true indication of emerging investor appetite and trust in the King Abdullah Economic City project (KAEC), which will be financed through the net proceeds of the IPO. KAEC is a truly landmark development that will usher in a new era of prosperity for the Kingdom.”
“The highly encouraging response to the EEC IPO underscores the positive investment climate of the Kingdom and the importance of the KAEC project as a development that will bring in all-round growth,” said Mr Nidal Jamjoom, Chief Executive Officer, EEC. “We are thankful to the Capital Market Authority (CMA) of Saudi Arabia; to HSBC and Saudi British Bank (SABB), the exclusive financial advisor, lead manager and lead underwriter to the IPO; and to Riyad Bank and NCB, the sub-underwriters. We also thank the 11 receiving banks that have played an active role in reaching out to Saudi investors across the vast Kingdom using innovative means.”
EEC, a consortium headed by global real estate major Emaar Properties PJSC and a number of high profile investors from Saudi Arabia, had offered a total of 255 million shares at a nominal value of SR10 each. The fully underwritten IPO was open only for Saudi nationals. KPMG Al Fozan & Bannaga are the registered auditors and reporting accountants while Baker & McKenzie are the legal advisors of the IPO.
The SR100 billion (US$26.6 billion) King Abdullah Economic City is the largest private sector initiative in the Kingdom. Saudi Arabian General Investment Authority (SAGIA), the body responsible for inward investments to the Kingdom, is the prime facilitator of KAEC.
King Abdullah Economic City covers a greenfield site of 55 million sq m. The City will undertake mixed-use developments in six components: a modern world-class seaport, industrial district, financial island, educational and healthcare zone, resorts and the residential area. The overall project will be completed in stages, with the first batch of commercial houses and residents expected to take possession within 30 to 36 months.
Based on initial forecasts, KAEC and its several components have the potential to create up to 500,000 employment opportunities in the various industries and service-oriented companies that will open in the City.
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT! Posts: 9276 | From: San Diego CA | Registered: Jul 2006
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posted
some great info....thanks everyone....each day we get closer and closer to the countdown to liftoff...GLTA enjoy your weekends..!! GO OUT GET SOME SUN...lol
-------------------- Dont take my advice, due your own DD Posts: 711 | From: Oklahoma | Registered: Apr 2006
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ive been waiting for the huge liftoff with the rest of you but my question is who is dumping all these shares? could it be the mm screwing with it or could it be old lfwk insiders cashing in? i think my head is going to explode from all the info and pr hype! i guess we wait and see. oh! has anybody been over to i hubs sljb board? wow! gettin crazy over there a 1000 post or more a day insane.
Posts: 330 | From: oregon | Registered: Dec 2004
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Captain America: That's a good question. Logically it would seem that there is a massive short position. How were 24 million shares able to be traded on the day of the name change? Most brokers hadn't affect the change at that point. Where did the shares of SLJB come from?
GLTA Wally
Posts: 3255 | From: Los Angeles California | Registered: Jan 2006
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good point wallymac. i guess we just sit at the edge of our seats and wait. lotta fun a would have to say.
Posts: 330 | From: oregon | Registered: Dec 2004
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Watching for a good entry point..... Was the False "FAX" actually false? May take some time for that news to wash down..... Looks like that's what is keeping the stock price low recently.... .07 Wuld b a gr8 entry price... However ..still a little scared..... Will b wtchin wth an eagle eye monday morning........ JUICE had a gr8 post..
Posts: 1101 | From: Georgia | Registered: Apr 2006
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eh i doubt it will fall back to .07, thats where it was before all this good news came about
Posts: 596 | From: Kansas City | Registered: Jul 2006
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Okay, if anyone else was wondering exactly how "phantom shares" are possible I'm posting a fairly basic description that I found at forbes.com (http://www.forbes.com/business/2006/07/28/naked-shorts-hedgefund-cx_lm_0728hedg efolo.html)
The article is about Utah state legislation to protect Utah companies but the description of naked shorts and phantom shares applies to any trading stock:
Stock transactions are supposed to clear in three days. It is the responsibility of the broker-dealer handling a transaction to locate the stock, or at least have reasonable belief that he will be able to locate the stock, and make sure it gets delivered to the buyer. If that delivery doesn't happen, the trade is deemed "failed to deliver."
Most times, failures are cleared up in a matter of hours or days and are related merely to administrative snafus.
But people like Byrne contend that aggressive short-sellers also can manipulate the system (with broker-dealers looking the other way) and trade, despite getting "fails-to-deliver." That's what's called naked short-selling. In effect, it creates phantom shares in a company and drives down the price of its stock.
Posts: 106 | Registered: May 2006
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I'm still shocked at how this stock preformed EOW. We should have ended the week way above the current levels, given all the recent valuations the company released. But, with all the attention this stock has garnered, we should be able to counter the current chart trend. If they release the financials in a PR instead of just releasing them on their website, we would w/out a doubt take off. I have complete confidence in this stock and have taken a substantial position to hedge my beliefs. GL to all involved, I hope our hunches and DD pay off!!! Thank you for all the terrific DD everyone has posted
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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I believe the group behind the fax was dumping a huge number of shares last week which is why it didn't run. I saw a bunch of million share sells on Friday.
The good thing about this is that all the shares being dumped were bought at these higher levels.
I'll be taking advantage of any big dips we see next week.
Posts: 2049 | From: Jax,FL,USA | Registered: Nov 2003
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I think that is a very logical and reasonable assesment kt. I don't know who else would be selling blocks of shares that large, especially after all the great news released last week. I just hope that those who bought at the higher pps don't get frustrated and continue the selloff... But, on the positive side, I saw a couple huge buys on friday!!! Many over 1 million:)
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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So excited about this stock... I'm curious about the fax that whas sent out... what was it about? it sounds like it was a basher stock. Was it possiblly put out by people who are short on sljb and tried to bash it to cover at a lower price? by the way, thanks Juice for all the leg work. helps alot!
-------------------- learnin as I go. Posts: 582 | From: Iowa, Michigan, North Carolina, Israel | Registered: Jul 2006
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