Recycling into Hate
A take-over, a disposal, a f#@k-up and a new bottom crawler.
I had planned to continue working through each of my respective investment theses and where I see them in five years, but that will have to wait as an opportunity to rebalance has presented itself.
Since I started this Substack I will have been taken out of four companies.
MMA Offshore Limited (MRM)
This was the first I've had to use my Macbook stocks app, as Koyfin won’t pull them up. This one pissed me off and had plenty more upside, and I planned to let it do its thing for a few more years.
CYAN RENEWABLES ACQUIRES MMA OFFSHORE
PGS ASA (PGS)
Broke even on PGS after weathering a 50% drawdown in stock price, then getting taken out. (Another Punch in the Face from Seismic).
TGS and PGS Merger Completed
Diamond Offshore Drilling Inc (DO)
This didn’t come as much of surpise when it was acquired by Noble. It was a nice clean relist to acquisition trade.
Noble and Diamond Offshore tie the merger knot with time to spare harnessing favorable consolidation winds
Dyna-Mac Holding ltd (NO4)
Now Dyna-Mac is the latest company to become a takeover target. I only brought into this company at the start of the year while in Montenegro (Balkan Life) at $0.31c per share. So a double in 9months is nothing to complain about, so I’ve sold and am going to redeploy the capital into a company I’ve been talking about buying for a while.
South Korean conglomerate Hanhwa Group has offered to acquire all of the shares it does not own in Singapore's Dyna-Mac Holdings, valuing the offshore oil and gas contractor at S$669.2 million ($513.90 million).
Hanhwa's units Hanhwa Aerospace and Hanwha Ocean already own a 25.4% stake in Dyna-Mac. The units intend to secure management control through the offer.
The buy-out offer price of S$0.6 per share is at a 21.2% premium over Dyna-Mac's last closing price.
Atlantic Navigation Holdings (5UL)
This brings me to Atlantic Navigation Holdings as I’m trying to hunt out asset heavy businesses trading cheap not businesses divesting their assets just as I believe oil and inflation is about to kick.
This article gives a good breakdown of the deal. In short, I’m going to wait for the special distribution (S$0.30 per share in the form of a capital reduction and special dividend) before heading for the exits.
Atlantic Navigation Holdings: Capitalizing on Vessel Sales and Transition to Asset-Light Model
I then plan to roll these proceeds into another tiny Singaporean offshore OSV company I already own.