TERMASICK Lose Big Money AGAIN. CCB! Why Can't This Money Go HELP The OLD n POOR

[ahleebabasingaporethief]

REALLY SICK FEELING ON HEARING THIS TYPE OF NEWS.




<table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr class="msghead"><td><table border="0" cellpadding="0" cellspacing="0"><tbody><tr class="msghead"><td class="msgTname" nowrap="nowrap" width="68%"> <nobr></nobr></td> <td class="msgNum" align="right" nowrap="nowrap"> (1 of 6) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">51846.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt" id="msgtxt_1">http://www.irishtimes.com/newspaper/finance/2011/0530/1224298057349.html

The Irish Times - Monday, May 30, 2011Inscrutable owners now facing pressure to make call on Eircom

BUSINESS OPINION: An injection of about €400m is needed – STT have to figure out if they would ever get it back
PRESSURE IS starting to mount on STT to decide what it is going to do about Eircom.
The Singapore-based group – which is owned by the city-states sovereign wealth fund Temasek – has been a model of eastern inscrutability since taking control of the national phone network at the start of last year.
___________They paid a mere €140 million for the company, but it came with an unsustainable debt mountain of €3.75 billion.[/SIZE]
For the last year the Singaporeans have been sitting on the sidelines weighing up whether they want to roll up their sleeves and follow their €140 million with however much more money it is going to take to sort out Eircom.
The figure put on the amount of equity that needs to go into the company is about €400 million and, presumably, the question STT is trying to figure out is whether they will ever get it back.
One of the things they have been watching is how chief executive Paul Donovan has been getting on with his cost-cutting plans. The most recent advance on that front has been a deal that will see staff take a 10 per cent pay cut. Some 1,000 jobs are to go over the next two years.
The other variable which no doubt will be watched by STT is the performance of the Irish economy given the pretty direct link between economic activity and telecoms traffic.
There does appear to be a consensus that the economy will return to growth next year, albeit based on a two-speed economy.
The last consideration, and the one that has now come into very sharp focus, is when is the best time to move when it comes to trying to strike a deal with the company’s bondholders.
It would appear that time is running out in this regard, with management conceding on Friday that it may breach its financial covenants within three months. This would point to a deal sooner rather than later.
Donovan is clearly keen to get the job done, arguing on Friday that it “is imperative that we accelerate the discussions with our lenders and shareholders about how we manage a potential breach.
“We will need to put the company on a sustainable footing with regard to a future financial structure and that includes the amount of debt that we have on our balance sheet and the terms of that debt.”
The senior creditors also seem ready to go with advisory firm Houlihan Lokey signed up to represent them. Eircom has also got tooled up, engaging investment banks Gleacher Shacklock and JP Morgan, and law firm Linklaters to represent it in talks.
However, it might be rash to discount the possibility of STT playing for a little bit more time by just dribbling extra capital into Eircom to allow it avoid a breach of its bank covenants. Although some debt is due for repayment in June, the first really big tranche – of €1.2 billion – does not fall due until 2014.
Bank of America Merrill Lynch estimate about €25 million should do the trick and keep the company out of default until the end of the year. It must be tempting. The uncertainty about STT’s commitment has certainly helped Donovan drive through his cost-cutting and will ensure that they take hold.
Likewise the prospects for the economy should be a deal clearer come the end of the year.
The downside is that the longer STT prevaricates the worse the trading position at Eircom becomes. The latest set of figures indicate the difficulties the company is facing.
Group revenues fell 11 per cent to €407 million in the first quarter while adjusted Ebitda – earnings before interest, taxes, depreciation and amortisation – fell 6 per cent to €170 million.
Fixed-line revenues fell by 6 per cent while its mobile sales were 11 per cent lower.
The company shed 21,000 mobile customers in the nine months to end the period with 1.04 million subscribers.
The other problem facing Eircom is that its competitors – and NTL in particular – are currently investing in infrastructure and stealing a march on it, particularly in cable.
The worse the trading position the more likely the bondholders are to agree to a bigger haircut in the inevitable restructuring.
But, by the same token, there comes a point when so much damage will be done to the company and its prospects by the stand-off that it becomes counter-productive.
On balance it looks as though STT will bite the bullet sometime over the next three months but there is quite a game to be played out first.





</td></tr> <tr><td> </td></tr> </tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="msgleft" width="1%"> </td><td class="msgopt" nowrap="nowrap" width="24%"> Options</td><td class="msgrde" align="center" nowrap="nowrap" width="50%"> Reply</td><td class="wintiny" align="right" nowrap="nowrap" width="25%"> </td></tr><tr><td class="msgbfrbot"> </td><td colspan="3"> </td></tr></tbody></table> <table class="msgtablealt" cellpadding="0" cellspacing="0" width="96%"><tbody><tr><td class="msg" valign="top"> <table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr class="msghead"><td class="msgbfr1" width="1%"> </td><td> <table border="0" cellpadding="0" cellspacing="0"> <tbody><tr class="msghead" valign="top"> <td class="msgF" align="right" nowrap="nowrap" width="1%">From: </td><td class="msgFname" nowrap="nowrap" width="68%">kojakbt_89_ <nobr></nobr> </td><td class="msgDate" align="right" nowrap="nowrap" width="30%">12:14 am </td></tr> <tr class="msghead"><td class="msgT" align="right" nowrap="nowrap" height="20" width="1%">To: </td><td class="msgTname" nowrap="nowrap" width="68%">snablogspot <nobr></nobr> unread</td> <td class="msgNum" align="right" nowrap="nowrap"> (2 of 6) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">51846.2 in reply to 51846.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt" id="msgtxt_2">Bro, thx for the info... if you come across any news about Temasek Holdings boo boo (which I'm sure SPH will not bother to report)... email me ([email protected])
I'll make sure TR gets it...

</td></tr> <tr><td> </td></tr> </tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="msgleft" width="1%"> </td><td class="msgopt" nowrap="nowrap" width="24%"> Options</td><td class="msgrde" align="center" nowrap="nowrap" width="50%"> Reply</td><td class="wintiny" align="right" nowrap="nowrap" width="25%"> </td></tr><tr><td class="msgbfrbot"> </td><td colspan="3"> </td></tr></tbody></table> </td></tr></tbody></table> <table class="msgtable" cellpadding="0" cellspacing="0" width="96%"><tbody><tr><td class="msg" valign="top"> <table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr class="msghead"><td class="msgbfr1" width="1%"> </td><td> <table border="0" cellpadding="0" cellspacing="0"> <tbody><tr class="msghead" valign="top"> <td class="msgF" align="right" nowrap="nowrap" width="1%">From: </td><td class="msgFname" nowrap="nowrap" width="68%">loeg <nobr></nobr> </td><td class="msgDate" align="right" nowrap="nowrap" width="30%">12:49 am </td></tr> <tr class="msghead"><td class="msgT" align="right" nowrap="nowrap" height="20" width="1%">To: </td><td class="msgTname" nowrap="nowrap" width="68%">snablogspot <nobr></nobr> unread</td> <td class="msgNum" align="right" nowrap="nowrap"> (3 of 6) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">51846.3 in reply to 51846.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt" id="msgtxt_3">these fuckers should be taken to fucking court to account for their losses.
Its the people's money!
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[fenwick]

This CHOW CHEE BYE !!! "HO JINX" should be Stoned till DEATH!!!!!!!!!!

 

[Bigfuck]

if 3% points of the 17% returns are set aside every year for npb and mcys as well as mom and cpf, it would do wonders. 1 billion sgd each would make singapore greener, help old and disadvantaged with grants and micro-loans, real workfare training and cpf top-up for the old and disadvantaged. the multiplier effect for Singapore and singaporeans would be positive and in dollar terms.

 

[fenwick]

I think in future all GIC or GIC's related companies investments should go through parliament before getting the green light. ........ not suka suka let that CCB do what she like. After all it's Singaporean's money !!!! It's our money !!! Imagine if they distribute what they loss in investments to us this year......MUCH MUCH MORE than $600-700............... Na Beh!!! Like Hokkien's saying " It's good to be clever, but don't act clever " ... maybe can go and consult Mr Chen Show Mao la !

 

[moolightaffairs]

I think in future all GIC or GIC's related companies investments should go through parliament before getting the green light. ........ not suka suka let that CCB do what she like. After all it's Singaporean's money !!!! It's our money !!! Imagine if they distribute what they loss in investments to us this year......MUCH MUCH MORE than $600-700............... Na Beh!!! Like Hokkien's saying " It's good to be clever, but don't act clever " ... maybe can go and consult Mr Chen Show Mao la !

kiang tio ho! mai keh kiang!

 

[jumpmrt]

Show Ho Jinx how to jump MRT. Climb the barrier and jump.

 

[Lucian Darth]

Tmd!!败家女！有本事就玩你娘家的家产，妈的动不动就拿‘令祖公’的钱来玩！！

 

[GeylangCheongster]

Temasek lost big on Merill Lynch, lost on Barclays, lost on this.... Temasek is a Pinkerton angmoh lover company

If they had invested in the East they would have made a lot of money, but they LURVE the angmo because angmo says something nice their ego become inflated and they throw big money to the angmo conmen

Fuck Temasek

 

[SINgaporean]

This country is going down.... To them it's not Singaporean money it's the lees money

 

[Ash007]

Even if that law is in place, you think it won't be just wayang? "They" do control like 81 seats in parliament. Which is a majority, any bills propose would still pass. Until we get more opposition into parliament to stop stuff like this, its useless arguing what GLC's can or cannot do with our money.

I think in future all GIC or GIC's related companies investments should go through parliament before getting the green light. ........ not suka suka let that CCB do what she like. After all it's Singaporean's money !!!! It's our money !!! Imagine if they distribute what they loss in investments to us this year......MUCH MUCH MORE than $600-700............... Na Beh!!! Like Hokkien's saying " It's good to be clever, but don't act clever " ... maybe can go and consult Mr Chen Show Mao la !

 

[halsey02]

Even if that law is in place, you think it won't be just wayang? "They" do control like 81 seats in parliament. Which is a majority, any bills propose would still pass. Until we get more opposition into parliament to stop stuff like this, its useless arguing what GLC's can or cannot do with our money.

It would be good to put up their old charter, together with their current or the changed one for all to view. They can argue till the 'cow come home' that they are using their STAKEHOLDER'S money to invest.:p

But whose STAKES are they dolding?

 

[streetsmart73]

hi there


1. i am just curious what messrs leong sze hian and tan kin lian make of such figures?
2. it is good for a balance view from the sifus!

 

[ahleebabasingaporethief]

Increase MINIMUM SUM because of this debacle? Timing is very chun.

 

[Cutecutie]

Increase MINIMUM SUM because of this debacle? Timing is very chun.

I feel they are slapping their own face by implying despite their high efficiency and track records, they did not factor in something as simple as INFLATION when min sum was first implemented. I'm not convinced of this lousy reason to raise the cap.

 

[wuqi256]

To supporters of the establishment, they can do no wrong, this and other money losing ventures are just ways to test water and to train their leaders to lose less money next time, using our money of course. They can do no wrong, wan sui, wan sui, wan wan sui.

 

[IR123]

why can't they help the old and poor? sure they can, but wait till temasek make a lot of money. It is after all, already profitable. Then the money will be channelled to growth shares which all benefit.

I think the above is the general idea.

 

[ivebert]

Why you want to help the poor?

They can clean toilet for $500 a month
But are they doing that? They are surfing net at home!

Chao fucking lazy losers

 

[suicidalpap]

Why is our money? This time husband and wife point to their pockets.

 

[Lucian Darth]

Why you want to help the poor?

They can clean toilet for $500 a month
But are they doing that? They are surfing net at home!

Chao fucking lazy losers

R u sure they even have the clean toilet job to do? Eh I tot those jobs now done by Blanglahs and PRCs? Still got this type of jobs for local meh? Hmmm