At $1 this morning, NOL is trading on 63%
discount to book NTA of US$1.77 per
share. It is also significantly below
Temasek’s S$2.80 takeover offer in 2004,
before adjusting for the special
distribution of 92 cents in 2005. (NOL has
been generous with dividends in the last 4
years, paying 8 cents in 2006 and 14 cents
in 2007. 2008 interim was maintained at 4
cents per share. The final for 2008 is
however unlikely to be maintained at last
year’s 10 cents.)
discount to book NTA of US$1.77 per
share. It is also significantly below
Temasek’s S$2.80 takeover offer in 2004,
before adjusting for the special
distribution of 92 cents in 2005. (NOL has
been generous with dividends in the last 4
years, paying 8 cents in 2006 and 14 cents
in 2007. 2008 interim was maintained at 4
cents per share. The final for 2008 is
however unlikely to be maintained at last
year’s 10 cents.)
