techinically, CAO is not 上市, it's merely resuming trading from a long suspension. As such there will be no issue price or any fixed price for trading on the first day after trading resumed. In other words, it will be a free market-determined price.
given this, i would envisage that there is price fluctuation in the short period after the trading resumes.
There are indicative prices, despite none can be conclusive for the purpose of pricing:-
1) the CAOHC, BP and T paid 10.3 cents (after share consolidation 51.5 cent) for each share;
2) NTA after the huge derivatives trading loss, injection of new capital and debt-equity conversion is less than 4 cents (after share consolidation 17 cents) per share; and
3) the earnings is not clear yet but three months 05 figures showed S$10 million gross profit, $36 million from Pudong associated company, adjust for other income, other expenses, finance costs and tax (not forex/restructuring costs), the profit is about S$21 mil, or annualised S$28 mill, per share (consolidated) 3.8 cents.
On the minority side, the public shareholders' shareholdings will shrink from 40% t0 approx. 14.5%. For some shareholders who regretted being CAO's shareholders for such a prolonged period, they probably have no interests in keeping the shares. In the worse senario, the public float is only 14.5%. (not sure if the creditors can sell the shares immediately - if so, there is another 10%).
On the positive side, the fuel supply business is still there under CAOT, but only agency fee income (not sure how different is that as compared to trading). Shareholders are strong and the governance structure is in place. There may be quite a number of investors interested in the company as well and there might be some bargain hunting demand for the shares.
My two cents worth - all source documents from CAO's sgx announcements.
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