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Sri Lanka Equity Forum » Stock Market Talk » Teller, The Great Manipulator Of HEXP

Teller, The Great Manipulator Of HEXP

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1Teller, The Great Manipulator Of HEXP Empty Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 12:21 pm

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
They have clearly mentioned in their announcement that the transaction is non recurrent transaction, that’s mean can’t be included in the EPS calculation.

 And further more this is similar to related parties transaction; here purchaser is ALUMEX PLC is a subsidiary of the parent company, Hayleys.

https://cdn.cse.lk/cmt/upload_cse_announcements/4901484047847_.pdf

And some of the directors are also common or represent for both companies (Refer their announcement) and the transaction price also determined on their own interest / intension, this price cannot be considered as the market value or price and this is not reflecting the HEXP’s business performances.

This is merely for outsider view; some companies are doing this type of transaction before their borrowing or right issue purposes

If one brother sells his land to his own sister for 1000 Sri Lankan rupees or 500 million Sri lankan rupees there may be so many implied intension in their transaction, in this first case if they wants to avoid the taxation they will use the Rs.1000/- option or if they have any borrowing intension they will go for second potion 500 millions, in both cases these are not the market price only for outsiders view with purpose.     

Here Teller after placing more than 1800 advertisement for Illiquid HEXP and sucked new comers blood money, once again trying another ride on others back for the sake of his boss Bartleet,

 Bartleet, after dumping huge quantities of HEXP on retailers head on HEXP’s first run, stopped their activities after heavy pressure from outside, now Teller wants to reopen the second run on behalf of Bartleet to dump HEXP on others head at high price.

My article might have provoked some people those who already fallen on Tellers trap, have to escape from HEXP and compel to support the Tellers HEXP theory      

2Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 12:28 pm

stockback


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Miss-Sangeetha wrote:They have clearly mentioned in their announcement that the transaction is non recurrent transaction, that’s mean can’t be included in the EPS calculation.

 And further more this is similar to related parties transaction; here purchaser is ALUMEX PLC is a subsidiary of the parent company, Hayleys.

https://cdn.cse.lk/cmt/upload_cse_announcements/4901484047847_.pdf

And some of the directors are also common or represent for both companies (Refer their announcement) and the transaction price also determined on their own interest / intension, this price cannot be considered as the market value or price and this is not reflecting the HEXP’s business performances.

This is merely for outsider view; some companies are doing this type of transaction before their borrowing or right issue purposes

If one brother sells his land to his own sister for 1000 Sri Lankan rupees or 500 million Sri lankan rupees there may be so many implied intension in their transaction, in this first case if they wants to avoid the taxation they will use the Rs.1000/- option or if they have any borrowing intension they will go for second potion 500 millions, in both cases these are not the market price only for outsiders view with purpose.     

Here Teller after placing more than 1800 advertisement for Illiquid HEXP and sucked new comers blood money, once again trying another ride on others back for the sake of his boss Bartleet,

 Bartleet, after dumping huge quantities of HEXP on retailers head on HEXP’s first run, stopped their activities after heavy pressure from outside, now Teller wants to reopen the second run on behalf of Bartleet to dump HEXP on others head at high price.

My article might have provoked some people those who already fallen on Tellers trap, have to escape from HEXP and compel to support the Tellers HEXP theory      


nonsense..

we all no this is not EPS increasing and regular business. 

this is capital gain. effect to NAVP. and the y can re- invest money and expand the business rapidly. 

now HEXP is good stock for invest.

who is owning HEXP. that is another key factor.
JKH own CCS now what is the price.

I expect same type of run from HEXP with time and business expansion..

3Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 12:38 pm

stockback


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
HEXP stock holder list.

30.09.2016 quarter traded more quantity. if its so Bartlett holders should be on the list.

Teller, The Great Manipulator Of HEXP Hexp_011

Teller, The Great Manipulator Of HEXP Hexp_010

4Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 1:37 pm

Teller

Teller
Moderator
Moderator
Absolutely correct stock back, where is the Bartleet here. We couldn't see.
Think logically miss Sangeetha, I agree HAYleys owns around 65℅. So do you think they can play what ever they like? It's not like that.
Think based on accounting principles and Sri Lankan accounting standards.
No need to do much justification with you . You will see very soon HEXP above 120/_ levels.
If it doesn't happen I will not write in this forum. I know the secret here .
GL


_________________




Teller said is said..

5Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 2:35 pm

nishjaya


Equity Analytic
Equity Analytic
@Teller wrote:Absolutely correct stock back, where is the Bartleet here. We couldn't see.
Think logically miss Sangeetha, I agree HAYleys owns  around 65℅. So do you think they can play what ever they like?  It's not like that.
Think based on accounting principles and Sri Lankan accounting standards.  
No need to do much justification with you . You will see very soon HEXP above 120/_ levels.
If it doesn't happen I will not write in this forum.  I know the secret here .
GL

Teller you are correct, HEXP will be above 120/- as soon as possible

6Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 2:40 pm

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
@Teller wrote:Absolutely correct stock back, where is the Bartleet here. We couldn't see.
Think logically miss Sangeetha, I agree HAYleys owns  around 65℅. So do you think they can play what ever they like?  It's not like that.
Think based on accounting principles and Sri Lankan accounting standards.  
No need to do much justification with you . You will see very soon HEXP above 120/_ levels.
If it doesn't happen I will not write in this forum.  I know the secret here .
GL
This is Hayleys internal transfer not performance wise gain or outside sale, through this transaction they can increase the net asset value of both ALUMEX PLC and HEXP in enlarged amount. Here they are increasing their own asset value themselves in their books of accounts through this transaction, this is mere mirage.
Reality will come sooner than later, similar to COCR prediction of above Rs.110/- share price now COCR trading at Rs53.50.

7Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 2:54 pm

stockback


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Miss-Sangeetha wrote:
@Teller wrote:Absolutely correct stock back, where is the Bartleet here. We couldn't see.
Think logically miss Sangeetha, I agree HAYleys owns  around 65℅. So do you think they can play what ever they like?  It's not like that.
Think based on accounting principles and Sri Lankan accounting standards.  
No need to do much justification with you . You will see very soon HEXP above 120/_ levels.
If it doesn't happen I will not write in this forum.  I know the secret here .
GL
This is Hayleys internal transfer not performance wise gain or outside sale, through this transaction they can increase the net asset value of both ALUMEX PLC and HEXP in enlarged amount. Here they are increasing their own asset value themselves in their books of accounts through this transaction, this is mere mirage.
Reality will come sooner than later, similar to COCR prediction of above Rs.110/- share price now COCR trading at Rs53.50.


Now i am collecting HEXP and Holder of HEXP. i dont care about Alumex. Hayls Main company does not get much effect. but individually Hexp get big advantage. 420 Millions. this is big amount for HEXP

Cocr - market situation effect for COCR. this will be sort out very soon.
another 20 Millions USD worth private placement are on the list (about 125/= Price) 
COCR earning will be around Rs3 this quarter. time will give answer all question for nagative thinkers.

I am confident. Next  month Fitch rating upgrade we will get. thats why 1 Billion USD worth loan and 1.5 Billion USD SLDB issuing. same time 1.1 Billions USD from selling H. Port

and Also IMF 920 Millions USD this year. and also World Bank 440 Millions USD issuing this year.
another 0.5 - 1.0 Billions USD expecting ADB. 

around 400 Millions USD for Port city project this year. and some other FDI's

expecting to increase nearly 1 Billions Tourism income.

many more activities to come. 

Time will sort-out all question of negative thinkers....

8Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 3:19 pm

Teller

Teller
Moderator
Moderator
Don't compare COCR and HEXP here. COCR has different transaction but HEXP scenario is totally different. HEXP disposed their land with a high profit.
If they are simply transferring this asset why have they done revaluation? The other thing is why ALuMax said they have purchased this land to increase their production capacity?
Your logic is totally wrong Sangeetha. So think wisely.
Simply Why HEXP share holders should support ALuMax growth?


_________________




Teller said is said..

9Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 5:06 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
There is some sort of similarity in COCR-Thai and HEXP-AlUM deals.

Both deals were initiated and controlled by linked parties to the buyers and sellers .

COCR shareholding director sold shares at premium to Thai Group and that person is holding director posts in Thai group also.

HEXP sold land at premium to LALU and the Chairman of HEXP is also the Chairman of LALU and both are under control of same group.

Both deals were done at unusually higher rates.

10Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 6:25 pm

stockback


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Chinwi wrote:There is some sort of similarity in  COCR-Thai and HEXP-AlUM deals.

Both deals were initiated and controlled by linked parties to the buyers and sellers .

COCR shareholding director sold shares at premium to Thai Group and that person is holding director posts in Thai group also.

HEXP sold land at premium to LALU and the Chairman of HEXP is also the Chairman of LALU and both are under control of same group.

Both deals were done at unusually  higher rates.


diya kiarata balluth sakki........

COCR- Deal (stock selling one party to another party) - private placement on the way (Rs 125 Level)

HEXP- land selling (cash inflow to HEXP accounts. perch ekak 4 Laks kiyanne samay mila api inna paththe.) this deal get advantage for HEXP. habai dan tiakata kalin kiwa neda land eka thiyagaththanam hondai kiyala oya katinma.

share price not move. if its stay this level i am happy. i will buy 70-100K stocks very slowly. no worry's

thanks guys your advise.......

11Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 7:04 pm

Rifanmoh


Equity Analytic
Equity Analytic
My humble opinion is that both Sangeetha and Teller represent the lowest extreme and the highest extreme respectively regarding the future price of HEXP. The reality is that the share price will be only in the middle of both their prediction.

The sale of the investment property which had been accounted using cost value model has now resulted in a huge profit around of Rs. 200 Mn which is 4 Times higher than the PAT HEXP would make in 2016/17. There is no argument on the profit earned by the sale of the property no matter to whom it was sold. 

This one off profit would technically multiply the existing annualised ESP of HEXP by 5 with immediate effect. This is a temporary effect and will disappear immediately in FY 17/18. 

In contrast to the multiplication of EPS, the share price is capable of getting multiplied  by 1.25 to 1.4. 

Why it will increase the price?

The sale has generated cash of Rs. 420 Mn which is really huge considering the current NBV of equity Rs. 500 Mn !!!!.
This additional cash has been generated without the shareholders' further investing. This could be seen as an equivalent of dividend of Rs. 25 per share as it will be the least thing the Board will decide to use the cash on. The price therefore should reach Rs. 105 very very soon from the Tuesday price of Rs. 80. Unlike the case of EPS, the NA value has increased by 25 permanently!!!

I strongly guess that the management of HEXP has in hand a investment option whereby the shareholders will be better off in the future rather than paying a one off dividend now. 

The current positive environment with GSP+  in hand in the near future coupled with improved performance of the company in the current year compared to the previous are further reasons that could take the price even beyond Rs. 105

12Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 7:16 pm

Rifanmoh


Equity Analytic
Equity Analytic
@Miss-Sangeetha wrote:
@Teller wrote:Absolutely correct stock back, where is the Bartleet here. We couldn't see.
Think logically miss Sangeetha, I agree HAYleys owns  around 65℅. So do you think they can play what ever they like?  It's not like that.
Think based on accounting principles and Sri Lankan accounting standards.  
No need to do much justification with you . You will see very soon HEXP above 120/_ levels.
If it doesn't happen I will not write in this forum.  I know the secret here .
GL
This is Hayleys internal transfer not performance wise gain or outside sale, through this transaction they can increase the net asset value of both ALUMEX PLC and HEXP in enlarged amount. Here they are increasing their own asset value themselves in their books of accounts through this transaction, this is mere mirage.
Reality will come sooner than later, similar to COCR prediction of above Rs.110/- share price now COCR trading at Rs53.50.
Dear Sangeetha, it seems you don't understand how the accounting works. Why do you say NA of ALUMEX also will increase because of this transaction??

13Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 9:49 pm

ifenny

ifenny
Senior Equity Analytic
Senior Equity Analytic
My opinion is : HEXP price can go up as a result of manipulation and will come down.
But if someone wants to invest on this share based on fundamentals, they should ignore temp increase of NAV due to Land transaction and wait to see what is HEXP management is intended to do with that money. What if they decided to settle some debts currently in the balance sheet ? (eg Rs. 89,288,000 of Interesting bearing loans) and pay a reasonable one time dividend (let's say Rs.5 per share x 8,000,000 = Rs. 40,000,000) ? There will be temp hike in the price, but it will come lower than it used to be in next quarter/year as it's NAV will be reduced again.
Technically, this is a internal transfer of assets within the same group of Hayl where there will be no immediate revenue generations for any of the parties involved in (HAYL, HEXP or ALUM). 

Other views/opinions are welcome as I see this topic as a very good learning opportunity on stock valuation.

14Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 10:05 pm

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
@Rifanmoh wrote:
@Miss-Sangeetha wrote:
@Teller wrote:Absolutely correct stock back, where is the Bartleet here. We couldn't see.
Think logically miss Sangeetha, I agree HAYleys owns  around 65℅. So do you think they can play what ever they like?  It's not like that.
Think based on accounting principles and Sri Lankan accounting standards.  
No need to do much justification with you . You will see very soon HEXP above 120/_ levels.
If it doesn't happen I will not write in this forum.  I know the secret here .
GL
This is Hayleys internal transfer not performance wise gain or outside sale, through this transaction they can increase the net asset value of both ALUMEX PLC and HEXP in enlarged amount. Here they are increasing their own asset value themselves in their books of accounts through this transaction, this is mere mirage.
Reality will come sooner than later, similar to COCR prediction of above Rs.110/- share price now COCR trading at Rs53.50.
Dear Sangeetha, it seems you don't understand how the accounting works. Why do you say NA of ALUMEX also will increase because of this transaction??

That is typing error, I mentioned the ALUMEX fixed asset / Land asset with inflated value determine by same directors or common directors in both sides (buyer and seller)



Last edited by Miss-Sangeetha on Fri Jan 13, 2017 10:24 pm; edited 3 times in total

15Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Fri Jan 13, 2017 10:12 pm

stockback


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@ifenny wrote:My opinion is : HEXP price can go up as a result of manipulation and will come down.
But if someone wants to invest on this share based on fundamentals, they should ignore temp increase of NAV due to Land transaction and wait to see what is HEXP management is intended to do with that money. What if they decided to settle some debts currently in the balance sheet ? (eg Rs. 89,288,000 of Interesting bearing loans) and pay a reasonable one time dividend (let's say Rs.5 per share x 8,000,000 = Rs. 40,000,000) ? There will be temp hike in the price, but it will come lower than it used to be in next quarter/year as it's NAV will be reduced again.
Technically, this is a internal transfer of assets within the same group of Hayl where there will be no immediate revenue generations for any of the parties involved in (HAYL, HEXP or ALUM). 

Other views/opinions are welcome as I see this topic as a very good learning opportunity on stock valuation.

Teller, The Great Manipulator Of HEXP Hexp_012
HAYLEYS PLC (HAYL.N0000) main owner or these company's HAYLEYS FIBRE PLC (HEXP.N)
ALUMEX PLC (ALUM.N).

Alumex and HEXP two different companies with same parent. how do you say it internal transfer.
that is maybe internal transaction for HAYLEYS PLC (HAYL.N0000) not for HEXP.

now I recommend this stock for as a investor. buy and hold for two quarters you will get more-than 75% sure. with GSP+ events and new investments.

samaharu as walat wali gahai e gollonta ekathu karaganna.

16Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Sat Jan 14, 2017 8:46 am

Rifanmoh


Equity Analytic
Equity Analytic
@Miss-Sangeetha wrote:
@Rifanmoh wrote:
@Miss-Sangeetha wrote:
@Teller wrote:Absolutely correct stock back, where is the Bartleet here. We couldn't see.
Think logically miss Sangeetha, I agree HAYleys owns  around 65℅. So do you think they can play what ever they like?  It's not like that.
Think based on accounting principles and Sri Lankan accounting standards.  
No need to do much justification with you . You will see very soon HEXP above 120/_ levels.
If it doesn't happen I will not write in this forum.  I know the secret here .
GL
This is Hayleys internal transfer not performance wise gain or outside sale, through this transaction they can increase the net asset value of both ALUMEX PLC and HEXP in enlarged amount. Here they are increasing their own asset value themselves in their books of accounts through this transaction, this is mere mirage.
Reality will come sooner than later, similar to COCR prediction of above Rs.110/- share price now COCR trading at Rs53.50.
Dear Sangeetha, it seems you don't understand how the accounting works. Why do you say NA of ALUMEX also will increase because of this transaction??

That is typing error, I mentioned the ALUMEX fixed asset / Land asset with inflated value determine by same directors or common directors in both sides (buyer and seller)
Whatever the amount ALUMEX paid to HEXP on this land purchase Will never ever increase the NA of ALUMEX. This is a arms length transaction where real movement of cash and property have effected between both the seller and buyer. ALUM didn't get the land for free for it to increase the NV. 


ALUM could have used Rs. 420 mn plus stampduty as cash/Borrowing or combination of both in order to settle the transaction. Think of simple double entry now. 


In line with Hayleys Group accounting policy, If ALUM decides to maintain this aasset at revalued amount, then they will revalue the land every three year or every year to update the BS. This will result in revaluation surplus and therefore increase NA by a small amount. This can happen only from at the end of 2017/18. 


HEXP have been holding this property in the B/S at cost value - the price they paid to buy the asset long time back. Now this profit is a real capital gain due to realisation of market value of the asset. There is no way you can say the price has been decided by BOD. The valuation has been done by independent valuer. In fact, they have been disclosing the market value of this property in every AR report in the past. Please download few of them and check. 


Don't worry about common directors in HEXP and ALUM. It's ultimately directors of Hayleys who would have decided to execute this transaction. 

17Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Sat Jan 14, 2017 9:30 am

Rifanmoh


Equity Analytic
Equity Analytic
@ifenny wrote:My opinion is : HEXP price can go up as a result of manipulation and will come down.
But if someone wants to invest on this share based on fundamentals, they should ignore temp increase of NAV due to Land transaction and wait to see what is HEXP management is intended to do with that money. What if they decided to settle some debts currently in the balance sheet ? (eg Rs. 89,288,000 of Interesting bearing loans) and pay a reasonable one time dividend (let's say Rs.5 per share x 8,000,000 = Rs. 40,000,000) ? There will be temp hike in the price, but it will come lower than it used to be in next quarter/year as it's NAV will be reduced again.
Technically, this is a internal transfer of assets within the same group of Hayl where there will be no immediate revenue generations for any of the parties involved in (HAYL, HEXP or ALUM). 

Other views/opinions are welcome as I see this topic as a very good learning opportunity on stock valuation.
Dear Ifenny, 

In contrast to your view. if an investor looks at fundamentals, he should invest immediately before price moves beyond a particular level. And if an investor fears the possible manipulation, then he should stay away from this stock.

It seems you understood that HEXP has generated cash of Rs. 420 mn but you don't understand the generation of profit on HEXP side.

The profit of Rs. 200 mn + has been realised in the accounts of HEXP. You will witness this in a note in Q3 accounts that will be published in Feb and you will see the profit in the income statement directly in Q4. As a significant post balance sheet transaction as at 31st Dec 16, they will definitely disclose this profit at least in the notes for Q3 financials.

This profit will be an unrealized profit for Hayleys only as the buyers and sellers are subsidiaries so the inter subsidiary transactions will be eliminated in consolidation of accounts. So You should not expect Hayleys PlC to show such a profit in their financials.

Why do you worry about what the management will do with the cash??. If they pay off debt. the company becomes debt free and can avoid interest cost and improve profit immediately. Even after paying off the debt, they will still be left with huge cash balance.

If they pay a one off dividend, isn't it good for shareholders??

If they reinvest the cash in the business, isn't it again good for shareholders?. Won't the future profit increase YOY with reasonable certainty due to enlarged organization??

18Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Sat Jan 14, 2017 4:36 pm

Teller

Teller
Moderator
Moderator
Really interesting discussions are going on. Thanks Sangeetha for opening the thread. now no one can hide the HEXP hidden value. We can see Rs
100 break out with in days or two.


_________________




Teller said is said..

19Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Sat Jan 14, 2017 5:10 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics


Both Rifanmoh and ifenny are doing good analysis.
Thank you.


@Rifanmoh wrote:Why do you worry about what the management will do with the cash??. If they pay off debt. the company becomes debt free and can avoid interest cost and improve profit immediately. Even after paying off the debt, they will still be left with huge cash balance.

If they pay a one off dividend, isn't it good for shareholders??


I think there is something to concern.  
If trading price increased beyond NAV due to millions in cash ,  as emphasized by someone in another thread ,   what will happen if they drain that cash by giving a big dividend ?  The share should  shrink back to original level.

That is why we should think about real cash in books and trading price especially when a company has considerably higher cash portion in assets.  If trading price go over the real asset level then we may steps into risk zone.  

I saw many people evaluating JKH Warrant prices time to time using various accepted formulas but what happened at the end?

Zero debt is also not 100% good if interest rates are reasonably low.

20Teller, The Great Manipulator Of HEXP Empty Re: Teller, The Great Manipulator Of HEXP on Sat Jan 14, 2017 5:53 pm

Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
Common directors mean not healthy bargaining in this transaction, all coming in under Hayleys purview, and so called independent assessment/ valuation also question mark, appointed by whom or Puppet of whom ?.

Compare to the surrounding place land value, this transaction of land value is extra ordinary high value with huge difference, any how this is Haleys internal decision because they can reach any amount of value and buyers and sellers are same persons under within the Hayleys purview and sharing common directors.

Due to this transaction Hayleys ALUMEX PLC’s total Fixed Asset /land asset value as well as Hayleys HEXP so called profit in land sale of HEXP also increasing in inflated value that is two mangoes in one stone without any efforts and simple way of transaction

Some are even talking about one off dividend payment to share holders from this land sale proceeds

Any prudent concept following accountant or board of directors won’t allow the land sale proceeds to distribute as dividend with considerable proportion of land sale proceeds.

Hayleys ALUMEX PLC’s 420 Million going to be transferred to Hayleys HEXP’s Land disposal account but how sincerely they are going to spend on investment from this land sales proceeds is an another question mark, in the middle of incoming news of right issue of HEXP within three months is an another doldrums. If this right issue talk of HEXP is true, then this transaction will greatly helpful to them.    

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