Oxley Holdings Ltd - a decent set of FY2012 results but was disappointed in the stock split and rights issue...... Wednesday, 29 August, 2012 1:50 PM
Posted by Kevin Scully
No major surprises in the 2012 results
I have liked Oxley Holdings since its IPO and especially after management executed their plans and sold more than S$1.3bn in property to be recognised over the next few years. A change in accounting treatment for the recognition of property income, ie progressive for residential and on completion for industrial and commercial affected Oxley's profit recognition and by default its dividend payout. In its prospectus, Oxley had agreed to pay 50% of FY2011, 30% of FY2012 and 20% of FY2013 net profit as dividends. The profit numbers are now substantially lower because of the accounting recognition bu the underlying NAV remains unchanged.
Please read the FY2012 results announcement for ......
