THERE must be something in Singapore's water, because the Lion City's acquirers are active elsewhere, with MTQ Corp lobbing a 3.2c a share offer for what's left of the oil and gas services provider. MTQ, which owns 19 per cent of Neptune, has pitched the offer at Neptune's net tangible asset backing, although it's pitched at generous on 27 times Neptune's 2010-11 EBIT.
Despite being in a go-go sector, Neptune had made a right hash of things and has little to show for last year's emergency $65m rights raising at a lowly 5c/sh.
Criterion reckons investors should sell.
I'm holding for the moment to see if something else eventuates..
NMS Price at posting:
3.1¢ Sentiment: Hold Disclosure: Held
