SC Global | Date of purchase | No. of shares purchased | Average price/share (S$) |
| Share buyback | 06-10-2008 | 200,000 | 0.64 |
| 07-10-2008 | 200,000 | 0.6187 | |
| 08-10-2008 | 200,000 | 0.6035 | |
| 09-10-2008 | 191,000 | 0.6044 | |
| 10-10-2008 | 300,000 | 0.50348 | |
| Simon Cheong | 07-10-2008 | 500,000 | 0.65 |
| David Tsang | 13-10-2008 | 300,000 | 0.4647 |
| Wheelock Properties | 15-10-2008 | 7,347,000 | Not available |
| 30-10-2008 | 4,136,000 | Not available |
SC Global is down 75% from a year ago.
LAST MONTH (Oct), when the stock market sharply fell, Wheelock Properties was a big buyer in the open market of SC Global shares.
Seems like Wheelock CEO David Lawrence has decided that he would have little, or no, regret buying.
That was unlike the massive 10% stake he purchased in June last year for which he decided to apologise to shareholders subsequently.
Following last month's purchase, Wheelock now holds 63,174,758 shares, or 16.05% of SC Global, an upscale residential developer.
Now trading at around 62 cents, SC Global shares have fallen about 75% from 12 months ago. At 62 cents, the stock is trading below its net asset value as of June 30 of 97 cents a share.
Wheelock Properties CEO David Lawrence apologised to his shareholders at an annual general meeting in April this year for having bought a stake in SC Global last year at the top of the market.
"I knew the market was not going to do well. The only reason I bought into SC Global was in case my gut feel was wrong and the (property) market kept going up. It was a hedge really," Mr Lawrence told Business Times last month (Oct).
Wheelock stock has fallen 57% from a year ago.
"But SC Global is a well-managed, good company which will do well in the long-term," he added.
‘Every cycle, I make one mistake. The last cycle, I bought Ardmore View. And then I had to write it down, but then I did make good money.
‘This cycle I bought SC Global. It was a mistake. But it is a good company, so I’ll just have to hold it longer and make money.’
SC Global directors Simon Cheong and David Tsang also were buyers last month (Oct), as did the company itself through its share buyback scheme (see table).
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