$SEMBCORP MARINE LTD(S51.SI)$

With Temasek's blessing, SCM's rights issue is a foregone conclusion. The renounceable rights, when traded, will face the following:

1. tail swallowing investment strategy by existing shareholders

2. death spiral arbitrage between the SCM rights and the SCM share

3. knowing Keppel shareholders will get the same share for free

4. knowing part of the proceeds will go indirectly to Keppel (despite SCM insisting not)

SCM rights, when traded, is in a perfect storm to trade very close to zero.............

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