Since we talked so much about our position on FSL, we thought we should give an update when we fully exit the position.

We had bought most of our shares during the rights offer at SGD 0.045. We had received our dividends of USD 0.015 for each of the quarter for 20194Q, 20201Q and 20203Q and we had exited our shares between SGD 0.075 - 0.089.

Our greatest learning from this investment/trade has been to

1. really look closely at well intentioned right issues

2. understand the management motivation/alignment

3. build enough conviction to hold the newly minted shares to enjoy the returns

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