Forterra Trust (formerly: Treasury China Trust)

Congrats to all who were sharp to have bought Forterra Trust before the GO. Somehow I did not pay attention to the discussion on Forterra and missed the boat. I went through the entire thread to read all the posts to try to learn some lessons out of it. I saw a few like Boon and Pecking Dock have been credited, which are rightly so. I also feel that GreedandFear, who was among the first, if not the first, to have spotted the potential after Nan Fund bought a substantial stake from the Ang Mos at a price much higher than the market price also deserved to be credited.

(not vested)

(24-11-2014, 10:28 AM)opmi Wrote:

(24-11-2014, 10:25 AM)sQQs Wrote: Thank you all for the update.
I will divert @ $2.25

since it is unconditional offer now, can get money back faster than conditional offer. if accept offer.

No need to pay brokers comm...unless you need to feed your brokers...

Pretty strange why people selling 17m shares a day when this stock is supposed to be tightly held according to the AR.

Unless of course they are stockist on behalf of the buyer... like what Ackman did with Allergan but in much larger scale

I would think NF should be happy to keep FT as a >50% owned listed ATM.

(26-11-2014, 12:07 PM)specuvestor Wrote:

(24-11-2014, 10:28 AM)opmi Wrote:

(24-11-2014, 10:25 AM)sQQs Wrote: Thank you all for the update.
I will divert @ $2.25

since it is unconditional offer now, can get money back faster than conditional offer. if accept offer.

No need to pay brokers comm...unless you need to feed your brokers...

Pretty strange why people selling 17m shares a day when this stock is supposed to be tightly held according to the AR.

Unless of course they are stockist on behalf of the buyer... like what Ackman did with Allergan but in much larger scale

I would think NF should be happy to keep FT as a >50% owned listed ATM.

I am sure that we will see some disclosure of changes in share ownership by some of the major shareholders in the next few days (just as we have now seen the disclosure of PAG's sale). What Ackman did was different. He bought shares, in the market, up to the 10% limit that a financial investor is allowed to without disclosure. Then he disclosed that he was acting in concert with Valeant. If any of the major shareholders of Forterra are acting in concert with Nan Fung, they would have had to disclose this in the offer documents...

a) PAG owns about 12.6 million shares (bought at ?????????????? ) before becoming a SSH.

Subsequently, it bought:
b) 25.8 million shares at 1.92 per share in April 2013
c) 3.26 million shares at 2.00 per share in April 2013

http://www.youngmindsdesign.com/projects...tails/3389

Rough estimate of annualized return for b) + c) is about 10%

a) were likely to have been bought at lower price (could be between 1.03 to 1.92)

Hence, overall annualized return is likely to be more than 10%.

It could be 15% but highly unlikely to exceed 20%, IMO, which is not bad.

Offer price of 2.25 probably meets its expected return, hence...........but could have pushed for more.............ha-ha !

(divested)

(26-11-2014, 07:02 PM)GreedandFear Wrote:

(26-11-2014, 12:07 PM)specuvestor Wrote:

(24-11-2014, 10:28 AM)opmi Wrote:

(24-11-2014, 10:25 AM)sQQs Wrote: Thank you all for the update.
I will divert @ $2.25

since it is unconditional offer now, can get money back faster than conditional offer. if accept offer.

No need to pay brokers comm...unless you need to feed your brokers...

Pretty strange why people selling 17m shares a day when this stock is supposed to be tightly held according to the AR.

Unless of course they are stockist on behalf of the buyer... like what Ackman did with Allergan but in much larger scale

I would think NF should be happy to keep FT as a >50% owned listed ATM.

I am sure that we will see some disclosure of changes in share ownership by some of the major shareholders in the next few days (just as we have now seen the disclosure of PAG's sale). What Ackman did was different. He bought shares, in the market, up to the 10% limit that a financial investor is allowed to without disclosure. Then he disclosed that he was acting in concert with Valeant. If any of the major shareholders of Forterra are acting in concert with Nan Fung, they would have had to disclose this in the offer documents...

Not sure if you understand what I'm trying to say.

Major institutional holders don't sell in drip and draps in a GO which is why forumers can guess who are the sellers. They cross out trades in off-market to reduce comm while receiving cash in T+3 rather than 6 weeks later.

Stockists are supposed to be "invisible" and even CDP could only see the custodian bank as counterparty. Same logic why SLS treat Nets sale and cash sale differently (if you get my drift) Acting-in-concert is a heavy legal obligation, and if the insti funds are involved, they will surely have to declare. See Serial System Eddie Chng case or last year's 3 kings penny stock case

What Ackman done is no different from the stockists in principle, which is why the lawsuit. The difference is the size and the "transparency" because he is insti. Ackman is winning on the legality

I could be wrong. Let's see who the 200+ shareholders are selling such amounts.

It seem some of the shops at the mall are finally open with pictures. What a convenient timing. wah lau eh.

http://sh.winshang.com/news-414560.html

Hi, i have only received the FAA (orange form) with offer price of 1.85

To sell them my shares for $2.25, can i still use this old form with offer price $1.85 or should i wait for the updated FAA with the new offer price of $2.25?

thank you

(01-12-2014, 01:42 PM)safetyfirst Wrote: Hi, i have only received the FAA (orange form) with offer price of 1.85

To sell them my shares for $2.25, can i still use this old form with offer price $1.85 or should i wait for the updated FAA with the new offer price of $2.25?

thank you

3.1
As the Market Purchase was conducted above the Offer Price of S$1.85 per Offer Unit, Credit Suisse announces, for and on behalf of the Offeror, that the Offer Price, in accordance with Rule 14.3 of the Code, is revised upwards as follows:

For each Offer Unit: S$2.25 in cash (“Final Offer Price”)

The Final Offer Price shall be available to all holders of Offer Units, including those who have tendered Offer Units in acceptance of the Offer.

7.2
Unitholders can continue to use the FAA (for Depositors) and FAT (for scripholders) to accept the Offer on its revised terms as set out in this Announcement. Please note that no revised or new Relevant Acceptance Form would be sent to Unitholders

http://infopub.sgx.com/FileOpen/New_Prec...eID=325785

(not vested - divested)

Oh okay, didnt see that, thank you Boon

Will cross 90% soon.............................

(divested)
________________________________________________________________________________________________________________
Resultant Unitholding of Units as at 5.00p.m. (Singapore time) on 2 December 2014. As at 5.00p.m. (Singapore time) on 2 December 2014, the Offeror and parties acting in concert with it own, control, acquired or have agreed to acquire an aggregate of 224,150,768 Units, representing approximately 87.21 per cent. of the total number of issued Units and 86.37 per cent. of the maximum potential total units.

http://infopub.sgx.com/FileOpen/New_Prec...eID=326892