Keppel Limited

Please stop blaming Keppel Corp Management for the fact that the acceptance didn't cross the 95.5% threshold. Its not as if they did not try by extending the offer. If anyone is to blame, its the shareholders who adopt a wait and see attitude.

In any case, I think the majority of shareholders would still be happy with the $4.38 offer and there was no necessity to dangle the $4.60 carrot. I can't fathom anyone rather the offer not go through resulting in the share price dropping back to the pre-offer level of $3.65.

No offence, but for those who think that offer price of $4.60 is a big deal ....

A gentleman fair price to be offered should be $4.95 , which is the NAV of Kepland.

BTW, I'm not vested in Kepland or Keppel Corp.

Cheers !

(01-04-2015, 09:20 AM)sgpunter Wrote: Please stop blaming Keppel Corp Management for the fact that the acceptance didn't cross the 95.5% threshold. Its not as if they did not try by extending the offer. If anyone is to blame, its the shareholders who adopt a wait and see attitude.

In any case, I think the majority of shareholders would still be happy with the $4.38 offer and there was no necessity to dangle the $4.60 carrot. I can't fathom anyone rather the offer not go through resulting in the share price dropping back to the pre-offer level of $3.65.

This is purely business and not personal and there is no necessity to be gentlemen about this and paying at a price equivalent to NAV at the expense of Keppel Corp shareholders when almost all property counters are trading below NAV now. Again, if Keppel Land shareholders are not happy with the offer, they are free not to accept it.

Anyhow, the offer has passed and this will be an event which will certainly be taken into consideration in future offers as a learning point.

Cheers.

I think overall, Keppel Corp played fair and square. The rules of the game had been laid out initially and shareholders of Keppel Land should know their rights and played the game accordingly. Those who accepted the offer early and taken the $4.38 per share is not necessary that worse off if they had invested the money in other undervalued listed property counters like Wing Tai, Ho Bee, Hong Fok, UIC and even CapitaLand. Those property stocks had appreciated a bit since then and those who had reinvested their Keppel Land proceeds are not that worse off. I think I have stated my stance that there are other property counters to invest in and though the Keppel Land offer is unfair based on RNAV, it is reasonable when compared with other listed property companies valuation.

Now that Keppel Corp had not cross 95.5% acceptance for Keppel Land, it cannot do a CA but shareholders of Keppel Land have the right under Section 215(3) of the Company Act to to require Keppel Corp to acquire their Shares at S$4.38 in cash. Also, Keppel Corp will have to come out with a delisting offer for Keppel Land. I suspect more Keppel Land shareholders might still sell their shares since it is now suspended and the only way to liquidate is to require Keppel Corp to acquire their Shares or accept the delisting offer.

Therefore, I expect Keppel Corp to acquire more shares in Keppel Land in the coming weeks and months. Of course, those Keppel Land shareholders who choose to stay on will be holding onto a unlisted company after it had been delisted from SGX.

wow ! final Offer Price only $4.38 and NOT $4.60

Look like lots of arbitrageurs kenna "play out" this round !!
Between 26Jan to 30-Mar2015 period: A huge 349m shares were traded !! and mostly done at $4.52 - $4.55 price range !!

KepLand : Date Open High Low Close Volume
31-Mar-15 4.43 4.48 4.41 4.45 2,104,900
30-Mar-15 4.49 4.5 4.45 4.46 3,064,100
27-Mar-15 4.53 4.55 4.48 4.52 9,740,800
26-Mar-15 4.56 4.56 4.53 4.53 14,499,600
25-Mar-15 4.54 4.56 4.53 4.55 5,168,200
24-Mar-15 4.56 4.56 4.54 4.54 2,445,800
23-Mar-15 4.56 4.57 4.55 4.56 4,265,400
20-Mar-15 4.57 4.58 4.56 4.56 10,632,800
19-Mar-15 4.56 4.57 4.56 4.57 4,173,400
18-Mar-15 4.56 4.57 4.56 4.56 1,999,600
17-Mar-15 4.56 4.57 4.56 4.56 3,417,600
16-Mar-15 4.56 4.57 4.56 4.56 2,581,300
13-Mar-15 4.56 4.57 4.56 4.56 2,565,400
12-Mar-15 4.53 4.56 4.53 4.55 8,112,900
11-Mar-15 4.53 4.54 4.53 4.53 6,028,200
10-Mar-15 4.52 4.53 4.51 4.53 8,539,100
09-Mar-15 4.52 4.52 4.5 4.52 12,833,500
06-Mar-15 4.52 4.53 4.5 4.51 9,299,800
05-Mar-15 4.53 4.54 4.52 4.52 9,872,800
04-Mar-15 4.55 4.55 4.54 4.54 7,592,300
03-Mar-15 4.54 4.55 4.54 4.54 6,575,500
02-Mar-15 4.54 4.55 4.54 4.54 6,007,200
27-Feb-15 4.52 4.56 4.52 4.54 10,395,000
26-Feb-15 4.53 4.54 4.53 4.53 2,485,800
25-Feb-15 4.53 4.54 4.53 4.54 2,507,700
24-Feb-15 4.54 4.55 4.53 4.54 5,119,100
23-Feb-15 4.55 4.56 4.54 4.54 4,167,100
20-Feb-15 4.55 4.55 4.55 4.55 0
19-Feb-15 4.55 4.55 4.55 4.55 0
18-Feb-15 4.54 4.58 4.54 4.55 9,206,400
17-Feb-15 4.54 4.54 4.53 4.53 1,430,800
16-Feb-15 4.54 4.55 4.53 4.53 3,321,400
13-Feb-15 4.54 4.55 4.53 4.55 7,914,300
12-Feb-15 4.54 4.54 4.52 4.52 12,693,900
11-Feb-15 4.54 4.55 4.53 4.53 2,527,400
10-Feb-15 4.53 4.55 4.53 4.54 10,450,400
09-Feb-15 4.54 4.54 4.53 4.53 6,552,000
06-Feb-15 4.53 4.54 4.53 4.54 4,381,700
05-Feb-15 4.53 4.54 4.53 4.53 6,157,600
04-Feb-15 4.53 4.54 4.53 4.54 5,406,300
03-Feb-15 4.54 4.54 4.53 4.53 8,259,600
02-Feb-15 4.55 4.55 4.53 4.54 10,303,000
30-Jan-15 4.55 4.55 4.54 4.54 7,566,600
29-Jan-15 4.54 4.55 4.54 4.54 13,639,300
28-Jan-15 4.55 4.55 4.54 4.54 7,967,100
27-Jan-15 4.55 4.55 4.54 4.54 21,277,000
26-Jan-15 4.52 4.55 4.52 4.55 43,940,100
23-Jan-15 3.65 3.65 3.65 3.65 0 (Halted)
22-Jan-15 3.65 3.65 3.65 3.65 0 (Halted)
21-Jan-15 3.65 3.65 3.65 3.65 0 (Halted)
Total Vols traded = 349,189,800

Don't count the chickens so soon Keppel will "proactively" send out forms 58 so that dissenting shareholders have chance to exercise their rights ie call option as discussed earlier. No prizes for guessing why they so nice.

Tricky part as described below is whether the 4.60 price is triggered if CA is triggered this way. And KPLD might not even need to be listed when it is triggered.

(26-03-2015, 12:15 PM)specuvestor Wrote: As per what CF mentioned, thats what we have been discussing in the previous few pages on the technicality. Observation and sometimes vested interest is the best teacher

If cross 90% and not 95.5% Keppel can do a delisitng offer at 4.38 and will be buying in the market at 4.38. Like I said, those not keen to tender can become private investor of KepLand if at the end of the delisting exercise Keppel still doesn't cross 95.5%. So there are still a few more steps to go.

Though unlikely but it becomes complicated if they cross 95.5% because of keppel buying in market at 4.38, because I'm not sure it that will satisfy requirement for 4.60 price, though CA is triggered.

some of the views above reflected in this piece...

Surprise outcome of KepLand offer splits views
Some say KepCorp has made genuine effort to bag 95.5% stake; others feel deadline extension too short
By Melissa Tan melissat@sph.com.sg @MelissaTanBT

2 Apr 5:50 AM
Singapore

THE surprise outcome of Keppel Corp's takeover bid for its mainboard-listed property arm has brought forth divided views and some unhappy investors.

Some analysts say the end result was the best possible for the conglomerate, noting that it saves a hefty S$155 million on privatising Keppel Land. Others, however, point out that it will now have to deal with KepLand's hold-out minority shareholders. Questions have also arisen over whether KepCorp might have reached its goal if it had extended its offer acceptance deadline just a little longer.
- See more at: http://btd.sg/1MBIBZ6

nobody is saying KC is not playing fair and square and not according to the book's rules..otherwise, they would have gotten into hot soup against the rules and regulations...

take a step back and think...

(02-04-2015, 11:53 PM)pianist Wrote: nobody is saying KC is not playing fair and square and not according to the book's rules..otherwise, they would have gotten into hot soup against the rules and regulations...

take a step back and think...

Would appreciate if any bro can enlighten on what happens to minority shareholders who are still holding on to the shares of a co that hv been delisted....

(03-04-2015, 07:05 AM)bteo88 Wrote:

(02-04-2015, 11:53 PM)pianist Wrote: nobody is saying KC is not playing fair and square and not according to the book's rules..otherwise, they would have gotten into hot soup against the rules and regulations...

take a step back and think...

Would appreciate if any bro can enlighten on what happens to minority shareholders who are still holding on to the shares of a co that hv been delisted....

It seems possible they would not have any appreciable rights. (nor rights issues)