United Engineers

Not easy for Yanlord and its consortium to acquire more than 50% of UE's shares , unless they are willing to raise the offer price.

(13-09-2017, 04:18 PM)Stocker Wrote: Not easy for Yanlord and its consortium to acquire more than 50% of UE's shares , unless they are willing to raise the offer price.

Gone case for Yanlord if they are not going to raise the offer....

Even the veterans can miss '' To expect the unexpected '' . Blame the party pooper .

A Lowball Singapore Takeover
https://www.bloomberg.com/gadfly/article...explaining

Oxley bought all the way to 2.72 and its average price should be around 2.70. why is Oxley not buying at this price level ?

Took a small position today , trust Yanlord consortium and Oxley knew why they wanted UE .

YP purchased :
97,000 shares @2.60 on 14/11 .
358,200 shares @2.58 on 17/11.

Oxley, UE shareholders block purchase of WBL shares from Yanlord Perennial
http://www.businesstimes.com.sg/companie...-perennial
Fri, Feb 23, 2018 - 6:29 PM
Marissa Leemarilee@sph.com.sg@MarissaLeeBT


IN A surprise turn of events, minority shareholders of United Engineers (UE), including property developer Oxley Holdings, have foiled a bid by UE' s new shareholder, Yanlord Perennial Investment (YPI), and UE' s former shareholder, OCBC, to sell their shares in WBL to UE.

Out of the 171.3 million UE shares that voted on the deal, 67.44 per cent rejected it.

Oxley has a 15 per cent stake in UE, or just over 95.7 million shares.

Oxley deputy CEO Low See Ching told The Business Times by phone: " Our board of directors requested us to appoint an independent corporate advisor to evaluate the deal as we own a substantial stake in UE.

" It took our advisor two weeks to assess the deal. They came out with a very comprehensive report that was tabled to the Oxley board to evaluate. The decision by the board was made yesterday night and the majority voted no. So we have to carry out that decision."

YPI has controlled the board of UE since late last year. It owns a 33.5 per cent stake in UE, which it purchased from the OCBC group and the OCBC Lee family for S$2.60 a share last July.

At the same time, YPI agreed to buy 10 per cent of WBL for S$2.07 a share. YPI also committed to acquire another 19.9 per cent of WBL from OCBC down the road.

In December, the new board of UE proposed that UE make a cash offer for WBL at the same price YPI had paid, " taking into account that certain WBL shareholders had publicly disclosed that they were willing to divest their shares" .

These interested person transactions required the approval of UE' s minority shareholders.

Last week, The Business Times questioned if UE was paying a fair price for WBL.

Although it' s not unusual for a large Singapore property company like UE to trade at 0.9 times book value, companies of a comparable size to WBL that develop properties in China trade at a mere 0.5 times price-to-NTA (net tangible assets).

At S$2.07 a share, UE would only receive a 21.6 per cent discount to WBL' s net asset value per share of S$2.64 at the end of last year.

Shares of United Engineers closed unchanged at S$2.56 on Friday.

(04-08-2017, 12:12 PM)cyclone Wrote: 120,265,000 / 45,321,200 = 2.65

Oxley Holdings Limited announced that the Company had, through open-market purchases, acquired an aggregate of 45,321,200 ordinary shares in United Engineers Limited ("UEL"). The acquired shares constitute 7.11% of the total issued and paid-up share capital of UEL.

The total consideration for the acquired shares was S$120,265,000, based on the transacted market prices.

1,526,984.66 : 545,800 = 2.7977

On 26 June 2018, Oxley Holdings purchased 545,800 UE shares for a consideration of S$1,526,984.66.

In a span of less 11 months, Oxley has increased its shareholding in United Engineers from 7.11% to 19.05% .

United Engineers Awarded Residential Site (with Commercial Use) at Dairy Farm Road for $368.8 million

United Engineers Limited on 8 September 2018 announced that UED Residential Pte. Ltd., a wholly-owned subsidiary of the Group has been awarded a land parcel at Dairy Farm Road by Urban Redevelopment Authority for $368.8 million.

The Group plans to develop the 99-year leasehold land site, which has a land area of about 19,648 sqm, into a prime development comprising about 450 residential units, childcare centre, supermarket, food court and F&B/retail shops (the "Project"). Located near the Dairy Farm Nature Park and Bukit Timah Nature Reserve, the Project is within walking distance of the Hillview MRT station and is easily accessible via Bukit Timah Expressway (BKE) and Upper Bukit Timah Road.

More details in :
1. http://infopub.sgx.com/FileOpen/Announce...eID=524534
2. http://infopub.sgx.com/FileOpen/Press%20...eID=524535