Wheelock Properties

(10-08-2018, 06:01 PM)Scg8866t Wrote: Those who accept the offer of 2.10 will receive the full amount within 7 biz days of the date of receipt of their valid acceptances by the Offeror.

If the price were to be revised, those previously accepted will also be in the loop. My guess is they will return u the excess after.

Div is inclusive of the offer price. Means if this drags on pass the div closure date, they will subtract the div from the offer price.

Unless you have a sizable bloackable percentage. My view is accepting and waiting for a price revision is an ok idea.

why accept when market is higher?
If all accept, hows the price going to be revised?

(10-08-2018, 06:23 PM)ZZF Wrote:

(10-08-2018, 06:01 PM)Scg8866t Wrote: Those who accept the offer of 2.10 will receive the full amount within 7 biz days of the date of receipt of their valid acceptances by the Offeror.

If the price were to be revised, those previously accepted will also be in the loop. My guess is they will return u the excess after.

Div is inclusive of the offer price. Means if this drags on pass the div closure date, they will subtract the div from the offer price.

Unless you have a sizable bloackable percentage. My view is accepting and waiting for a price revision is an ok idea.

why accept when market is higher?
If all accept, hows the price going to be revised?

True too. To each his own. If u reject and wheelock and co cannot hit 90% acceptance. The offer will lapse and the price will likely drop back. 

If u accept and they keep revising the offer after, you will get the highest offer. And if they still cannot hit 90% the offer will lapse and u can buy back again. 

The latter favors you in terms of assurance but collectively implemented, will end up favoring the parent.

(10-08-2018, 06:01 PM)Scg8866t Wrote: Those who accept the offer of 2.10 will receive the full amount within 7 biz days of the date of receipt of their valid acceptances by the Offeror.

If the price were to be revised, those previously accepted will also be in the loop. My guess is they will return u the excess after.

Div is inclusive of the offer price. Means if this drags on pass the div closure date, they will subtract the div from the offer price.

Unless you have a sizable bloackable percentage. My view is accepting and waiting for a price revision is an ok idea.

If everybody thinks like you, siao liao. They will hit above 90%. Suck thumb in the end.

Hi there, assuming if I tender my shares to Star Attraction and they fail to hit the 90% threshold.. what happens to my shares?

Thank you.

(23-08-2018, 07:38 PM)newyorkcityboy Wrote: Hi there, assuming if I tender my shares to Star Attraction and they fail to hit the 90% threshold.. what happens to my shares?

Thank you.

It is unconditional in all respects.  They will take whatever they get and you will get paid within 7 biz days the moment they receive your slip.

Question is: why tender? when market is doing higher.

Independent Financial Adviser (IFA) PrimePartners Corporate Finance Pte. Ltd. recommendation :

Quote:Having considered the aforesaid points including the various factors set out in this letter and summarised in this section, we are of the opinion that the financial terms of the Offer are fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders. Accordingly, we advise the Recommending Directors to recommend that Shareholders accept the Offer, unless Shareholders are able to obtain a price higher than the Offer Price on the open market, taking into account all brokerage commissions or transactions costs in connection with open market transactions.

More details in http://infopub.sgx.com/FileOpen/WPSL_Off...eID=522683

(23-08-2018, 07:38 PM)newyorkcityboy Wrote: Hi there, assuming if I tender my shares to Star Attraction and they fail to hit the 90% threshold.. what happens to my shares?

Thank you.

You will get back ur money within 7biz days of them receiving ur acceptance. As mentioned before, accepting at 2.10 lets u be still in the game because any upward revision of price u will be entitled to even after u accept. Selling at a market now will not give u any skin when they ultimately increase their offer price.

This give u an assurance for waiting because money can be put in a interest bearing acct while waiting. Because we never know when will they suddenly call off(price likely drop back close to pre offer) or revise price up wards. 

But the con is, if everyone does it, and parent manage to hit 90% ownership its good game as that means they can delist wheelock at 2.10.

There is still a choice of waiting out to see if they do raise the price, instead of selling at market or tendering to them. For example, I am still holding on. I believe many funds bought more after the annoucement of cash offer and I did that too.
According to the rules, the co cannot buy anything higher than 2.10 after announcing the price. Looking at the market price, there is a possibility this exercise may not come to anything for the co, and they would have still incurred costs. How would they feel about that? My guess is 2.10 is to test the market. Their reserved price may be higher, who knows.
For someone who already bought cheap prior to the cash offer and has collected many rounds of dvd, i see no hurry to tender or sell at this price. If it comes back to pre offer price, so be it as that is the price for playing the game. But at least, they have revealed their cards and it confirms the fact there is good value here. Unlike other property counters where you can get huge discount to book but you do not make money.

Can the funds who bought after the offer annc Willing/able to hold when Wheelock says no revision in price?

If not, the only liquid buyer will be Wheelock itself.

(24-08-2018, 08:58 PM)cyclone Wrote: Independent Financial Adviser (IFA) PrimePartners Corporate Finance Pte. Ltd. recommendation :

Quote:Having considered the aforesaid points including the various factors set out in this letter and summarised in this section, we are of the opinion that the financial terms of the Offer are fair and reasonable, but not compelling, and are not prejudicial to the interests of minority shareholders. Accordingly, we advise the Recommending Directors to recommend that Shareholders accept the Offer, unless Shareholders are able to obtain a price higher than the Offer Price on the open market, taking into account all brokerage commissions or transactions costs in connection with open market transactions.

More details in http://infopub.sgx.com/FileOpen/WPSL_Off...eID=522683

Based on the opinions of IFA and independent directors, clearly their role has been shown to be unnecessary and irrelevant in the process of buyouts.
If ex cash 0.7 times book value offer is fair and reasonable, this also means that it is fair and reasonable for Wheelock to sell Wheelock Place and Scott Square at 30% discount off market value.
Obviously the former is fair and the latter is unfair to Offeror.
Keep in mind that Offeror wants to privatize Wheelock because they have a lot to gain by doing so. 
Shortchanging the minority shareholders in the process is not fair and prejudicial to their interest.

The truly independent views I have seen so far are from those whose paymasters are not Wheelock.

https://research.sginvestors.io/2018/07/...07-19.html

https://www.theedgesingapore.com/lim-tan...-shares-26

Regarding the statement "The Offer Price is attractive even when compared to historical share prices dating back 10 years" in the offer document.
By choosing a 10 year historical, they have conveniently left out the all time high price of $3.54 in 2007.

The net asset value of the company will remain a benchmark for some shareholders as reflecting the “true” value of the shares and major shareholders looking to privatize must be prepared to defend their valuations.
Let us not confuse true value with the price.