Challenger Technologies

(03-04-2019, 09:18 PM)pianist Wrote: Closed up 0.575 today very nice ah. is the loo consortium buying at 0.575 today

Is the Loo consortium (Challenger) allowed to buy shares above the offer price in order to buy more YES votes?   I thought they aren't allowed by the Takeover code, but not sure if they can ask their friends and family to do so.

(03-04-2019, 11:03 PM)challengerSH Wrote:

(03-04-2019, 09:18 PM)pianist Wrote: Closed up 0.575 today very nice ah. is the loo consortium buying at 0.575 today

Is the Loo consortium (Challenger) allowed to buy shares above the offer price in order to buy more YES votes?   I thought they aren't allowed by the Takeover code, but not sure if they can ask their friends and family to do so.

I checked Challenger's voluntary delisting document and did not see them state "no more increase". As such, they are free to revise (increase) their offer. I think the only condition for revising their offer, is to get permission and then extend the offer period again. A couple of years ago, Ron Sim violated this rule and it is good reference.

If concerted parties had bought above offer price (0.56), then they have to revise their offer to the new price. Of course it is hard to discern friends and family as concerted parties - but my guess is that they wouldn't risk their reputation. It is also detrimental for them if prices rise above their offer price, because it just proves Pangolin's stand, isn't it?

OSIM violating rule 20.3: http://www.mas.gov.sg/News-and-Publicati...l-Ltd.aspx

Takeover Bible: http://www.mas.gov.sg/~/media/resource/s...ex%202.pdf

(04-04-2019, 11:07 AM)weijian Wrote:

(03-04-2019, 11:03 PM)challengerSH Wrote:

(03-04-2019, 09:18 PM)pianist Wrote: Closed up 0.575 today very nice ah. is the loo consortium buying at 0.575 today

Is the Loo consortium (Challenger) allowed to buy shares above the offer price in order to buy more YES votes?   I thought they aren't allowed by the Takeover code, but not sure if they can ask their friends and family to do so.

I checked Challenger's voluntary delisting document and did not see them state "no more increase". As such, they are free to revise (increase) their offer. I think the only condition for revising their offer, is to get permission and then extend the offer period again. A couple of years ago, Ron Sim violated this rule and it is good reference.

If concerted parties had bought above offer price (0.56), then they have to revise their offer to the new price. Of course it is hard to discern friends and family as concerted parties - but my guess is that they wouldn't risk their reputation. It is also detrimental for them if prices rise above their offer price, because it just proves Pangolin's stand, isn't it?

OSIM violating rule 20.3: http://www.mas.gov.sg/News-and-Publicati...l-Ltd.aspx

Takeover Bible: http://www.mas.gov.sg/~/media/resource/s...ex%202.pdf

Thanks Weijian - very useful to know. Agree with you it doesn't make sense to for any families/friends related to Challenger to risk reputation given it's a grey area whether they are concerted parties.

Good news! 8% of shareholders have contacted Pangolin to indicate they will vote NO to the delisting offer. We are getting closer to the 10% to veto the delisting resolution.

Let's keep up the momentum. If you're a minority shareholder, write in to Pangolin using the 'Contact Us' page if you plan to vote no. If you cannot attend the EGM, we can help with your proxy vote, every share counts --- so please write in! Thank you very very much for working towards our collective good.

If you're not a Challenger shareholder but want to support the cause, please help spread the word!

http://www.pangolinfund.com/news_detail.php?id=208

How do u know if there are fakes in the 8% or the eventual 10%?

(04-04-2019, 11:46 PM)pianist Wrote: How do u know if there are fakes in the 8% or the eventual 10%?

Great question!  You can never be 100% sure.  Just like Challenger also does not know how many minority shareholders who have not contacted Pangolin but will vote no on the day.  

Personally, I think it's quite silly for a person with zero shares to spend time and effort to contact Pangolin.  Nothing to gain.

You might ask - what if the fakes are planted by Challenger?  Possibly.  But as Weijian says, they are taking a huge reputation risk as they're considered related parties under the Code.  For example, if they indicate to Pangolin they will vote no, it is potentially disclosing that Challenger intends to revise the offer, which isn't allowed by the takeover code.    Very huge personal risks for them with not much upside.

From my understanding, when compared to other delistings, we are already at 8% at this stage is very quick.

The closer we are to the 10%, the less likely the resolution is going to pass on the EGM.    If Challenger thinks the 10% are all fake, they should go ahead with the EGM and take a gamble.  They need to spend money on organising EGM with the possibility of a failed vote.  This unnecessarily wastes management time from the business and spend monies from staying listed longer.  Or Challenger can make a practical calculation on what is a reasonable offer so that they can delist in the most efficient way.  It's really up to them.  

@ Pianist - how do we know if you're not fake? 

The critical element here is awareness. Not only does greater awareness nudge passive shareholders to come forward, it also attracts parties with financial heft to start punting for open market stocks, thereby keeping share price above $0.56 which in turn prevents the offereror from mopping up to bolster its position.

When the article was published in the Straits Times Business section, buying interest immediately crept up, elevating the share price beyond $0.56 where it had been staying for a long time since the privatization announcement.

challengerSH - Were you the one quoted in the ST article? I noticed beside Pangolin, the people they interviewed for the article don't sound like the usual amateur retail shareholders who just rant one-liners. Not sure if they are professionals "planted" by Pangolin 

It’s gonna be a good fight, go for it! 👍

New Lease Located in Singapore

Challenger Technologies Limited announced that the Company has secured the following new leases with date of commencement as followed:
1. Jewel Changi Airport – Challenger Store => 2Q 2019
2. West Coast Plaza – Challenger Mini => 3Q 2019

have contacted pangolin.
thanks all.

pangolin needs help to contact remaining substantial share holders.