Boustead Projects

(15-11-2023, 12:34 PM)Bibi Wrote:

(15-11-2023, 11:12 AM)ksir Wrote:

(15-11-2023, 10:48 AM)Bibi Wrote:

(15-11-2023, 10:38 AM)ksir Wrote:

(14-11-2023, 10:25 PM)ghchua Wrote: I think you should also take into account the fact that the market is valuing BSL higher now as compared to few months back. Plus, what price you will be able to reinvest your BP proceeds into BSL when you have received it.

Having said that, I think your strategy of accepted half and keep half looks sound to me. At least you won't miss out on BSL upside as you hold onto some of your BP shares currently.

That's true, but it could also be that BSL price later on would be lower. So I'd not think too much into that.

Actually I preferred to keep at least 80% but I was unpleasant of the possibility of holding unlisted BP and relying on Management who in first place not taking care of minority shareholders. 

Below from ps.... quite interesting though:
"Regardless, I think it is good to remember the outcome here and use this case in evaluating future offers like this at other listed companies."

When I hazard a possible future scenario of BSL offering S$0.90-0.95 and knowing what they have done with BP, would I keep 100% and not accepting the offer?
After considering, I think I would still take the same decision, accept 50% keep 50%.

The thought of getting stuck in unlisted BSL with lowball-offer Management (if ever be) is quite unpleasant even to imagine.

I am a shareholder of BSL for many yrs. BSL has to take care of its own shareholders. If the table is turned around and say BP were to offer 0.95 vs 1.18 to take over BSL. How will u feel? Will u feel as a shareholder of BP yrself. Will u feel BP is offering a low ball offer to BSL and shld give BSL higher?

I am BSL shareholder for 12+ years also.
I did go through the similar thought process also. 
If this were another company and not BP, isn't it better for BSL to offer lowball and benefit us, the shareholder? I think the answer is obvious, yes.

But this is BP and the fact is, it's the subsidiary of BSL and shareholders of BSL & BP are intertwined. It's like if you are acquiring your younger brother company and offer lowball to his and his family & partners , I'd say WTH right and because BSL is controlling BP, BP in this case done almost nothing to self-defend?

If this is the attitude, why not also lowball offer for BSL later on? 
I don't think minority shareholders of BSL is priority also?
This is principle on how they treat minority shareholders of BP and that reflect the future-likelihood of how they might treat minority shareholders of BSL. 

Think I better stop here, otherwise it might not be good for our interests as BSL shareholders also? hahaha.

I think the reason u think that way could be becos u owned both BSL and BP. But for some reason lets say u only own BSL, u wont prefer BSL to offer 1.18 instead of 0.95 to BP right?

I've already stated my reasons and it's not merely because I owned both, each has its own biased and this will be my last post on the subject.

(14-11-2023, 01:30 PM)ksir Wrote: New offer lai liao, $1.18 better than my expectation:
https://www.sgx.com/mobileapp?action=vie...FW90I3LZM2

My plan is to tender my BP and reallocate a portion to BSL (being the one gotten the good undervalued BP, but with doubts on BSL management).

Hi ksir,

I just want to learn your evaluating process for tendering your BP shares if the IFA evaluate the revised offer ie. $1.18 is not fair but reasonable. Will you still proceed to tender your shares to the offer?

Thanks.

(17-11-2023, 11:16 AM)setan Wrote:

(14-11-2023, 01:30 PM)ksir Wrote: New offer lai liao, $1.18 better than my expectation:
https://www.sgx.com/mobileapp?action=vie...FW90I3LZM2

My plan is to tender my BP and reallocate a portion to BSL (being the one gotten the good undervalued BP, but with doubts on BSL management).

Hi ksir,

I just want to learn your evaluating process for tendering your BP shares if the IFA evaluate the revised offer ie. $1.18 is not fair but reasonable. Will you still proceed to tender your shares to the offer?

Thanks.

Although I already said I no longer responding to this subject, but yes the answer is yes. I wanted to leave this episode behind, I think BSL has shown better goodwill instead of just wanted to take benefit of its younger brother BP's partners. I will hold my nose and close up this saga.

The IFA letter is in Annex A<corrected>. 

On my previous post (https://www.valuebuddies.com/thread-6427...#pid169375 ), I pondered about the prospect of being offered lowest possible price. On pg 151 : "The Exit Offer Price of S$1.18 is within our final estimated valuation range for the Shares of between S$1.18 and S$1.42". I guess the reasoning is sound ?

Now I wonder if rejecting the current revised offer is a better bet - theoretically BSL will want to extract as much value from BP and BP minorities may stand to gain as a result and bearing in mind, in this particular case, parent BSL is still a listed entity. Of course, there are also considerations for holding on to an unlisted entity. Perhaps the best bet is to accept only a portion and keep the rest ?

Interested fellow shareholder buddies, pls feel free to PM me. Maybe we can form a group to discuss and support each other if we end up holding on to a non-listed entity..

--------------------

Amara, Boustead Projects minority investors need not fear saying ‘no’ to offers  *paywall*
https://www.businesstimes.com.sg/opinion...-no-offers

Exit Offer Letter
https://links.sgx.com/FileOpen/Boustead%...eID=779328

I wonder if we are reading the same Exit Offer letter. Annex A of this letter is from PrimePartners, the appointed IFA, and their final opinion is fair and reasonable.

(30-11-2023, 05:08 PM)egghead Wrote: I wonder if we are reading the same Exit Offer letter.  Annex A of this letter is from PrimePartners, the appointed IFA, and their final opinion is fair and reasonable.

Thanks for pointing out; I have corrected my post.

My original thoughts is also to tender at the price of $1.18. But after thinking through, if FF Wong and son are not able to sell (ie. BSL independent shareholders refuse to approve) I am comfortable to continue to hold on. So I am thinking of waiting a while for the results of BSL EGM....
Thoughts?

Will we be paid within seven business days upon acceptance of the offer?
Or we have to wait till the close of the offer, i.e. end Dec?

Thanks all valuebuddies for the recommended counter.
From my trading records, I started buying on 29/3/2018. 
My average cost should be about 80 cents.

I intended to hold as I am comfortable if there are no trading activities on this counter. 

Gratitude.
Enjoy:

(04-12-2023, 09:30 PM)Shiyi Wrote: Will we be paid within seven business days upon acceptance of the offer?
Or we have to wait till the close of the offer, i.e. end Dec?

Hi Shiyi,

Since this exit offer had been declared unconditional, you will be paid within seven business days upon acceptance, as stipulated in the exit offer document.