19-07-2024, 10:34 AM
(19-07-2024, 08:06 AM)xierwang Wrote:(17-07-2024, 07:09 PM)weijian Wrote: Minority investors (who were not accredited investors) finally have a chance to exit now
Income Insurance receives Pre-Conditional Voluntary Cash General Offer from Allianz Europe B.V.
NTUC Enterprise currently holds approximately 72.8% of the Shares in Income Insurance, with the remaining held by minority shareholders. As stated in the Pre-Conditional Offer Announcement, NTUC Enterprise and the Offeror have entered into a deed of irrevocable undertaking (the “Irrevocable Undertaking”) under which, among other things, subject to the fulfilment of the Pre-Condition and a Voluntary Cash General Offer (“Offer”) being formally made by the Offeror, in the event that the acceptances by the shareholders of Income Insurance immediately prior to the close of the Offer (excluding NTUC Enterprise’s acceptance of the Offer pursuant to the Irrevocable Undertaking) is less than 54,667,790 Shares, to duly accept the Offer in respect of such number of Shares which would result in the Offeror acquiring at least 51% of the Shares at the closing date of the Offer.
https://links.sgx.com/FileOpen/4.%20NTUC...eID=810055
Is S$40.58 per share offer fair?
If I am the IFA I would say not fair but reasonable considering it's an unlisted entity.
Not fair bcos OCBC/GE deal was done at 1.54 p/bv but here it's done only at 1.37 times. why the discount? OPMI can go to the EGM to stir some noise on this issue. In any case it's a done deal since NTUC Enterprise has agreed to sell their shares to let Allianz have 51%. I think the timing of this is not great as interest rate is coming down and their bond holding valuations should go up thus increasing the BV.
I will be accepting the offer....9 mths wait and without the 2024 div(sigh). Personally I never like to hold unlisted entity given my age. It's a rewarding exit after holding it for decades and getting 6% div along the way.
Kudos to the Chairman/CEO for working themselves out of a job?