Adampak

(18-04-2012, 10:32 PM)dydx Wrote: When Navis paid $0.42/share today to mop up the available shares in the open-market, in fact they are paying $0.42/share plus brokerage and SGX clearing and trading fees.

i reckon the effect is quite negligible...

(18-04-2012, 10:32 PM)dydx Wrote:

(18-04-2012, 08:50 PM)Nick Wrote:

(18-04-2012, 04:29 PM)Nick Wrote: Yea I guess so though we can only be certain tmr. The whole 42.0 cents buy queue has been swallowed.

http://info.sgx.com/webcoranncatth.nsf/V...4004455DC/$file/Offer_Unconditional_in_all_respects_180412.pdf?openelement [SGX Announcement]

Navis was the one who added shares at 42.0 cents today.

When Navis paid $0.42/share today to mop up the available shares in the open-market, in fact they are paying $0.42/share plus brokerage and SGX clearing and trading fees.

For Navis making a GO to privatize Adampak and now starting to mop up shares in the open-market, obviously they are looking at a much higher value than the $0.42/share offered. Navis' total costs for the entire exercise will also include the professional fees payable to Primepartners, the lawyers and other advisors - all these could add up to over $1.0m!

A relevant question: Will most of the long-term minority shareholders just accept Navis' $0.42/share offer? My own view: Unlikely!

If I am not wrong, the AGM is next Friday. Perhaps it would be a good idea to wait till then before accepting the offer? But my answer to your question would probably be reluctantly accept. ok, some may be hoping for a higher offer price but such chances are quite low (not impossible though). For me, I would probably accept it as I really have no idea what could I do with a privatised company shares whilst waiting for a higher buyout (which may not occur) like CK Tang.

i have been holding/adding onto this counter for as long as it has been listed since its ipo. I am quite tempted to keep it listed, if within my ability.

(18-04-2012, 10:52 PM)Some-one Wrote:

(18-04-2012, 10:32 PM)dydx Wrote:

(18-04-2012, 08:50 PM)Nick Wrote:

(18-04-2012, 04:29 PM)Nick Wrote: Yea I guess so though we can only be certain tmr. The whole 42.0 cents buy queue has been swallowed.

http://info.sgx.com/webcoranncatth.nsf/V...4004455DC/$file/Offer_Unconditional_in_all_respects_180412.pdf?openelement [SGX Announcement]

Navis was the one who added shares at 42.0 cents today.

When Navis paid $0.42/share today to mop up the available shares in the open-market, in fact they are paying $0.42/share plus brokerage and SGX clearing and trading fees.

For Navis making a GO to privatize Adampak and now starting to mop up shares in the open-market, obviously they are looking at a much higher value than the $0.42/share offered. Navis' total costs for the entire exercise will also include the professional fees payable to Primepartners, the lawyers and other advisors - all these could add up to over $1.0m!

A relevant question: Will most of the long-term minority shareholders just accept Navis' $0.42/share offer? My own view: Unlikely!

If I am not wrong, the AGM is next Friday. Perhaps it would be a good idea to wait till then before accepting the offer? But my answer to your question would probably be reluctantly accept. ok, some may be hoping for a higher offer price but such chances are quite low (not impossible though). For me, I would probably accept it as I really have no idea what could I do with a privatised company shares whilst waiting for a higher buyout (which may not occur) like CK Tang.

I am not trying to convince anyone here to either accept or reject, but i would like to put up my view by taking it as a tactical game

From now till 1st Closing date, there will be IFA report, the AGM, regular update of disclosure announcement and probably any "surprises" will occur. As minority shareholder, it is tactically no hurray to do anything till then.

Navis can not withdraw without approval from SGX till 1st Closing date. It is like in a poker game, you are not require to make a call, before your turn. Let others make their, and just monitor...

IMHO

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(18-04-2012, 08:50 PM)Nick Wrote:

(18-04-2012, 04:29 PM)Nick Wrote: Yea I guess so though we can only be certain tmr. The whole 42.0 cents buy queue has been swallowed.

http://info.sgx.com/webcoranncatth.nsf/V...4004455DC/$file/Offer_Unconditional_in_all_respects_180412.pdf?openelement [SGX Announcement]

Navis was the one who added shares at 42.0 cents today.

I just read the doc, it is officially declare un-conditional, so acceptance will be "one-way-trip". Even if there is competitive offering, Navis will benefit instead of those accepted, IMHO

Extention chosen by Navis to 2nd Closing date. So all of you have more time to think... and think.... or rather wait.... and wait... till then?

I really don't feel like letting go my block of Adampak shares at $0.42/share, as I believe quite strongly that the shares are worth more, and will be worth even more in the future. Just take a good look into the latest super-strong 3Q (ended 30Mar12) results of and positive guidance from Seagate - just 1 of the key customers of Adampak - you should be able to feel the business upswing for Adampak that is underway.....
http://www.seagate.com/docs/pdf/corporat...entary.pdf
http://www.seagate.com/docs/pdf/corporat...3_2012.pdf

If most of the minority shareholders would only let go their prized Adampak shares at say $0.46 (approx. 10% more than $0.42) or above, I wonder would Navis bend and revise their offer price upwards just to secure enough shares to cross the 90% mark in order to delist the company?

(19-04-2012, 10:21 AM)dydx Wrote: I really don't feel like letting go my block of Adampak shares at $0.42/share, as I believe quite strongly that the shares are worth more, and will be worth even more in the future. Just take a good look into the latest super-strong 3Q (ended 30Mar12) results of and positive guidance from Seagate - just 1 of the key customers of Adampak - you should be able to feel the business upswing for Adampak that is underway.....
http://www.seagate.com/docs/pdf/corporat...entary.pdf
http://www.seagate.com/docs/pdf/corporat...3_2012.pdf

If most of the minority shareholders would only let go their prized Adampak shares at say $0.46 (approx. 10% more than $0.42) or above, I wonder would Navis bend and revise their offer price upwards just to secure enough shares to cross the 90% mark in order to delist the company?

dydx is a sifu that i am highly respected. To give an opinion which going against yours is a "struggling" experince

I am holding a difference view (with the greatest respect), if you look into the offer doc, it stated

"The Offeror does not intend to revise the Offer Price, except that the Offeror reserves the right to do so in a competitive situation."

There is a regulation in Take-over code, revision is not permissible if no increase statement is made. I assume it is make clear with above statement.

So unless there is a competitive offer, i believe no increase will be expected

a competitive offer is unlikely, as Navis already cross 50% the mark. So long as Navis does not want to sell, the competitive offer can only be a minority shareholders at most. What's the point for such competitive offer?

(19-04-2012, 11:01 AM)freedom Wrote: a competitive offer is unlikely, as Navis already cross 50% the mark. So long as Navis does not want to sell, the competitive offer can only be a minority shareholders at most. What's the point for such competitive offer?

It is a logical statement by freedom. This is base on the assumption that Navis "die-die" want Adampak, even there is a big immediate gain.

Let me give an alternative view.

3rd party come in, with a much higher offer, and manage to collect substantial in %, although impossible to cross 50%.

Navis's think tank do all the math, suddenly realise that it is more beneficial to exit and pocket the delta. Navis accepted the 3rd party offer and exit. Those not accepted by previous Navis offer will benefit as well.

sound logical as well?

then I only can say the 3rd party is quite a fool to only release a competitive offer after Navis crosses 50% mark. they can do it much easier and cheaper before that.

(19-04-2012, 11:16 AM)freedom Wrote: then I only can say the 3rd party is quite a fool to only release a competitive offer after Navis crosses 50% mark. they can do it much easier and cheaper before that.

If what dxdy accessment is correct, Navis offer is under-value. Then it make sense for higher offer. $ gain is one important factor, but there maybe other factor e.g. gain from a integration of adampak with whoever is the 3rd party or any other sensible economic reasons

We do not know the story behind why the 3rd party only doing it with competitive offer (if it ever occur), possible reasons are

1. Navis know it, and make an offer earlier and occupy a sure-win position, out of surprise of the 3rd party
2. Navis have a unique position to get more than 50% from major shareholder, which require a lot of hard-work. It is also make sense for 3rd party to offer to only single major shareholder, it save both $ and time

All these is just IMHO. Not that i have insider info within Navis and whoever the 3rd party is