Adampak

(21-05-2012, 11:32 PM)honeyclover Wrote: so does it mean only after 29 may then cash flow comes in?

Nope. It means the stock cannot be traded anymore after 29 May 2012 since it would be suspended.

No, the money comes in around 10 days (excluding non-working days) after you send in the letter.

(22-05-2012, 06:05 PM)FFNow Wrote: No, the money comes in around 10 days (excluding non-working days) after you send in the letter.

If you are "Non-Assenting Shareholders" (you did not accept the offer after the Final Closing Date), Navis will compulsorily acquire your shares on 22 June 2012 (i.e. the Trasfer Date). Then the payment will be done after 22 June 2012.

(22-05-2012, 08:27 PM)CityFarmer Wrote:

(22-05-2012, 06:05 PM)FFNow Wrote: No, the money comes in around 10 days (excluding non-working days) after you send in the letter.

If you are "Non-Assenting Shareholders" (you did not accept the offer after the Final Closing Date), Navis will compulsorily acquire your shares on 22 June 2012 (i.e. the Trasfer Date). Then the payment will be done after 22 June 2012.

So does that mean that one cannot hold on to the shares of the private firm? Just curious, do you know if PE firms such as Navis will usually attempt to restructure the company and re-list it again eventually?

Because if one can hold on to the shares of the private firm, and there is a high chance that Navis would eventually restructure it and either sell it at a much higher valuation or re-list it, would it not be better to not have accepted this offer?

(22-05-2012, 10:36 PM)Whaleseawit Wrote:

(22-05-2012, 08:27 PM)CityFarmer Wrote:

(22-05-2012, 06:05 PM)FFNow Wrote: No, the money comes in around 10 days (excluding non-working days) after you send in the letter.

If you are "Non-Assenting Shareholders" (you did not accept the offer after the Final Closing Date), Navis will compulsorily acquire your shares on 22 June 2012 (i.e. the Trasfer Date). Then the payment will be done after 22 June 2012.

So does that mean that one cannot hold on to the shares of the private firm? Just curious, do you know if PE firms such as Navis will usually attempt to restructure the company and re-list it again eventually?

Because if one can hold on to the shares of the private firm, and there is a high chance that Navis would eventually restructure it and either sell it at a much higher valuation or re-list it, would it not be better to not have accepted this offer?

I think if u hold shares in private firm, when u want to sell it, you need to go through a lawyer and pay more fees.

(22-05-2012, 10:36 PM)Whaleseawit Wrote:

(22-05-2012, 08:27 PM)CityFarmer Wrote:

(22-05-2012, 06:05 PM)FFNow Wrote: No, the money comes in around 10 days (excluding non-working days) after you send in the letter.

If you are "Non-Assenting Shareholders" (you did not accept the offer after the Final Closing Date), Navis will compulsorily acquire your shares on 22 June 2012 (i.e. the Trasfer Date). Then the payment will be done after 22 June 2012.

So does that mean that one cannot hold on to the shares of the private firm? Just curious, do you know if PE firms such as Navis will usually attempt to restructure the company and re-list it again eventually?

Because if one can hold on to the shares of the private firm, and there is a high chance that Navis would eventually restructure it and either sell it at a much higher valuation or re-list it, would it not be better to not have accepted this offer?

You can. You can engage a lawyer, make a petition to court, claiming that it is unfair for Navis to exercise its right to compulsory acquire your shares, of course with all the justification. If the judge convince, you can stay in the private company.

The same happen to Tang delisting saga. You can make a search and understand more.

Just curious - assuming you remain a shareholder of Adampak group post-delisting, wouldn't it be possible for the majority shareholder (Navis) to restructure the group and move all of its key subsidiaries into another Holding Company for $1 and you will be left with a worthless shell company ?

Quote:Just curious - assuming you remain a shareholder of Adampak group post-delisting, wouldn't it be possible for the majority shareholder (Navis) to restructure the group and move all of its key subsidiaries into another Holding Company for $1 and you will be left with a worthless shell company ?

I think in the case of private companies, minority shareholders can get protection from the law under Companies Act Section 216. A Google search shows that there is a recent precedent for this.

Relevant links:
Companies Act: http://statutes.agc.gov.sg/aol/home.w3p
Brief facts: http://www.lexology.com/library/detail.a...49a0348c5d
Verdict: http://www.bonvests.com.sg/cms/downloads/BuyRV.pdf

(23-05-2012, 12:03 PM)D123 Wrote:

Quote:Just curious - assuming you remain a shareholder of Adampak group post-delisting, wouldn't it be possible for the majority shareholder (Navis) to restructure the group and move all of its key subsidiaries into another Holding Company for $1 and you will be left with a worthless shell company ?

I think in the case of private companies, minority shareholders can get protection from the law under Companies Act Section 216. A Google search shows that there is a recent precedent for this.

Relevant links:
Companies Act: http://statutes.agc.gov.sg/aol/home.w3p
Brief facts: http://www.lexology.com/library/detail.a...49a0348c5d
Verdict: http://www.bonvests.com.sg/cms/downloads/BuyRV.pdf

Thanks D123 for a comprehensive reference on the topic.

To add on it, I would like to share the attached doc, which is easier to refer as layman. Please refer to section 7 for minority right. I believe the doc applies to both private and public companies.

Adampak GO finally reaches the closing date. Total acceptance is 98.42% (94.5% via acceptance, 3.92% via open market). Remaining are "Non-Assenting Shareholders" of 1.58%, probably are those oversea investors.

Delisting approval done, and suspension immediately after the Final Closing Date (29 May 2012). Actual delisting date will be annouced later.

Good bye Adampak.