Superior Multi-Packaging

Today (1Oct12), as a surprise to me, SupPack's share price advanced $0.005 and closed at a high $0.139 - just $0.005 away from Crown's GO price of $0.14. - with 1046 lots changed hands.

Having secured approx. 70.41% of the issued shares and approx. 68.31% of the maximum potential number of Offer Shares, and having extended the offer period to 15Oct12 as a stop-gap measure, what would Crown now have to do to bring the acceptance level above 90%? The solution is quite obvious!

Crown Specialty has been buying Superior Multi Packaging shares on the open market at $0.14, as announced to SGX.

(01-10-2012, 10:06 PM)dydx Wrote: Today (1Oct12), as a surprise to me, SupPack's share price advanced $0.005 and closed at a high $0.139 - just $0.005 away from Crown's GO price of $0.14. - with 1046 lots changed hands.

Having secured approx. 70.41% of the issued shares and approx. 68.31% of the maximum potential number of Offer Shares, and having extended the offer period to 15Oct12 as a stop-gap measure, what would Crown now have to do to bring the acceptance level above 90%? The solution is quite obvious!

still falling short of the 90%

Looks like Crown is very desperate. Can they extend again ? Making a mockery of SGX.

The Offeror and Crown should be talking to SIC now to lower the acceptance threshold from 90% and, to justify this request, they may be prepared to raise the offer price. They have until 30Oct12 to finish the exercise. So by buying from the open-market they indeed appear a little desperate, and this may not be fair to those who sold in the open-market if the Offeror later raises the offer price.

SGX should not allow Crown to extend the offer period again. It's not fair to the SupPack shareholders. If Crown's offer is too low, then Crown should increase their offer price to entice more SupPack shareholders to accept their offer.

(12-10-2012, 02:42 PM)corydorus Wrote: Looks like Crown is very desperate. Can they extend again ? Making a mockery of SGX.

ridiculous leh

they allowed them to lower acceptance limit and yet maintain same offer price!


have to accept the offer liao......

I am not good on this one. What does it means actually ? I thought compulsory is still 90%.

(15-10-2012, 10:41 AM)corydorus Wrote: I am not good on this one. What does it means actually ? I thought compulsory is still 90%.

think now 70% instead

REVISION OF THE MINIMUM ACCEPTANCE CONDITION
As stated in the Offer Document, the Offeror reserves the right to reduce the Minimum
Acceptance Condition to a lower minimum acceptance level, provided that such change is
made after obtaining the consent of the SIC.
ANZ wishes to announce, for and on behalf of the Offeror, that the Offeror has obtained the
consent of the SIC to lower the Minimum Acceptance Condition to at least 70% (the "Revised
Acceptance Level"), subject to the revised Offer remaining open for another 14 days
following the revision and Shareholders who have accepted the initial Offer being permitted to
1 As at 11 October 2012, based on publicly available information, the Company does not hold any treasury shares.
3
withdraw their acceptances within eight (8) days of the notification of the revision. The Offeror
is required to take into account any withdrawals that may occur in the eight (8) day period
following notification of the revision before declaring the Offer unconditional as to
acceptances.

http://info.sgx.com/webcoranncatth.nsf/V...800012D64/$file/Revision_of_Offer_Announcement_151012.PDF?openelement

(15-10-2012, 10:46 AM)Kelvin Wrote:

(15-10-2012, 10:41 AM)corydorus Wrote: I am not good on this one. What does it means actually ? I thought compulsory is still 90%.

think now 70% instead

REVISION OF THE MINIMUM ACCEPTANCE CONDITION
As stated in the Offer Document, the Offeror reserves the right to reduce the Minimum
Acceptance Condition to a lower minimum acceptance level, provided that such change is
made after obtaining the consent of the SIC.
ANZ wishes to announce, for and on behalf of the Offeror, that the Offeror has obtained the
consent of the SIC to lower the Minimum Acceptance Condition to at least 70% (the "Revised
Acceptance Level"), subject to the revised Offer remaining open for another 14 days
following the revision and Shareholders who have accepted the initial Offer being permitted to
1 As at 11 October 2012, based on publicly available information, the Company does not hold any treasury shares.
3
withdraw their acceptances within eight (8) days of the notification of the revision. The Offeror
is required to take into account any withdrawals that may occur in the eight (8) day period
following notification of the revision before declaring the Offer unconditional as to
acceptances.

http://info.sgx.com/webcoranncatth.nsf/V...800012D64/$file/Revision_of_Offer_Announcement_151012.PDF?openelement

Compulsory is still 90%,

5. COMPULSORY ACQUISITION
Pursuant to Section 215(1) of the Companies Act, in the event that the Offeror acquires not less than 90% of the Shares (other than those already held by the Offeror, its related corporations or their respective nominees as at the date of the Offer and excluding any Shares held by the Company as treasury shares), the Offeror would be entitled to exercise the right to compulsorily acquire all the Shares of Shareholders who have not accepted the Offer at a price equal to the Offer Price.

As stated in the Offer Document, the Offeror when entitled, intends to exercise its rights of compulsory acquisition under Section 215(1) of the Companies Act.

The 70% (lowered) is for Conditional / Unconditional ie. >70% acceptance, it becomes unconditional ie. they'll take all those (shares) who'd accepted and pay them. If below 70%, then back to status quo ie. they don't need to buy from you even if you'd accepted.