Wheelock Properties

(10-01-2013, 09:57 AM)Louhan Wrote:

(10-01-2013, 09:50 AM)freedom Wrote: even if SC Global is delisted, within a year, SC can't make another offer to the rest of minority shareholders if the current offer closes.

Given the stated risks, it's safer to invest in Wheelock than SC Global at this time, as Wheelock has the power to negotiate with Simon Cheong for a better deal than the minority shareholders of SC Global. Am I right?

from Wheelock's point of view, it does not matter whether SC Global is listed or not.

you can't say the same for minority shareholders. Minority shareholders are never in a position to negotiate. It will be a classic worse-worse scenario in game theory.

What freedom said was very true, minorities are at their mercies.

(10-01-2013, 09:50 AM)freedom Wrote: even if SC Global is delisted, within a year, SC can't make another offer to the rest of minority shareholders if the current offer closes.

IMO, monitory shareholders who are expecting a higher offer is dreaming. It is unlikely to happen. Simon Cheong offered a reasonable price to the rest of minority shareholders. Of course, if you are wheelock properties, it does not matter whether SC Global is listed or not. It matters great to minority shareholders as there is no way out. It is a totally different picture for the minority shareholders. SC Global can eventually split the assets between all shareholders, what will minority shareholders get?

ok..ok... they mentioned the same in their Offer Doc, but it's 6 mths, not one year.

Further, pursuant to Rule 33.2 of the Code, as the Offeror may not, within six (6) months of the close of the Offer, acquire or make another offer to acquire Shares on terms better than the terms of the Offer, any exit offer made by the Offeror pursuant to a voluntary delisting in accordance with Rules 1307 and 1309 would likely be on the same terms as the Offer.

Read pg 56 onwards...

Me thinks SC is in cahoot with wheelock. I got no basis for my hunch but looking at the way wheelock is mopping up the shares in the open mkt. Once the duo hits above 90% sc will be delisted and wheelock will do a private deal on the sides at whatever price they have agreed upon. this leaves minority shareholder in the dark n at the mercy of sc.

not vested but if my hunch is correct i think wheelock will mop up whatever mkt price if they think they can get it delisted. i am watching closely to go for a punt towards nearer the closing date. they are desperate to get it delisted so as to avoid development charge penalty.

just my view. pls do your own research.

(10-01-2013, 10:10 AM)KopiKat Wrote:

(10-01-2013, 09:50 AM)freedom Wrote: even if SC Global is delisted, within a year, SC can't make another offer to the rest of minority shareholders if the current offer closes.

IMO, monitory shareholders who are expecting a higher offer is dreaming. It is unlikely to happen. Simon Cheong offered a reasonable price to the rest of minority shareholders. Of course, if you are wheelock properties, it does not matter whether SC Global is listed or not. It matters great to minority shareholders as there is no way out. It is a totally different picture for the minority shareholders. SC Global can eventually split the assets between all shareholders, what will minority shareholders get?

ok..ok... they mentioned the same in their Offer Doc, but it's 6 mths, not one year.

Further, pursuant to Rule 33.2 of the Code, as the Offeror may not, within six (6) months of the close of the Offer, acquire or make another offer to acquire Shares on terms better than the terms of the Offer, any exit offer made by the Offeror pursuant to a voluntary delisting in accordance with Rules 1307 and 1309 would likely be on the same terms as the Offer.

Read pg 56 onwards...

thanks for the correction. my fault.

(10-01-2013, 10:03 AM)cfa Wrote: What freedom said was very true, minorities are at their mercies.

(10-01-2013, 10:21 AM)Jacmar Wrote: Me thinks SC is in cahoot with wheelock. I got no basis for my hunch but looking at the way wheelock is mopping up the shares in the open mkt. Once the duo hits above 90% sc will be delisted and wheelock will do a private deal on the sides at whatever price they have agreed upon. this leaves minority shareholder in the dark n at the mercy of sc.

not vested but if my hunch is correct i think wheelock will mop up whatever mkt price if they think they can get it delisted. i am watching closely to go for a punt towards nearer the closing date. they are desperate to get it delisted so as to avoid development charge penalty.

just my view. pls do your own research.

Yes as per my previous post this delisting case will be very unique so general experience in the past is not going to be true. Minorities will likely be less than 10% and hence any deal with Wheelock post delisting, the minorities will be riding on Wheelock's coat-tails. They will not be left hanging

The timing is also pretty predictable. Simon has to Singaporise the enity to minimise more pain from the 8/16/24% levy.

(10-01-2013, 10:21 AM)Jacmar Wrote: Me thinks SC is in cahoot with wheelock. I got no basis for my hunch but looking at the way wheelock is mopping up the shares in the open mkt. Once the duo hits above 90% sc will be delisted and wheelock will do a private deal on the sides at whatever price they have agreed upon. this leaves minority shareholder in the dark n at the mercy of sc.

not vested but if my hunch is correct i think wheelock will mop up whatever mkt price if they think they can get it delisted. i am watching closely to go for a punt towards nearer the closing date. they are desperate to get it delisted so as to avoid development charge penalty.

just my view. pls do your own research.

I did not follow the GO closely, but let me share my view

SC/Wheelock will not have private deal during the GO period. It is not that i trust them, but too costly and stupid for them to do so.

Next is avoidance of extension penalty charges. Is this a key reason stated by SC, or it is just the reporter's view?

(10-01-2013, 10:21 AM)Jacmar Wrote: Me thinks SC is in cahoot with wheelock. I got no basis for my hunch but looking at the way wheelock is mopping up the shares in the open mkt. Once the duo hits above 90% sc will be delisted and wheelock will do a private deal on the sides at whatever price they have agreed upon. this leaves minority shareholder in the dark n at the mercy of sc.

not vested but if my hunch is correct i think wheelock will mop up whatever mkt price if they think they can get it delisted. i am watching closely to go for a punt towards nearer the closing date. they are desperate to get it delisted so as to avoid development charge penalty.

just my view. pls do your own research.

High risk of getting struck in a delisted co if you can't sell it off before the threshold is reached.
But, yes, it is an interesting plan of your!

If Simon + Wheelock hits above 90%, the stock will be suspended. Confirm.
But, it does not mean that the mandatory delisting will commence. Assuming the wheelock votes against the delisting, the offer will lapse unless Simon comes out with another offer.

Look at Pertama, same case, Harvey + Fidelity hits above 90%. The stock is suspended but there is no delisting offer yet.
And SGX is not acting either.

So, for those who do not want to get stuck, be real careful when the 90% is breached.

(10-01-2013, 11:14 AM)yeokiwi Wrote: If Simon + Wheelock hits above 90%, the stock will be suspended. Confirm.
But, it does not mean that the mandatory delisting will commence. Assuming the wheelock votes against the delisting, the offer will lapse unless Simon comes out with another offer.

Look at Pertama, same case, Harvey + Fidelity hits above 90%. The stock is suspended but there is no delisting offer yet.
And SGX is not acting either.

So, for those who do not want to get stuck, be real careful when the 90% is breached.

Yes, it can be stuck forever, literally