SC Global Developments

(17-01-2013, 10:55 AM)guru Wrote: If Wheelock throwing in the towel, appears that SC is a bao-jiak now for SC. Seems like he'll try and take it private asap. But for S/H who has not accepted the offer, I'm wondering what are the exit routes now.

There is no other route. SC will use the companies act to acquire the share mandatorily. He cannot allow any foreigners from holding the share.
So, for those who are still holding the share, it is time to throw towels.
Even if you refuse to throw, the companies act will throw it automatically for you at much later date.

Last night's announcement also mentioned about Compulsory Acquisition. For Shareholders who has not done so, it's time to say bye to this counter.

For Wheelock management, I think they'll have a lot of explaining to do. Using shareholders' fund to play a hand of poker with SC hoping he'll raise the offer and when SC doesn't budge, came out with an announcement that they still made money from this deal (when clearly, the costs of SC shares have been written down over the years).

Gosh, how amazing words can be written to suit the needs indeed.

(17-01-2013, 01:20 PM)yeokiwi Wrote:

(17-01-2013, 10:55 AM)guru Wrote: If Wheelock throwing in the towel, appears that SC is a bao-jiak now for SC. Seems like he'll try and take it private asap. But for S/H who has not accepted the offer, I'm wondering what are the exit routes now.

There is no other route. SC will use the companies act to acquire the share mandatorily. He cannot allow any foreigners from holding the share.
So, for those who are still holding the share, it is time to throw towels.
Even if you refuse to throw, the companies act will throw it automatically for you at much later date.

Not true. I can apply to the high court to stop Simon from compulsorily acquiring my shares.

If I were a foreigner, I would go in and buy up SC Global shares from the market and demand Simon Cheong pays me 1million dollar to buy back my share. The alternative is to pay millions of dollars in taxes and penalty

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(18-01-2013, 10:12 AM)guru Wrote: Last night's announcement also mentioned about Compulsory Acquisition. For Shareholders who has not done so, it's time to say bye to this counter.

For Wheelock management, I think they'll have a lot of explaining to do. Using shareholders' fund to play a hand of poker with SC hoping he'll raise the offer and when SC doesn't budge, came out with an announcement that they still made money from this deal (when clearly, the costs of SC shares have been written down over the years).

Gosh, how amazing words can be written to suit the needs indeed.

They could have traded the shares by selling above $2.

(18-01-2013, 05:27 PM)propertyinvestor Wrote:

(17-01-2013, 01:20 PM)yeokiwi Wrote:

(17-01-2013, 10:55 AM)guru Wrote: If Wheelock throwing in the towel, appears that SC is a bao-jiak now for SC. Seems like he'll try and take it private asap. But for S/H who has not accepted the offer, I'm wondering what are the exit routes now.

There is no other route. SC will use the companies act to acquire the share mandatorily. He cannot allow any foreigners from holding the share.
So, for those who are still holding the share, it is time to throw towels.
Even if you refuse to throw, the companies act will throw it automatically for you at much later date.

Not true. I can apply to the high court to stop Simon from compulsorily acquiring my shares.

If I were a foreigner, I would go in and buy up SC Global shares from the market and demand Simon Cheong pays me 1million dollar to buy back my share. The alternative is to pay millions of dollars in taxes and penalty

You can apply to high court, but it does not automatically stop the compulsory acquisition. Unless there is a good ground, high court will normally reject the application.

That explain why no foreigner engaging on this lucrative exercise...