Fraser & Neave (F & N)

The dealing disclosure of TCC Asset, another 0.4 million shares acquired on 15 Feb, out of transacted volume of 0.6 million shares

http://info.sgx.com/webcoranncatth.nsf/V...60013957E/$file/DealingsDisclosureandLevelofAcceptances180213.pdf.pdf?openelement

Current holding 83.65% includes acquired and accepted shares. Acceptance is 35.53%.

Last day of offer, Let's see the final result tomorrow

Halted pending for announcement. But base on Thaibev's related announcement, the result of GO is

Total holding just crossed the 90% mark, i.e. 90.32%

http://info.sgx.com/webcoranncatth.nsf/V...600608016/$file/THBEV_PressRelease.pdf?openelement

Well, i assume the later announcement is to exercise the right to compulsory acquisition.

Would it be neater if ThBev takes FNN private, restructure itself and then relist some of FNN's units? This would be the way to unlock value and pare down debt. So those hoping to buy FNN on the way down may not get the opportunity to do so after all. If FNN is taken private by ThBev, this may be the price catalyst for the latter. Those who waited patiently on ThBev may finally be rewarded. Let's watch the final episode of this protracted saga as the curtain finally draws to a close.

Extension of halting citing "Pending confirmation of the intentions of TCC Assets Limited in relation to the listing status of Fraser and Neave, Limited"

It looks like TCC Asset may not want to delist F&N?

http://info.sgx.com/webcorannc.nsf/Annou...endocument

Can TCC sell a few percent to another party and keep F&N listed?

already cross 90% so must make the offer
but whether or not the balance 10% wanna sell or not is a different case
but likely will be successful ba

(21-02-2013, 10:52 PM)felixleong Wrote: already cross 90% so must make the offer
but whether or not the balance 10% wanna sell or not is a different case
but likely will be successful ba

It is not an obligation, but a right of offeror under Section 215(1) of the Companies Act.

I refer to the Offeror’s Intentions section of TCC Asset Offer doc. In short, TCC Asset initial intention is to maintain listing status, but if no choice (due to free float requirement), it may do otherwise, which is what happening now

"It is the current intention of the Offeror to maintain the present listing status of the Company on the Mainboard of the SGX-ST and the Offeror does not intend to exercise its right of compulsory acquisition under Section 215(1) of the Companies Act. However, in the event that the Company does not meet the minimum public float required under the Listing Manual at the close of the F&N Offer, the Offeror reserves the right to re-evaluate its position, including its right of compulsory acquisition (if applicable) as described in paragraph 9.2 of this Offer Document, depending on, inter alia, the ultimate level of acceptances received by the Offeror and the prevailing market conditions at the relevant time.”

Can they make another offer so soon after the GO? same price?

Another insider story of F&N saga from TCC Asset side.

Charoen’s down-to-the-wire F&N takeover was years in the making

Thai billionaire Charoen Sirivadhanabhakdi’s US$11.2 billion ($13.9 billion) takeover of Singapore’s Fraser & Neave, clinched after a rival bid was dropped at the last minute, was more than three years in the making.

Charoen debated an investment in the 130-year-old conglomerate as early as mid-2009 as he considered expanding outside Thailand, said four people with knowledge of the matter who asked not to be identified because the talks were private. A decision was put on hold amid doubts that pivotal F&N shareholders, including Oversea-Chinese Banking Corp., would be willing to sell, the people said.

http://www.theedgesingapore.com/the-dail...aking.html

Things progressing for the takeover, but the plan on the remaining 10% is still unknown? It takes longer than expected to settle.

TCC Asset holds 90%, and other minority shareholders including Davidson Kempner hold the rest. Most of them acquired the share at price more than $9.55. If TCC Asset exercises its right, most minority shareholders will not happy, and it also go against TCC Asset intention to keep F&N listed.

Interesting to see what solution TCC Asset will propose?

Lee Hsien Yang, 7 other directors step down from F&N board

SINGAPORE--Fraser & Neave chairman Lee Hsien Yang and seven other directors have stepped down from the company’s board.

The move, which was announced last month, comes after the takeover of F&N by Thai whiskey king Charoen Sirivadhanabhakdi.

http://www.todayonline.com/business/lee-...n-fn-board