Fraser & Neave (F & N)

(21-02-2013, 08:50 PM)CityFarmer Wrote: 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

It remains halted, it seems more of suspension than halt?

Taking more time than i expected to reach a decision...

I believe F&N will remain listed entity, as it has re appoint new IDs on board.

The "pending confirmation" could be due to asset divestion - will it be property or F&B?

(12-03-2013, 11:05 AM)CityFarmer Wrote:

(21-02-2013, 08:50 PM)CityFarmer Wrote: 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

It remains halted, it seems more of suspension than halt?

Taking more time than i expected to reach a decision...

Trading halt due to asset divestment typically will not last more than 3 working days.

Anyway, i agree that TCC Asset intention is pretty clear, but yet formally confirm. I am more interested to know the arrangement proposed.

(12-03-2013, 09:56 PM)2V. Wrote: I believe F&N will remain listed entity, as it has re appoint new IDs on board.

The "pending confirmation" could be due to asset divestion - will it be property or F&B?

(12-03-2013, 11:05 AM)CityFarmer Wrote:

(21-02-2013, 08:50 PM)CityFarmer Wrote: 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

It remains halted, it seems more of suspension than halt?

Taking more time than i expected to reach a decision...

A precursor of an announcement soon?

TCC in talks with SGX to keep F&N listed: Sources

SINGAPORE — TCC Assets, the family holding company of Thai tycoon Charoen Sirivadhanabhakdi, is in talks with the Singapore Exchange to retain the listing status of local property and food and beverage giant Fraser and Neave (F&N), which it took control of in January following a mandatory general offer, according to people familiar with the matter.

With about 90.3 per cent of F&N now, TCC will have to take the company private under the current listing rules, which require a public float of at least 10 per cent and a minimum of 500 shareholders.

F&N sources told TODAY Mr Charoen would likely place between 5 and 10 per cent of the Singapore icon to various institutions to ensure just that.

http://www.todayonline.com/business/tcc-...ed-sources

I wonder the reason(s) for the delay, might due to trickiness in execution IMO. F&N can not continue to halt it, a dateline is necessary.

Fraser and Neave, Limited to state its intention on listing status by 18 April 2013
Fraser and Neave, Limited (the “Company”) wishes to inform shareholders that it has received a letter from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) stating, inter alia, that the Company is required to announce its intention with respect to its listing status by 18 April 2013. The SGX-ST has further stated that it will convert the trading halt of the Company’s shares into a trading suspension with effect from 19 April 2013 unless the Company makes clear that it intends to maintain its listing status. The Company is considering its options with respect to its listing status and will make an appropriate announcement in due course.

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

TCC Asset announced its intention officially, but nothing new.

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

In my opinion, a few tricky issues:

1. Who should Chaoren transfer the F&N shares to? He could transfer some shares to his key employees, ThaiBeverage shareholders.
2. Should he sell the shares to 3rd party?
3. Risk of share price falling below his purchase price.
4. How many shares should he keep?
5. Should he issue more shares to F&N employees or 3rd parties?

(19-04-2013, 03:24 PM)a74henry Wrote: In my opinion, a few tricky issues:

1. Who should Chaoren transfer the F&N shares to? He could transfer some shares to his key employees, ThaiBeverage shareholders.
2. Should he sell the shares to 3rd party?
3. Risk of share price falling below his purchase price.
4. How many shares should he keep?
5. Should he issue more shares to F&N employees or 3rd parties?

Unlikely for most, since it is still does not meet free float requirement due to deemed interest.

Selling is not likely since it violates takeover code.

IMO, one likely solution is to do a placement for 3rd party, to pull up the free float above 10%. It is interesting to see how TCC Asset solves it.

Maybe placement for 3rd party where an agreement to the 3rd party to take charge of its property segment while Chaoren takes charge of its F&B segment.

If this is agreed, we could see greater growth for F&N as its twin engine of growth is spearheaded by people who are familiar with its respective industry.

LIFTING OF TRADING HALT AND EXTENSION OF PERIOD TO RESTORE PUBLIC FLOAT OF FRASER AND NEAVE, LIMITED

Quote:

The Board of Directors (the "Board") of Fraser and Neave, Limited. (the "Company") wishes to announce that the Company’s shareholders, TCC Assets Limited ("TCCA") and Thai Beverage Public Company Limited ("ThaiBev") have informed the Company today that, further to their discussions with the Singapore Exchange Securities Trading Limited ("SGX-ST"), the SGX-ST has confirmed that it has no objection to the lifting of the trading halt and to allow the Company a period of three (3) months to Friday, 19 July 2013 to restore its public float.

In light of the above, the Company will be submitting a request to lift the trading halt on the Company's shares shortly. Trading in the Company's shares is expected to resume from 9 a.m. on Monday, 22 April 2013.

The Company will update shareholders as and when it has further information regarding the restoration of the public float of the Company.


BY ORDER OF THE BOARD
Anthony Cheong
Company Secretary

19 April 2013

Wow! 3 months to restore public float. Is that typical? It seems like a lot of time.

I wondered how F&N shareholders who sold feel? I dun remember TCC making any mention in its offer documents on maintaining the listing status of F&N. Would those who wanted to hold on but feel that a delisting is imminent feel aggrieved by the development?

It would be interesting to see if F&N can hold on to the price TCC paid.