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(01-07-2013, 03:59 PM)byfaith Wrote: i have small lots here, donnt wat to do. when is the offer expiry ?
If u don't need the money, just hang on to your shares! 
If u think 88cts is okay lah, then just sell ba,
It's ur choice! ur $
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
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If offer acceptance/compulsory action take place, will the process be long and tedious?
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(02-07-2013, 08:58 AM)Wildreamz Wrote: If offer acceptance/compulsory action take place, will the process be long and tedious?
Max offer period - 60 days from despatch of OFFER CIRCULAR.
Compulsory Acq - 30 days from close of offer. They will just take your shares and sent you a cheque. No questions asked (from you)...hahaha...
If they dont get to do CA, the shares will be delisted. And you will receive a share certificate.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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(02-07-2013, 09:13 AM)opmi Wrote: (02-07-2013, 08:58 AM)Wildreamz Wrote: If offer acceptance/compulsory action take place, will the process be long and tedious?
Max offer period - 60 days from despatch of OFFER CIRCULAR.
Compulsory Acq - 30 days from close of offer. They will just take your shares and sent you a cheque. No questions asked (from you)...hahaha...
If they dont get to do CA, the shares will be delisted. And you will receive a share certificate.
For this case, what are possible reasons the acquirer acquire more than 90%, and yet do not exercise CA?
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(02-07-2013, 09:13 AM)opmi Wrote: (02-07-2013, 08:58 AM)Wildreamz Wrote: If offer acceptance/compulsory action take place, will the process be long and tedious?
Max offer period - 60 days from despatch of OFFER CIRCULAR.
Compulsory Acq - 30 days from close of offer. They will just take your shares and sent you a cheque. No questions asked (from you)...hahaha...
If they dont get to do CA, the shares will be delisted. And you will receive a share certificate.
Wait, will the company get delisted if they don't acquire >90%?
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If they want to maintain listing, they can do compliance placement like FNN to restore float.
If they don't want to remain listed, they will make annc and send letters nearer to close of offer so that more will sell to them and then cross 90%.
Or they can delist and issue shares cert, like Sakari. Then slowly play with you.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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02-07-2013, 09:18 PM
(This post was last modified: 02-07-2013, 09:19 PM by Wildreamz.)
(02-07-2013, 01:04 PM)opmi Wrote: If they want to maintain listing, they can do compliance placement like FNN to restore float.
If they don't want to remain listed, they will make annc and send letters nearer to close of offer so that more will sell to them and then cross 90%.
Or they can delist and issue shares cert, like Sakari. Then slowly play with you.
So I take it that they can't delist if they don't cross 90% right?
I don't think share cert is a possibility in this case due to the following statement in the offer:
Quote:Compulsory Acquisition. Pursuant to Section 215(1) of the Companies Act, Chapter 50 of
Singapore (the “Companies Act”), if the Offeror receives valid acceptances pursuant to the
Offer (or otherwise acquires Shares during the period when the Offer is open for acceptance)
in respect of not less than 90% of the total number of issued 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 in treasury), the Offeror would be entitled to exercise the 5
right to compulsorily acquire all the Shares of Shareholders who have not accepted the Offer
(the “Dissenting Shareholders”), at a price equal to the Offer Price.
In such event, the Offeror intends to exercise its right to compulsorily acquire all the
Offer Shares not acquired under the Offer. The Offeror will then proceed to delist the
Company from the SGX-ST.
Dissenting Shareholders have the right under and subject to Section 215(3) of the Companies
Act, to require the Offeror to acquire their Shares at the Offer Price in the event that the
Offeror, its related corporations or their respective nominees acquire, pursuant to the Offer,
such number of Shares which, together with the Shares held by the Offeror, its related
corporations or their respective nominees, comprise 90% or more of the total number of
issued Shares (excluding Shares held in treasury). Dissenting Shareholders who wish to
exercise such rights are advised to seek their own independent legal advice.
http://infopub.sgx.com/Apps?A=COW_Corpor...210613.pdf
Lucky Guthrie not as "fill in the blank" as Sakari.
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(02-07-2013, 01:04 PM)opmi Wrote: If they want to maintain listing, they can do compliance placement like FNN to restore float.
If they don't want to remain listed, they will make annc and send letters nearer to close of offer so that more will sell to them and then cross 90%.
Or they can delist and issue shares cert, like Sakari. Then slowly play with you.
Just curious for the Sakari case, since PTT owns more than 90% and wanting to delist Sakari, why didn't PTT exercise its right of Compulsory Acquisition?
The only conclusion I can speculate is PTT does not have financial resource to acquire the remaining Non-Assenting shareholder.
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03-07-2013, 08:45 PM
(This post was last modified: 03-07-2013, 08:50 PM by opmi.)
PTT got money to acquire all but last 10%...hahaha...cannot be. WE are talking about PTT leh..
besides offeror must make statement that they have the financial resources to take over the whole company.
so usually got money one.
TSIT WING - highlighting public float already...more shareholders will sell out...
http://infopub.sgx.com/Apps?A=COW_Corpor...030713.pdf
in this case, I dont know who is 11% non-public substantial shareholder. If this guy dont sell, then no CA. delisting without CA.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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07-07-2013, 04:37 PM
(This post was last modified: 07-07-2013, 04:41 PM by pianist.)
(23-06-2013, 12:06 PM)yeokiwi Wrote: (23-06-2013, 11:16 AM)shn Wrote: Thanks for pointing out - I have mistaken the $300m for the 80% share.
Well, if I use $33,000 per sq me for JP1 and JPE, the valuation gain is 29.9 cents in total, whihc still gives an estimated RNAV of at least 130.9 cents, representing 49% premium over the offer price of 88 cents.
Anyway, make your own assumptions and do your own calculation.
Vest ed in GTS, LKH and Chip Eng Seng. quite a poor life being retail investor - rem our oue offload mark to market nav to aspiring reit holders.
Technically, retail investors must be realistic that it is impossible to realize 100% RNAV or even 90% RNAV per share. No sensible owner will offer to delist the company with offer price that is closed to RNAV.
Buying a property centric company is liked buying a seat to look at piles of gold behind steel bars. You can see it, valuate it but you cannot touch it.
So, buy the seat only when there is a sale. seems like tough being retail investor
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