Tsit Wing International

(14-06-2013, 11:31 AM)CityFarmer Wrote:

(14-06-2013, 10:15 AM)brattzz Wrote: Because if public shareholders didn't managed to get >10%, they are protected by SGX to have an exit offer no less than the offer price of 30.75cts.
It's worth a TRY! only time is wasted if >10% didn't work out.

IMO, one more possibility, the stock will be suspended by SGX, pending for exit offer or restoring of free float, with an unknown date line.

The same as Pertama Holding now..., the obligations are as far as i see
- put up similar announcement monthly to remind shareholders
- publish due financial reports

In the event the Offeror is unable to exercise the right to compulsorily acquire all the Offer Shares not acquired under the Offer pursuant to the Bermuda Companies Act, but as a result of the Offer or otherwise, the Offeror and other non-public Shareholders nevertheless own or control more than 90% of Shares, Tsit Wing would cease to be in compliance with the Free Float Requirement under Rule 723 of the Listing Manual. In such an event, the Offeror does not intend to maintain or support any action taken or to be taken to restore the Free Float of Tsit Wing, but that the Offeror will instead seek the delisting of Tsit Wing from the SGX-ST.

It reminds me more of CK Tang than Pertama. Im not sure about the listing rules, can a listed company still make a delisting without 100% acceptance just like CK Tang did?

Free Float in Public Hands
17th June = 15.27%
21th June = 15.18%

only 0.09%...very little shares change hands actually... looks like a blockage in the marking.... :O

Free Float in Public Hands
17th June = 15.27%
21th June = 15.18%
27th June = 13.94%
3rd July = 11.49%
4th July = 11.16%

1.16% more to go...

Looks like Chairman Wong will succeed this time...

just curious who are the shareholders that who are not Public?

"Fair and reasonable"

"ACCEPT the offer"..


---------------------------------
9.3 Advice of the IFA in relation to the Offer and the Options Proposal.
The Independent Directors have carefully considered the advice of the IFA, Provenance Capital
Pte. Ltd. in respect of the Offer and the Options Proposal, which is set out on pages 25 to 52
of this Circular. Provenance Capital Pte. Ltd.’s advice in respect of the Offer and the Options
Proposal, as extracted from Section 9 of the IFA Letter, is set out in italics below and should be
read in conjunction with, and in the context of, the full text of the IFA Letter. Unless otherwise
stated, all terms and expressions used in the extract below shall have the meanings given to them
in the IFA Letter.
“In arriving at our recommendation in respect of the Offer, we have taken into account, reviewed
and deliberated on the following key considerations which we consider to be pertinent in our
assessment of the Offer:
(a) Market quotation and trading activity of the Shares;
(b) Financial performance of the Group;
© Comparison with recently completed privatisations of companies listed on the SGX-ST;
(d) Comparison of valuation ratios of selected listed companies which are broadly comparable
with the Group;
(e) Dividend track record of the Company; and
(f) Other relevant considerations in relation to the Offer which may have a signifi cant bearing
on our assessment.
Based on our analysis and after having considered carefully the information available to us as at
the Latest Practicable Date, we are of the view that the financial terms of the "Offer are fair and
reasonable."
-------------------------------------------------------------

9.4 Recommendation of the Independent Directors.
The Independent Directors, having reviewed and carefully considered the terms of the Offer and
the advice given by the IFA to the Independent Directors in the IFA Letter, CONCUR with the
advice of the IFA in respect of the Offer and the Options Proposal.
Accordingly, the Directors recommend that Shareholders and Optionholders take the following
action:
(a) Offer
In respect of the Offer, the Independent Directors recommend that:
(1) "Shareholders to ACCEPT the Offer or sell their Shares in the open market if they"
can obtain a price higher than the Offer Price (after deducting related expenses);
and
(2) Shareholders who are prepared to take a long-term view of their investment in the
Shares and wish to retain their Shares and not accept the Offer should take note of
the following:
(i) The trading volume and market price of the Shares as at the Latest
Practicable Date may not be sustainable at current levels after the close of
the Offer or if the Offer lapses or is withdrawn;

Tsit Wing's public Free float drop below 10%, game over!!

"Percentage of the total number of Shares held by the Public 8.57%"

http://infopub.sgx.com/Apps?A=COW_Corpor...090713.pdf

This offer was triggered by Wong acquiring 20mil shares (approx 9.39%). If the shares were all from one seller, the seller must be a substantial shareholder. So far there was no "change in interest of substantial shareholders" announcement in the sgx website, so the sellers could be more than one non-substantial shareholders?

Incidentally, the company had placed out 20mil shares in Apr 2011 at $0.245. Minority shareholders were not allotted the placement shares then, missing out the chance to enjoy a windfall today.
The offer also came after a year without a final dividend. Not really a nice treatment of the minority shareholders.

well... it's hong kong style!

Chairman Wong is shrewd indeed! :O

Bye bye Tsit Wing!

(09-07-2013, 09:39 PM)wsreader Wrote: This offer was triggered by Wong acquiring 20mil shares (approx 9.39%). If the shares were all from one seller, the seller must be a substantial shareholder. So far there was no "change in interest of substantial shareholders" announcement in the sgx website, so the sellers could be more than one non-substantial shareholders?

Incidentally, the company had placed out 20mil shares in Apr 2011 at $0.245. Minority shareholders were not allotted the placement shares then, missing out the chance to enjoy a windfall today.
The offer also came after a year without a final dividend. Not really a nice treatment of the minority shareholders.

for the 'no dividend before Offer' thingy, same thing for Eastern too.

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If Guthrie minorities dont KP, this will be their fate.

seems like I gg to cdp submit my acceptance tom...sob sob