Fraser & Neave (F & N)

Today is the last day for the FCL entitlement.

Ref: http://infopub.sgx.com/FileOpen/Reminder...eID=269029

(27-12-2013, 09:50 AM)CityFarmer Wrote: As MI, it is illogical to receive the X'mas gift without Mr. Towkay (Big Brother?). The X'mas gift is meant for shareholders, including Mr. Towkay and MI.

IMO, the Capital reduction without a cancellation of shares, is a friendly gesture from Mr. Towkay toward his fellow shareholders.

(vested)

My simple thinking is that Big Brother's thoughts are always about himself, and not MI. If MI benefits from the move, it is merely coincidental. Perhaps his true character is much more magnanimous, but that would not be my assumption.....

(28-12-2013, 05:26 AM)HitandRun Wrote:

(27-12-2013, 09:50 AM)CityFarmer Wrote: As MI, it is illogical to receive the X'mas gift without Mr. Towkay (Big Brother?). The X'mas gift is meant for shareholders, including Mr. Towkay and MI.

IMO, the Capital reduction without a cancellation of shares, is a friendly gesture from Mr. Towkay toward his fellow shareholders.

(vested)

My simple thinking is that Big Brother's thoughts are always about himself, and not MI. If MI benefits from the move, it is merely coincidental. Perhaps his true character is much more magnanimous, but that would not be my assumption.....

I respect your view.

Will Mr. Towkay's proposals toward F&N bond holders, made a difference on your view?

(28-12-2013, 03:54 PM)CityFarmer Wrote: Will Mr. Towkay's proposals toward F&N bond holders, made a difference on your view?

His proposals reinforced my opinion about him wor. The typical entrepreneur that I know, will not shy away from taking advantage if there is an opportunity. Since he couldn't take advantage, he closed the deal with a better offer.....

(29-12-2013, 08:48 AM)HitandRun Wrote:

(28-12-2013, 03:54 PM)CityFarmer Wrote: Will Mr. Towkay's proposals toward F&N bond holders, made a difference on your view?

His proposals reinforced my opinion about him wor. The typical entrepreneur that I know, will not shy away from taking advantage if there is an opportunity. Since he couldn't take advantage, he closed the deal with a better offer.....

OK noted. Your view is not unique, mainly due to Mr. Towkay's est, after the end of partnership with PepsiCo. Again, I respect the view.

I don't assume Mr. Towkay is magnanimous. I assume Mr. Towkay has full appreciation of the long term benefit of Win/Win on wealthy accumulation

Wow! Are we seeing 4 bucks today?

In a situation like this, I always agonise over the timing to take profits...

I am pleasantly surprised by the valuation given by Mr. Market on F&N post-DIS.

Let's work out the math

Dividends paid: $3.28 (capital reduction) + $0.035 (dividend) = $3.315
FCL distribution : $2.04*2*0.8 = $3.264 (assuming 0.8 PB upon trading, which should be the lower side of estimation)
F&N post-DIS : $3.94 (latest price)

Total = $10.519

The valuation given by IFA report during the GO, was $8.30 to $11.22. The market price is approaching the higher end of the valuation

(happily vested)

http://infopub.sgx.com/FileOpen/FNL-BCD-...eID=269520

3. CASH EQUIVALENT OF DIVIDEND IN SPECIE
The cash equivalent per Share for the dividend in specie of the Company is S$2.0146873 (rounded to seven decimal places), being the amount of S$2,911,034,349 divided by 1,444,906,286.

The DIS entitlement is closed, and the final number derived.

Total share entitled is 1,444,906,286. The cash equivalent per Share for the dividend in specie of the Company is S$2.0146873
(rounded to seven decimal places), being the amount of S$2,911,034,349 divided by 1,444,906,286.

Ref: http://infopub.sgx.com/FileOpen/FNL-BCD-...eID=269520