Singapore Land

Offer lapses or not. Depends on UIC want to look forward.
the outcome is the same unless UIC think there will be another
opportune times like GFC and AFC.

人生有多少个10年。Wee should know this.

Touché for Silchester for almost doubling free float and to prevent Wee-san from cheating.

Wee-san

I'll be very disappointed if you just quit like that wor. Think of your posterity.

Minorities must play ball now if they don't want SingLand to be delisted. Even if UIC couldn't get more than 90% of SingLand after the offer closes without increasing the offer price, they can still propose a voluntary delisting. Voluntary delisting resolution needs to be approved by a majority of at least 75% of the total number of shares (a foregone conclusion since UIC holds more than 80%) and not been voted against by 10% or more of the total number of shares (not enough for Silchester and their friendly parties to block since they only own around 8%).

I don't know whether UIC will propose voluntary delisting if they do not wish to increase the offer price and let the general offer lapse but let us be prepared for this just in case they wanted to do so.

UIC cannot propose anything for at least 6 months AFTER this current Offer.
Previous actions shows that Wee has patience. But may not have time. Already 84
years old. Probably clearing obstacles for descendants before he passes on.

In event of Delisting EGM, think getting another 2% to reject is not difficult.
By 壮士断臂 action, showed that Silchester is in the active mode. When Delisting EGM happens,
a PR exercise to garner other minority support is likely.

what happens to laxey partners in UIS is interesting.....although time is not on grandpa Wee side

http://valuebuddies.com/thread-1478.html

(03-04-2014, 10:56 AM)Behappyalways Wrote: what happens to laxey partners in UIS is interesting.....although time is not on grandpa Wee side

http://valuebuddies.com/thread-1478.html

Laxxey/COL Funds is a small fry. $30m position max. Silchester has a $320m position on SL. Resources that Silchester can or willing to mobilise is substantially more.

Laxxey asking for liquidation. Which is entirely up to UIS Board to decide.
UIC is seeking to privatise then restructure SingLand (e.g REIT or redevt).
Silchester is or can significantly blocking it in all possible routes (Suspension due to free float, Delisting EGM, Compulsory Acq).
The bargaining power is significantly different.

If UIC want to privatise, will still have to negotiate now or in the future.

Unless UIC just give up and go ahead with restructuring. Which is fine with Silchester, who will also get any REIT disposal proceeds will be paid out by SL to UIC.
Silchester and friendly parties (8% of 20% = 40% of non-interested parties) can also block or Reject any IPT between UIC and SL.

DMG's Report on Singapore Land this morning.

Scoop of the Day: Silchester International Investors (Silchester), the second
largest shareholder of SingLand, trimmed down its stake from 8.16% to 4.95%
after offloading 13.25m SingLand shares yesterday at SGD9.50 per share. As a
result, it ceases to be a substantial shareholder of SingLand (defined as any
shareholder with > 5% stake). With its move, free float of SingLand has increased
from 11% to 19%, removing the threat of any potential delisting had UIC been
able to garner 1% of the free float from public shareholders. Silchester had earlier
highlighted that it deemed UIC’s offer, at a 33% discount to net assets, too low
and it intended to sell down its stake to below 5% to protect its clients’ interests in
the absence of a higher offer from UIC. UIC’s offer is now doomed to fail with the
increased free float, unless it raises its offer. With the threat of a potential
delisting removed and the price discovery process facilitated by UIC’s general
offer, we think SingLand’s share price will find good support at the current levels
even if the offer lapsed. We continue to advocate a Trading BUY on SingLand,
which is trading at a 34% discount to our RNAV of SGD14.50. Our T.P of
SGD10.80 is premised on a 25% discount to RNAV. (Goh Han Peng)

http://rhbosk.ap.bdvision.ipreo.com/NSig...43898b.pdf

First time see SGX query ID on offer price. SGX growing backbone..

http://infopub.sgx.com/FileOpen/Response...eID=290085

Good afternoon everyone.

coming monday after 5.30pm we will know whether UIC will up the offer for SpLand or not.

http://www.singland.com.sg/pdf/Offer_Doc...032014.pdf

<vested><not a call to buy or sell>

(05-04-2014, 03:50 PM)kbl Wrote: Good afternoon everyone.

coming monday after 5.30pm we will know whether UIC will up the offer for SpLand or not.

http://www.singland.com.sg/pdf/Offer_Doc...032014.pdf

<vested><not a call to buy or sell>

We may see an time extension first. No hurry for UIC to close or raise Offer price.
No need extra money to keep Offer open EVEN IF UIC already decided NOT to raise Offer price.
In fact, UIC still can collect some more at $9.40.

My bet is we will at least see a time extension on Monday.