CapitaMalls Asia

Hi lonewolf,

If CAPL wants CMA desperately, they should increase the offer and get it over and done with it. They have the money from divesting Australand. So, it is a matter of whether the long term benefits of integrating CMA into CAPL really worth paying more.

If not, then they can continue things as it is and comeback for CMA at a later date. I don't think having CMA listed will be a big problem for CAPL, just that they need to do more JVs for integrated development projects and need the hassle of getting shareholders from CMA side to agree on major transactions and/or IPTs. Afterall, CAPL already hold a controlling stake in CMA.

(14-05-2014, 11:58 AM)opmi Wrote: In the context of CMA privatisation, the CMA Board has duty to work for the best interests of CMA and all its shareholders. Not just CAPL. Esp when the CAPL and CMA
are misaligned. In a privatisation offer scenario, majority and minority shAreholders
are misaligned esp when there is possibility of minority shareholders being squeezed out by S215 CA compulsory acq. As I said before, IFA and IDs should not be anchored
to 'accept or reject' recommendations. The third alternative is doing nothing and the whole Board can continue to run the company for the benefit for ALL shareholders. E.g. K1, sembMarine etc.

To be fair to the IFA, their report on the CMA offer is quite comprehensive and they did discuss the factors for and against the offer before coming to a conclusion. Therefore, shareholders of CMA are encouraged to read the IFA report before making their final decision.

S215 CA compulsory acq is only applicable if the Offeror obtains more than 90% of the shares that they do not own before making the offer. It is quite a high acceptance level to achieve. Even if they don't execute S215 CA compulsory acq, SGX will suspend CMA due to not enough free float and they will be delisted as they would not be able to meet SGX listing requirement.

(14-05-2014, 12:02 PM)opmi Wrote:

(14-05-2014, 11:59 AM)egghead Wrote: The offer for HPL has been increased to $4.00. Will it happen to CMA also?

Can. If minority shareholders continue do nothing and 'Bo hew' CAPL Offer.

Seems like the market also anticipating. Got transactions at $2.23 liao.

Just posted a writeup on Singapore Land Compulsory Acq under S215 Companies Act.
Since we are talking about potential S215 CA Compulsory Acq for CMA.

http://www.valuebuddies.com/thread-216-p...l#pid82734

Dealing Disclosure 12 May

Only 3,000 shares bought at $2.20. Now total owned = 2,743,432,708 (70.4%)

Dealing Disclosure 14 May

10,000 shares sold at $2.22. Current total owned = 2,743,422,708 (70.4%).

Very interesting transaction by Lim Mei Yi (“LMY”), a director of a CapitaLand subsidiary, who is presumed to be a person acting in concert with the Offeror in respect of the Offer for the purposes of the Codes, is also selling in the open market.

Trading halted. Good news coming. Offer revised to $2.35.

CapitaLand increases Offer Price for CapitaMalls Asia and
declares Offer unconditional


NEW OFFER $2.35

(16-05-2014, 08:36 AM)egghead Wrote: Trading halted. Good news coming.

they raise offer price to 2.35.

congrats to all vested!

(16-05-2014, 08:36 AM)investor2014 Wrote: CapitaLand increases Offer Price for CapitaMalls Asia and
declares Offer unconditional


NEW OFFER $2.35

Good! Then what retailer investors must do to accept this latest offer?

(16-05-2014, 08:43 AM)Temperament Wrote:

(16-05-2014, 08:36 AM)investor2014 Wrote: CapitaLand increases Offer Price for CapitaMalls Asia and
declares Offer unconditional


NEW OFFER $2.35

Good! Then what retailer investors must do to accept this latest offer?

i believe u can fill up the acceptance forms that were sent to you.

cos all acceptances will get the new higher offer price.

but if you want to be sure, then its better to wait for them to mail you the revised offer.