Forterra Trust (formerly: Treasury China Trust)

[Boon]

To me, the rules are "not fair and not reasonable"
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This Practice Statement will apply to transactions announced from 9 July 2014.

SECURITIES INDUSTRY COUNCIL
(“SIC” OR THE “COUNCIL”)
PRACTICE STATEMENT ON THE OPINION ISSUED BY AN
INDEPENDENT FINANCIAL ADVISER IN RELATION TO OFFERS,
WHITEWASH WAIVERS AND DISPOSAL OF ASSETS UNDER THE
SINGAPORE CODE ON TAKE-OVERS AND MERGERS (THE “CODE”)

When advising the board of the offeree company on an offer, the IFA should conclude clearly and unequivocally in its advice whether an offer is “fair and reasonable”. The term “fair and reasonable” should be regarded as comprising two distinct concepts.

http://www.mas.gov.sg/~/media/resource/s...un2014.pdf

http://www.wongpartnership.com/index.php...nload/1343
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Can an unfair deal be reasonable?

aksaroya — 7 June 2013

"Even with explanation it is hard for most investors to digest advice that they should support something that is described as unfair yet reasonable. IAs are meant to safeguard the interest of shareholders by enabling them to make informed decision on certain transactions. However, when investors find it difficult to take independent advice, it is neither a fair nor reasonable solution."

http://blogs.accaglobal.com/2013/06/07/c...easonable/