Homepage
PR Newswire
@jaco,
It seems that a F&N OPMI needs to have insights on ThaiBev and not on their own company, if they want to have better odds of making decent money.
BeerCo's planned IPO has been delayed for >3years so far, with constant on-offs since 2021. I think this signals 2 things - (1) ThaiBev is not desperate to sell because they are not able to get the right price (or volume). (2) The right price might remain elusive. The golden era of animal spirits for beer consolidation/bidding wars had already passed since the early part of 2010s, and it is probably not coming back any time soon.
Maintaining a listed company is definitely not cheap for commoners like us
But comparatively to the amount of interest Chaoren pays on ThaiBev's loans, that's small change. I am not sure why he may want a listing to be kept, but as you mentioned he has his fair share of advisors on what intelligent path to take. In an alternate scenario where I had been appointed as one (of his advisors), I would surely remind him that it is infinitely more expensive to do a successful delisting of F&N at fair price (ie. nearby to the swap price) compared to paying the costs of listing/compliance.
Finally, a listing gives optionality and you had mentioned a few. A clever person knows that in life, one needs to keep all options open, isn't it? Only when the optionality gets too limited, will then one decide to give up paying the opportunity costs.
It seems that a F&N OPMI needs to have insights on ThaiBev and not on their own company, if they want to have better odds of making decent money.
BeerCo's planned IPO has been delayed for >3years so far, with constant on-offs since 2021. I think this signals 2 things - (1) ThaiBev is not desperate to sell because they are not able to get the right price (or volume). (2) The right price might remain elusive. The golden era of animal spirits for beer consolidation/bidding wars had already passed since the early part of 2010s, and it is probably not coming back any time soon.
Maintaining a listed company is definitely not cheap for commoners like us
But comparatively to the amount of interest Chaoren pays on ThaiBev's loans, that's small change. I am not sure why he may want a listing to be kept, but as you mentioned he has his fair share of advisors on what intelligent path to take. In an alternate scenario where I had been appointed as one (of his advisors), I would surely remind him that it is infinitely more expensive to do a successful delisting of F&N at fair price (ie. nearby to the swap price) compared to paying the costs of listing/compliance.Finally, a listing gives optionality and you had mentioned a few. A clever person knows that in life, one needs to keep all options open, isn't it? Only when the optionality gets too limited, will then one decide to give up paying the opportunity costs.