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From SGX,
Free Float
723
An issuer must ensure that at least 10% of the total number of issued shares excluding treasury shares (excluding preference shares and convertible equity securities) in a class that is listed is at all times held by the public.
724
(1) If the percentage of securities held in public hands falls below 10%: —
(a) The issuer must, as soon as practicable, announce that fact; and
(b) The Exchange may suspend trading of the class, or all the securities of the issuer.
(2) The Exchange may allow the issuer a period of 3 months, or such longer period as the Exchange may agree, to raise the percentage of securities in public hands to at least 10%. The issuer may be delisted if it fails to restore the percentage of securities in public hands to at least 10% after the period.
What will happen if and when SC gets delisted? Especially minorities, can any deal be struck between Wheelock and Simon Cheong that excludes the minorities?
An old 2009 article that may answer my own question. Basically, it'd appear that the only 'teeth' SGX has in this case, would be to reject a delisting application if the exit offer is not reasonable enough (based on IFA report).
My next Q is if a delisting offer were to be made at a higher price, will those who'd accepted Simon Cheong's current offer of $1.80 get to enjoy the same? I think possibly not. Hmm...
From SGX,
Free Float
723
An issuer must ensure that at least 10% of the total number of issued shares excluding treasury shares (excluding preference shares and convertible equity securities) in a class that is listed is at all times held by the public.
724
(1) If the percentage of securities held in public hands falls below 10%: —
(a) The issuer must, as soon as practicable, announce that fact; and
(b) The Exchange may suspend trading of the class, or all the securities of the issuer.
(2) The Exchange may allow the issuer a period of 3 months, or such longer period as the Exchange may agree, to raise the percentage of securities in public hands to at least 10%. The issuer may be delisted if it fails to restore the percentage of securities in public hands to at least 10% after the period.
What will happen if and when SC gets delisted? Especially minorities, can any deal be struck between Wheelock and Simon Cheong that excludes the minorities?
An old 2009 article that may answer my own question. Basically, it'd appear that the only 'teeth' SGX has in this case, would be to reject a delisting application if the exit offer is not reasonable enough (based on IFA report).
My next Q is if a delisting offer were to be made at a higher price, will those who'd accepted Simon Cheong's current offer of $1.80 get to enjoy the same? I think possibly not. Hmm...
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------------ 知己知彼 ，百战不殆 ；不知彼 ，不知己 ，每战必殆 ------------