Wheelock Properties

[dzwm87]

Once SC global is delisted, SC can do whatever they want at the expense of Wheelock. It is not entirely rosy for Wheelock to remain in a delisted firm with a minority stake.

Besides, SGX may not allow the delisting or delay the delisting for a few years. So, Wheelock's stake will be stuck.

Either way, they are stuck between a rock and a hard place.

Not entirely. SCGD needs to be owned 100% locally (i.e. 100% singaporised) before they can be void of any ABSD penalties. To delist, free float has to be less than 10% and Wheelock's share is not counted as free float. So technically, there is no concern whether SGX may disallow or delay the delisting.

Logically (or at least to me), Wheelock would be in a favorable position to discuss for a better deal post-delisting. What's exactly puzzling is they have openly declare the offer to be low-ball, bought a couple more at above $1.80 and yet surprisingly tendered all last night. It's not a couple of S$100Ks which they lost because their unit cost was way above S$1.80 when they bough SCGD at a high back then.

It's either they chickened out suddenly or as specuvestor said "expressing a view on the latest measure". Something must have led to them changing their mind.