Homepage
PR Newswire
05-11-2014, 12:13 AM
Boon, clearly a low-ball (& derisory) ranging shot by NF. I am surprised they left this until after the refinancing of TP - the biggest outstanding risk to the trust has been removed and their main asset is about to become cash generative. The options didn't expire until June 15 and they had another 8 months to re-fi TP. Strange, they now have to pay a fair price on a largely unrisked asset.
From what I recall, PAG paid between 1.80 and 2.00 for their shares, Credit Suisse and APG I don't know. I go with the guys at Panmures and believe NF will have to go above 2.50 to encourage the big holders to sell. If this bid is not successful they can't bid agin for another 12 months, and the shares will have re-rated plenty more by then.
I am trying to get contact emails for the independent directors to communicate direct with them. They hold the key and we will see how independent they really are. The assets within the trust could now easily be marketed and sold at prices close to the carried value, so how can the board back such a low-ball bid when it is their duty to shareholders to recommend a better alternative. Sod NF, they now have to pay up to get my shares..!
From what I recall, PAG paid between 1.80 and 2.00 for their shares, Credit Suisse and APG I don't know. I go with the guys at Panmures and believe NF will have to go above 2.50 to encourage the big holders to sell. If this bid is not successful they can't bid agin for another 12 months, and the shares will have re-rated plenty more by then.
I am trying to get contact emails for the independent directors to communicate direct with them. They hold the key and we will see how independent they really are. The assets within the trust could now easily be marketed and sold at prices close to the carried value, so how can the board back such a low-ball bid when it is their duty to shareholders to recommend a better alternative. Sod NF, they now have to pay up to get my shares..!
(04-11-2014, 10:48 PM)Boon Wrote:(04-11-2014, 09:36 AM)holy grail Wrote: woahhhh above offer price now!
anyone think the cash-rich tycoon will raise the price more? Though they did not condition their offer on 90% / taking private seems to be limiting much further upside from here. Thoughts anyone?
It did go above the offer price for a while.........
Number of shares traded at day 1 (04-Nov-2014) = 669,000 shares (0.26%).
Shareholding status at announcement of takeover:
= 79,133,379 shares (30.79%) – Nan Fung
= 46,170,162 shares (17.96%) - PAG
= 21,985,397 shares ( 8.55%) - APG
= 25,675,245 shares (9.99%) - Credit Suisse Group (Rights of use of shares)
= 84,055,534 shares (32.70%) - Others
=257,019,717 shares (100%)
I think, at this stage, anything is possible. Just wondering how the other SSH would react to it ? Outbid NF ? Ha-ha !
(vested)