Indofood Agri Resources (IndoAgri)

[karlmarx]

Offeror decides not to pursue the deal after all...so much for all the rabble rousing on a low-ball offer.

If price languishes significantly below 20 cents, perhaps another offer will be made in a year's time...

https://links.sgx.com/FileOpen/IFAR%20Cl...eID=564752

[dreamybear]

Another of my mistake ... bought at 0.3+ last year, thought at that time it's at all time low and undervalued(below NAV), should be a good buy.  Oh well .... now just glad at least someone spoke up(though voice is probably not loud enough) ... maybe can dream of better offer next time based on new delisting rules ....

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Why IndoAgri's recommending directors should resign

Ben Paul 1/07/2019, 9:08pm

SINGAPORE (July 1): The offer for Indofood Agri Resources lapsed this past week. In my view, the directors who recommended the deal should now resign.

Before I go any further, let me just make it clear that I am not accusing these directors of breaking any rules or being derelict in their duties. I am also not holding myself out to be some kind of expert on corporate governance matters. It seems clear from events that have unfolded, however, that the directors who recommended the offer do not recognise the underlying value that minority investors like me see in IndoAgri’s shares. Indeed, the recommending directors evidently do not recognise the value that IndoAgri’s controlling shareholder sees either......

More details : https://www.theedgesingapore.com/views/m...d-resign-0

[ZZF]

i was under the impression that the offeror will not be able to launch another offer in 6 months unless he increase the price but they are allowed to buy more shares in the market up to the last offer price?

anyone knows the rules governing this?

Thanks in advance!

[ghchua]

i was under the impression that the offeror will not be able to launch another offer in 6 months unless he increase the price but they are allowed to buy more shares in the market up to the last offer price?

anyone knows the rules governing this?

Thanks in advance!

He can buy, but cannot buy above the offer price (unless he got approval from relevant authorities).

[Shiyi]

i was under the impression that the offeror will not be able to launch another offer in 6 months unless he increase the price but they are allowed to buy more shares in the market up to the last offer price?

anyone knows the rules governing this?

Thanks in advance!

He can buy, but cannot buy above the offer price (unless he got approval from relevant authorities).

My understanding is that: For GO that fails, the offeror can only buy not more than 1% stake from open market within a year.
How is it that the Indofood (Offeror) can mop up some 5% stake after the failed GO?

[ghchua]

My understanding is that: For GO that fails, the offeror can only buy not more than 1% stake from open market within a year.
How is it that the Indofood (Offeror) can mop up some 5% stake after the failed GO?

The 1% rule that you cited here is for triggering of mandatory offer, which only holds true if the offeror holds between 30% to 50% of the shares after a failed GO. Since the offeror already holds more than 50% of the shares, there is no chance of triggering any mandatory offer no matter how much shares they buy from the market after the GO. So, as you can see, the rule is very clear and they can buy any amount. (But cannot buy above the offer price within 6 months of the offer as cited by me above)