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LTC Corp (prev. Lion Teck Chiang)
13-05-2018, 11:00 AM,
Post: #191
RE: Lion Teck Chiang
Hi dydx,

I share your views on LTC Corp's potential and I do not think they can secure 90% of the shares at the close of GO. But with delisting EGM, it is another different ball game altogether as stated by me earlier. Every vote counts in the delisting EGM and minorities cannot just stay put as in the GO case. Minorities have to come out and vote against the delisting resolution to keep LTC Corp listed.

As TTTI had stated, we are not here to correct the wrongs and it is not a fair world. It will be a tough fight but I guess it is worth fighting if minorities could make enough noise to get the rule makers noticed. We might be losing this battle but if it is for future good and possibly better minorities protection, I guess it is worth a shot. Let's see how it goes.

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13-05-2018, 02:09 PM,
Post: #192
RE: Lion Teck Chiang
is there a minority interest group? figure it would make sense to rally all together in an group and keep each other updated for the long fight ahead... Big Grin Big Grin Big Grin
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 

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13-05-2018, 09:38 PM,
Post: #193
RE: Lion Teck Chiang
(12-05-2018, 11:43 PM)dydx Wrote:
(12-05-2018, 09:22 PM)TTT Wrote: It's not a fair world. The rules are not in the favor of MI. 
But as investors, we aren't here to correct the wrongs. Don't try to fight a battle you can't win.
And if you wanna fight, it takes a lot more than making "protest" decisions when you reach a cross road.
If I had seen evidence of MI convalescing and cooperating at the start of the GO, then there POSSIBLY may be a better outcome.
Right now, it's just totally bleak.
I'm speaking with the experience of some previous delistings.
It's just not worth the fight.

I can agree that this is not a fair world, but I just cannot agree to sell my prized LTC shares at $0.925/share to the Chengs, as I am convinced that each LTC share is worth much more than its latest (31Mar18) corresponding NAV/share of $1.6616. It is quite easy to understand that LTC's industrial property sitting on a large freehold land plot located next to the MacPherson MRT interchange station (on Circle and Downtown lines) is ripe for redevelopment and should be worth much more that its stated BV of $118.0m. If a redevelopment on the land plot is carried out at a higher plot ratio or for alternative uses - including as an large integrated project similar to what has happened around the one-stop away Paya Lebar interchange station (on Circle and East West lines) - the realisable value of the land plot could well be a few times of $118.0m. I am inclined to believe that URA should be supportive of such a redevelopment project, or may even nudge LTC to redevelop the land plot, as it is good for SG. It will be a waste of the precious land plot and a big pity if the existing 4 old industrial buildings remain untouched in the next 5 or 10 years. I am also inclined to believe that the huge potential gain from the redevelopment of the land plot is the main motivation and reason behind the Chengs launching a GO with a view to privatise LTC for their own benefit.

Based on the fact that the Chengs only managed to raise their stake in LTC by another 0.2% from 25Apr to 11May (16 days) to now 86.24%, I remain optimistic that there are enough minority shareholders out there who understand the above commercial logic and would hold on to their prized LTC shares to see it through that the huge hidden value in the land plot is realised in a potential redevelopment project.

Oh trust  me, I fully agree with everything that you have just said about the undervaluation.

Which was why I did my version of "test balloons"...
https://thumbtackinvestor.wordpress.com/...ion-offer/

But now, we are talking about a different matter altogether.
If there was someone with deep enough pockets that came in ala Icahn style, I'd gladly swing to the opposite, load up to high heavens and support. I'm definitely all for minority power.
But if there's nobody, knowing the investor apathy of the local investing scene, I'd have to rely on my practical side,assess the situation and act based on probabilities, not on ideals.
The Chengs may have failed to garner 90%.... but stopping a voluntary delisting is a different ballgame as it requires action on the part of the minorities.
Sitting passively on their part, is a win for the Chengs itself.
The odds are 50-50 at best, that the MI would turn out in full force to stop them.
And those odds are simply not good enough for me.

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14-05-2018, 09:08 PM,
Post: #194
RE: Lion Teck Chiang
PAGING ALL LTC CORPORATION MINORITY SHAREHOLDERS WHO HAVE NOT TENDERED...

I have been contacted by Business Times regarding this, they may want to do a feature story about minority investors who have been holding out against delistings of late (LTC, Vard, Tat Hong)
Since I've tendered my stake, I'm not in a position to comment. (And it's also not appropriate for me to be identified)
Those of you who are still holding out, and want to be interviewed / don't mind being identified, pls drop me an email and I'd patch you up with BT.
THIS IS A GOOD CHANCE FOR MASSIVE PUBLICITY TO YOUR CAUSE.
I can't think of a better opportunity to drive MI to revolt during the EGM.

thumbtackinvestor@gmail.com

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17-05-2018, 09:55 PM, (This post was last modified: 17-05-2018, 10:49 PM by dydx.)
Post: #195
LTC Corp (prev. Lion Teck Chiang)
OCBC has just issued another update that as at today (17May) market close, the Offeror and its Concert Parties (including valid
acceptances of the Offer) now hold 134,959,178 shares in LTC, representing a total interest of approximately 86.26%..
http://infopub.sgx.com/FileOpen/Mountbat...eID=506384
This update arose purely because of Cheng Zhi Wei, an associate and concert party of the Offeror, added 1,000 LTC shares today.

It is interesting to note that when compared with a similar update issued yesterday (16May)..
http://infopub.sgx.com/FileOpen/Mountbat...eID=506192
there was no new acceptance today.

If this pattern persists, there is a good chance that LTC will remain listed, as it appears the remaining minority shareholders are resolute towards this.

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21-05-2018, 10:32 AM,
Post: #196
RE: Lion Teck Chiang
(14-05-2018, 09:08 PM)TTTI Wrote: PAGING ALL LTC CORPORATION MINORITY SHAREHOLDERS WHO HAVE NOT TENDERED...

I have been contacted by Business Times regarding this, they may want to do a feature story about minority investors who have been holding out against delistings of late (LTC, Vard, Tat Hong)
Since I've tendered my stake, I'm not in a position to comment. (And it's also not appropriate for me to be identified)
Those of you who are still holding out, and want to be interviewed / don't mind being identified, pls drop me an email and I'd patch you up with BT.
THIS IS A GOOD CHANCE FOR MASSIVE PUBLICITY TO YOUR CAUSE.
I can't think of a better opportunity to drive MI to revolt during the EGM.

thumbtackinvestor@gmail.com

https://www.businesstimes.com.sg/compani...-delisting

"At S$0.925 per share, the Chengs' price is 44 per cent lower than LTC's revalued net tangible asset value (RNTA) per share of S$1.66. A good 34 per cent of LTC's asset base comprises four freehold rent-collecting industrial properties at Arumugam Road, near the MacPherson MRT interchange station.
On the other hand, the Chengs have pointed out that the last time LTC shares traded above S$0.925 was in the year 2000. So anyone who bought shares over the last 18 years and cashed out now would be in the money.
In fact, the offer price represents a 49.4 per cent premium over the volume-weighted average price (VWAP) per share in the 12 months leading up to the day the offer was launched.
LTC's appointed independent financial adviser (IFA) has flagged that its RNTA is not necessarily a realisable value. Justin Tang, head of Asian research at United First Partners, agreed: "I see a few HDB flats in Commonwealth for sale at an agent assessed valuation of S$1.5 million. While it is possible, it is not probable that they realise a transaction at that sale price.""

"The pattern of shareholder hold-outs is a trend worth noting as Singapore's share investors wise up to the delisting playbook.
Yet, even when retail investors have their revenge, there's no saying how long they may have to wait before a better exit offer presents itself.
While waiting, they remain at the mercy of the largest shareholders, stuck in a "value trap" of a uniquely Singaporean make."

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