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LTC Corp (prev. Lion Teck Chiang)
26-06-2018, 10:40 AM.
Post: #211
RE: LTC Corp (prev. Lion Teck Chiang)
(26-06-2018, 08:19 AM)dydx Wrote: Whether the Chengs and the remaining minority shareholders of LTC Corp can together make a lot of money in the hopefully not too distant future would depend on the redevelopment potential - including for alternative use and combining with the adjoining empty government land fronting Paya Lebar Rd - of the combined freehold land plot next to the Macpherson MRT (interchange) station.

My simple visual survey by using Google Map shows the combined freehold land plot owned by LTC Corp has a total land area of approx. 170,000sf. Anyone familiar with land planning and property development able to help do some scenario planning to estimate the potential development value of a new integrated commercial/industrial project for the site?

well, the whole place can be converted to data centres like their neighbour (the one near to PIE)
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster

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26-06-2018, 10:46 AM.
Post: #212
RE: LTC Corp (prev. Lion Teck Chiang)
(26-06-2018, 09:56 AM)Stocker Wrote:
(26-06-2018, 07:12 AM)pianist Wrote: its really nice to see the final closing of the general offer lasting almost half a year long..
and delighted to able to have my humble minority shares squeezed & tagged along with the wise big brother in a business whose calculation and estimation of the figures easily show that it is deeply undervalued

does anyone know if between now and the coming delisting exercise, can the big brother based on the rules do a private share placement to an unknown 3rd party? ... hopefully the watchdogs can monitor

Under the by-law , when can the Chengs make another G.O. ?

the next obvious action by LTC will be Delisting EGM. Which will be a success since minority shareholders unlikely to muster 10% to vote against.

So if remaining minority wants to keep LTC listed, now is the time to start. From Vard's situation, it is too late when u receive the Notice of EGM.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster

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26-06-2018, 12:32 PM.
Post: #213
RE: LTC Corp (prev. Lion Teck Chiang)
For me there is no strong motivation to keep it listed. By delisting the company saves compliance costs save all the noise from advisers. I'm on the same side as my big brother as long as he dun boot me out from owning a piece of the cake

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26-06-2018, 05:51 PM.
Post: #214
RE: LTC Corp (prev. Lion Teck Chiang)
There will be few/many minority shareholders in unlisted LTC , if LTC is eventually delisted ?
Is it worst holding on to the shares if it is no longer a marketable security ?
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

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27-06-2018, 12:05 PM.
Post: #215
RE: LTC Corp (prev. Lion Teck Chiang)
The management had already indicated they will go for delisting if they failed to get 90%. Once delisted, minorities are no longer protected by the listing rules. It is going to be difficult to get a good price if the controlling shareholder does not offer you. There are very angry shareholders holding shares in those previously listed companies....

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27-06-2018, 01:43 PM.
Post: #216
RE: LTC Corp (prev. Lion Teck Chiang)
IMHO, it may not be too bad a thing even if it gets delisted. 
In previous Aztech case, the GO was 42ct which some of us rejected. 
Then they declared an interim dividend of 30ct and now proposing a final dividend of 10ct. 
Thats 40ct in the bag...i think you can guess who actually is the biggest winner after the delisting exercise.

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27-06-2018, 03:11 PM.
Post: #217
RE: LTC Corp (prev. Lion Teck Chiang)
(27-06-2018, 12:05 PM)ACTIVIST SPEAKS Wrote: The management had already indicated they will go for delisting if they failed to get 90%.  Once delisted, minorities are no longer protected by the listing rules.  It is going to be difficult to get a good price if the controlling shareholder does not offer you.  There are very angry shareholders holding shares in those previously listed companies....

Like General Magnetics
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster

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07-09-2018, 02:30 PM.
Post: #218
RE: LTC Corp (prev. Lion Teck Chiang)
LTC today announced Voluntary Delisting, barely 3 months after the close of its unconditional cash offer.

http://infopub.sgx.com/Apps?A=COW_CorpAn...1f9d10b0dc

Offeror holds 88.44% of total number of shares and putting an exit offer of $0.925 (same as previous offer with no further revision), a large discount to NAV of $1.6658 from FY2018 results. 

Guess now is the right time to 'strike' with all the gloomy headlines of trade war and bad market sentiment.

Will small shareholders be able to resist or will many accept this time? 

SGX should really review takeover rules and deter companies from taking private on the cheap!!
(Not a recommendation to buy or sell, just stating facts)

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08-09-2018, 11:05 AM.
Post: #219
RE: LTC Corp (prev. Lion Teck Chiang)
With one stroke, this Voluntary Delisting announcement will mean that minorities faint hopes of holding onto their LTC Corp shares being almost dashed. Allow me to explain why it is an uphill task.

1. The exit offer is conditional on the delisting resolution being passed at the EGM. Since the controlling shareholder of LTC Corp, Mountbatten Enterprises holds around 88.44% of the company and intends to vote in favour of the delisting resolution, they have satisfied the first condition for the delisting resolution to be carried which needs at least 75% of the shares voting for it. What's left is for minorities holding the remaining 11.56% of the company to come out in force and block the resolution with 10% or more of the votes at the EGM. It is a big ask, as it means that more than 85% of those holding the remaining 11.56% of the shares will have to play ball and vote. Not doing anything will not contribute to the against vote count.

2. If the delisting resolution is being passed, the offeror will then launch the exit offer via another entity, Mountbatten Resources. Mountbatten Enterprises (holding around 88.44% of LTC Corp) had given an undertaking to tender all the shares it holds (and any other shares it might subsequently acquire) to Mountbatten Resources. Which means, the offeror, Mountbatten Resources will at least hold around 88.44% of LTC Corp after the exit offer is being launched. It needs another 1.56% of LTC Corp to hit 90%, which will trigger compulsory acquisition under Section 215(1) of the Companies Act. The offeror has said that it intends to exercise its rights to compulsory acquire the remaining shares when it is entitled to. Which means, the chances of minorities holding onto unlisted LTC Corp shares is also remote.

3. What is left is for the appointed IFA to issue its opinion in relation to the exit offer. I don't see a change in opinion since the last VGO, as not much changes had happened to the company since then. Which means, the exit offer is very likely to be deemed as "reasonable".

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