LTC Corp (prev. Lion Teck Chiang)

[opmi]

in first Vard delisting EGM, I feel that the service providers and the IDs sided with the Company(controlled by Offeror) when minorities tried to adjourn with the circular discrepancy.

I remembered there was some arguments but in the end, they decided not to adjourn the EGM on account that the circular discrepancy will not result in a change in opinion on the IFA recommendation - i.e. the exit offer will still be deemed as not fair but reasonable even if the numbers for SembCorp Marine had been corrected.

In LTC Corp case, the argument is that the proposed consultation for change in delisting rules might affect the outcome of the vote at the EGM. Although the IFA opinion is that the exit offer is fair and reasonable, one of the proposed change is that the controlling shareholder cannot vote in the delisting resolution. Since the controlling shareholder holds more than 88% of LTC Corp, it is quite a significant event and the basis for adjournment is there.

OK. this development is good. Thanks!

[MOV]

http://infopub.sgx.com/FileOpen/LTC_Upda...eID=535156

Trying 2nd time for EGM and probably ready to push through...should SGX have suspended all delistings resolutions until its consultation and new rules are completed??

[pianist]

So mano managed to throw smoke bomb to the board successfully last time?
Did sgx co re reply on the use of that enforceable clause in company act?

[opmi]

dont know if previously disclosed. never follow the LTC delisting

LTC owned the other 50%

Proposed disposal by the Company of its entire 11,517,999 ordinary shares in Angkasa Amsteel Pte Ltd ("AAPL"), representing approximately 50% of the share capital of AAPL to Daehan Steel Co. Ltd. for a cash consideration of SGD26.65 million (equivalent to approximately RM80.90 million)

http://www.bursamalaysia.com/market/list...ts/6029361

http://disclosure.bursamalaysia.com/File...TTACHMENTS

[Vseeker]

dont know if previously disclosed. never follow the LTC delisting

LTC owned the other 50%

Proposed disposal by the Company of its entire 11,517,999 ordinary shares in Angkasa Amsteel Pte Ltd ("AAPL"), representing approximately 50% of the share capital of AAPL to Daehan Steel Co. Ltd. for a cash consideration of SGD26.65 million (equivalent to approximately RM80.90 million)

http://www.bursamalaysia.com/market/list...ts/6029361

http://disclosure.bursamalaysia.com/File...TTACHMENTS

Was digging thru this morning....

The above sale shares belong to Lion Industries Corporation Berhad (“LICB”),
Back in 04-May2011, LICB acquired 50% stake of "Angkasa Hong Leong Pte Ltd" from HLAsia for around S$15.3m
For details on this trans, refer to this link http://www.hlasia.com.sg/news/HLA_20110505_1.pdf

Spore LTC held the other 50% + 1 share  in  "Angkasa Hong Leong Pte Ltd", which been renamed to Angkasa Amsteel Pte Ltd ("AAPL").

[Vseeker]

Announcement Title *
CHANGE OF NAME OF SUBSIDIARY  
 
Description
The Board of Directors of Lion Teck Chiang Limited (the "Company") wishes to announce that its subsidiary,
Angkasa Hong Leong Pte Ltd has changed its name to Angkasa Amsteel Pte. Ltd. with effect from 1 July 2011.

[ghchua]

With the offeror managing to acquire more than 90% of LTC Corp shares out there, they have decided to exercise their rights to compulsory acquire the remaining shares out there from dissenting shareholders and delist the company.

https://links.sgx.com/FileOpen/01%20Libe...eID=540587

With that, it ends the long drawn episode of this takeover offer. Thank you, minorities. You have put up a good fight although we lost the battle in the end.

[tonylim]

With the offeror managing to acquire more than 90% of LTC Corp shares out there, they have decided to exercise their rights to compulsory acquire the remaining shares out there from dissenting shareholders and delist the company.

https://links.sgx.com/FileOpen/01%20Libe...eID=540587

With that, it ends the long drawn episode of this takeover offer. Thank you, minorities. You have put up a good fight although we lost the battle in the end.

Usually the controlling shareholders win the game no matter how hard we fight against them .  They list , they milk and take private when the hidden values become too great to be shared with the minority shareholders .