Eastern Holdings

[CityFarmer]

Eastern Holdings GO dispatching offer document today

http://info.sgx.com/webcorannc.nsf/Annou...endocument

Up-to-date, collection from open market is 1.95%, and total holding is 65.57%.

[CityFarmer]

Dispatch offer doc on 29 Jun 2012. 1st closing date on 27 Jul 2012.

Almost half-way to the closing date, the collections is ONLY 69.183% up-to 10 Jul. Collected slightly more than 5% since announcement. Acceptance is only 2.6% up to 10 Jul.

Resistance is strong from shareholders...

[smallcaps]

Annual report is out:

4 investment properties with total book value of 13mil sold since end of FY (balance sheet has been adjusted)

Contains Mongolia details also.

[smallcaps]

Difference between fair value and book value (of investment properties) have risen to 42.8mil

[cyclone]

Level of acceptances as of 13/07/2012 : 213,363,030 shares or about 71.121% of the shares issued.

http://info.sgx.com/webcoranncatth.nsf/V...A00420527/$file/Disclosure_Dealings_Acceptances_130712.pdf?openelement

Not vested

[smallcaps]

Recommendations Circular came out already:

Having regard to the considerations set out in this letter, and subject to the
qualifications and assumptions made herein, from a financial point of view, we are
of the opinion that the financial terms of the Offer are neither fair nor reasonable.
Accordingly, we advise the Independent Directors to recommend Shareholders to
REJECT the Offer.

The Independent Directors, having considered carefully, amongst other things, the terms of the
Offer and the advice given by the IFA in the IFA Letter, concur with the advice of the IFA in respect
of the Offer and accordingly, recommend that Shareholders should Reject the Offer.

[dydx]

At today's (3Aug12) close, Stephen Tay through his vehicle MBT Holdings P/L has secured 81.672% of Eastern Holdings.....
http://info.sgx.com/webcoranncatth.nsf/V...F003F2A91/$file/Level_of_Acceptances_030812.pdf?openelement
This is still 8.328% away from the all-important 90% mark required for de-listing. Bearing in mind the revised expiry date/time (extended from 27Jul12/5.30pm) at 10Aug12/5.30pm (next Friday) for the GO is just 7 more days away, as it is now I seriously doubt Stephen Tay stands any chance for a success - unless he decides to raise his offer of $0.18 by a big enough margin to attract enough from the remaining undecided minority shareholders to change their mind.

It is a little strange that today's (3Aug12) figure of 81.672% is actually lower than yesterday's (2Aug12) figure of 81.725%.....
http://info.sgx.com/webcoranncatth.nsf/V...E003EF923/$file/Level_of_Acceptances_020812.pdf?openelement
Without going through the details, it does appear that one or more minority shareholders may have successfully withdrawn their earlier acceptances of the offer.

[dydx]

At today's (6Aug12, Monday) close, Stephen Tay through his vehicle MBT Holdings P/L has secured 81.677% of Eastern Holdings.....
http://info.sgx.com/webcoranncatth.nsf/V...2003EF865/$file/Level_of_Acceptances_060812.pdf?openelement
This is just 0.005% more than the position of last Friday (3Aug12)'s close!

With just 3 more market-days to go before the expiry of the GO at 10Aug12/5.30pm (this Friday), I think the conclusion is more or less already on the wall!

[smallcaps]

CIMB wishes to announce, for and on behalf of the Offeror, that the Closing Date of the Offer
will be extended from 5.30 p.m. (Singapore time) on 10 August 2012 to 5.30 p.m. (Singapore
time) on 17 August 2012 (the “Final Closing Date”). Shareholders who wish to accept the
Offer but have not done so may continue to do so by following the procedures for acceptance
of the Offer as set out in the Offer Document, FAA and the FAT.

Accordingly, the Offer shall close at 5.30 p.m. on the Final Closing Date. Please note
that the Offeror does not intend to revise the Offer or further extend the Offer beyond
5.30 p.m. on the Final Closing Date. Notice is hereby given that the Offer will not be
revised or open for acceptance beyond 5.30 p.m. on the Final Closing Date.
Acceptances received after 5.30 p.m. (Singapore time) on the Final Closing Date will be
rejected.

[dydx]

Today's (8Aug12) announcement.....
http://info.sgx.com/webcoranncatth.nsf/V...4003FBEEA/$file/Final_Closing_Date_Level_of_Acceptances_080812.pdf?openelement

By further extending the expiry of the GO by another 7 days, to 5.30pm 17Aug12 (the "Final Closing Date"), and by adding the following para in bold.....
"Accordingly, the Offer shall close at 5.30 p.m. on the Final Closing Date. Please note that the Offeror does not intend to revise the Offer or further extend the Offer beyond 5.30 p.m. on the Final Closing Date. Notice is hereby given that the Offer will not be revised or open for acceptance beyond 5.30 p.m. on the Final Closing Date. Acceptances received after 5.30 p.m. (Singapore time) on the Final Closing Date will be rejected."
Stephen Tay and CIMB together are perhaps just trying their luck by using a little scare tatic - itself an old trick! Will it work? - I seriously doubt it.

The fact remains that after due consideration, very few of the remaining minority shareholders are interested to accept the GO at the standing offer of a lousy $0.18/share. And this is clearly shown by the fact that Stephen Tay only managed to raise his stake in the last 2 market-days (7 - 8Aug12) by a tiny 0.021%, to 81.698% now.