Pacific Shipping Trust (PST)

[egghead]

The reasons given for delisting sounds like something I read from d.o.g.'s past posting on shipping trust.

[tonylim]

Believe PIL is the one whoi is queuing at 0.43 to buy from the open market. They know it is grossly undervalued so decided to take private. A replay of Pacific carriers by th Kuok Group 8 years ago.

[Stocker]

Is the unitholder still entitiled to the dividend for the period from 1June to end Sept which will be declared by end Oct and to be paid by end Nov ?

Why do they need only to cross 75% instead of the mandatory 90% which is the delisting requirement by SGX ?

Many choose to sell in the open market as they afraid the offer fail ?

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[cfa]

Why someone bothered to buy 220,000 shares at 0.435 today ? Expect offered price to go up ?

[tonylim]

"" The Delisting and the Exit Offer are conditional upon, among other things,

1. the SGX-ST agreeing to an application by PST to delist from the Official List of the SGX-ST,

2. the resolution for the Delisting being passed at an extraordinary general meeting of PST, and

3. the Offeror having received, by the close of the Exit Offer, valid acceptances that, when taken together with the Units owned, controlled or agreed to be acquired by the Offeror, will result in the Offeror holding not less than 75% of the total voting rights attributable to the Units in PST (the “Minimum Acceptance Condition”) ""

Hope some friends here can enlighten why 75% voting right is a must for the offeror , as minimum Acceptance Condition. Thanks .

[pianist]

this could be due to business trust arrangement

[tonylim]

this could be due to business trust arrangement

Thanks painist. I tried to search from our World class exchange , SGX web but to no avail.

[cif5000]

"" The Delisting and the Exit Offer are conditional upon, among other things,

1. the SGX-ST agreeing to an application by PST to delist from the Official List of the SGX-ST,

2. the resolution for the Delisting being passed at an extraordinary general meeting of PST, and

3. the Offeror having received, by the close of the Exit Offer, valid acceptances that, when taken together with the Units owned, controlled or agreed to be acquired by the Offeror, will result in the Offeror holding not less than 75% of the total voting rights attributable to the Units in PST (the “Minimum Acceptance Condition”) ""

Hope some friends here can enlighten why 75% voting right is a must for the offeror , as minimum Acceptance Condition. Thanks .

PIL already has more than 50%, so it's useless to them to unconditionally offer a premium without achieving anything quickly. They might as well buy slowly from the open market without triggering the takeover code.

Their intention is stated clearly and it is to wind up the trust. What they want is to ensure the passing of a special resolution (requires 75%) after delisting.

(Side note: Cerebos takeover of Comvita is conditional on 90%.)

[tonylim]

"" The Delisting and the Exit Offer are conditional upon, among other things,

1. the SGX-ST agreeing to an application by PST to delist from the Official List of the SGX-ST,

2. the resolution for the Delisting being passed at an extraordinary general meeting of PST, and

3. the Offeror having received, by the close of the Exit Offer, valid acceptances that, when taken together with the Units owned, controlled or agreed to be acquired by the Offeror, will result in the Offeror holding not less than 75% of the total voting rights attributable to the Units in PST (the “Minimum Acceptance Condition”) ""

Hope some friends here can enlighten why 75% voting right is a must for the offeror , as minimum Acceptance Condition. Thanks .

PIL already has more than 50%, so it's useless to them to unconditionally offer a premium without achieving anything quickly. They might as well buy slowly from the open market without triggering the takeover code.

Their intention is stated clearly and it is to wind up the trust. What they want is to ensure the passing of a special resolution (requires 75%) after delisting.

(Side note: Cerebos takeover of Comvita is conditional on 90%.)

Hi cif5000,
Many thanks for the explanation. Just curious if PIL wants to get PST delisted , they must obtain 90% voting right, so why is there a need to obtain 75% to ensure the passing ofthe special resolution after delisting ? Please help to enlighten, thanks.

[cif5000]

Just curious if PIL wants to get PST delisted , they must obtain 90% voting right, so why is there a need to obtain 75% to ensure the passing ofthe special resolution after delisting ?

They need 75% for and less than 10% against to carry out the delisting.

They need 75% for the winding up.

+++++++++++++++++++++

The Delisting and the Exit Offer will be conditional on, inter alia:
(a) the resolution to approve the Delisting (the "Delisting Resolution")
(i) being approved by a majority of at least 75% of the total number of issued
Units held by the Unitholders present and voting, on a poll, either in person or
by proxy at the EGM to be convened for the Unitholders to vote on the
Delisting Resolution (the directors of the Trustee-Manager (the "Directors")
and controlling Unitholders need not abstain from voting on the Delisting
Resolution), and
(ii) not being voted against by 10% or more of the total number of issued Units
held by the Unitholders present and voting, on a poll, either in person or by
proxy at the EGM

Why someone bothered to buy 220,000 shares at 0.435 today ? Expect offered price to go up ?

1. He expects the liquidation value to be greater than $0.435.
2. He expects to receive a distribution greater than $0.005 before the offer closes.