Fischer Tech

[nornot]

market cap 43.71M / 0.16 * 0.1 = > 27,318,750

public shareholder only need to add up to this amount to foil the plan.

[nornot]

MANDATORY UNCONDITIONAL CASH OFFER
by CIMB BANK BERHAD (13491-P)
Singapore Branch
(Incorporated in Malaysia)
for and on behalf of
HARMONY (S) HOLDINGS PTE. LTD.
(Company Registration No.: 201421410C)
(Incorporated in the Republic of Singapore)
to acquire all the issued and paid-up ordinary shares in the capital of
FISCHER TECH LTD
(Company Registration No.: 199404532R)
(Incorporated in the Republic of Singapore)
other than those shares owned, controlled or agreed to be acquired
by the Offeror as at the date of the Offer
DESPATCH OF OFFER DOCUMENT

1. INTRODUCTION
CIMB Bank Berhad, Singapore Branch ("CIMB") refers to the announcement dated 20 August 2014 (the "Offer Announcement") by CIMB, for and on behalf of Harmony (S) Holdings Pte. Ltd. (the "Offeror"), in relation to the mandatory unconditional cash offer (the "Offer") for all the issued and paid-up ordinary shares (the "Shares") in the capital of Fischer Tech Ltd (the "Company"), other than those Shares owned, controlled or agreed to be acquired by the Offeror as at the date of the Offer (the "Offer Shares").
Unless otherwise defined, capitalised terms used in this Announcement shall have the same meanings as defined in the Offer Announcement and the Offer Document (as defined herein).

2. DESPATCH OF OFFER DOCUMENT
CIMB wishes to announce, for and on behalf of the Offeror, that the offer document dated 10 September 2014 (the "Offer Document") which contains, inter alia, details of the Offer, together with the accompanying Form of Acceptance and Authorisation for Offer Shares ("FAA") have been despatched today to the shareholders of the Company ("Shareholders").
An electronic copy of the Offer Document is available on the website of the Singapore Exchange Securities Trading Limited at www.sgx.com.
2

3. REQUEST FOR OFFER DOCUMENT, FAA AND FAT
Request by Depositors
Shareholders who have Shares standing to the credit of their securities accounts with The Central Depository (Pte) Limited ("CDP") ("Depositors") who do not receive the Offer Document and FAA within a week from the date hereof should contact CDP immediately, without delay, at the address and telephone number set out below:
The Central Depository (Pte) Limited
9 North Buona Vista Drive
#01-19/20
The Metropolis
Singapore 138588
Tel: +65 6535 7511
Copies of the Offer Document and FAA may be obtained by Depositors from CDP during normal business hours and up to the Closing Date (as defined at paragraph 4 below), upon production of satisfactory evidence that their securities accounts with CDP are or will be credited with Offer Shares.
Request by Scrip Shareholders
Shareholders whose names appear in the register of members of the Company ("Scrip Shareholders"), if any, should contact Boardroom Corporate & Advisory Services Pte. Ltd. immediately, without delay, at the address and telephone number set out below:
Boardroom Corporate & Advisory Services Pte. Ltd.
50 Raffles Place
#32-01 Singapore Land Tower
Singapore 048623
Tel: +65 6536 5355
Copies of the Offer Document and the Form of Acceptance and Transfer for Offer Shares ("FAT") may be obtained by Scrip Shareholders, if any, from Boardroom Corporate & Advisory Services Pte. Ltd. during normal business hours and up to the Closing Date (as defined at paragraph 4 below), upon production of satisfactory evidence of title to the Offer Shares.

4. CLOSING DATE
The Offer will remain open for acceptance until 5.30 p.m. on 8 October 2014 (subject to Rule 22.6 of the Singapore Code on Take-overs and Mergers as described in paragraph 2.6 of the Offer Document), or such later date(s) as may be announced from time to time by or on behalf of the Offeror (the "Closing Date").
Full details of the procedures for acceptance of the Offer are set out in Appendix V to the Offer Document, and in the accompanying FAA and/or FAT (as applicable).


"Accordingly, as at 5.00 p.m. on 25 September 2014, the total number of

(a) Shares owned,controlled or agreed to be acquired by the Offeror and parties acting in concert with it, and

(b) valid acceptances to the Offer, amount to an aggregate of 144,058,256 Shares, representing approximately 52.73% of the total number of issued Shares."


52.73%.....still a long way

[d8nnii]

[emoji106] Yeah keeping my fingers crossed that no last min sellers.

[dydx]

Since the GO price at $0.16/share is clearly inadequate and unreasonable - and we all know that each Fischer Tech share is worth a lot more in intrinsic value - I suppose the best option for minority shareholders is not to accept Harmony's offer and, as a result, keep Fischer Tech listed.

[CityFarmer]

The announcement of Final Closing Date, and No Revision statement on offer price of $0.16 per share.

The Final Closing Date is 23 Oct 2014.

http://infopub.sgx.com/FileOpen/Extensio...eID=317386

(not vested)

[CityFarmer]

The announcement of Final Closing Date, and No Revision statement on offer price of $0.16 per share.

The Final Closing Date is 23 Oct 2014.

http://infopub.sgx.com/FileOpen/Extensio...eID=317386

(not vested)

The offer closed today. The final result is approximately 57.06% of the total number of issued Shares. Congratulation to those didn't accept the offer...

http://infopub.sgx.com/FileOpen/Close%20...eID=319331

[CY09]

Fischer results have been released. It shows the stability of its profits with GPM in the 18.5% range consistently. It is likely Fischer will maintain a 2.5 cents EPS for the full FY. The only sticking point is the rise in trade receivables which is probably due to the slower collecting of payments among the chinese clients. Automotive segment is growing and its current NAV is 32.2 cents.

For a stock selling at 16.2 cents, its P/E is of 6.5 is quite a steal. Even when comparing to Sunningdale's Core profits (excluding one-off), Fischer is ahead of Sunningdale's if their first half results are compared on the NAV and EPS metrics. Therefore it seems the market has mispriced Fischer or perhaps its due to its illiquidity.

It is interesting to note Sunningdale recently did an acquisition of Anchorage at 23xP/E and above NAV. Anchorage is slightly larger than Fischer albeit with a poorer NPM. Thus it seems; Fischer has the capability to be sold at 20x P/E and above its NAV

[dydx]

A good look at Fischer's 1H results…..
http://infopub.sgx.com/FileOpen/FT_Annou...eID=324770 [1H results announcement]
will reveal that the business - especially the portion supported by the automotive sector - is again growing nicely. The strengthened USD/SGD exchange rate - by approx. 4.8% since mid-Jul14 - should be a boon to Fischer's profit in the 2H at least.

When compared with the last done share price of $0.165, Fischer's latest 30Sep14 NAV/share at $0.322 does provide a lot of asset coverage and MOS.

[dydx]

I note with interest that Fischer Tech's bigger listed rival Sunningdale Tech recently completed (on 12Nov14) the acquisition of the entire interest of the previously listed First Engineering based on an assessed enterprise value (on a debt-free cash-free basis) of USD80.0m…..
http://infopub.sgx.com/FileOpen/Sunningd...leID=23642
The actual cash consideration paid of USD66.1m (approx. SGD82.7m) amounted to an approx. 17% premium over First Engineering Group's 31Mar14's NAV of USD56.7m (approx. SGD70.8m).

Using the above apparently well-conceived and negotiated transaction between an experienced trade buyer and a PE fund (Anchorage Capital Partners Fund, LP) as a yardstick, it appears that potentially in a similar transaction the entire Fischer Tech could fetch a value of at least SGD100.0m (vs. Fisher Tech's latest NAV of SGD88.0m as at 30Sep14) - or approx. SGD0.366/share, based on the latest 273.2m outstanding issued shares - using the similar valuation matrix. I just wonder whether Mr Market would take the cue from the Sunningdale's transaction to re-rate Fischer Tech, considering its last done share price at $0.172 remains a gulf apart from the latest 30Sep14 NAV/share at $0.322.

[BlueKelah]

I note with interest that Fischer Tech's bigger listed rival Sunningdale Tech recently completed (on 12Nov14) the acquisition of the entire interest of the previously listed First Engineering based on an assessed enterprise value (on a debt-free cash-free basis) of USD80.0m…..
http://infopub.sgx.com/FileOpen/Sunningd...leID=23642
The actual cash consideration paid of USD66.1m (approx. SGD82.7m) amounted to an approx. 17% premium over First Engineering Group's 31Mar14's NAV of USD56.7m (approx. SGD70.8m).

Using the above apparently well-conceived and negotiated transaction between an experienced trade buyer and a PE fund (Anchorage Capital Partners Fund, LP) as a yardstick, it appears that potentially in a similar transaction the entire Fischer Tech could fetch a value of at least SGD100.0m (vs. Fisher Tech's latest NAV of SGD88.0m as at 30Sep14) - or approx. SGD0.366/share, based on the latest 273.2m outstanding issued shares - using the similar valuation matrix. I just wonder whether Mr Market would take the cue from the Sunningdale's transaction to re-rate Fischer Tech, considering its last done share price at $0.172 remains a gulf apart from the latest 30Sep14 NAV/share at $0.322.

That will depend very much on how generous they are with dividends

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