Meiban Group Ltd

[D123]

Offer price by management buyout = $0.40 per share. (Seller is not entitled to $0.012 dividends)
http://info.sgx.com/webcoranncatth.nsf/V...20020ED28/$file/Joint_announcement_clean.pdf?openelement

Latest purchase price of 5% stake by fund manager Pengana Capital = $0.405
http://info.sgx.com/webcorannc.nsf/Annou...endocument

Can anyone explain this behaviour?
A possible competing offer?

[bluechipstamp]

Offer price by management buyout = $0.40 per share. (Seller is not entitled to $0.012 dividends)

It's the offeror (ie. Goh) that's not entitled to the 1.2c dividend:

The Offeror shall not be entitled to receive and retain any amounts payable by the Company in respect of the dividend of 1.0 cent per Share and the special dividend of 0.2 cent per Share announced by the Company in its full year financial statement released on the SGX-NET on 27 February 2012 and to be paid by the Company on 8 May 2012.

[Salty]

You mentioned about the 0.012 dividends
If you buy the shares, @ 0.405, the fund manage can sell the shares @ 0.400 + 0.012 = 0.412

Higher than the purchase price of 0.405 purchased.
Aribitraging?

[D123]

Offer price by management buyout = $0.40 per share. (Seller is not entitled to $0.012 dividends)

It's the offeror (ie. Goh) that's not entitled to the 1.2c dividend:

The Offeror shall not be entitled to receive and retain any amounts payable by the Company in respect of the dividend of 1.0 cent per Share and the special dividend of 0.2 cent per Share announced by the Company in its full year financial statement released on the SGX-NET on 27 February 2012 and to be paid by the Company on 8 May 2012.

I see, I guess that's it. Thanks for pointing out!