Singapore Land

[opmi]

Game over, Silchester pare down their stake below to 5%. I thought they proclaimed that the "UIC's offer for SingLand 'too low'"??

http://infopub.sgx.com/FileOpen/_form3si...eID=289608

NOT game over. GAME ON!

Likely place out to other like-minded value funds.

[kbl]

Silchester sold 13,250lot @$9.50 per lot total $125,875,000.00. Who is the buyer?

[ngcheeki]

Game over, Silchester pare down their stake below to 5%. I thought they proclaimed that the "UIC's offer for SingLand 'too low'"??

http://infopub.sgx.com/FileOpen/_form3si...eID=289608

NOT game over. GAME ON!

Likely place out to other like-minded value funds.

However, based on the announcement it's done via "Securities via market transaction". I certainly hope that they're purchased by valued funds!! My worry is how market will react to this negative news that the "Silchester" is selling off their stake. Watching closely and if it drops below 9.4 than it is really game over!!

[pianist]

think u have mistaken what opmi was trying to convey, the game is on..this is evident by silchester paring down today

[xlandjy]

Game over, Silchester pare down their stake below to 5%. I thought they proclaimed that the "UIC's offer for SingLand 'too low'"??

http://infopub.sgx.com/FileOpen/_form3si...eID=289608

NOT game over. GAME ON!

Likely place out to other like-minded value funds.

However, based on the announcement it's done via "Securities via market transaction". I certainly hope that they're purchased by valued funds!! My worry is how market will react to this negative news that the "Silchester" is selling off their stake. Watching closely and if it drops below 9.4 than it is really game over!!

Aiyo, you guys have misunderstood the whole exercise. Silchester is pairing down its stakes to below 5% so that if combined with other minority shareholders of 5%, they will be able to block botak Wee attempt to delist and privatise Sg Land.

Thus, the share price will cheong tomorrow above $9.50. This is not negative news. This is very very prositive news and the game just commenced...

[Behappyalways]

In Singapore, shareholders who own 5 per cent or more of a company are considered substantial shareholders and not part of the public float.

If Silchester's stake falls below 5 per cent, its shareholding percentage will get added to SingLand's public float, which is at 11.38 per cent.

UIC needs the public float to fall below 10 per cent before it can take SingLand private.

UIC's offer for SingLand 'too low'

Published on Apr 01, 2014



By Melissa Tan

THE second-largest investor in mainboard-listed Singapore Land has thrown a spanner into United Industrial Corporation's (UIC) takeover bid for the firm.

Investment fund Silchester International Investors, which holds 8.16 per cent of SingLand shares, said in a statement yesterday that UIC's offer was "too low".

It added that an independent financial adviser that had called the offer "fair and reasonable" should have considered more factors.

UIC, which is linked to banking tycoon Wee Cho Yaw, already owns 80.36 per cent of SingLand. It offered $9.40 apiece in February for the rest, which totals up to $761 million.

UIC wants to delist SingLand from the Singapore Exchange if its offer succeeds, to give it more flexibility and to optimise the use of its management and capital resources.

Delisting the company would also help to save expenses incurred to maintain SingLand's listing status, UIC said earlier.

Its offer got the thumbs-up last month from independent financial adviser ANZ, which said it was "fair and reasonable".

However, Silchester said that ANZ only evaluated the offer on financial terms and should have also looked at the offer's commercial risks or merits.

These "are important issues, especially since shareholders are being asked to give away all these commercial, strategic and long-term rights", it said.

"No attempt has been made to look at the underlying business and evaluate its commercial opportunities."

SingLand's strong finances were also "a very considerable advantage" and ANZ should have taken this into account, Silchester said.

It added that if it does not see a "full and fair offer" by UIC for SingLand shares, it may sell part of its client's holdings such that its stake falls below 5 per cent.

"This is likely to significantly impair the efforts of UIC to delist the company. Taking these steps helps to safeguard part of our client's interests," it said.

In Singapore, shareholders who own 5 per cent or more of a company are considered substantial shareholders and not part of the public float.

If Silchester's stake falls below 5 per cent, its shareholding percentage will get added to SingLand's public float, which is at 11.38 per cent.

UIC needs the public float to fall below 10 per cent before it can take SingLand private.

SingLand owns Singapore Land Tower, Clifford Centre in Raffles Place and about 280,000 sq ft at SGX Centre in Shenton Way. It also owns The Gateway in Beach Road and Abacus and Tampines Plaza in Tampines Central.

Its shares closed flat at $9.43 yesterday. UIC's offer is due to close on April 7, or later if so announced.

melissat@sph.com.sg

[opmi]

If don't pare down, UIC acceptance hits 1.8%, really game over liao.

Cheeki, there will be event-driven/special sits funds to come and play.

The next signal is whether UIC will extend or close. Extend means 'let talk'.

[opmi]

To be exact, delisted not equal to private.

UIC want minorities to accept its offer by getting SL suspended.

UIC dont have the ability to privatize SL without Silchester or the 3% buyer.

UIC will find it difficult to get SL delisted by EGM if Silchester & 3% buyer play punk.

In Singapore, shareholders who own 5 per cent or more of a company are considered substantial shareholders and not part of the public float.

If Silchester's stake falls below 5 per cent, its shareholding percentage will get added to SingLand's public float, which is at 11.38 per cent.

UIC needs the public float to fall below 10 per cent before it can take SingLand private.

UIC's offer for SingLand 'too low'

Published on Apr 01, 2014



By Melissa Tan

THE second-largest investor in mainboard-listed Singapore Land has thrown a spanner into United Industrial Corporation's (UIC) takeover bid for the firm.

Investment fund Silchester International Investors, which holds 8.16 per cent of SingLand shares, said in a statement yesterday that UIC's offer was "too low".

It added that an independent financial adviser that had called the offer "fair and reasonable" should have considered more factors.

UIC, which is linked to banking tycoon Wee Cho Yaw, already owns 80.36 per cent of SingLand. It offered $9.40 apiece in February for the rest, which totals up to $761 million.

UIC wants to delist SingLand from the Singapore Exchange if its offer succeeds, to give it more flexibility and to optimise the use of its management and capital resources.

Delisting the company would also help to save expenses incurred to maintain SingLand's listing status, UIC said earlier.

Its offer got the thumbs-up last month from independent financial adviser ANZ, which said it was "fair and reasonable".

However, Silchester said that ANZ only evaluated the offer on financial terms and should have also looked at the offer's commercial risks or merits.

These "are important issues, especially since shareholders are being asked to give away all these commercial, strategic and long-term rights", it said.

"No attempt has been made to look at the underlying business and evaluate its commercial opportunities."

SingLand's strong finances were also "a very considerable advantage" and ANZ should have taken this into account, Silchester said.

It added that if it does not see a "full and fair offer" by UIC for SingLand shares, it may sell part of its client's holdings such that its stake falls below 5 per cent.

"This is likely to significantly impair the efforts of UIC to delist the company. Taking these steps helps to safeguard part of our client's interests," it said.

In Singapore, shareholders who own 5 per cent or more of a company are considered substantial shareholders and not part of the public float.

If Silchester's stake falls below 5 per cent, its shareholding percentage will get added to SingLand's public float, which is at 11.38 per cent.

UIC needs the public float to fall below 10 per cent before it can take SingLand private.

SingLand owns Singapore Land Tower, Clifford Centre in Raffles Place and about 280,000 sq ft at SGX Centre in Shenton Way. It also owns The Gateway in Beach Road and Abacus and Tampines Plaza in Tampines Central.

Its shares closed flat at $9.43 yesterday. UIC's offer is due to close on April 7, or later if so announced.

melissat@sph.com.sg

[wsreader]

Before Silchester pare down its stake, SingLand's public float was at 11.38%. If another 1.38% of shareholders decide to accept the offer at $9.40, then SingLand will be delisted and game over for the minority shareholders who think SingLand is worth more than $9.40.

What Silchester did was to increase the public float to 11.38%+8.16%=19.54%, because the 4.95% which it now holds and the 3.21% which it had disposed off via market transaction at $9.50 are now treated as public float. That is an excellent move from the perspective of the minority shareholders who do not want to accept the present offer.

We know Silchester will hold on to its 4.95%. The buyers of the 3.21% at $9.50 today are not going to accept the offer at $9.40. Silchester just need 1.84% out of the original 11.38% public float to ensure the delisting will not happen. It is likely that the offer at $9.40 will lapse without a delisting.

The increase of public float give confidence to investors to accumulate at current market price in the hope of a better offer, by removing the fear of a delisting. For future offers to be successful, it must entail an offer price that is acceptable to Silchester, imho.

[ngcheeki]

If don't pare down, UIC acceptance hits 1.8%, really game over liao.

Cheeki, there will be event-driven/special sits funds to come and play.

The next signal is whether UIC will extend or close. Extend means 'let talk'.

opmi, thank for clarifying and still learning from the experts on how to assessing the takeover offer.