SuperBowl Holdings

[lanoitar]

To motivate higher offer for Superbowl - better to solicit Hiap Hoe shareholders to vote AGAINST the IPT takeover offer.
Since SB and HH has common minority shareholders. e.g. Morph and Pang.

The common minorities are almost in the same shoe as HHH - except that they get to vote and they can leave without having to top up HHL.

HHH has about the same stake in both Superbowl & Hiap Hoe. So, whatever "loss" that they incurred from Superbowl getting a lousy offer is made-up by the equivalent gain they get from Hiap Hoe.

It's not so for other common minorities. Morph & Pang, in particular, will likely vote against the deal, since their "loss" in Superbowl exceeds the corresponding "gain" in Hiap Hoe.

Still, they only have 1.2% of Hiap Hoe, and are against Hiap Hoe minorities who don't have a big dis-proportionate stake in Superbowl. Can win?

[Vseeker]

To motivate higher offer for Superbowl - better to solicit Hiap Hoe shareholders to vote AGAINST the IPT takeover offer.
Since SB and HH has common minority shareholders. e.g. Morph and Pang.

The common minorities are almost in the same shoe as HHH - except that they get to vote and they can leave without having to top up HHL.

HHH has about the same stake in both Superbowl & Hiap Hoe. So, whatever "loss" that they incurred from Superbowl getting a lousy offer is made-up by the equivalent gain they get from Hiap Hoe.

It's not so for other common minorities. Morph & Pang, in particular, will likely vote against the deal, since their "loss" in Superbowl exceeds the corresponding "gain" in Hiap Hoe.

Still, they only have 1.2% of Hiap Hoe, and are against Hiap Hoe minorities who don't have a big dis-proportionate stake in Superbowl. Can win?

Only the same for HHH, if HH manage to capture 100% of SB
but if HH manage to get only (eg.) 80% of SB (with 70% of it coming from HHH),
then HHH's effective stake in SB get diluted down to 56%.

[opmi]

Need to sell HH minority shareholders the idea they are not likely
getting any cash dividends in future disposals if they vote for this
deal. Tagline: Everyone get paid except you.

Btw better check if it is a show of hands or polls
I have seen a particular REIT 'encourage' their employees/
Shareholders to go to vote for an IPT EGM.

My guess and opinion only. Purely an hypothesis for discussion. Read at own risk.

[financiallyfree]

Hi, does anyone know any update about the status of the PRE-CONDITIONAL VOLUNTARY GENERAL OFFER that was released on 7th oct?

I read this If and when the Offer is made, the Offer Document enclosing the relevant form(s) of
acceptance will be dispatched to SuperBowl Shareholders not earlier than 14 days
and not later than 21 days from the date of the Formal Offer Announcement

the general offer is not the same as the final offer? I have not received any off documents yet. hope any buddy can help clarify.

[camelking]

Hi, does anyone know any update about the status of the PRE-CONDITIONAL VOLUNTARY GENERAL OFFER that was released on 7th oct?

I read this If and when the Offer is made, the Offer Document enclosing the relevant form(s) of
acceptance will be dispatched to SuperBowl Shareholders not earlier than 14 days
and not later than 21 days from the date of the Formal Offer Announcement

the general offer is not the same as the final offer? I have not received any off documents yet. hope any buddy can help clarify.

Hi,

I read somewhere that they must get approval from SIC and minority shareholders of Hiap Hoe first.

Not too sure if they have got it.

[Vseeker]

Current deadline for clearing the PreCondition (ie obtain HH minorities approval for making TakeOffer of Superbowl) remains at 06-Jan2014,
ofcoz it could be earlier, get waived or get extended further into the future.

HiapHoe's shareholders have yet to receive any notice of EGM for this purpose.

HH & SB's Q3 results will both be released this evening.

SB's only devt project left now is 40% of Treasures on Balmoral, so far no sales, so its earnings will be muted, now depending more on contributions from ZSP hotels complex which will still be weak coz hotels occupancies, I understand are still in the sub 60% level.

Below relates ONLY to HiapHoe
its upcoming Q3 (tonite) & Q4 results (out in Feb2014) expected to be good - and FY2013 will be another year of record earnings,
Q3's earnings will be driven by new sales at Skyline360, and Q4 by new sales for Waterscape and also further progress recognitions.

its FY2014 earnings will be mostly from TOP of Waterscape (expected in Q2 2014),
unlike SingHldgs (i dun understand how Laurels able to book 96% of preslaes even before TOP !! ),
Waterscape recognition is around 53% as at end Jun2013... my guess is they're unlikely to book much higher than 60% BEFORE the TOP stage...
so contributions at TOP of Waterscape and the months following, will be significant - unlike the case with Mr Singh !)

But earnings visibility for FY2015 - remain v. hazy at this stage - my guess is FY2015 will be lower than FY2014 & FY2013,
unless you're betting on a disposal of DAYs Hotel, or at least ParklaneMall (assuming SB became HH's subsidiary)

so these few months (good Q3/Q4 results+HH bosses need to be nicer to minorities) might be opportune window to take some profits... ofcoz I'll always fail to catch the top.

[camelking]

Have they got the approval from SIC yet?

vested

[revelationofpyramids]

Hiap Hoe Meeting to approve takeover offer for Superbowl is on 6 Jan 14.

Will be no problem to get approval.

Then offer will be made to Superbowl shareholders,.

[Swinger]

Just received the privatization offer letter and have up to 19 Feb to accept. There's has not been much discussion on what scenario is likely to pan out.

On para 2.2 of the offer letter, "The Offeror does not intend to revise the Offer Price" . . but in the appendix para 1.6, "The Offeror reserves the right to revise the terms of the Offer.

Does this mean that the revision if any only refers to the terms and not the price of 75 cts?

What's in the mind of Mr Siah & wife who continue to buy up till yesterday and pay up to 75.5 cts if no possibility of a revised offer?

It seems most minority shareholders are not going to accept the offer judging from the amount of shares transacted at 75 cts in the last few weeks.

Appreciate any comments or opinions.

[BlueKelah]

i think just like guthrie its gonna be a matter of time before they get the whole company loh.

Superbowl already jump from 50+ cents to 75cents in a short time so most people already made quite a bit.

You could say no and wait to see what happens though, price may jump up somemore or it could get stuck at 75cents for next 2 years while they slowly buy up the rest of the float.