Elec & Eltek Int Co

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27 Apr 2020 E&E published a Q&A from shareholders regarding it's business and update on offers.
https://links.sgx.com/FileOpen/eHAM20040...eID=608121
(click for sgx announcement)

Extract one Q&A from the announcement regarding C19:
Question: “How has COVID-19 impacted the business and operations of Elec & Eltek?


The Company’s response: As of today, the COVID-19 situation has not had a material adverse impact on the EEIC Group’s overall business and operations. While the Chinese New Year holiday was extended by the government of the People’s Republic of China, the company plant in China resumed work in February and the demand for the Company’s products recorded a slight drop in the first quarter of 2020 as compared to that of 2019. While the COVID-19 situation may bring more uncertainty to the business world and to the global economy, the Company will be strictly controlling capital expenditure in order to maintain its competitiveness, and will keep a close eye on costs and quality control.

Stay home and stay healthy, everyone.

[ricklim1]

Company has gone ex dividend and proposed takeover price is now US$2.29. Today's price traded in SGX is US$2.13 whilst in HK it is HK$17.44 equivalent to US2.25, a slight discount to takeover price. Any views on the difference between SG and HK pricing? The offerer plans to delist so will need to accumulate over 90% but it currently holds about 76% of shares.

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20 June 2020 90.2% Elec & Eltek
https://links.sgx.com/FileOpen/SINGAPORE...eID=619639

Based on information available to the Offeror, as at 5.00 p.m. (Singapore time) on 18 June 2020,
the total number of Offer Shares (a) held by the Offeror and its Concert Parties as at the date of the
Offer Announcement, (b) acquired or agreed to be acquired by the Offeror and its Concert Parties
after the date of the Offer Announcement and up to 5.00 p.m. (Singapore time) on 18 June 2020
(other than pursuant to valid acceptances of the Offer), and © for which valid acceptances of the
Offer from Singapore Shareholders and Hong Kong Shareholders have been received, amounted
to an aggregate of 168,713,341 Shares, representing approximately 90.26% of the total number of
issued Shares.
Shareholders should note however that the Offer is subject to the Condition, namely valid
acceptances of the Offer have been received (and not, where permitted, withdrawn) by 4:00 p.m.
on the Closing Date (or such later time or date as the Offeror may decide, subject to the rules of
the Hong Kong Takeovers Code and the Singapore Take-over Code) in respect of such number of
Shares which would, pursuant to the Hong Kong Takeovers Code and the Singapore Companies
Act, entitle the Offeror to compulsorily acquire all the remaining Offer Shares from Shareholders
who have not accepted the Offer. Therefore, pursuant to the Condition, the Offeror and its Concert
Parties must acquire (including by way of valid acceptances of the Offer) such number of Shares,
which together with the Shares owned or controlled by the Offeror and its Concert Parties, would
aggregate 182,414,328 Shares, representing 97.59% of the total number of issued Shares (excluding
treasury Shares), which would entitle the Offeror to compulsorily acquire all the remaining Offer
Shares from Shareholders who have not accepted the Offer. As such, the Offeror and its Concert
Parties must acquire (including by way of valid acceptances of the Offer) an additional 13,700,987
Shares not held by the Offeror and its Concert Parties prior to the Closing Date, before satisfying
the Condition.

Stay home and stay safe, valuebuddies.

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26 June 2020  Extension til Tuesday, 28 July 2020@4pm Elec & Eltek
https://links.sgx.com/FileOpen/e01151ann...eID=621256
as at 4:00 p.m. on 26 June 2020, the Offeror and the Concert Parties owned, controlled, have acquired, or have agreed to acquire (including by way of valid acceptances of the Offer from Hong Kong Shareholders and Singapore Shareholders) an aggregate of 180,073,963 Shares, representing approximately 96.34% of the total number of issued Shares.

Wear mask and keep your distance when going out, valuebuddies.

[Shiyi]

The statement issued by Elec & Eltek is somewhat confusing. It gives the impression that it
has owned 96.34% shares, which is a condition for its delisting. In fact, it is not the case.

It has so far owned 84.81% of the total number of "Non-Concet party shares".
Which means that it has to acquire another 5.19% shares from non-concert party
before the offer turns unconditional. Uphill task, I think.

[ghchua]

Hi Shiyi,

If you read their previous announcement, they have already said they need 97.59% of the total number of issued Shares (excluding treasury Shares) to compulsory acquire the remaining shareholders. They have also stated upfront that for the offer to turn unconditional, they would need to reach compulsory acquisition level under Hong Kong and Singapore takeover codes. They have actually owned 96.34% shares (including those they owned before they launch the offer plus those who accepted the offer), so I don't think its confusing to make that announcement.

[Shiyi]

Thank you ghchua for the clarification.
My apology for the mistakes.

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17 July 2020 Elec & Eltek become unconditional on 22 July 2020
https://links.sgx.com/1.0.0/corporate-an...7223ed4dcc



Wear mask and keep your social distance, everyone.

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23 July 2020 Get back $$$ within 7 days Thank you Elec & Eltek
https://links.sgx.com/FileOpen/e01151ann...eID=624721

Payment in cash in respect of acceptances of the Offer will be made as soon as possible but in any event not later than the later of (i) seven Hong Kong Business Days or seven Singapore Business Days (whichever is earlier) after the date on which the Offer has become or is declared unconditional (i.e. 22 July 2020); and (ii) seven Hong Kong Business Days or seven Singapore Business Days (whichever is earlier) after the date on which the relevant documents of title are received by the Offeror or its agent to render each such acceptance complete and valid.






Wear mask and keep your social distance, everyone.

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Enjoy!
Singapore Shareholders will receive cash consideration of S$3.170734 for every Offer Share based upon a Settlement Exchange Rate of US$1 to S$1.3846.


Stay home and stay safe, everyone.