San Teh

[ngcheeki]

San Teh managed to acquire more than 90% of the share!!

https://links.sgx.com/1.0.0/corporate-an...9ceca55dd6

LOSS OF FREE FLOAT AND SUSPENSION IN TRADING
As stated in the Unconditional Announcement, as at 5.00 p.m. (Singapore time) on 24 October
2019, the total number of Shares (a) held by the Offeror and parties acting in concert with it
(“Concert Parties”) before the Offer Announcement Date, (b) acquired or agreed to be
acquired by the Offeror and its Concert Parties after the Offer Announcement Date and up to
5.00 p.m. (Singapore time) on 24 October 2019 (other than pursuant to valid acceptances of
the Offer), and © for which valid acceptances of the Offer have been received, amounted to
an aggregate of 315,745,638 Shares, representing approximately 92.32% of the total number
of Shares of the Company

[Hwee999]

By tonight, the Offeror has received 92% acceptance, so we will just have to accept the offer to re-coup some value from the shares. I greatly appreciate all your comments.

[AQ.]

"As at 5.00 p.m. on 24 October 2019, the Offeror owns, controls or has agreed to acquire not less than 90% of the total number of Shares (excluding treasury Shares) as at the date of the Offer (other than those already held by the Offeror, its related corporations or their respective nominees as at the date of the Offer). Accordingly, the Offeror is entitled to, and will in due course, exercise its rights of compulsory acquisition under Section 215(1) of the Companies Act to compulsorily acquire all the Shares of the Shareholders who have not accepted the Offer at the Offer Price of S$0.28 for each Offer Share."

So it's officially game over. 

To Hwee999: Just out of curiosity, the highest the stock have traded was 61c on 4Nov2011. Since then, the company has paid out 30c of special dvd, as well as 4.5c of cumulative dvd since then. So even if ur purchase price was 63c, ur effective capital at risk will be 63-34.5=28.5c, so just abt short of breakeven. Not gr8 but not disastrous.

Personally, I started accumulating from 20c all the way down to 14.6c over 1.5yrs amidst horrible liquidity. The intention was to accumulate a debt free company trading at 0.2 NAV and prob 0.1 RNAV and wait for the next few yrs of poor performance before the eventual unlock (if it happens!). Unfortunately I am forced out but at least the ROI was decent.

Time for the next hunt!

[Hwee999]

Hi AQ., these shares were bought by a family member who passed away, no records kept. I only found some record that some shares were bought about $0.633 each. I don't have the entire history, & it's no use trying to search now anyway... So anyway, we just have to accept the offer now. But, many thanks for your kind calculation of the possible breakeven in my case. I appreciate your efforts.

[Behappyalways]

I think there was a $0.30 dividend payout a few years back. So the cost might be lower.

Anyway the Singapore stock market is kinda dead, with no retail interest, the share price of counters will continue to fall and when it falls to a significant level, the significant shareholders will then offer a price which seems "highly attractive" to last traded price to buy out minority shareholders.

Hi ghchua, I called CICF (CEL Impetus), the representative of the Offeror. He said CDP hasn't contacted him as of today 3pm, so the 90% acceptance level hasn't reached as of perhaps yesterday. He said there's no chance that the company will be delisted & I'm stuck with delisted shares, because: (1) If reach 90% after tomorrow, the offer must become Unconditional, all shareholders will be given another 14days to accept same offer of $0.28. (2) If don't reach 90%, the whole offer is invalid, all shares will be returned.

Hi pianist, these shares were bought by a family member who passed away, no proper record was kept, I found the likely purchase price to be roughly $0.633, which could be in late-2011. Since I anyway won't be stuck with delisted shares, I'll NOT accept the offer. I remember for the case of Kingboard Copper, because some shareholders chatted at AGM (happened to be during offer period), we trusted a substantial shareholder who said he wouldn't accept a similarly much-lower-than-NTA offer from the largest owner, so we didn't accept the offer. Roughly 2years later, the same largest owner offered higher price, I then accepted it.

[Hwee999]

Hi Behappyalways, Yes, I already went thru some of these cheap buyouts for some other legacy stocks. So far, only for Kingboard Copper ~ small shareholders managed to refuse the low offer & got a higher offer later. But thanks for your comments.