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06-02-2021, 09:22 AM
PIL
22 Jan (Fri) 4,786.200 @65cents
25 Jan (Mon) 2,178,100 @65cents
26 Jan (Tue) 3,311,400 @65cents
27 Jan (Wed) 4,036,900 @65cents
28 Jan (Thu) 1,607,800 @65cents
29 Jan (Fri) 1,732,100 @65cents
1 Feb (Mon) 787,500 @65cents 30.07% *halted about 10.06AM
2 Feb (Tue) 3,144,900 @65cents 31.50%
3 Feb (Wed) 65,400 @65cents 31.53%
4 Feb (Thu) 400,800 @65cents 31.71%
5 Feb (Fri) 163,900 @65cents 31.79%
https://links.sgx.com/FileOpen/Project%2...eID=647510
Stay home and stay healthy, everyone.
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(06-02-2021, 09:22 AM)¯|_(ツ)_/¯ Wrote: PIL
22 Jan (Fri) 4,786.200 @65cents
25 Jan (Mon) 2,178,100 @65cents
26 Jan (Tue) 3,311,400 @65cents
27 Jan (Wed) 4,036,900 @65cents
28 Jan (Thu) 1,607,800 @65cents
29 Jan (Fri) 1,732,100 @65cents
1 Feb (Mon) 787,500 @65cents 30.07% *halted about 10.06AM
2 Feb (Tue) 3,144,900 @65cents 31.50%
3 Feb (Wed) 65,400 @65cents 31.53%
4 Feb (Thu) 400,800 @65cents 31.71%
5 Feb (Fri) 163,900 @65cents 31.79%
https://links.sgx.com/FileOpen/Project%2...eID=647510
Stay home and stay healthy, everyone.
The rate on the number of shares sold to the offerors are coming down. Not sure if this will make the offeror to raise the offer.
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(04-02-2021, 08:12 AM)Reenat Wrote: Technically the IFA should issue their advice today, being 2 weeks after the offer date of 21st January 2021.
We can all hope that their advice to the ID (technically to the ordinary shareholders) is that the offer is low and give their real valuation of the company.
Wonder why the IFA advice still not out, as the original circular from PIL states 2 weeks after the offer was made, i.e. 21/1/2021.
Fairy - Offer Announcement_21Jan2021.ashx (sgx.com)
However a circular with an issue date 29/1/2021 states the appointment of the IFA and it will take 2 weeks before they issue the advice to the ID.
PIL-Appointment of IFA.ashx (sgx.com)
Usually, offerors should state the IFA at the time of the offer. Not sure why there was a delay in the appointment of the IFA...
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(06-02-2021, 10:06 AM)Reenat Wrote: (06-02-2021, 09:22 AM)¯|_(ツ)_/¯ Wrote: PIL
22 Jan (Fri) 4,786.200 @65cents
25 Jan (Mon) 2,178,100 @65cents
26 Jan (Tue) 3,311,400 @65cents
27 Jan (Wed) 4,036,900 @65cents
28 Jan (Thu) 1,607,800 @65cents
29 Jan (Fri) 1,732,100 @65cents
1 Feb (Mon) 787,500 @65cents 30.07% *halted about 10.06AM
2 Feb (Tue) 3,144,900 @65cents 31.50%
3 Feb (Wed) 65,400 @65cents 31.53%
4 Feb (Thu) 400,800 @65cents 31.71%
5 Feb (Fri) 163,900 @65cents 31.79%
https://links.sgx.com/FileOpen/Project%2...eID=647510
Stay home and stay healthy, everyone.
The rate on the number of shares sold to the offerors are coming down. Not sure if this will make the offeror to raise the offer. Those who want to cash out may not want to sell and pay the brokerage fee. They will give up their shares to the offerer at the final moment without having to pay the fee.
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08-02-2021, 08:54 AM
PIL@65cents
FY2020 Full year result as at 31 Dec 2020 to be release on about Valentine Day.
https://links.sgx.com/FileOpen/PIL-%20Da...eID=647550
Stay home and stay healthy, everyone.
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(08-02-2021, 08:54 AM)¯|_(ツ)_/¯ Wrote: PIL@65cents
FY2020 Full year result as at 31 Dec 2020 to be release on about Valentine Day.
https://links.sgx.com/FileOpen/PIL-%20Da...eID=647550
Stay home and stay healthy, everyone.
It will be good to see the performance for FY2020. I wonder if any dividends will be declared.
The ID should fight for this as this is based on the performance of the company as the major shareholders have a conflict in interest as they are making an offer. If dividends are not declared it goes into retained earnings, thus free money for the offerors.
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(08-02-2021, 08:54 AM)¯|_(ツ)_/¯ Wrote: PIL@65cents
FY2020 Full year result as at 31 Dec 2020 to be release on about Valentine Day.
Is this some sort of a joke or a massive oversight?
14 Feb is a Sunday and also the 3rd day of CNY.
(08-02-2021, 09:43 AM)Reenat Wrote: It will be good to see the performance for FY2020. I wonder if any dividends will be declared.
The ID should fight for this as this is based on the performance of the company as the major shareholders have a conflict in interest as they are making an offer. If dividends are not declared it goes into retained earnings, thus free money for the offerors.
You do realise that any dividend declared will be taken away from the offer of 65c right? 
From the offer document para 2.2
Quote:If any Distribution is announced, declared, paid or made by the Company on or after the Offer Announcement Date, the Offeror reserves the right to reduce the Offer Price payable to a shareholder of the Company ("Shareholder") who validly accepts or has validly accepted the Offer by an amount equivalent to such Distribution.
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(08-02-2021, 02:13 PM)lonewolf Wrote: You do realise that any dividend declared will be taken away from the offer of 65c right?
From the offer document para 2.2
Quote:If any Distribution is announced, declared, paid or made by the Company on or after the Offer Announcement Date, the Offeror reserves the right to reduce the Offer Price payable to a shareholder of the Company ("Shareholder") who validly accepts or has validly accepted the Offer by an amount equivalent to such Distribution.
I will be surprised and angry if Penguin chooses to withhold a final dividend for FY20, even though the group operations would record a decent profit and continue to generate a positive free cash flow. This would amount to the Chairman - who is leading the current privatisation offer - robbing the rightful dividend entitlement from all shareholders.
If the Offeror chooses to reduce the Offer Price by the dividend amount, they will end up reducing their chances for a success. On the contrary, a smarter way is for Penguin to declare a large dividend to make all shareholders happy.
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(08-02-2021, 05:40 PM)dydx Wrote: (08-02-2021, 02:13 PM)lonewolf Wrote: You do realise that any dividend declared will be taken away from the offer of 65c right?
From the offer document para 2.2
Quote:If any Distribution is announced, declared, paid or made by the Company on or after the Offer Announcement Date, the Offeror reserves the right to reduce the Offer Price payable to a shareholder of the Company ("Shareholder") who validly accepts or has validly accepted the Offer by an amount equivalent to such Distribution.
I will be surprised and angry if Penguin chooses to withhold a final dividend for FY20, even though the group operations would record a decent profit and continue to generate a positive free cash flow. This would amount to the Chairman - who is leading the current privatisation offer - robbing the rightful dividend entitlement from all shareholders.
If the Offeror chooses to reduce the Offer Price by the dividend amount, they will end up reducing their chances for a success. On the contrary, a smarter way is for Penguin to declare a large dividend to make all shareholders happy.
Para 2.2 is a common provision in many takeovers. It doesn't matter whether they pay a dividend, or whether the dividend is big or small. The offer price will be adjusted accordingly, such that minority shareholders will receive $0.65 in the end.
Payment of dividend only changes the mix of the $0.65 - if they pay a $0.05 dividend, shareholders will get $0.60 in cash from the takeover, and $0.05 in dividend, so on and so forth.
So the $0.65 will NOT be affected by whatever dividend policy they elect. The offer price can only change if the offeror revises the offer price. Whether they revise the offer is a function of how probable they think the offer is going to go through.
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To me, "reserves the right" means the Offeror may or may not.
If without a normal decent dividend many minority shareholders already believe that the Offeror's $0.65/share offer is just not good enough, fair or reasonable, and if the Offeror would lower the offer by the same amount should Penguin declare a dividend based on its last FY20's earnings and cash generated by the businesses, why would these minority shareholders want to support the Offeror at all?
Actually, the following logic should prevail in any fair and successful privatisation exercise led by management (MBO) or a 3rd-party : The Offeror buys the underlying business and its assets and future earnings and cash flow by paying a fair price - it can be at a fraction lower than the corresponding intrinsic value assessed by financial professionals (accountants, investment banks, etc.), otherwise why would the Offeror want to do it? - but the existing cash reserve (part of retained earnings) in the company belongs to existing shareholders and should be distributed out to them.
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