GMG Global

[BlueKelah]

Based on SGX stockfacts, Sinochem owns 55.07% of GMG, Halcyon is sure of 55.07% minimum acceptance.  

In IFA circular dated 23 Sept 2016, under clause 7.2 Compulsory Acquisition, it states:

in the event that the Offeror receives valid acceptances
pursuant to the Offer (or otherwise acquires GMG Shares during the period when the Offer
is open for acceptance) in respect of not less than 90% of the total number of issued
GMG Shares........................    the Offeror would be entitled to exercise the right to compulsorily
acquire all the GMG Shares of the Shareholders who have not accepted the Offer
(the “Dissenting Shareholders”) at a price equal to the Offer Consideration.

It does NOT state that it is the INTENTION of the offeror to exercise this right.  
Question: I intend NOT to accept, but is just a little fearful of being stuck with shares in an unlisted company.  From the "not fair but reasonable" comments of IFA, I think it unlikely Halcyon will get substantially more acceptances than 55.07%, so is my fear unfounded?

Of course clause 7.2 also follow on with:  In addition, Dissenting Shareholders have the right under and subject to Section 215(3) of the Act, to require the Offeror to acquire their GMG Shares at a price equal to the
Offer Consideration in the event that the Offeror, its related corporations or their respective
nominees acquire, pursuant to the Offer such number of GMG Shares which, together with
the GMG Shares held by the Offeror, its related corporations or their respective nominees,
comprise 90% or more of the total number of issued GMG Shares (excluding any GMG
Shares held by GMG as treasury shares). Dissenting Shareholders who wish to exercise
such rights are advised to seek their own independent legal advice.”

Question: Following my intention not to accept, I wonder if in the event acceptances cross 90%, would it be a simple process then to require the offerer to then acquire their GMG Shares?  On the same terms as if it was done before the close of the offer?

VB opinions would be appreciated.  Quite new in this area.

if you dun wanna accept then just sit back and watch the show!! 

If Halcyon can get 90% then they will take it private, you automatically will get the Halcyon shares, since they are not paying money but shares. You dun have to do anything, in the end they will still have to pay you