Adampak

[CityFarmer]

According to my understanding: if more than 10% of the shareholders do not accept the offer, Navis would be force to keep Adampak listed. Or, they have to offer a higher price that just needs to get to the 90% tipping point after which they would then exercise the rights under Section 215(1) of the Companies Act to perform a compulsorily acquisition.

However, Navis doesn't want to keep the listing status of Adampak according to the documents. If they can't get 90% approval, they have to up the offer to entice the rest.

There was 3 intentions been declared by Navis in the offer document as well as the press release document.

1. Navis has no intention to revise its Offer Price, except that Navis reserves the right to do so in a competitive situation.

[comment: This is a "no increase statement", restriction applies]

2. Navis does not intend to lift any trading suspension of Adampak shares in the event that less than 10% of Adampak shares (excluding any shares held by Adampak as treasury shares) are held in public hands.

3. Navis intends to make Adampak its wholly-owned subsidiary and does not intend to preserve the listing status of Adampak

[Comment: 2 and 3 show Navis will not put effort to maintain listing status by lifting the trading suspension by SGX]

IMO, The message to take-away is Navis wish to delist Adampak without revising its offer price (i.e. increase its offer price) under non-competitive situation which is likely be.

[Some-one]

Any updates from those who attend the AGM today?

[CityFarmer]

Up-to-date as 3rd May 2010, the total share owned is 83.61%, another ~6.4% to go before closing the chapter for Adampak.

With assumption of 2% per trading day, It will take less than one (1) week, probably toward mid or end of next week.

http://info.sgx.com/webcorannc.nsf/Annou...endocument

[julianbream]

It does look bleak now. The only thing that is holding me back from accepting the offer right away is the possibility of another buyer emerging and offering EVERYBODY - both Navis and remaining shareholders - a higher price. Remote possibility eh? Yeah. Sigh and goodbye, Adampak. I realise that I have an emotional attachment to this company

[adamteng]

yea it is.. especially since the bidder is a PE firm.

This is one of the first stock I bought and have held if for over 5 years. It also shares the same name as me.. haha. Talk about emotional attachment =)

[shanrui_91]

17 working days to collect 5.74%, are they able to collect 0.337% every day? While not vested, I hope they don't succeed then there will be an interesting show to watch and learn.

[CityFarmer]

17 working days to collect 5.74%, are they able to collect 0.337% every day? While not vested, I hope they don't succeed then there will be an interesting show to watch and learn.

I believe it is likely to get thru. Last week collection was 6.28%, average ~1.26% per day.

I am also watching...

[CityFarmer]

Up-to-date (08 May 2012) collection is ~87.8%. If the acceptance rate persisted, we will see it reach 90% at the end of this week.

[KopiKat]

Up-to-date (08 May 2012) collection is ~87.8%. If the acceptance rate persisted, we will see it reach 90% at the end of this week.

The latest market fears coming from Euro is actually helping them gain more acceptance + the fears that may have been generated from their notifications of their intent which I've see them posted in SGX at least twice..

[CityFarmer]

Up-to-date (08 May 2012) collection is ~87.8%. If the acceptance rate persisted, we will see it reach 90% at the end of this week.

The latest market fears coming from Euro is actually helping them gain more acceptance + the fears that may have been generated from their notifications of their intent which I've see them posted in SGX at least twice..

IMO, the well received acceptance is due to the clear intentions declared by Navis (in their offer doc, press release and the two (2) reminders via SGX), much more than the recent Euro deteriorating political situation