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The Tongs started with 32.84%, bought over Peter Lim's stake to assume majority control at 53% and extended a mandatory offer that was unreasonable and unfair.
Tongs did not hit >90% at close of offer and since they have every intention to restore free float if they didn't trigger CA, the offer period is expectedly not extended.
The unreasonable and unfair offer has however garnered a large stake of 33.7% or 72% of outstanding shares (33.7%/47%). Tongs now own close to 87% of this holding company with one business. The majority of minorities have folded and free float has been reduced multi-fold. So will this turn out to be like a F&N and Fraser Property sort of situation?
If the company intends to acquire new businesses in the future and needs capital, it can't do a rights issue as it probably may lose free float after the rights. A share placement via a security agent isn't cheap (for its scale) while a direct share issue to another tycoon is another possibility. Nonetheless, this whole exercise has given me another good eagle view on how tycoons make money.
CLOSE OF OFFER FINAL LEVEL OF ACCEPTANCES OF OFFER
Accordingly, as at 5.30 p.m. (Singapore time) on 27 December 2024, the total number of (a) Shares owned, controlled or agreed to be acquired by the Offeror and persons acting in concert with it; and (b) valid acceptances of the Offer, amount to an aggregate of 787,353,453 Shares, representing approximately 86.68%1 of the total number of Shares.
https://links.sgx.com/FileOpen/Close_of_...eID=829094
Tongs did not hit >90% at close of offer and since they have every intention to restore free float if they didn't trigger CA, the offer period is expectedly not extended.
The unreasonable and unfair offer has however garnered a large stake of 33.7% or 72% of outstanding shares (33.7%/47%). Tongs now own close to 87% of this holding company with one business. The majority of minorities have folded and free float has been reduced multi-fold. So will this turn out to be like a F&N and Fraser Property sort of situation?
If the company intends to acquire new businesses in the future and needs capital, it can't do a rights issue as it probably may lose free float after the rights. A share placement via a security agent isn't cheap (for its scale) while a direct share issue to another tycoon is another possibility. Nonetheless, this whole exercise has given me another good eagle view on how tycoons make money.
CLOSE OF OFFER FINAL LEVEL OF ACCEPTANCES OF OFFER
Accordingly, as at 5.30 p.m. (Singapore time) on 27 December 2024, the total number of (a) Shares owned, controlled or agreed to be acquired by the Offeror and persons acting in concert with it; and (b) valid acceptances of the Offer, amount to an aggregate of 787,353,453 Shares, representing approximately 86.68%1 of the total number of Shares.
https://links.sgx.com/FileOpen/Close_of_...eID=829094