Sunningdale Technology

[Shiyi]

We should have more activists or funds to make the playing field more level.
The way the deal is structured is patently unfair to OPMIs. It also puts the credibility of the market at risk.

[¯|_(ツ)_/¯]

Sunningdale Tech
halted
https://links.sgx.com/1.0.0/corporate-an...522af7d0a2

Stay home and stay healthy, everyone.


<vested>

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Ok ok. 
I had calmed down.
It's only the moment that I read the QC reports that my emotion was running wild.

Now, it's just sad.

I am not sure about you, but the statement that independent director who has all the details (investment merit) and supposed to be staying independent had became a dependent director.

I just felt un-happy, forgive me.

In any case, our valuebuddies are here to look for quality company to invest (and not to get upset).

It's another cool and windy morning.

Enjoy aespa "Black Mamba" and like what our valuebuddies Musicwhiz says, let 2021 be a great year for all!

[Mushy]

If minority investors think it was a low ball offer at $1.55, an increase of 6.5% likely does not change things.
However, the key thing I take note with this revised offer is that it is final and will not be revised.
So the outcome is

1. Final offer goes through and investors get $1.65 (I have no comments on the scheme option, no interest in investing in pte company when I can do so in it as listed),
2. It does not go through and share price likely will go lower after that.

If 1 happens, nothing I can do, just take money and look elsewhere.

Currently I am 100% at outcome 2 and already registered in Quarz camp.
Since I believe in the shares being undervalued, I have to be prepared to buy more if the share price dips to a low enough value.

Will Quarz give up championing? On the surface and as explained above, I think they will not change their stance. However I am reminded of a similar case recently. Another fund made alot of noises at low ball offer, revised offer (very slightly increased) came in, and they quickly throw in the towel. So every party have their own interests.

Edit: Quarz is buying again after the revised offer, at $1.62. Another fund that has publicly made known its investment in Sunningdale is Lighthouse capital (as publicly stated in quarterly newsletter). 5% of fund as of 30 Sept 2019. Not sure if this holding has changed since then as I am not a client. My own estimate is that this stake is around 2-3% of Sunningdale.

[weijian]

Will Quarz give up championing? On the surface and as explained above, I think they will not change their stance. However I am reminded of a similar case recently. Another fund made alot of noises at low ball offer, revised offer (very slightly increased) came in, and they quickly throw in the towel. So every party have their own interests.

Edit: Quarz is buying again after the revised offer, at $1.62. Another fund that has publicly made known its investment in Sunningdale is Lighthouse capital (as publicly stated in quarterly newsletter). 5% of fund as of 30 Sept 2019. Not sure if this holding has changed since then as I am not a client. My own estimate is that this stake is around 2-3% of Sunningdale.

Well, I reckon you are referring to the Japanese who were arguing over some golf courses in their home country I suppose?

Quarz has probably made a very public statement to all OPMIs with a ~900k SGD transaction that purchased ~0.28% of the company. They are not there for the 3cents (2%) gains for sure and they have very publicly anchored a price towards the NAV (very similar to what they had done for Sabana Reit, and been successful).

[¯|_(ツ)_/¯]

Sunningdale Technology

Hi fellow Sunningdale supporter,
Do take a look at QnA for the SOA:
https://links.sgx.com/FileOpen/Offeror_R...eID=647237

Last question on role of Mr Loke Wai San is interesting.
From the answer, Mr Koh Boon Hwee who wanted to delist Sunningdale.
Unfortunately, he does not have enough financial and hence seek help from Mr Loke Wai San to provide the capital.

Also, if we read answer #1 on the rationale of SOA and answer #7 which further elaboration on why Mr Koh Boon Hwee wanted to quickly privatise Sunningdale,  then it's really regrettable. 

It's clear that Mr Koh Boon Hwee did trying his best to offer an exit plan for OPMI who is short term (like less than 1 year time frame).  

Longer term, it's not so clear whether Mr Koh's vision can be a success.  However, by observing how he turnaround Sunningdale since coming onboard and also the aggressive transformation, one would give him benefits of doubt.

Take note that answer #7 also provided an example of what and how Mr Koh will move forward with Sunningdale (buying Moldworx).

Short term OPMI, get out.
Long term OPMI, prepared to suffer as the transformation journey will required a lot of investments.

Are you prepare?

Registration asap for virtual dialogue to hear from the man himself:
https://sias.org.sg/event/sias-sunrise-s...e-session/

https://links.sgx.com/FileOpen/Reminder_...eID=647238


Stay home and stay safe, everyone.

[weijian]

Will Quarz give up championing? On the surface and as explained above, I think they will not change their stance. However I am reminded of a similar case recently. Another fund made alot of noises at low ball offer, revised offer (very slightly increased) came in, and they quickly throw in the towel. So every party have their own interests.

Edit: Quarz is buying again after the revised offer, at $1.62. Another fund that has publicly made known its investment in Sunningdale is Lighthouse capital (as publicly stated in quarterly newsletter). 5% of fund as of 30 Sept 2019. Not sure if this holding has changed since then as I am not a client. My own estimate is that this stake is around 2-3% of Sunningdale.

Well, I reckon you are referring to the Japanese who were arguing over some golf courses in their home country I suppose?

Quarz has probably made a very public statement to all OPMIs with a ~900k SGD transaction that purchased ~0.28% of the company. They are not there for the 3cents (2%) gains for sure and they have very publicly anchored a price towards the NAV (very similar to what they had done for Sabana Reit, and been successful).

I am pretty sure a lot of VBs are disappointed. Coincidentally, Quarz had been selling down their holdings since I mentioned "they are not there for the 2% gain". Their justification is that they see better opportunities else where to recycle their capital.

Looking at the total vote count, Quarz definitely did not vote against it. If they did, they would have scupper the takeover as it required a 75% threshold. I reckon they might be contended to leave a small stake in the new private company.

https://links.sgx.com/FileOpen/STL_-_Res...eID=648729

movements of Quarz Capital's shareholdings: https://links.sgx.com/FileOpen/Disclosur...eID=648717