Goodpack

[cif5000]

My conjecture - Brambles is calling bluff. How come they don't say their stock price is too high?

http://www.bloomberg.com/quote/BXB:AU
http://www.bloomberg.com/quote/GPACK:SP

[greengiraffe]

finally halted...

[hongonn]

So another counter confirmed delisting at offer price $2.50. This SGX market is getting more and more miserable with good counter leaving one by one.

In consideration for the transfer, such Goodpack Shareholders will be entitled to receive S$2.50 per Goodpack Share in cash.

Upon the completion of the Share Scheme, Goodpack will become a wholly-owned subsidiary of IBC Capital, and will be delisted from
the Official List of the Singapore Exchange Securities Trading Limited ("SGX-ST").

[thefarside]

Goodpack shareholders please wake up. Daylight robbery in progress.

[kikababoo]

So another counter confirmed delisting at offer price $2.50. This SGX market is getting more and more miserable with good counter leaving one by one.

In consideration for the transfer, such Goodpack Shareholders will be entitled to receive S$2.50 per Goodpack Share in cash.

Upon the completion of the Share Scheme, Goodpack will become a wholly-owned subsidiary of IBC Capital, and will be delisted from
the Official List of the Singapore Exchange Securities Trading Limited ("SGX-ST").

all we are left with = cheap net net stocsk + some s chips haha, lots of O&G, O&M + property stocks to invest in. cheers =)

[opmi]

Goodpack shareholders please wake up. Daylight robbery in progress.

1.1 The Scheme. The respective boards of directors of Goodpack Limited (the “Company”) and IBC Capital Limited (the “Offeror”) are pleased to announce the proposed acquisition (the “Acquisition”) of the Company by the Offeror, a special purpose company incorporated under the laws of the Cayman Islands, which is an indirect wholly-owned subsidiary of KKR Asian Fund II L.P. (“KKR Asian II Fund”), a fund affiliated with and advised by Kohlberg Kravis Roberts & Co. L.P. (“KKR”), of all the issued and paid-up ordinary shares in the capital of the Company (the “Shares”). The Acquisition will be effected by the shareholders of the Company (the “Shareholders”) by way of a scheme of arrangement (the “Scheme”) in accordance with Section 210 of the Companies Act, Chapter 50 of Singapore (the “Companies Act”) and the Singapore Code on Take-overs and Mergers (the “Code”).

Scheme of arrangement - number of shareholders counted in the vote against the scheme.

So the 'robbed' can do a surge at EGM to vote against the scheme.


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[thefarside]

This will be harder than the Nera fight, I fear.

The Scheme will require, inter alia, the following approvals:

10.1.1 the approval of the Scheme by a majority in number of Shareholders representing not less than three-fourths in value of the Shares held by Shareholders present and voting either in person or by proxy at the Court Meeting; and

10.1.2 the sanction of the Scheme by the Court.

KKR has Lam Choon Sen's undertaking to vote for the transaction (32%) , at minimum the "opposition" needs to bring 12% to shoot it down, provided KKR does not canvass for more for votes.

SIC actually sanctioned this backdoor takeover exercise (!) using vanilla conditions like no concert parties can vote for this etc... can't believe it. KKR is smart enough not to accumulate anything and end up with a substantial amount of shares locked out of voting as a concert party. Instead of mounting a direct GO after buying out David Lam they instead used his stake as a Trojan Horse to take the company private. Very disappointed with management for allowing these snakes to come on board.

The only hope now is some big guns come out and vote against this. Minorities are just roadkill for now for all practical purposes - but please still stand up for your rights in whatever EGM/voting!!!

[opmi]

The Scheme will require, inter alia, the following approvals:

10.1.1 the approval of the Scheme by a majority in number of Shareholders representing not less than three-fourths in value of the Shares held by Shareholders present and voting either in person or by proxy at the Court Meeting; and

I assume that means 2 conditions:-
- a majority in number; AND
- the Shareholders holding more than 75% shares.

Maybe VBs involved in Neratel & Meiban Scheme of Arrangements (SOAs) can enlighten..

[opmi]

Some info.

Scheme of Arrangements (SOAs) is empowered by Section 210 of the Companies Act, Chapter 50 of Singapore (“Companies
Act”). So there is only 1 law that covered all takeovers via SOAs. In other words, whatever applied for Neratel applies for Goodpack too.

http://www.stee.stengg.com/news/2012/RES...EETING.pdf

Since Neratel SOA failed due to failure to get the majority in number, so it is possible for minority to vote down the Goodpack Scheme
by turning out in numbers to out vote whoever is voting FOR the SOA.

[yeokiwi]

Some info.

Scheme of Arrangements (SOAs) is empowered by Section 210 of the Companies Act, Chapter 50 of Singapore (“Companies
Act”). So there is only 1 law that covered all takeovers via SOAs. In other words, whatever applied for Neratel applies for Goodpack too.

http://www.stee.stengg.com/news/2012/RES...EETING.pdf

Since Neratel SOA failed due to failure to get the majority in number, so it is possible for minority to vote down the Goodpack Scheme
by turning out in numbers to out vote whoever is voting FOR the SOA.

Great. It's time for minority shareholders to show that they are not passive.
I wonder whether KKR is expecting no shareholder to turn up to stop them. Or KKR is assembling an army of minority shareholders to force their way through..haha.