Wing Tai Holdings

[propertyinvestor]

if offer is really extended, they better up their offer, otherwise, the Chengs can continue to dream

Cannot lah. The moment you put offeror has no intention to up the offer price, M&A Code says you cannot up the offer price. Can only max extend 60 days.|

after that, the offer lapses and for 180 days cannot make an offer.

[propertyinvestor]

Ok, the offer is going through!

As at 5.00 p.m. on 20 June 2012, the Offeror has received votes in favour of the Partial Offer in respect of 98,519,403 Shares representing 87.5 per cent. of the valid votes received from Relevant Shareholders.

As at 5.00 p.m. on 20 June 2012, the Offeror has received valid acceptances from Relevant Shareholders in respect of the Partial Offer as follows:-
a. 20,669,991 Shares (of which 621,915 Shares were tendered by persons acting in concert with the Offeror) in respect of their Relevant Percentage Offer Shares; and
b. 56,326,663 Shares (of which 3,524,185 Shares were tendered by persons acting in concert with the Offeror) in respect of their Excess Shares,
comprising an aggregate of 76,996,654 Shares, representing approximately 16.9 per cent. of the Relevant Shares as at the Record Date.

[freedom]

they are lucky that most shareholders did not vote instead of vote against, otherwise, it would be tough to met the first condition. only around 30% of share votes count.

the 2nd condition is barely met. 16.9% only. the shareholders have spoken.

the offer will be extended, so more people can vote against and withdraw their tender?

[propertyinvestor]

they are lucky that most shareholders did not vote instead of vote against, otherwise, it would be tough to met the first condition. only around 30% of share votes count.

the 2nd condition is barely met. 16.9% only. the shareholders have spoken.

the offer will be extended, so more people can vote against and withdraw their tender?

All conditions are met lah.

As stated in the Offer Announcement, the Partial Offer is subject to the following conditions:-
a. the Offeror having received, by 5.30 p.m. (Singapore time) on 21 June 2012 or such later date(s) as may be announced from time to time by or on behalf of the Offeror (the “Closing Date”), approval of the Partial Offer by Relevant Shareholders representing more than 50 per cent. of the valid votes received from Relevant Shareholders (provided that the Offeror, parties acting in concert with the Offeror and their associates shall not be allowed to vote) (the “Approval Condition”); and
b. the Offeror having received, by the Closing Date, valid acceptances in respect of at least fifteen per cent. (15%) of the Relevant Shares as at the Record Date (the “Acceptance Condition”).
The Partial Offer is unconditional in all other respects.
3.2. Accordingly, the Acceptance Condition has been duly satisfied as at 5.00 p.m. on 20 June 2012. Except with the consent of the Securities Industry Council, the Approval Condition must be fulfilled or the Partial Offer must lapse within 21 days of 21 June 2012.

[ngcheeki]

Am I right to say that since the offer has been unconditional, for those who had not submitted the FAA you may make some kopi money by selling off the amount offered shares (15% of your holding) to the Cheng's Brother and buy back the same amount of shares from the market. In the end of the whole event, you still has the same number of shares. In short, Buy X amount from the market (i.e. 1.30) and sell $1.39 to the Cheng's Brother and make 9 cents per shares minus transaction fees.

[propertyinvestor]

Am I right to say that since the offer has been unconditional, for those who had not submitted the FAA you may make some kopi money by selling off the amount offered shares (15% of your holding) to the Cheng's Brother and buy back the same amount of shares from the market. In the end of the whole event, you still has the same number of shares. In short, Buy X amount from the market (i.e. 1.30) and sell $1.39 to the Cheng's Brother and make 9 cents per shares minus transaction fees.

Got to wait until 5th July for the offer to be uncondtional!

[ngcheeki]

For those who tendered their partial Wing Tai share to Cheng's brother should have received your fund back

I came across the City&Country from The Edge magazine on the DoneDeals section about Sale of Ascentia Sky.

"To date, almost all the units in the development have been taken up. The largest penthouse at Ascentia Sky, a 6,305 psf, 5 bed room duplex, was recently sold for S$8.83 million (1,400 psf). The buyer is said to be an indonesian who bought it for his own use and was even willing o pay the 10% ABSD'

I did a quick check on the caveat lodge for Ascentia Sky and this is no mention of the penthouse though

ASCENTIA SKY ALEXANDRA VIEW Condominium 1 2,228,700 1,475 Strata 1,511 Jun-12
ASCENTIA SKY ALEXANDRA VIEW Condominium 1 2,170,000 1,475 Strata 1,472 Jun-12
ASCENTIA SKY ALEXANDRA VIEW Condominium 1 2,322,100 1,475 Strata 1,575 Jun-12
ASCENTIA SKY ALEXANDRA VIEW Condominium 1 2,246,700 1,475 Strata 1,524 Jun-12

I'm expecting a final dividend of at least 5 cents for the coming financial year ended June 2012..

[propertyinvestor]

I expecting 8c a share divided

Dividend guidance of 30% net profit after tax. Much better than the lousy St******.

[ngcheeki]

from what I read, the whole deal is for Wing Tai (HK) to own 100% of its desired business without any cash outlay. Essentially, the proceed from sale of shares in Winsor is used to buy out all minority shareholders in the privateco (distribution in specie).

Wing Tai HK also profits out of the transaction anyway. plus they get cash dividends from Winsor properties.

More importantly Wing Tai stake in Wing tai HK has jumped up by 40million SGD.

Just an updates regarding the Wing Tai HK/Winsor share transaction

"SHARE SALE COMPLETION, COMPLETION OF THE DISTRIBUTION IN SPECIE AND PAYMENT OF THE SPECIAL CASH DIVIDEND"

On 16 July 2012, the Share Sale Completion, completion of the Distribution In Specie and payment of Special Cash Dividend took place. Pursuant to the terms of the Share Sale Agreement, a total of 205,835,845 shares in Winsor (comprising the 191,935,845 Sale
Shares and 13,900,000 Further Shares) were transferred by Wing Tai and Twin Dragon to the Offeror at a price of HK$5.6197 per share and an aggregate consideration of HK$1,156,735,698.

http://www.hkexnews.hk/listedco/listcone...716445.pdf

[propertyinvestor]

I feel very happy buying more Wing Tai at $1.34