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Wheelock Properties
30-08-2018, 05:36 PM.
Post: #381
RE: Wheelock Properties
(30-08-2018, 03:53 PM)Vseeker Wrote: History on privatisation of WheelockPptiesHK( back in 2010

Wheelock&Company( is the parent company of WheelockPptiesSpore and also WheelockPptiesHK(

In Apr2010, Wheelock&Co privatise WheelockPptiesHK( at hk$13 pShr,
which was:-
>  at 144% premium to last done price of hk$5.33 and
>  at ONLY 3.35% discount to NAV of hk$13.45 pShr.

In contrast, its current $2.10 Offer Price for  WheelockPptiesSpore was priced at
>  only 21% premium to LastClosingPrice and
>  at much higher 22% discount to Book NAV pShr

Unfortunately our banks, auditors and legal firms - all felt little qualms running the legworks for various entities..
...nevermind if they(the Offerors) are taking advantage of minorities shrhldrs, most of whom, I guess happen to be Sporeans.

and IFAs and IDs point to other low ball offers, to help justify the latest one,
so we will see more SGX listCOs in a race to the bottom, see how low we can get...
...while MAS and SGX sat idly by and pretend not to see.

Stocks go up and down. That is the nature of stocks. Market price only reflects willing buyer willing seller transaction at certain volume. 
While market price fluctuates at times way off the book value, but most of Wheelock assets (cash & investment property) and book value changes little or not at all over time.

Even if Wheelock last done price is $0.70, it does not change the fact that just per share cash value is about $0.70 and its book value is $2.60. 
Does this mean that Offeror can privatise at $0.70 and get rest of $1.90 assets for FREE? Some willing sellers does not mean all are willing sellers.

Premium over last done price means little. 
Offeror just need wait for a price slump and do a General Offer to get a premium over last done price and yet way lower than the book value.

IFAs argument of low liquidity and historical/last traded prices is a flawed one. 
For minority shareholders, the market liquidity is sufficient to trade their small quantity of Wheelock shares.
Illiquidity is more of Offer's problem if they intend to gobble up 24% of outstanding shares from the market.
As for historical prices, Offeror did not do a General Offer when it was $3.54 in 2007 because it was way higher than the true value(book value) of Wheelock then. 
The Offeror did not use price as a guide then and so should the minority shareholders now.

Due to conflict of interest of IFAs and ID being under Wheelock's payroll, IFAs role has been reduced to taking instructions from Offeror to creating a marketing material to highlight facts to justify such low offer while omitting facts which does not, rather than giving a professional unbiased true value opinion. IDs job is just to nod their head.

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06-09-2018, 12:57 PM.
Post: #382
RE: Wheelock Properties
Wheelock's offer closes tomorrow. So far I have not seen any announcement of acceptance of offer. It looks like it will be extended or increase offer price?

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07-09-2018, 05:24 PM.
Post: #383
RE: Wheelock Properties
Extension of Closing Date

DBS Bank wishes to announce, for and on behalf of the Offeror, that the Closing Date of the Offer is extended from 5.30 p.m. (Singapore time) on 7 September 2018 to 5.30 p.m. (Singapore time) on 21 September 2018 (or such later date(s) as may be announced from time to time by or on behalf of the Offeror).
Specuvestor: Asset - Business - Structure.
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09-09-2018, 09:18 PM.
Post: #384
RE: Wheelock Properties
Only 1.37% ??

Levels of Acceptances

As at 5.30 p.m. (Singapore time) on 7 September 2018, the Offeror has received valid acceptances amounting to 16,410,867 Offer Shares, representing approximately 1.37% of the total number of issued Shares of the Company.

As at 5.30 p.m. (Singapore time) on 7 September 2018, the total number of (a) Shares owned or agreed to be acquired by the Offeror and parties acting in concert with it, and (b) valid acceptances of the Offer, amount to an aggregate of 928,340,613 Shares, representing 77.58% of the total number of issued Shares of the Company.

The total number of issued Shares are 1,196,559,876 Shares (excluding treasury shares).
Specuvestor: Asset - Business - Structure.
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