Wheelock Properties

[ghchua]

Hi all! May I check if any you guys have already received the Exit Offer papers? Thanks in advance.

Not yet. The exit offer will come with the proposed delisting. If you want to get your money faster, the logical move would be to exercise your right under Section 215(3) of the companies act to require the offeror to acquire your shares at offer price by executing Form 58.

[ghchua]

Latest update:
http://infopub.sgx.com/FileOpen/WPSL_ANN...eID=529183

To summarize, the company has applied to waive the requirement for a delisting EGM and exit offer under the Listing Manual (Rule 1307 and Rule 1309 respectively), reasons being given in the link above. SGX has no objection to both applications.

So, there will not be an exit offer. Instead, the company will despatch Form 58 plus an acceptance form for remaining shareholders to exercise their rights to require the company to acquire their shares at offer price via Sales Right.

Therefore, please be reminded that the Sales Right is the last chance for remaining shareholders who wish to cash out their investment in the company before delisting. Once again, please be reminded that there will not be a compulsory acquisition as the offeror did not meet the condition for it at the close of the general offer. If you don't accept the Sales Right, the company will be delisted and you will be holding delisted shares of the company.

[retired1again]

Hi ghchua,

Since the offeror is unable to execute a compulsory acquisition for the remaining shares, will those remaining minority shareholders whom have chosen to continue holding on the de-listed Wheelock Properties shares be entitled to future dividend(s) if Wheelock Properties Limited declare and award the offeror with dividend(s) in the future?

Appreciate it if you could advise or share.

[ghchua]

Hi ghchua,

Since the offeror is unable to execute a compulsory acquisition for the remaining shares, will those remaining minority shareholders whom have chosen to continue holding on the de-listed Wheelock Properties shares be entitled to future dividend(s) if Wheelock Properties Limited declare and award the offeror with dividend(s) in the future?

Appreciate it if you could advise or share.

Of course. If after delisting, the company announced any dividend payout, as a shareholder, you will be entitled to it.

[retired1again]

HI ghchua,

Thanks.

[davidoh]

Hi ghchua,

Since the offeror is unable to execute a compulsory acquisition for the remaining shares, will those remaining minority shareholders whom have chosen to continue holding on the de-listed Wheelock Properties shares be entitled to future dividend(s) if Wheelock Properties Limited declare and award the offeror with dividend(s) in the future?

Appreciate it if you could advise or share.

Hi ghchua,

Since the offeror is unable to execute a compulsory acquisition for the remaining shares, will those remaining minority shareholders whom have chosen to continue holding on the de-listed Wheelock Properties shares be entitled to future dividend(s) if Wheelock Properties Limited declare and award the offeror with dividend(s) in the future?

Appreciate it if you could advise or share.

Of course. If after delisting, the company announced any dividend payout, as a shareholder, you will be entitled to it.

From my humbling experience is: 

1. you as a minority will probably not get any information after the delisting, eg China Oilfield for one
2. years following the delisting, your holding will be diluted until literally you don't exist anymore 
3. if you got on a few thousand shares, might as well cash in and sleep well at night


please kindly do your own research and make an inform decision on your investment

[jfc18]

Thank you, ghchua, for the invaluable update and advice!

[retired1again]

Hi ghchua,

Thanks for addiotional sharing your personal experiences about holding delisted shares.

[newkeynesian]

@retired1again

It's Davidoh for the second sharing on holding on to delisted shares.

[weijian]

I like to paraphrase what specuvestor like to remind everyone here - There is a difference between the Listing Act and the Company Act. Companies may cease to list and hence they do not need to follow the Listing Act, but if they continue to operate in Singapore, they have to follow the Companies Act.

According to Companies Act, one still has to send annual reports to shareholders (203/203A), calling an AGM (175) or pay dividends (62) etc...

Company Act: https://sso.agc.gov.sg/Act/CoA1967