Wheelock Properties

[retired1again]

Hi newkeynesian,

Thanks for pointing out. A bit of "blur-blur" in the morning.

Hi Davidoh,

Thanks for sharing your personal experience.

Hi weijian,

Thanks for your sharing and listing of the link for Company Act.

[donmihaihai]

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

Only follow Singapore companies act if the company is incorporated in sg. Some list co. Are foreign company which only follow the act from where the co is domiciled

Not annual report but audited financials. Reader of full annual report will know the diff.

[specuvestor]

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

This can be true. Once delisted Structure in A-B-S framework becomes even much more prominent

In a sense you need to know and trust the owner's track record even more. There are other examples with positive outcome like CK Tangs and Financial One / Chilease. So yes DYDD

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

Only follow Singapore companies act if the company is incorporated in sg. Some list co. Are foreign company which only follow the act from where the co is domiciled

Not annual report but audited financials. Reader of full annual report will know the diff.

I don't think there's Listing Act. It's SGX listing rules. Listed companies have to follow Companies Act of their domicile. Companies don't have to follow Listing rules if they are not listed... in case it's confusing

So for delisting events, domicile becomes important because SGX listing rule or regulatory oversight no longer applies. Dont think most of us want to follow or dispute in say Cayman courts

[weijian]

hi donmihahai,
Thanks for correcting it. Actually i want to say "place of incorporation" but my mistake will mean a big difference in interpretation by VBs. Appreciate your vigilance!

[em2nre5u]

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.

Anyone received the Form 58/ Sales Right already? I haven't.

[ghchua]

Anyone received the Form 58/ Sales Right already? I haven't.

Not yet. The announcement did say that they will despatch them within one month from the close of offer.

[ghchua]

Latest update:
http://infopub.sgx.com/FileOpen/WPSL_ANN...eID=529698

The company will be delisted on 18 October 2018. Looks like they will despatch Form 58/Sales Right after the company had been delisted from SGX.

[edragon]

Please advise the usual period for acceptance after Form 58. Thanks.

[ghchua]

Please advise the usual period for acceptance after Form 58. Thanks.

You have up to 3 months after they send you Form 58 to exercise your rights.

[edragon]

Thanks for the info, Mr. Chua.