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(10-01-2013, 11:14 AM)yeokiwi Wrote: If Simon + Wheelock hits above 90%, the stock will be suspended. Confirm.
But, it does not mean that the mandatory delisting will commence. Assuming the wheelock votes against the delisting, the offer will lapse unless Simon comes out with another offer.
Look at Pertama, same case, Harvey + Fidelity hits above 90%. The stock is suspended but there is no delisting offer yet.
And SGX is not acting either.
So, for those who do not want to get stuck, be real careful when the 90% is breached.
Not sure about pertama's case but for SC I tot in their offer doc that they intend to delist once it hits above 90%.Yes as a minority shareholder u need to get out through the open mkt as SC has the right to compulsory acquire but not the obligation to do so. chancves are they won't and this is bcos most minority are singaporeans and that helps Sc to avoid the penalty.
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If there is a private deal between SC and Wheelock, it will not be about money. because the price Wheelock is going to ask, SC will not pay for it. The deal is probably to split the properties fairly and give Wheelock its share. I am not sure that minority shareholders want the same.
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10-01-2013, 01:19 PM
(This post was last modified: 10-01-2013, 01:22 PM by yeokiwi.)
(10-01-2013, 11:24 AM)Jacmar Wrote: Not sure about pertama's case but for SC I tot in their offer doc that they intend to delist once it hits above 90%.Yes as a minority shareholder u need to get out through the open mkt as SC has the right to compulsory acquire but not the obligation to do so. chancves are they won't and this is bcos most minority are singaporeans and that helps Sc to avoid the penalty.
10.2 Compulsory Acquisition. Pursuant to Section 215(1) of the Companies Act, if the Offeror
receives valid acceptances of the Offer or acquires Offer Shares from the date of this Offer
Document otherwise than through valid acceptances of the Offer, in respect of not less
than 90 per cent. of the total number of issued Shares (other than those already held by
the Offeror, its related corporations or their respective nominees as at the date of this Offer
Document), the Offeror would be entitled to exercise the right to compulsorily acquire all the
Shares of Shareholders who have not accepted the Offer (“Dissenting Shareholders”).
SC global cannot exercise above option unless it has 90% of the issued shares.(not counting Wheelock)
Listing Status of SC Global. Pursuant to Rule 1105 of the Listing Manual, in the event
that the Offeror and its Concert Parties should, as a result of the Offer or otherwise, own or
control more than 90 per cent. of the issued Shares, the SGX-ST may suspend the listing
of the Shares on the SGX-ST until such time when the SGX-ST is satisfi ed that at least 10
per cent. of the issued Shares are held by at least 500 shareholders of SC Global who are
members of the public.
In addition, pursuant to Rule 723 of the Listing Manual (“Rule 723”), SC Global must ensure
that at least 10 per cent. of its total issued Shares (excluding treasury shares) is at all times
held in public hands (the “Free Float Requirement”). Pursuant to Rule 724 of the Listing
Manual (“Rule 724”), if the percentage of the issued Shares held in public hands falls below
10 per cent., SC Global must, as soon as practicable, announce that fact and the SGX-ST
may suspend trading of all the Shares on the SGX-ST. Pursuant to Rule 725 of the SGX-ST
Listing Manual (“Rule 725”), the SGX-ST may allow SC Global a period of three (3) months,
or such longer period as the SGX-ST may agree, to raise the percentage of issued Shares
held by members of the public to at least 10 per cent., failing which SC Global may be
delisted from the SGX-ST.
The wording is preceded by "may" and so it is at the discretion of SGX.
The last option to be delisted is to obtain > 75% approval vote and <10% rejection vote.
If Wheelock votes against the delisting, SC global will not be able to satisfy Rule 1307 of the SGX-ST Listing Manual for delisting.
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Yes mandatory GO is legislative under Companies Act but 75% under SGX listing rules. People get confused between the 2
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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(10-01-2013, 01:19 PM)yeokiwi Wrote: The wording is preceded by "may" and so it is at the discretion of SGX.
The last option to be delisted is to obtain > 75% approval vote and <10% rejection vote.
If Wheelock votes against the delisting, SC global will not be able to satisfy Rule 1307 of the SGX-ST Listing Manual for delisting.
The questions is what's Wheelock trying to do... Since they're buying above the 10% mark, it'd appear it's not just a simple matter of trying to block a delisting. In fact, I don't think they'll benefit if it gets suspended. So, more likely aiming for delisting??
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(10-01-2013, 01:30 PM)KopiKat Wrote: (10-01-2013, 01:19 PM)yeokiwi Wrote: The wording is preceded by "may" and so it is at the discretion of SGX.
The last option to be delisted is to obtain > 75% approval vote and <10% rejection vote.
If Wheelock votes against the delisting, SC global will not be able to satisfy Rule 1307 of the SGX-ST Listing Manual for delisting.
The questions is what's Wheelock trying to do... Since they're buying above the 10% mark, it'd appear it's not just a simple matter of trying to block a delisting. In fact, I don't think they'll benefit if it gets suspended. So, more likely aiming for delisting??
they are not losing if it gets suspended, either. but there are chances for Wheelock to get hold of some of SC Global's prime properties.
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When is the last day for acceptance of Simon Cheong 's offer ?
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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(10-01-2013, 04:42 PM)cfa Wrote: When is the last day for acceptance of Simon Cheong 's offer ?
Closing Date 5.30 p.m. on Wednesday, 16 January 2013(or such later date(s) as may be announced from time to time by or on behalf of the
Offeror)
http://info.sgx.com/webcoranncatth.nsf/V...900394B10/$file/Offer_Doc_19_Dec.pdf?openelement
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People are betting Wheelock may counter offer and force Simon to increase his offer price.
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Wheelock properties is awarded the land parcel in AMK Ave 2!!
2. INFORMATION ON THE SITE
The Site is a 99-year leasehold land. It has a site area of 198,942 sq. ft. with an
allowable gross floor area of 696,302 sq. ft. The Site is located within the established Ang Mo Kio HDB residential estate. It is well connected to the Central Expressway and the Seletar Expressway. The future Mayflower MRT Station at Ang Mo Kio Ave 4 which will be part of the new Thomson Line, is within walking distance from the Site.
3. RATIONALE FOR THE ACQUISITION
In line with the Company’s property development business, the Company intends to undertake construction of a residential development at the Site.
The Directors are of the view that the Acquisition is a viable investment which will broaden the asset and earnings base of the Group.
The Acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the Group for the current financial year.
http://info.sgx.com/webcoranncatth.nsf/V...F0038040E/$file/WPSL_ANN_Award_of_Tender_AMK.pdf?openelement
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