Wheelock Properties

[freedom]

Logically (or at least to me), Wheelock would be in a favorable position to discuss for a better deal post-delisting. What's exactly puzzling is they have openly declare the offer to be low-ball, bought a couple more at above $1.80 and yet surprisingly tendered all last night. It's not a couple of S$100Ks which they lost because their unit cost was way above S$1.80 when they bough SCGD at a high back then.

What if SC decides to pay the ABSD and punish Wheelock??
Wheelock is basically at SC's mercy.

General Magnetics' minority shareholders know the best of being in a delisted firm.

how could SC punish Wheelock without hurting itself. Wheelock has a much bigger pocket than SC.

between SC and Wheelock, the scale is favorable to Wheelock.

Gen Mag shareholders also have big pocket but they cannot force Gen mag to liquidate neither can they force Gen mag to buy their shares at fair value.

Once SC Global is delisted, SC will call the shot on how the company is run. He can take his own sweet time to slowly extract values from SC Global without giving much(or none) to Wheelock.

I am not sure what can a minority shareholder do in a unlisted company. Any expert here??

SC is calling the shot even if the company is public-listed. As long as SC is working in the best interest of the company, Wheelock should have no problem with it. The point is that whether listed or not, there is no difference to Wheelock, which in the case of Gen Mag is very different because the minority wants to liquidate the business which the majority shareholder opposes.

And there is law to prevent shareholder oppression if things get ugly.

[KopiKat]

A summary of Wheelock's 'adventure' (~$100k?) by Lim & Tan for reference,

− Dec 6 SC launches $1.80 a share offer
− Dec 13 Wheelock picked up 1.07 mln shares at $1.82 after saying the offer represents 40-50% discount to its estimate of SCG’s RNAV;
− Dec 14 SCG’s share price hit $2.06
− Dec 30 SC says he does not intend to raise offer price
− Jan 3 Wheelock resumes buying SCG shares: 700,000 at $1.82
− Jan 8-9 Wheelock buys 2.529 mln shares at $1.82
− Jan 9 BT reports Wheelock’s bid for Ang Mo Kio site is the highest of 12 bids
− Jan 10 Wheelock buys 2.282 mln shares at $1.805, his last open market purchase (announcement to SGX at 7.56 pm)
− Jan 10 Wheelock “awarded” the AMK site (announcement at 6.15 pm)

[Louhan]

If Wheelock wants to accept Simon's offer, it shouldn't buy at prices of $1.805 to $1.82! Those who chased SC share price to $2.06 (hoping for a better offer from Simon) will be disappointed!

A summary of Wheelock's 'adventure' (~$100k?) by Lim & Tan for reference,

− Dec 6 SC launches $1.80 a share offer
− Dec 13 Wheelock picked up 1.07 mln shares at $1.82 after saying the offer represents 40-50% discount to its estimate of SCG’s RNAV;
− Dec 14 SCG’s share price hit $2.06
− Dec 30 SC says he does not intend to raise offer price
− Jan 3 Wheelock resumes buying SCG shares: 700,000 at $1.82
− Jan 8-9 Wheelock buys 2.529 mln shares at $1.82
− Jan 9 BT reports Wheelock’s bid for Ang Mo Kio site is the highest of 12 bids
− Jan 10 Wheelock buys 2.282 mln shares at $1.805, his last open market purchase (announcement to SGX at 7.56 pm)
− Jan 10 Wheelock “awarded” the AMK site (announcement at 6.15 pm)

[specuvestor]

My guess is IF SCGD meets all the requirement for delisting then there should be no issue with it. This is not the case of China Sky where they failed to meet SGX's compliants. It will take a while but it won't take so long that might end up screwing SCGD. Plus Simon has all the incentives to push for it.

I am not sure. Pertama met all requirements for delisting by SGX ( < 10% free float) but it is still in suspension even though the 1 year mandatory no-offer period is over for a few months.
I did not see SGX putting up any query or pushing Pertama to delist. Any clue?
If Wheelock persists, SC global will end up just like Pertama. ( < 10% free float but cannot delist via companies act)

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Logically (or at least to me), Wheelock would be in a favorable position to discuss for a better deal post-delisting. What's exactly puzzling is they have openly declare the offer to be low-ball, bought a couple more at above $1.80 and yet surprisingly tendered all last night. It's not a couple of S$100Ks which they lost because their unit cost was way above S$1.80 when they bough SCGD at a high back then.

What if SC decides to pay the ABSD and punish Wheelock??
Wheelock is basically at SC's mercy.

General Magnetics' minority shareholders know the best of being in a delisted firm.

how could SC punish Wheelock without hurting itself. Wheelock has a much bigger pocket than SC.

between SC and Wheelock, the scale is favorable to Wheelock.

Gen Mag shareholders also have big pocket but they cannot force Gen mag to liquidate neither can they force Gen mag to buy their shares at fair value.

Once SC Global is delisted, SC will call the shot on how the company is run. He can take his own sweet time to slowly extract values from SC Global without giving much(or none) to Wheelock.

I am not sure what can a minority shareholder do in a unlisted company. Any expert here??

If SGX wants to delist pertama it can happen tomorrow like it did with Gen Mag and others. They are the final say in listing rules if it is breached. I've only heard of companies requesting extension of delisting, never SGX offering extension

SCGD is different from Gen Mag because of the time bomb. That forces Simon to act swiftly to avoid value destruction TO THE MAJOR SHAREHOLDER. There is no such major issue in Gen Mag as the "staff" salary is "respectable"

[ngcheeki]

Invested additional cash in Quoted investment, 60+ million.

http://info.sgx.com/webcoranncatth.nsf/V...80037CF8D/$file/WPSL_Rule_704_17b.pdf?openelement

[2V.]

Next few weeks I going to add more on weakness , Wheelock has join in to buy

Invested additional cash in Quoted investment, 60+ million.

http://info.sgx.com/webcoranncatth.nsf/V...80037CF8D/$file/WPSL_Rule_704_17b.pdf?openelement

[pianist]

Do U mean buy Sherlock or a global?

[2V.]

Im buying wheelock associate Co

Do U mean buy Sherlock or a global?

[Louhan]

Which Wheelock associate? Wheelock has sold SC Global stake.

Im buying wheelock associate Co

Do U mean buy Sherlock or a global?

[orangetea]

all of sudden, Wheelock's low landbank does not seem that bad. anyway, no matter what kind of landbank you have, the market will find fault. the expectation of more cooling measures alone will crash the property market in the mid-term. around the time to start the property down-cycle. the remaining units of Orchard View should be put into launch soon. or postponed indefinitely? How long can a property developer hold the topped property? Will Wheelock still launch their Ardmore III this year?

Wheelock near 52w low of 1.685

I am looking at privatisation... But its a long long waiting game.

Star attraction used to hold at 75.84% for a long while. Free float then was 24.16%

Just last year and early this year Aberdeen added positions. There are two Aberdeen entities:

Aberdeen PLC holds 6.0201%
Aberdeen Asia holds 6.003%

Hence current free float is 12.1369%
Thats just shy of 2.1369% from triggering the 10% freefloat limit.

Book value at $2.57 vs current price $1.69, is a 34% discount

Again the idea here is privatisation probably near $1.9 to $2 level (my guess only since Aberdeen took a position during the SC global saga near $1.9x)

It would be a long wait....
At least dividend of 3.5% is respectable while waiting.

(Vested)