Viz Branz

[egghead]

My understanding of delisting requirement is that there is <10% free float. Therefore the 20% that LS holds does not count as free float since it is owned by 1 entity. Someone correct me if I'm wrong?

[freedom]

My understanding of delisting requirement is that there is <10% free float. Therefore the 20% that LS holds does not count as free float since it is owned by 1 entity. Someone correct me if I'm wrong?

then is there much difference whether public or private?

[yeokiwi]

My understanding of delisting requirement is that there is <10% free float. Therefore the 20% that LS holds does not count as free float since it is owned by 1 entity. Someone correct me if I'm wrong?

then is there much difference whether public or private?

Anything > 5% is considered as substantial shareholder and the stake of substantial shareholder is not considered as free float. So, if LS + Pluto rising stake rises above 90%, it will trigger the SGX to suspend the stock.

One recent example is Pertama. Harvey did not hit 90% but Harvey + fidelity is greater than 90%, therefore the stock is suspended.

[freedom]

The exercise at least shows that Ben Chng is not making the GO just for the sake of compliance. Ben Chng wants to buy more shares from other shareholders(not necessary all shares, at least he did not get enough, thus raised his offer). But it could be close to his target, thus final offer?

[brattzz]

i find the entire GO bizarre.

If you are Ben Chng, knowing that one other party holds 20%, wouldn't you try to negotiate something with them first before launching a GO bid? It's not as if he is just trying to gain a majority stake; ultimately whether he manages to delist the firm depends on Lam Soon - so it's really strange to me why he did not ensure their sale before launching the public bid.

Think CBB would have tried with a price that is near to the 1st offer of 78cts, but LS is asking for a higher price, eg, 81.5cts which CBB won't pay at that point of time...

Since CBB has upped the offer price to what LS has been paying for, LS might be considering..OR want more!!

[brattzz]

"“Based on our analysis set out above and after considering all relevant information available
to us as at the Latest Practicable Date, from a fi nancial point of view, we are of the opinion
that the Offer Price is, on balance, fair and reasonable."

"Accordingly, the Independent Directors recommend the Shareholders who:
(a) wish to realize all or part of their investments in the Shares; and/or
( b) are uncertain of the longer term performance and prospects of the Group,
to (i) accept the Offer; or (ii) sell the Shares in the open market if they can obtain a price
higher than the Offer Price (after deducting related expenses).
The Independent Directors also recommend the Shareholders who:
(a) are prepared to take a longer term view of their investment in the Shares; and/or
(b) are positive about the prospects of the Group,
to retain all or part of their shareholdings in the Company."

---

Let's see if LS continues to buy up more VZ shares at more than 81.5cts!!

[pianist]

in this case, who can be more independent than ls?

[yeokiwi]

Sort of game over. The free float is less than 10%.
Technically, LS can refuse to sell but that will mean that the stock will be suspended.

[freedom]

It is okay for LS that Viz Branz is suspended. But for retail investors, it is a huge disadvantage.

Probably, that's the end of the road for retail investors.

[pianist]

so r u guys getting out?