Boustead Projects

[Musicwhiz]

Both Boustead Singapore and Boustead Projects have been halted.

Let's see what the announcement will be. A better offer price, perhaps? 

[EnSabahNur]

https://www.theedgesingapore.com/news/co...rojects-95

Boustead Singapore has heeded calls to improve its offer for separately-listed subsidiary Boustead Projects.

The engineering and property firm will now offer 95 cents to take its property-focused subsidiary private. This is 5 cents more than the original offer of 90 cents, but 4 cents below Boustead Projects’ last traded price of 99 cents.

According to Boustead Singapore after market closed on Feb 22, the revised offer price is final, unless there’s a “competitive situation.”

After Boustead Singapore made the initial offer, there have been suggestions that the original offer price, at just 0.7 times Boustead Projects' book value of $1.265 per share, is too low.

SIAS president David Gerald has urged Boustead Singapore to improve its offer to a level nearer to Boustead Project’s book value.

https://www.bousteadprojects.com/wp-cont...-S0.95.pdf

[egghead]

$0.95 values BP at about $300M. Coincidentally ESR-LOGO recently conducted private placement and preferential offer to raise $300M. Time will tell if this is a coincidence.

[EnSabahNur]

$0.95 values BP at about $300M.  Coincidentally ESR-LOGO recently conducted private placement and preferential offer to raise $300M.  Time will tell if this is a coincidence.

It sounds unlikely, because BSL and FF Wong controls a chunk of BPL. If ESR-LOGO wants to take control of BPL, they need to dislodge them.

I'm not sure under what scenarios would that happen.

[egghead]

I also think it is unlikely for the same reason you mentioned, but can't help bringing up the coincidence.

[weijian]

I also think it is unlikely for the same reason you mentioned, but can't help bringing up the coincidence.

LOGOS are developers themselves too, and have more than enough industrial properties to inject into their own managed REITs.

Similarly, FF Wong and team had been dying hard to create their own AUM.

As the old Chinese proverb says "Two tigers cannot hide in the same mountain".

[EnSabahNur]

I also think it is unlikely for the same reason you mentioned, but can't help bringing up the coincidence.

I agree on the coincidence bit.

The last decade have taught us how bad we are at predicting stuff. More unusual things have happened, so who knows what surprises this delisting event will have in store for us.

[setan]

https://links.sgx.com/1.0.0/corporate-an...82bac8f444

With the Voluntary unconditional offer - Dealing Disclosure announcement on 23 Feb 2023.

Approximate percentage of the total number of issued Shares owned, controlled or agreed to be acquired by the Offeror and Offeror’s Concert Parties after such dealings - 80.69%

Is the disclosure interpreted as Mr FF Wong and parties in concert had already accepted the revised offer?

[ghchua]

Approximate percentage of the total number of issued Shares owned, controlled or agreed to be acquired by the Offeror and Offeror’s Concert Parties after such dealings - 80.69%

Is the disclosure interpreted as Mr FF Wong and parties in concert had already accepted the revised offer?

Hi setan,

The answer is no. As explained by me earlier, the offer is not extended to FF Wong. If the offer is not extended to him, how could he have accepted the offer that is not on his table?

The 80.69% that you have put out here includes the shares owned by Offeror’s Concert Parties, which includes FF Wong's stake. It doesn't mean that all the concert parties have accepted the offer.

[setan]

Approximate percentage of the total number of issued Shares owned, controlled or agreed to be acquired by the Offeror and Offeror’s Concert Parties after such dealings - 80.69%

Is the disclosure interpreted as Mr FF Wong and parties in concert had already accepted the revised offer?

Hi setan,

The answer is no. As explained by me earlier, the offer is not extended to FF Wong. If the offer is not extended to him, how could he have accepted the offer that is not on his table?

The 80.69% that you have put out here includes the shares owned by Offeror’s Concert Parties, which includes FF Wong's stake. It doesn't mean that all the concert parties have accepted the offer.

Hi GH,

Thanks for your response.

If the privatization is successful and completed, how is MR Wong and the concert parties holdings being account in BSL?

setan