Dutech Holdings

[Shiyi]

Well, I read both Sifu Chua and dydx posts and after some thought, it does make sense to me.


nextinsights says the same things too:
https://www.nextinsight.net/forum/3-sgx-...over-offer


However, due to the recent tech stocks declined, I had decided to give Dutech a missed and looking into US and China/HK tech stocks instead.

Wish me luck and wish those who plan to vesting in Dutech lucks too.

Victory:


Stay home and stay safe, everyone.

Dr Hedda and Robert Stone are considered substantial shareholders and their stakes are excluded from the public float. Does it mean that as long as the public float, minus the two mentioned above, falls below 10%, the shares will be suspended? Anybody knows?

[ghchua]

Dr Hedda and Robert Stone are considered substantial shareholders and their stakes are excluded from the public float. Does it mean that as long as the public float, minus the two mentioned above, falls below 10%, the shares will be suspended? Anybody knows?

Hi Shiyi,

Yes. Your understanding is correct. But even if the stock is suspended, it could not be delisted from SGX because the offer was not deemed by the IFA as being "fair and reasonable". They also cannot compulsory acquire the remaining shares out there if the above two substantial shareholders did not accept the offer, since it will not reach the 90% acceptance level by independent shareholders.

As long as the company is listed (even if it is suspended), it will have to abide by SGX listing rules. So, your rights as a minority shareholder will still be protected by listing rules.

[Yoyo]

Hi Shiyi

Not will suspend but may suspend.

Accordingly to SGX Listing Manual,
Under Rule 724 of the Listing Manual, when the percentage of Shares held in public hands falls below 10%, the SGX-ST may suspend trading in the Shares. The SGX-ST may allow the Company a period of 3 months or longer to restore its public float to at least 10%, and in the event that the Company is unable to do so within such period, the SGX-ST may remove the Company from the Official List.

"may suspend" meaning may or may not suspend.

Ref:
https://sgx.observer/2018/04/06/what-is-...gx-stocks/

[weijian]

Dr Hedda and Robert Stone are considered substantial shareholders and their stakes are excluded from the public float. Does it mean that as long as the public float, minus the two mentioned above, falls below 10%, the shares will be suspended? Anybody knows?

Hi Shiyi,

Yes. Your understanding is correct. But even if the stock is suspended, it could not be delisted from SGX because the offer was not deemed by the IFA as being "fair and reasonable". They also cannot compulsory acquire the remaining shares out there if the above two substantial shareholders did not accept the offer, since it will not reach the 90% acceptance level by independent shareholders.

As long as the company is listed (even if it is suspended), it will have to abide by SGX listing rules. So, your rights as a minority shareholder will still be protected by listing rules.

It is probable some high stakes poker is coming. Temperament of the OPMI is key to playing the game. Recently, Youtube started recommending poker videos to me and I thought it was interesting watching the psychology at play.

Reminds me of the GK Goh's experience with EUNetworks - Followers of GK Goh (like you ghchua) would have full experience of that.

OPMIs have to invest like OPMIs but think like the big boys.

[ghchua]

Hi weijian,

When playing the poker game, it is always good to understand the intention of your opponents. In this case, the offeror. What is the offeror intention of this exercise?

As stated in the offer document:
The Offeror does not intend to maintain the listing status of the Company.

Now, let's imagine with this current deadlock, will the offeror be able achieve the intention that they set out at the beginning of the offer? Answer is no. So, what can they do? If one can try to analyze issues by breaking down the big story (aka intention) into smaller tasks and asking questions along the way and also tracking milestones, then one would have better chance of winning the poker game.

[hh488]

So look like still worth a buy at 40 cts now?

Seem like the risk of acceptance is low now - worse is just losing the commission but may see revised offer much higher than 40.

But why isn't this factor price into the current share price which mostly still trading at take-over price?

[Yoyo]

SOS - I am interested to buy more, but the CDP share status of next few days trade will be INCOMING (purchase held) in the CDP statement. For purpose of accepting the offer, can I add the quantity of incoming status on top of the free status.
Said 150k free status and 50k incoming status. Can I offer 200k for acceptance online on 16 July?

[Yoyo]

SGX Corporate Action Form Submission. Has anyone try to submit more than one time in accepting an offer? For instance on day 1 submit accepting 10k and day 2 submit accepting 15k. What is the final quantity been accepted - 10k, 15k or 25k or nil (discard due to conflicting instructions).
Thanks in advance for your assistance.

[ghchua]

SOS - I am interested to buy more, but the CDP share status of next few days trade will be INCOMING (purchase held) in the CDP statement. For purpose of accepting the offer, can I add the quantity of incoming status on top of the free status.
Said 150k free status and 50k incoming status. Can I offer 200k for acceptance online on 16 July?

Hi Yoyo,

Can. But the additional incoming shares of 50k needs to be settled to become free status before 5:30pm on closing date.

[ghchua]

SGX Corporate Action Form Submission. Has anyone try to submit more than one time in accepting an offer? For instance on day 1 submit accepting 10k and day 2 submit accepting 15k. What is the final quantity been accepted - 10k, 15k or 25k or nil (discard due to conflicting instructions).
Thanks in advance for your assistance.

There is no conflicting instructions. Each time you accepted an offer, they are considered as separate submission instruction. So, in your example, the total number of shares tendered is 25k.