Zagro Asia

[pianist]

So how was the result? Didn't manage to track it as I'm overseas

[desmondxyz]

http://infopub.sgx.com/FileOpen/ZAL%20EG...eID=388569

For 98.8% Against 1.2%

Landslide victory for the boss...

[pianist]

What e ....? Cannot believe my eyes. What happened at egm?

[CityFarmer]

Let's explore the possibilities...

- Outstanding shares (as in AR 2014) was 258.8 million shares, total shares represented is 216 million shares, or about 83% of total shares had presented in the EGM.
- Shares with "majority" shareholders (1 million shares or above) is 80% of total shares, thus only 3% out of remaining 20%, had attended, and represented in the EGM. In total number of share, the "minority" attended was about 7.8 million shares
- Among the votes of "minority" shareholders presented, only 1/3 vote against.

What are the possibility?
- The "minority" shareholders remain "bo chap", with only 3% attended, out of total 20% of total votes?
- Buddies in VB, isn't representing the "minority" view, with only 1/3 presented voted against?

What is your view? I am opting for both. 

(not vested, but a busy body)

[ZZF]

So the delisting is a done deal?

[hailstorm87]

I held my shares through Stanchart (nominee). When they called me to ask about my action for the exit offer, I told them: (1) accept offer; but (2) vote against delisting. As to ZZF's query, yes, I think delisting is a done deal and the SGX should issue a last trading day announcement.

Following this, the shares would be illiquid and should be held in script form.

With regards to PBS's move, I think it is shrewd but justified - I can't fault him for that. Honestly, the market really does not reflect the true value of the company, and he made the exit offer to sweep up the last shares. If we put ourselves in his shoes, I can totally understand his actions since it would be frustrating to see the market undervalue the company by such a margin.

I noticed that he bought a few years back (through his wife) at 32c and then again recently. Since he already holds more than 50%, he does not have any Take-over Code obligations that would be triggered; only substantial shareholder dealings disclosures. This is a good company and PBS has made many good moves to navigate it in a difficult environment. And whilst the delisting is unfortunate, I believe/ hope the company has made good money for the shareholders over the years - so I guess that's the consolation we can all have.

The most extreme measure shareholders could take - is to call for the company to be wound up. On a liquidation basis, the company will yield more than the current 30c.
But given that PBS has most of the shares - he would most likely vote against such a resolution (even if the opposing shareholders can muster enough to force an EGM to be called). So this measure would (at most) delay the inevitable.

[exastar]

Need urgent help.

I misplaced my exit offer letter. The shares are held in CDP. Given that Zagro is already suspended for trading, how should I go ahead with the exit offer now? Appreciate your kind suggestions.

[ghchua]

Hi exastar,

You can go down to CDP personally with your IC and the counter staff will help you to print out another exit offer letter which you can sign on the spot to accept the exit offer.

[exastar]

Hi exastar,

You can go down to CDP personally with your IC and the counter staff will help you to print out another exit offer letter which you can sign on the spot to accept the exit offer.

Thanks ghchua. Your suggestion sounds logical. I was kind of lost as I could not locate the letter. I will go to CDP first thing tomorrow and update! Rolleyes

[pianist]

Anyone writing to high court as per form 57 sent to dissenting shareholders?