Zagro Asia

[brattzz]

fair enough,

so what!! hold on for next 10 years!

starve us of dividends TOO LAH!!!!!

[pianist]

Yup in fact I enjoy holding onto the shares n get the decent enough dividends every year. No need headache to find the next avenue to park the monies

[testwrite]

I think if PBS wants to take advantage of minority shareholder, he can do it easily, basically he control the whole company. so I think on one hand we have to be grateful he never did this.

personally I think the offer is low, and i am going to hold on to it

but if you look at the offer positively, it is true that the price have been stagnant for 0.25 for a long time, this is a chance for some of the shareholder to move on

[dydx]

Clearly, PBS wants and tries to privatise Zagro Asia this time round by way of a low-ball GO purely for his and his family's benefit, including the possibility in the future to sell the entire business as a private company to the highest bidders, including those from the global animal health, crop care and public health sectors.

[sgpunter]

In all likelihood, the share price will drop back below $0.30 once the offer lapses. Short term shareholders may wish to take that into consideration.

I have rarely seen a case whereby minority shareholders triumphed over a majority shareholder who will be more than happy to play the waiting game. Good luck to all.

[dydx]

In all likelihood, the share price will drop back below $0.30 once the offer lapses. Short term shareholders may wish to take that into consideration.

I have rarely seen a case whereby minority shareholders triumphed over a majority shareholder who will be more than happy to play the waiting game. Good luck to all.

There are many examples on minority shareholders triumphed over a majority shareholder, e.g. C.K. Tang (only privatised at the 3rd attempt), Eastern Holdings (the 2nd GO now in progress), etc.  In Eastern Holdings' case, the 1st GO attempt in 2012 was pegged at $0.18/share; the 2nd GO (first announced on 22Sep15) was pegged at $0.425/share, which is after a 2-into-1 share consolidation exercise completed on 31Aug15, and 2 dividends totalling $0.135/share paid in 2014 - i.e. minority shareholders who held on to their Eastern Holdings shares since the failure of the 1st GO at $0.18/share in 2012 would stand to receive a total of $0.3475/share until now, which is approx. 93% more than $0.18/share.

Once the controlling/majority shareholder has made known his intention to privatise a listed company clearly, he has to be prepared to pay a fair price in his 2nd or further GO attempts to those minority shareholders who are dead serious to hold on to their shares for the long term. Otherwise, he would be just wasting his time and money, bearing in mind a GO exercise carries quite a lot of professional fees. Conceivably, assuming this first GO attempt fails, PBS would have to be prepared to pay substantially more - likely closer to Zagro Asia's fair intrinsic value which IMHO should exceed $0.50/share - in his 2nd attempt.

[learner88]

While I think the offer is a low ball offer, but With PBS' stake now at 69.77%, I really fear the worse.

Needs at least 7.75% of all minority shares to show up or it's game over without even having to vote.

Assume then 20%(for) and 80%(against) by minorities.
Minimum shares to be present= 69.77% + 9.97% = 79.74%

At 30/70, you need 69.77% + 11.64% = 81.41%
At 40/60, you need 69.77% + 13.96% = 83.73%
At 50/50, you need 69.77% + 17.45% = 87.22%
At 60/40, you need 69.77% + 23.28% = 93.05%

More importantly, daily volume since 25 Nov has been 7,885,200 shares.

PBS has bought 7.88 m of those shares, i.e 99.93% of all the shares traded. If that doesn't show that the minorities have given up, I don't know how else to intepret that.





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[desmondxyz]

While I think the offer is a low ball offer, but With PBS' stake now at 69.77%, I really fear the worse.

Needs at least 7.75% of all minority shares to show up or it's game over without even having to vote.

Assume then 20%(for) and 80%(against) by minorities.
Minimum shares to be present= 69.77% + 9.97% = 79.74%

At 30/70, you need 69.77% + 11.64% = 81.41%
At 40/60, you need 69.77% + 13.96% = 83.73%
At 50/50, you need 69.77% + 17.45% = 87.22%
At 60/40, you need 69.77% + 23.28% = 93.05%

More importantly, daily volume since 25 Nov has been 7,885,200 shares.

PBS has bought 7.88 m of those shares, i.e 99.93% of all the shares traded. If that doesn't show that the minorities have given up, I don't know how else to intepret that.





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Sad

7.8.1. The Scheme has to be approved by a majority in number of Shareholders AND 75% in value of the Shares voted at the Scheme Meeting and is binding on all Shareholders The Scheme has to be approved by a majority in number of Shareholders present and voting, either in person or by proxy, at the Scheme Meeting, such majority holding not less than 75% in value of the Shares voted at the Scheme Meeting. Once approved, the Scheme will be binding on all the Shareholders, whether or not they were present in person or by proxy or voted at the Scheme Meeting.

Minority still very hopeful if they attend the meeting and vote against. They might lose out in term of share value, but they can outnumber PBS. Even u own only 1 share u also considered as 1 individual shareholder. A classic case is NERATEL during ST low ball offer.

Good luck!

[dydx]

Let's just forget about this low-ball GO from PBS for a moment. Shareholders should revisit Zagro Asia's well-established business by reviewing the latest FY14 AR and the company website.....
http://infopub.sgx.com/FileOpen/ZAL%20-%...leID=25408 [FY14 AR]
http://www.zagro.com/sg/index.jsp
to better appreciate its quality aspects, long-term sustainability and profit/cash generating capacity, and valuable assets including those intangibles like product brandnames/registration, R&D/technologies, customer base, market coverage, etc, which are not fully accounted for in the B/S.

For those shareholders who would commit to taking a longer-term view on their investment in Zagro Asia after reviewing the underlying business and its future potential and value, they must find the time and take the trouble to attend the coming EGM and vote against the Delisting Proposal and together show PBS the power of the minority shareholders.

[pianist]

I couldn't attend but for sure I will vote against. Dydx can I assign u as my proxy to vote against? I dun trust chairman of the egm.