Keppel Limited

[GFG]

Announced 6 Mar.

the Offeror and parties acting in concert with the Offeror owned, controlled, have
acquired or agreed to acquire an aggregate of 1,051,991,250 3 Shares,
representing approximately:

(i) 68.0 per cent. of the total number of issued Shares as at the date of this
Announcement; and
(ii) 64.8 per cent. of the maximum potential issued share capital of the
Company as at the date of this Announcement.

======
http://www.ocbcresearch.com/Article.aspx...4800_58335

OCBC Research has put out an article which has some factual errors. Their CAT is wrong, and they did not discuss the ambiguity of the language if it is >90% and <95%. I also don't know how they got their probability that the delisting will be successful. It seems to me that analysts have started writing their articles while assuming that the delisting is already a done deal, which is clearly not the case.

I think the main confusion is that CAT is reached if there's 90% of acceptances, NOT 90% of total issued shares
Looks like OCBC Research is confused too

They didn't assume delisting is successful though, only indicated that the markets are assuming it will be successful (based on the share price of 4.54)
In fact, they recommended selling some kep land to hedge against the scenario when it's unsuccessful

If even OCBC can screw up with their facts, this just shows how many of these so called professionals really know what they're doing (or writing)

[Layman A]

So I can quite confidently say that 13-Mar-15 is a gone case !

But most likely they will extend the offer.

One more question, how many times a offeror can extend their bid ?
Is there any restrictions ?

[CityFarmer]

So I can quite confidently say that 13-Mar-15 is a gone case !

But most likely they will extend the offer.

One more question, how many times a offeror can extend their bid ?
Is there any restrictions ?

I am not sure the number of extension possible, but there is a final day rule on 60th day after offer document posted.

[Layman A]

Thank you CityFarmer.

[GFG]

From here on, Keppel corp will have to release daily updates on the level of acceptance. Here's the latest:

Keppel Corporation Limited owns 69.7% of Keppel Land Limited
(An increase of 1.9% from yesterday)

I believe the deadline will eventually be extended.
With the way the offer is structured, with a deadline extension, the acceptance may actually accelerate as it increases as more people are confident of hitting the $4.60.

Of course this is just my guess. Don't think anyone knows better.

[Some-one]

Finally they start to release the level of acceptance in SGX. I wonder what makes them release such important details only starting yesterday. From the look of it (owns 70% of kepland), it appears that shareholders are not biting.

[Layman A]

Today I received the reminder letter of the offer which state that offer document has been despatched on 12-Feb-15 .

That means the Final Deadline will be 13-Apr-15
assuming they extend the offer.

So I can quite confidently say that 13-Mar-15 is a gone case !

But most likely they will extend the offer.

One more question, how many times a offeror can extend their bid ?
Is there any restrictions ?

I am not sure the number of extension possible, but there is a final day rule on 60th day after offer document posted.

[specuvestor]

Haven't cross 72%??

Frankly I cannot remember anything on continuous disclosure by the takeover code

"Also Zaobao yesterday mentioned that the level of acceptances will only be announced daily after it has crossed 72%. "[/b]

Is this true?
Can any VB here verify this?
I thought they wont announce the level of acceptances until after the closing date (12th march)

Here you go. I took a picture of the relevant article. I think I'll go read the companies act and takeover code properly this week

Finally they start to release the level of acceptance in SGX. I wonder what makes them release such important details only starting yesterday. From the look of it (owns 70% of kepland), it appears that shareholders are not biting.

[Layman A]

Don't think that there is any takeover code that state 72%,
if not, why are they announcing on 68% ?

I think they try to play 孙子兵法 trying to give an impression of achieving 72% in the early days. ( article in Zhao Bao )
Afterall, 72% is quite an important milestone.

BUT, as each day passes, and deadline closing, this 72% become another obstacle , just like the counter productive scheme that they formulated.

They try to play 孙子兵法,
but the 孙子兵法 become a stone that dropped on their own feet ! Ouch !

[GFG]

I spoke to someone on the team in credit Suisse working on this deal
(Was advised by my broker to call the given hotline)
Once they hit 72%, or if it's 1 week from the deadline, they have to give daily updates

@Layman: it's regulation. They are obliged to do so, not trying to play "mind games" like u said

Haven't cross 72%??

Frankly I cannot remember anything on continuous disclosure by the takeover code

"Also Zaobao yesterday mentioned that the level of acceptances will only be announced daily after it has crossed 72%. "[/b]

Is this true?
Can any VB here verify this?
I thought they wont announce the level of acceptances until after the closing date (12th march)

Here you go. I took a picture of the relevant article. I think I'll go read the companies act and takeover code properly this week

Finally they start to release the level of acceptance in SGX. I wonder what makes them release such important details only starting yesterday. From the look of it (owns 70% of kepland), it appears that shareholders are not biting.