Keppel Limited

[grubb]

OK, I wouldn't push further from here.
I will take thing at it is right now.

In the first place,
I would not even bother to come here if the offer price is at least fair on paper,
the NAV of the Keppel Land $4.95 .

This price , I think , a lots of Keppel Land shareholders will be able to accept.

BUT, no promise that I will not come back, if someone is trying to skew the facts again.

Hi Layman A,

Sorry if I was not clear. The circular can be found here:

http://infopub.sgx.com/FileOpen/Keppel_C...eID=334824

[Layman A]

Yes, it's there. My bad !
Thanks for clearing the air.

OK, I wouldn't push further from here.
I will take thing at it is right now.

In the first place,
I would not even bother to come here if the offer price is at least fair on paper,
the NAV of the Keppel Land $4.95 .

This price , I think , a lots of Keppel Land shareholders will be able to accept.

BUT, no promise that I will not come back, if someone is trying to skew the facts again.

Hi Layman A,

Sorry if I was not clear. The circular can be found here:

http://infopub.sgx.com/FileOpen/Keppel_C...eID=334824

[grubb]

9 mar

As at 5.00 p.m. on the date of this Announcement:

3.1.1 the Offeror owned, controlled, has acquired or agreed to acquire an aggregate of 1,139,282,894 Shares, representing approximately:

(i) 73.7 per cent. of the total number of issued Shares as at the date of this Announcement; and

(ii) 70.1 per cent. of the maximum potential issued share capital of the Company as at the date of this Announcement; and

[ValueMushroom]

So have the offer secured at the higher price of $4.60 already? Or haven't have enough acceptance yet?

[grubb]

10 Mar

As at 5.00 p.m. on the date of this Announcement:
3.1.1 the Offeror owned, controlled, has acquired or agreed to acquire an aggregate of
1,185,443,220 Shares, representing approximately:

(i) 76.6 per cent. of the total number of issued Shares as at the date of this
Announcement; and

(ii) 73.0 per cent. of the maximum potential issued share capital of the
Company as at the date of this Announcement; and

[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.

As I guessed, deadline had been extended
The next part is the acceptances crosses and kep land gets delisted

[grubb]

12 mar

3.1 Shares
As at 5.00 p.m. on the date of this Announcement:
3.1.1 the Offeror owned, controlled, has acquired or agreed to acquire an aggregate of 1,316,602,563 Shares, representing approximately:

(i) 85.1 per cent. of the total number of issued Shares as at the date of this
Announcement; and

(ii) 81.1 per cent. of the maximum potential issued share capital of the
Company as at the date of this Announcement; and

[Layman A]

Looks like the odd is against the minority.

Anyway, I wouldn't bother to tender my share.
If the offeror manage to trigger the 90%, Keppel Land get suspended, most of the minorities will surrender, and Blackrock will surrender too....
So triggering 95% is just a matter of time.

So, it's back to square one, they have to pay $4.60 .

In the first place, they should have offer a straight $4.60 offer, which at least would not give them a bad name.

Instead, the offeror choose to let the STUPID advisors DBS and Creidt Suisse play the low baller.
So when Blackrock and some clever minorities push the market price to $4.53 and above,
the $4.38 that they offer began to look stupid.
So the offeror have no choice but the buy back the share at market price ( $4.53 and above ) to prevent the stupid takeover bid to fall apart......

So, the potential saving they could get by playing low baller varnish......

In conclusion :
And playing low baller game gain them nothing but instead make them look like a fool.

[ghchua]

Hi Layman A,

There is no indication from the announcements that the offeror bought shares from the open market. The offeror holds 54.5% of Keppel Land prior to the offer, and 30.6% is through acceptances.

Therefore, we can only conclude that there are indeed many shareholders who accepted the offer, and I suspect they are mostly funds.

There might be some shareholders who accepted the $4.38 offer early, got back the cash within 10 days, bought more Keppel Land shares from the open market at around $4.50++ and then accepted the offer again, got back the cash within 10 days and then buy more Keppel Land shares from the open market at around $4.50++ and then accepted the offer again. You know what I mean.

As long as Keppel Land trades below $4.60, there will be investors buying and then tender the shares to the offeror since they wanted to make an arbritage from this special situation. It is their intention for this offer to be successful so that they can get back $4.60. Otherwise, they will only get $4.38 and they will lose out from purchasing the shares from the open market at around $4.50++.

[Layman A]

Buying at $4.54, and then tender for $4.38, and then repeat and repeat ... Wow !
But you could be right, there may be some funds involved.

But, you see, the takeover bid is still lingering at a low possibility 68% last weeks,
and suddenly it shoot up within days after I come here and point out that it's a counter productive scheme.

You see the missing link here ?
Who is in action ?

Hi Layman A,

There is no indication from the announcements that the offeror bought shares from the open market. The offeror holds 54.5% of Keppel Land prior to the offer, and 30.6% is through acceptances.

Therefore, we can only conclude that there are indeed many shareholders who accepted the offer, and I suspect they are mostly funds.

There might be some shareholders who accepted the $4.38 offer early, got back the cash within 10 days, bought more Keppel Land shares from the open market at around $4.50++ and then accepted the offer again, got back the cash within 10 days and then buy more Keppel Land shares from the open market at around $4.50++ and then accepted the offer again. You know what I mean.

As long as Keppel Land trades below $4.60, there will be investors buying and then tender the shares to the offeror since they wanted to make an arbritage from this special situation. It is their intention for this offer to be successful so that they can get back $4.60. Otherwise, they will only get $4.38 and they will lose out from purchasing the shares from the open market at around $4.50++.