CapitaMalls Asia

[Dividend Warrior]

After this exercise, I am sure CMA will be removed as an index stock. Anyone buddies want to make a guess which stock will replace CMA?

If my memory serves me right, Ascendas REIT, Capital Commercial Trust, Keppel Land, UOL and Yangzijiang are on the reserve list.

[lonewolf]

A blogger did a study on privatization deals on the SGX. He found that those who didn't accept the offer actually fared better.

Do you have the link to the study? It would be interesting to look at the sample size and the conclusion from the study.

My personal knowledge on the subject is not wide but apart from CK Tang, I can't recall any other cases where minority shareholders of an unlisted company actually fared better than those who accept the offer on the table.

Maybe ghchua can share some of his experience.

[ghchua]

Hi lonewolf,

Unfortunately, my experience for those unlisted company are those bad ones. i.e. those delisted without an exit offer and those companies are normally in bad shape. Naturally, they also did not fare better after delisting.

Having said that, I do hear some good experiences from some investors holding onto unlisted companies that had gave them good returns throughout the years. Goodwood Park Hotel is a good example. Want Want Holdings is another good example. I heard that investors had been given a good exit price when Want Want went to HK exchange a few years after delisting from SGX.

[tikam tikam]

Hi lonewolf,

Unfortunately, my experience for those unlisted company are those bad ones. i.e. those delisted without an exit offer and those companies are normally in bad shape. Naturally, they also did not fare better after delisting.

Having said that, I do hear some good experiences from some investors holding onto unlisted companies that had gave them good returns throughout the years. Goodwood Park Hotel is a good example. Want Want Holdings is another good example. I heard that investors had been given a good exit price when Want Want went to HK exchange a few years after delisting from SGX.

Unlisted companies operating like listed ones? That's novel.

If there were anything to hide, shouldn't listed companies be always more transparent and therefore theoretically more sound investments, even though/given that we're living in this part of the world where "corruption" may be rife and rampant?

[lonewolf]

It will A-REIT that will replace CMA.

SOURCE /

I din know that they replace the index stock if it exceed 85% acceptance level.

[MINX]

A blogger did a study on privatization deals on the SGX. He found that those who didn't accept the offer actually fared better.

Do you have the link to the study? It would be interesting to look at the sample size and the conclusion from the study.

My personal knowledge on the subject is not wide but apart from CK Tang, I can't recall any other cases where minority shareholders of an unlisted company actually fared better than those who accept the offer on the table.

Maybe ghchua can share some of his experience.

You can find it at TheFinance.sg

[investor2014]

the Offeror and its Concert Parties owned, controlled or have agreed to acquire an
aggregate of 3,369,190,515 Shares6
, representing approximately 86.4% of the issued
share capital of CMA.

[smallcaps]

MICHAEL DEE == R.E.S.P.E.C.T

http://www.businesstimes.com.sg/premium/...d-20140529

Offer for CMA is still undervalued
Minorities need to speak up for their rights
BY MICHAEL DEE

...

It is my hope this misguided situation and others ongoing will serve as a wake-up call for regulators (Monetary Authority of Singapore, Singapore Exchange, Securities Industry Council) and third-party groups (Securities Investors Association (Singapore), Singapore Institute of Directors) over governance lapses and loopholes which disadvantage minority investors, thus leading to significant reforms in the protection of minority investors. In the meantime, investors are taking matters into their own hands.

...

If SIAS believes that paying a premium to book value is such a great thing, why is it not as aggressively advocating for minorities not to sell in the other transactions at a discount to book or arguing for CL to invest in its own discounted shares?

...

[investor2014]

the Offeror and its Concert Parties owned, controlled or have agreed to acquire an
aggregate of 3,415,593,012 Shares6
, representing approximately 87.6% of the issued
share capital of CMA.

[lonewolf]

You can find it at TheFinance.sg

OK. I found the post; and in case anyone is interested:

Case Studies of Unsuccessful Privatisations

As I suspected, the sample size was quite small. And it was focused on unsuccessful privatisation as opposed to dissenting shareholders of an unlisted company, which was what I was thinking about when I saw yr initial post.