CapitaMalls Asia

[investor2014]

wow...30+ million shares done today at 2.35....

congrats to those who have and taken profit!

Interestingly, dunno why still got 1,466 lots transacted at $2.36 ?

another group of bravehearts hoping for higher price?

don't think there will be higher price though....they have already said its final offer....

Of course they say that and this and that ma. Imagine if there is a counter Offeror like what happened to F & N.

thats possible....but unlikely as capitaland has more than 70% of CMA....

[investor2014]

Huat huat huat!!!

Lucky I advised 2 friends not to sell on the open market for the simple reason of no need to incur brokerage fees

good for you and your friends!

[specuvestor]

Why does it makes sense for the buyer to buy stock in the market that does not carry the shareholder right of accepting the offer?

IMO, becoz the buyer is the Offeror and thus it does not have the right to accept the offer.

I can see where u are coming from. But if YOU are the regulator what other form of corporate actions would u exclude the majority shareholder from and be consistent with pari passu principles? Eg rights, dividends, warrants?

[smallcaps]

Why does it makes sense for the buyer to buy stock in the market that does not carry the shareholder right of accepting the offer?

IMO, becoz the buyer is the Offeror and thus it does not have the right to accept the offer.

I can see where u are coming from. But if YOU are the regulator what other form of corporate actions would u exclude the majority shareholder from and be consistent with pari passu principles? Eg rights, dividends, warrants?

Nope, my complain is not about controlling shareholder vs minority. Just that how come if I make a married deal with another non-offerer party, then its not an acceptance of offer, but if I sell on open market, and the buyer happens to be offerer, then it contributes to approval of offer. This rule seems to be disadvantageous to the seller. It is IMO, fairer to assume that if the buyer happens to be the offerer, then the shares are deemed to be neither acceptance nor rejection of offer, since the intention cannot be deduced. This way, I would be able to sell a part of my shares on the open market without increasing the probability that the rest of shares are compulsorily acquired.

[BeDisciplined]

Hi, I read in their CapitaLand announcement that it has gotten SIC approval and it can still delist CMA even if they don't get 90% of the existing shares. (cut and paste below) Is my understanding correct? Thanks

As stated in the Offer Revision Announcement, CapitaLand already held approximately 65.3% of CMA Shares in issue as at the Offer Announcement and as at the date of the Offer Revision Announcement, the Offeror and its Concert Parties hold approximately 70.4% of CMA Shares in issue3. The Offeror has obtained the consent of the SIC to waive the Acceptance Condition, subject to the revised Offer remaining open for another 14 days following the date of posting of the written notification of revision and the Shareholders who have accepted the initial Offer being permitted to withdraw their acceptances within eight (8) days of the notification of the revision, i.e.
within eight (8) days from the date of the Offer Revision Announcement (the “Withdrawal Period”).

[smallcaps]

Hi, I read in their CapitaLand announcement that it has gotten SIC approval and it can still delist CMA even if they don't get 90% of the existing shares. (cut and paste below) Is my understanding correct? Thanks

As stated in the Offer Revision Announcement, CapitaLand already held approximately 65.3% of CMA Shares in issue as at the Offer Announcement and as at the date of the Offer Revision Announcement, the Offeror and its Concert Parties hold approximately 70.4% of CMA Shares in issue3. The Offeror has obtained the consent of the SIC to waive the Acceptance Condition, subject to the revised Offer remaining open for another 14 days following the date of posting of the written notification of revision and the Shareholders who have accepted the initial Offer being permitted to withdraw their acceptances within eight (8) days of the notification of the revision, i.e.
within eight (8) days from the date of the Offer Revision Announcement (the “Withdrawal Period”).

No lah, its referring to removal of the previous condition whereby 90% acceptance was required in order to make the offer unconditional, not related to delisting.

[BeDisciplined]

the original condition is that they have to acquire equal to or greater than 90% of the shares before they can make it unconditional. By unconditional, it would mean that those remaining shareholders still holding on to their shares and have not sold would be made to part at the offer price, like it or not. If they get the waiver for meeting 90%, let's say they only meet 85%, they still can make it unconditional, then it would be meaningless for me to hold it further. After all, I have to sell it at $2.35, like it or not.

[smallcaps]

the original condition is that they have to acquire equal to or greater than 90% of the shares before they can make it unconditional. By unconditional, it would mean that those remaining shareholders still holding on to their shares and have not sold would be made to part at the offer price, like it or not. If they get the waiver for meeting 90%, let's say they only meet 85%, they still can make it unconditional, then it would be meaningless for me to hold it further. After all, I have to sell it at $2.35, like it or not.

In practical terms, unconditional means those shareholders who accepted will get paid. It does not mean those who did not accept would be forced to sell, which is actually compulsory acquisition.

[investor2014]

the Offeror and its Concert Parties owned, controlled or have agreed to acquire an
aggregate of 2,880,897,690 Shares7
, representing approximately 73.9% of the issued
share capital of CMA.

[investor2014]

the Offeror and its Concert Parties owned, controlled or have agreed to acquire an
aggregate of 2,880,897,690 Shares7
, representing approximately 73.9% of the issued
share capital of CMA.

so far, capitaland got around 4% more of CMA after they raised their offer price