Kingboard Copper Foil

[opmi]

MR.Market seems unhappy with the offer of 0.40/s. As at the Y2016 full year results shown net cash per share around 0.39s$; NAV around 0.66S$/; FCF/S around 3.8c.
Any measures can say this 40c offer fair to minority shareholders? Definitely not.
Will POPE make a counter offer at said 50C even main owner controlled 76%? Let's wait and see.
Will the independent financial consultant suggest minority shareholders to sell at 40C? Yes, because normally they are not independent.

Why would Pope want to make a counter offer? Buy up the company and run it? Fund mgrs dont do that. Cannot even hold unlisted shares.

[opmi]

Those interested, can read the judgement,

http://test.gov.bm/sites/default/files/S...r-2015.pdf

If it is too long, read the first and last 10 pages...hahaha

or read this http://www.radcliffechambers.com/wp-cont...rticle.pdf

Basically, seems like Bermuda Supreme Court found Kingboard Group to be 'chao kuan' and chut pattern. Kingboard Group is appealing against this.
The judgement has harsher words on Kingboard's oppression of OPMIs, worse than what all the KBFC anncs made it out to be..,

[opmi]

Hey, TTTI

Just repost your post from some forum...

https://www.investingnote.com/users/thum...&tab=posts

Comments: The UNCONDITIONAL Offer improved the liquidity of the KBCF and also put a floor to the share price for the Offer period. A better tikam??

[TTTI]

Hey, TTTI

Just repost your post from some forum...

https://www.investingnote.com/users/thum...&tab=posts

Comments: The UNCONDITIONAL Offer improved the liquidity of the KBCF and also put a floor to the share price for the Offer period. A better tikam??

Hey opmi, 

It's here actually:

https://thumbtackinvestor.wordpress.com/...pper-foil/


I also not sure what they are trying to achieve with a lowball $0.4 offer.
My best guess is that they're just mopping up shares at a low price bit by bit.
There will be some guys who bought at $0.28-$0.32 before the GO, and now with the opportunity for a what 25% gain in a few weeks, they might tender.
Plus, even though the markets generally think the GO price will be raised, it's not certain.

On top of that, if the GO price is raised, it'll usually be extended to those who have tendered earlier as well.

They're probably banking on this fact that would entice the minorities to tender.

[HitandRun]

Why would Pope want to make a counter offer? Buy up the company and run it? Fund mgrs dont do that. Cannot even hold unlisted shares.

Very unlikely, unless they decide to have a private equity arm.....

[TTTI]

Why would Pope want to make a counter offer? Buy up the company and run it? Fund mgrs dont do that. Cannot even hold unlisted shares.

Very unlikely, unless they decide to have a private equity arm.....

Hmmm
I think davisng meant that POPE make a counter offer of $0.5 for the majority shareholders to buy from them.
Not that POPE buy. Of course POPE wouldn't.
If it's court mandated, both parties have to come to an agreement. 
Failing which, it may go into arbitration.

[opmi]

Why would Pope want to make a counter offer? Buy up the company and run it? Fund mgrs dont do that. Cannot even hold unlisted shares.

Very unlikely, unless they decide to have a private equity arm.....

Hmmm
I think davisng meant that POPE make a counter offer of $0.5 for the majority shareholders to buy from them.
Not that POPE buy. Of course POPE wouldn't.
If it's court mandated, both parties have to come to an agreement. 
Failing which, it may go into arbitration.

I thought S111 relief/remedy is a alternative for a winding up. Would the
reference price be full liquidation price? 

Anyway the latest for the appeal hearing will be 24 Mar. If appeal failed,
KB can go to Privy Council.

[ricklim1]

Judgement on Bermuda litigation will be announced on or after 24th March. Company announcement at http://www.sgx.com/wps/portal/sgxweb/hom...ouncements

[weijian]

Judgement on Bermuda litigation will be announced on or after 24th March. Company announcement at http://www.sgx.com/wps/portal/sgxweb/hom...ouncements

The Board wishes to update the Shareholders that the Court of Appeal of Bermuda had allowed the appeal and found in favour of the majority shareholders that have filed the appeal (the “Appellants”). A written judgment in respect of the appeal had been issued on 24 March 2017 (the “Appeal Judgment”). The judge deciding the appeal found, among other determinations, that the entry into the license agreement by the Company’s wholly-owned subsidiary, Hong Kong Copper Foil Limited, and Harvest Resource Management Limited (the “License Agreement”) was not oppressive conduct and did not unfairly prejudice the minority shareholders of the Company. It was also decided that the costs of the appeal and the court proceedings below are awarded to the Appellants. The Company will make further announcements as and when necessary to keep Shareholders informed if there are any further material developments in the matter. 

http://infopub.sgx.com/FileOpen/Issue%20...eID=444662

[opmi]

Cannot find the judgement on the Bermuda Court of Appeal website leh.....

What a turn of event...