Kingboard Copper Foil

[TTTI]

wow.
This is like a punch to the gut to the minority shareholders and to POPE.
Total turn of events.
The impasse continues.........
After 7 years and counting.

[opmi]

My bet is that all this will end with this Offer. With a raised Offer price.

[cif5000]

There are 2 conclusion statements, Line 183 and Line 184, in the 2015 judgement. Seems to me that the appeal is only successful on the 2nd part. Maybe the first part was dismissed. I don't know. Totally clueless.

[TTTI]

My bet is that all this will end with this Offer. With a raised Offer price.

Court of Appeal is the final court.
So no more legal basis to proceed.

The majority shareholders won, and this whole legal exercise, spanning several years, did absolutely nothing to change the status quo.
The majority and minority shareholders are still stuck in a quagmire, the lawyers were the only ones that came out of it as winners.

The offer of $0.4 is of course still valid, but there's nothing else for the other minority shareholders to look forward to. 
The majority shareholders don't have to raise the offer price. They're not obliged to now.
The status quo is actually what suits kingboard laminates currently. They get to bypass the minority shareholders.
It looks like the most of the minority shareholders who were shareholders since much earlier, would've lost big despite going through years of lawsuits and waiting.

[activistasia]

My bet is that all this will end with this Offer. With a raised Offer price.

Court of Appeal is the final court.
So no more legal basis to proceed.

The majority shareholders won, and this whole legal exercise, spanning several years, did absolutely nothing to change the status quo.
The majority and minority shareholders are still stuck in a quagmire, the lawyers were the only ones that came out of it as winners.

The offer of $0.4 is of course still valid, but there's nothing else for the other minority shareholders to look forward to. 
The majority shareholders don't have to raise the offer price. They're not obliged to now.
The status quo is actually what suits kingboard laminates currently. They get to bypass the minority shareholders.
It looks like the most of the minority shareholders who were shareholders since much earlier, would've lost big despite going through years of lawsuits and waiting.

there is still JCPC and there is still IFA advice which may deem it unfair. Possible catalysts but not the strongest.

[TTTI]

My bet is that all this will end with this Offer. With a raised Offer price.

Court of Appeal is the final court.
So no more legal basis to proceed.

The majority shareholders won, and this whole legal exercise, spanning several years, did absolutely nothing to change the status quo.
The majority and minority shareholders are still stuck in a quagmire, the lawyers were the only ones that came out of it as winners.

The offer of $0.4 is of course still valid, but there's nothing else for the other minority shareholders to look forward to. 
The majority shareholders don't have to raise the offer price. They're not obliged to now.
The status quo is actually what suits kingboard laminates currently. They get to bypass the minority shareholders.
It looks like the most of the minority shareholders who were shareholders since much earlier, would've lost big despite going through years of lawsuits and waiting.

there is still JCPC and there is still IFA advice which may deem it unfair. Possible catalysts but not the strongest.

What's JCPC?

IFA is only in relation to the current offer of $0.4. If IFA says it's not a fair offer, then sure, go ahead, minority shareholders don't have to tender their shares but they are still stuck in limbo.
With this ruling, the majority shareholder doesn't even NEED to buy out the minority shareholders if they choose to. Previously, the minorities are banking on the fact that the courts will enforce a compensation by making the majority shareholder buy them out.
In fact, if I am them, I'll stick to this same arrangement whereby the facilities are contracted out to Harvest Resource Management.
The court ruling has pretty much stated that such an act, is not oppressive in nature. So essentially, there is nothing to stop them from continuing this arrangement indefinitely.

[cif5000]

My bet is that all this will end with this Offer. With a raised Offer price.

Court of Appeal is the final court.
So no more legal basis to proceed.

The majority shareholders won, and this whole legal exercise, spanning several years, did absolutely nothing to change the status quo.
The majority and minority shareholders are still stuck in a quagmire, the lawyers were the only ones that came out of it as winners.

The offer of $0.4 is of course still valid, but there's nothing else for the other minority shareholders to look forward to. 
The majority shareholders don't have to raise the offer price. They're not obliged to now.
The status quo is actually what suits kingboard laminates currently. They get to bypass the minority shareholders.
It looks like the most of the minority shareholders who were shareholders since much earlier, would've lost big despite going through years of lawsuits and waiting.

there is still JCPC and there is still IFA advice which may deem it unfair. Possible catalysts but not the strongest.

What's JCPC?

IFA is only in relation to the current offer of $0.4. If IFA says it's not a fair offer, then sure, go ahead, minority shareholders don't have to tender their shares but they are still stuck in limbo.
With this ruling, the majority shareholder doesn't even NEED to buy out the minority shareholders if they choose to. Previously, the minorities are banking on the fact that the courts will enforce a compensation by making the majority shareholder buy them out.
In fact, if I am them, I'll stick to this same arrangement whereby the facilities are contracted out to Harvest Resource Management.
The court ruling has pretty much stated that such an act, is not oppressive in nature. So essentially, there is nothing to stop them from continuing this arrangement indefinitely.

JCPC - Judicial Committee of The Privy Council 

If they want to continue with this arrangement indefinitely, why make a $0.40 offer in the first place?

[TTTI]

My bet is that all this will end with this Offer. With a raised Offer price.

Court of Appeal is the final court.
So no more legal basis to proceed.

The majority shareholders won, and this whole legal exercise, spanning several years, did absolutely nothing to change the status quo.
The majority and minority shareholders are still stuck in a quagmire, the lawyers were the only ones that came out of it as winners.

The offer of $0.4 is of course still valid, but there's nothing else for the other minority shareholders to look forward to. 
The majority shareholders don't have to raise the offer price. They're not obliged to now.
The status quo is actually what suits kingboard laminates currently. They get to bypass the minority shareholders.
It looks like the most of the minority shareholders who were shareholders since much earlier, would've lost big despite going through years of lawsuits and waiting.

there is still JCPC and there is still IFA advice which may deem it unfair. Possible catalysts but not the strongest.

What's JCPC?

IFA is only in relation to the current offer of $0.4. If IFA says it's not a fair offer, then sure, go ahead, minority shareholders don't have to tender their shares but they are still stuck in limbo.
With this ruling, the majority shareholder doesn't even NEED to buy out the minority shareholders if they choose to. Previously, the minorities are banking on the fact that the courts will enforce a compensation by making the majority shareholder buy them out.
In fact, if I am them, I'll stick to this same arrangement whereby the facilities are contracted out to Harvest Resource Management.
The court ruling has pretty much stated that such an act, is not oppressive in nature. So essentially, there is nothing to stop them from continuing this arrangement indefinitely.

JCPC - Judicial Committee of The Privy Council 

If they want to continue with this arrangement indefinitely, why make a $0.40 offer in the first place?

1) Cos at that point they didn't know if they'd succeed in the appeal?
2) More importantly, even if they want to continue with the arrangement, why NOT make a $0.4? $0.4 severely undervalues the company. If I am them, and I could buy out some pesky minorities at a dirt cheap price, and reduce their numbers, why not? Perhaps the knowledge that the remaining shareholders would be stuck, would compel the rest to tender too.
So I don't think just because they made a general offer of $0.4 (which everyone would surely agree is very low), one can conclude that such an action indicates their desire to privatize the company.
Truth be told, I don't think anyone knows their thought process right now.
But there's no doubt that this ruling is terrible for minority shareholders.

[TTTI]

My bet is that all this will end with this Offer. With a raised Offer price.

Court of Appeal is the final court.
So no more legal basis to proceed.

The majority shareholders won, and this whole legal exercise, spanning several years, did absolutely nothing to change the status quo.
The majority and minority shareholders are still stuck in a quagmire, the lawyers were the only ones that came out of it as winners.

The offer of $0.4 is of course still valid, but there's nothing else for the other minority shareholders to look forward to. 
The majority shareholders don't have to raise the offer price. They're not obliged to now.
The status quo is actually what suits kingboard laminates currently. They get to bypass the minority shareholders.
It looks like the most of the minority shareholders who were shareholders since much earlier, would've lost big despite going through years of lawsuits and waiting.

there is still JCPC and there is still IFA advice which may deem it unfair. Possible catalysts but not the strongest.

What's JCPC?

IFA is only in relation to the current offer of $0.4. If IFA says it's not a fair offer, then sure, go ahead, minority shareholders don't have to tender their shares but they are still stuck in limbo.
With this ruling, the majority shareholder doesn't even NEED to buy out the minority shareholders if they choose to. Previously, the minorities are banking on the fact that the courts will enforce a compensation by making the majority shareholder buy them out.
In fact, if I am them, I'll stick to this same arrangement whereby the facilities are contracted out to Harvest Resource Management.
The court ruling has pretty much stated that such an act, is not oppressive in nature. So essentially, there is nothing to stop them from continuing this arrangement indefinitely.

JCPC - Judicial Committee of The Privy Council 

If they want to continue with this arrangement indefinitely, why make a $0.40 offer in the first place?

JCPC - Judicial Committee of The Privy Council 

Hmmm, where'd you get this idea from???

I checked with a lawyer friend cos I've never heard of JCPC, and his reply:
"Errr XXXX, where did you get your source from man? You're living with the dinosaurs. Read this"

I was directed to this:

http://www.supremecourt.gov.sg/about-us/...the-courts

And I quote:
"The Court of Appeal generally hears appeals against the decisions of the High Court in both civil and criminal matters. It became Singapore's final court of appeal on 8 April 1994, when appeals to the Judicial Committee of the Privy Council were abolished."

1994................

[cif5000]

Like you, I never knew what JCPC was. I just kaypoh and googled it earlier.

So...it's for the dinosaurs. Good to know.