Superior Multi-Packaging

[dydx]

Today (6Jul12), SupPack closed at a high of $0.152 - a level last attained in Oct07 - and an unprecedented 45.402m shares - equivalent to 12.28% of SupPack's total 369.656m issued shares as at 31Dec11 - were transacted.

Meanwhile, SGX today made another query, and in response SupPack has offered no further info.....
http://info.sgx.com/webcoranncatth.nsf/V...300386C61/$file/Response.pdf?openelement

[pianist]

against its nav of $0.23, current price is still considered dirt cheap.

[ValueBeliever]

Corydurus and dydx big winner!

I think many people dont believe in the real business of Spore SME can compete and survive in crisis driven market. So the market kept discounting n discounting until way below NTA, forgetting that real asset also lies in it property held in the company was 199X and early 2k price cost, and the company has been in a real business with mgmt that had been careful in managing its growth.

I think founding shldrs behind the Co. is actually the Wuthelam Holding, and not Ng Chok Say nor the japs. Would be interesting to see how much and who the offerer is?

Last offer was Meiban founding majority shldr that offer 15% below NTA. Not sure if he will succeed in taking the business private as lots of shares are in hands of public?

All these privatization is showing that SGX and SIAS doing terrible job in promoting our local SME value. I think all the real businessman know the purpose of a listing is also to raise fund at cheap with higher valuation. It also a reflection of the majority shldrs wealth.

The cost of having a BOD and all the extra compliance probably make listing a burden and more majority shldrs will chose to privatise their Co., SGX rules of offer near NTA may not hold.

[corydorus]

Hi ValueBeliever, thanks

Guess i misread when you mix the two different offers.

[psolhawk]

In the latest announcement, it is no-go for any offer..

http://info.sgx.com/webcoranncatth.nsf/V...70033CBCD/$file/Withdrawal.pdf?openelement

[ValueBeliever]

Looks like there is a reserve value in the share price. May be around 9cts, thats why buyers are coming at a possible buying by the interested party?

At least its better than the 6cts which is more than 3times below NTA.

But it result will go into the red this year? So the buyer can wait? Need to check its history, does it do well in bad year?

[cyclone]

Request for Trading Halt again. What is it this time ?

---

Voluntary Conditional Offer at 0.14 only.

[pianist]

If it is indeed..."SupPack closed at a high of $0.152 - a level last attained in Oct07 - and an unprecedented 45.402m shares - equivalent to 12.28% of SupPack's total 369.656m issued shares as at 31Dec11 - were transacted"...

then i fear this GO may not go through..

[dydx]

After reviewing the GO announcement (dated 15Aug12, yesterday).....
http://info.sgx.com/webcoranncatth.nsf/V...B003FD2DF/$file/Offer_Announcement_final_150812.PDF?openelement
, before that I wanted to proclaim my usual "Hor Say Liao", but I can't this time.

At a GO price of only $0.14/share, and based on how it has been structured, the proposed deal could be interpreted as a scheme by the Goh Cheng Liang Familiy (current controlling shareholder of SupPack with a 39.63% stake) selling out the minority shareholders for the cheap to Crown Holdings Inc. (a large U.S. metal packaging group listed on NYSE), which plans and hopes to come in as the new partner with the Goh Familiy in a privatized SupPack.

With SupPack's latest (as at 30Jun12) NAV/share already at $0.2284.....
http://info.sgx.com/webcoranncatth.nsf/V...6003A88B5/$file/1H2012.pdf?openelement
, and bearing in mind being an old business the group holds some valuable industrial properties, a GO at such a seemingly low and unfair price does not appear to have a high chance for success. But this does not mean SupPack will not shoot up towards $0.14 upon re-commencement of trading.

More background info on Crown Holdings Inc.....
http://www.crowncork.com/

[pianist]

The Board wishes to inform shareholders of the Company (“Shareholders”) that it has appointed SAC Capital Private Limited (the “IFA”) as the independent financial adviser to advise the directors of the Company who are considered independent for the purposes of the Offer (the “Independent Directors”).