Superior Multi-Packaging

[corydorus]

Not sure what you mean. Is announced in SGX which i have provided the link ...

[psolhawk]

Since the offer is conditional, it means that if the offeror doesnt obtain more than 90% of shares, the offer will lapse and not proceed, right? In the light of the negative recommendation, this offer will probably not succeed.

[dydx]

Based on the IFA's (SAC Capital) advice to the IDs, and the recommendations of the IDs to minority shareholders (as detailed under item 8 in p18/19 of the Circular to Shareholders dated 12Sep12).....
http://info.sgx.com/listprosp.nsf/5ec09b...7002249be/$FILE/SuperiorMulti-Packaging-Cir-Clean.pdf
I guess many minority shareholders now are not inclined to accept the present GO at $0.14/share.

But this does not mean that Crown - as a serious U.S. metal packaging giant - will just forgo the whole deal and opportunity to grow its Asian business by collaborating with Nippon Paint/Nipsea Group.....
http://www.nipponpaint.com/about-us/nipsea-group.php

So I believe there is fair chance that Crown may rework their GO terms, including raising the GO price to a more reasonable level - say at least $0.20/share? - in order to attract more minority shareholders to bite, and lowering the present 90% acceptance level (which requires approval from SIC).

[CityFarmer]

Since the offer is conditional, it means that if the offeror doesnt obtain more than 90% of shares, the offer will lapse and not proceed, right? In the light of the negative recommendation, this offer will probably not succeed.

The conditional is base on the conditions listed in offer document. I doubt the conditional is base on 90% acceptance.

[pianist]

i just wonder how did the IFA get the rnav of0.2955 when the nav in the last quarterly financials annunced was in the tune of 0.23-0.24...hmmm..

[dydx]

i just wonder how did the IFA get the rnav of0.2955 when the nav in the last quarterly financials annunced was in the tune of 0.23-0.24...hmmm..

The computation of the much higher revalued NAV (or RNAV) of $0.2955/share - mainly to account for the higher current market values (vs. the corresponding book values based on historical cost) of SupPack's main industrial properties - is fully described in SAC Capital's (as the appointed IFA) letter with their advice to the IDs (p34 to p36) contained in Appendix 1 of the circular.....
http://info.sgx.com/listprosp.nsf/5ec09b...-Clean.pdf

[pianist]

just had the chance to read the IFA report this afternoon. looking at the independent valuation of the 6 industrial properties (excluding the 576sqm worker dormitory in beijing) and the quite long enough remaining leashold tenure, I just feel that given time, their valuation may increase even more.

just with this alone, i am now quite decided not to accept the peanut $0.14 GO price.

also i want to add that for the peer comparison report by the IFA, I just curious why did they not include the no. 1 metal packaging PRC leader? If they added, Suppack ratio in the 3 mentioned aspects would pale.

[corydorus]

If they are, considering the softer China market now, is not really a fair time to value the business at the low.

[pianist]

packaging sector in prc is set to consolidate & boom in the coming years...i guess maybe the goh family wanna take it private at a cheap and resell it at higher price in the future.

[pianist]

On 28 September 2012, ANZ announced, for and on behalf of the Offeror, that the closing date of the Offer has been extended to 5.30 p.m. on 15 October 2012, or such later date(s) as may be announced from time to time by or on behalf of the Offeror (the "Extension of Offer Period Announcement").

Accordingly, as at 5.00 p.m. on 28 September 2012, the total number of (A) Shares owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it; and (B) valid acceptances to the Offer, amount to an aggregate of 261,414,691 Shares, representing approximately 70.41% of the issued share capital of the Company and approximately 68.31% of the maximum potential number of Offer Shares.