Fraser & Neave (F & N)

[CityFarmer]

The takeover code will provide all answers

Acting in Concert include the following
"any person who has provided financial assistance (other than a bank in the ordinary course of business) to any of the above for the purchase of voting rights."

Sometimes I wonder if this code has any real teeth. I am not suggesting that this happened in the F&N case, but someone who is bent on doing something like this could easily have found arrangements that allows a third party to buy on behalf its behalf at above the takeover price? Just implement a few layers in the transaction, with a Cayman Island company in between, how is anyone going to pierce thru that?

Existence of drug trafficking does not mean Singapore Penal Code has no "real teeth" on drug trafficking

The same applies to takeover code.

The arrangement is never easy since substantial money been transferred and can be easily traced. Similarly for all transactions.

The penalty is painful. The penalty is to top-up all transactions occur during the offer period. Base on past experience of Serial system, the co-founder paid with all his shares in Serial System, which is close to 25% IIRC. Base on today MC, it's approx $23 millions

If similar penalty on F&N offer, it will probably able to make anyone bankrupt, includes TCC and OUE

Can't really compare the take over code in question with drug trafficking rules. For the latter, there are enforcement officials to guard the borders and the crimes are committed onshore, in person. There is a real chance of being caught.

For an investment into a Singapore listed company which, say comes from a company incorporated in Cayman Islands, can some enlightened individuals share how can the authorities here force it to disclose information on its background, all the way to its beneficial owner (which may turn out to be a friendly but unrelated person)? What if the investment is made by the CI company via a foreign broker, or a foreign private bank?

My point is, if people knows that it is really tough to enforce a rule, they are not so worried about the penalties (flashback: S-Chips). For businessmen from less developed economies (e.g. Indonesia), they are more used to the mentality of "working around" rules to achieve their business goals. They may even see it as part of business risk. And when its known that its next to impossible for Singapore authorities to trace a transaction, the light bulb in their brains might just light up. There are probably different ways that this can be achieved, not just via my overly simplistic example.

Anyway, I am merely trying to play defense here. I for one will not rely on the takeover code and tell myself such things are not going to happen (or common) in Singapore.

Never under-estimate the power of whistle-blowers, especially those with huge interest to do so

[wee]

Never under-estimate the power of whistle-blowers, especially those with huge interest to do so

Yup, good point.

[CityFarmer]

TCC Asset extended the closing date to 2 Jan 2013 with the same offer price

http://info.sgx.com/webcoranncatth.nsf/V...1000236C9/$file/ExtensionAnnouncement111212.pdf?openelement

TCC Asset is playing a game of patience and sustainability. I am yet to read any announcement on extension of final day rule from TCC Asset, which is around Dec/Jan.

[Some-one]

Can TCC keeps on extending indefinitely? Seriously, who would sell considering that OUE is giving a higher offer and the market price is even higher? Does the Thai know about this?

[CityFarmer]

Base on "leaking" news from The Daily Edge, TCC Asset is securing another 10% from 2 funds with price of $9.60

If it is true, TCC Asset holding will increase to approx 45%, 5% short to reach un-conditional.

http://www.theedgesingapore.com/the-dail...unds-.html

[touzi]

Base on "leaking" news from The Daily Edge, TCC Asset is securing another 10% from 2 funds with price of $9.60

If it is true, TCC Asset holding will increase to approx 45%, 5% short to reach un-conditional.

http://www.theedgesingapore.com/the-dail...unds-.html

Trying to buy at price higher than their takeover offer? Does that mean that they intend to raise their takeover price to $9.60? Otherwise they would have breached SGX regulation?

[CityFarmer]

Base on "leaking" news from The Daily Edge, TCC Asset is securing another 10% from 2 funds with price of $9.60

If it is true, TCC Asset holding will increase to approx 45%, 5% short to reach un-conditional.

http://www.theedgesingapore.com/the-dail...unds-.html

Update from The Daily Edge. The deal fail to close. So back to square.

http://www.theedgesingapore.com/the-dail...stake.html

[CityFarmer]

TCC Asset's offer expiring today, likely another extension. The key observation is on offer price. Will the offer price retained or raised?

Let's see...

[CityFarmer]

Extended the closing date to 10 Jan 2013 with the same offer price

TCC Asset continue to opt for guerrilla strategy instead of full-blown bidding warfare.

http://info.sgx.com/webcoranncatth.nsf/V...70031B69C/$file/ExtensionAnnouncement020113.pdf?openelement

[CityFarmer]

The latest news update on F&N GO saga

SINGAPORE - A United States hedge fund giant has placed a bold US$500 million (S$610.4 million) bet to profit from a battle between two Asian tycoons for Singapore property and drinks conglomerate Fraser & Neave (F&N).

http://www.todayonline.com/Hotnews/EDC13...-bet-on-FN

That explained there are high volume transacted amid the battle of the two competing offers. The hedge fund holds 5% now. I believe the cost price is above the two offer prices.