Fraser & Neave (F & N)

[swakoo]

I suppose they'll need a waiver from SGX to list FCL with less than 10% free float, assuming it's possible...

You always ask the tough questions..[Image: hattip1.gif]

IMO, it is unlikely a waiver for basic rule.

More likely is with more info released on the IPO, a solution might be proposed e.g. vendor share sale etc. Let's see whether I am wrong...

there is no $$ raised on the FCL listing.. it is by the way of introduction...just like how K-Green Trust was listed last time...

It is not the same if this is true:

Finally, the SGX Annc (5 nos.)

The interesting thing is, F&N will subscribe for $1Bil of new FCL shares so that it can give out (all) as Dividend-in-Specie.. ie. F&N biz left with F&B + PP (Printing & Publishing)... no Properties! More details from pg12 of one of the SGX Annc.

It's actually 12% public float based on this rule: http://rulebook.sgx.com/en/display/displ...nt_id=4870 even if it is by introduction.

Now, the original entity was granted a free float waiver with a deadline of end of year. And in the announcement, there is mention that the DIS will be subject to SGX approval. Would this approval being sought also include getting the same waiver extended from original entity to spun off entity? Rationale being it is part of the process to meet the rule within the deadline.

[CityFarmer]

It's actually 12% public float based on this rule: http://rulebook.sgx.com/en/display/displ...nt_id=4870 even if it is by introduction.

Now, the original entity was granted a free float waiver with a deadline of end of year. And in the announcement, there is mention that the DIS will be subject to SGX approval. Would this approval being sought also include getting the same waiver extended from original entity to spun off entity? Rationale being it is part of the process to meet the rule within the deadline.

Thanks for the info, IPO is more stringent than listing obligations. Learned new thing today...

I doubt the approval of DIS, will include waiver for FCL. The waiver application should be announced since concerning public interest.

[KopiKat]

It's actually 12% public float based on this rule: http://rulebook.sgx.com/en/display/displ...nt_id=4870 even if it is by introduction.

Now, the original entity was granted a free float waiver with a deadline of end of year. And in the announcement, there is mention that the DIS will be subject to SGX approval. Would this approval being sought also include getting the same waiver extended from original entity to spun off entity? Rationale being it is part of the process to meet the rule within the deadline.

Thanks for the info, IPO is more stringent than listing obligations. Learned new thing today...

I doubt the approval of DIS, will include waiver for FCL. The waiver application should be announced since concerning public interest.

Yes, great info, also learnt something new today... Thx!
The link to understand what you meant by "by introduction", especially 235 & 236.

[CityFarmer]

You guys didn't quote the whole context of my statement It also says "Net net FNN is ATM but minorities will benefit as well, alas for the final time"

It's not common that me and CityFarmer agree but we knew TCC was going to milk FNN for what it is worth. With this ATM being exhausted, ie depleting cash and leveraging up, disposing asset to shrink holding company discount; it is probably time to think of exit strategy

End of the day we are having a good run on what BENEFITS TCC as a whole. Their objective is clear to me: 1) Milk FNN 2) increase FNN & FCL free float while restructuring such that TCC control FCL and ThaiBev FNN 3) delever ThaiBev. I am not sure they are actually minority interest friendly.

This is another disagreement

Cash is not the only value can be milked. Having said so, I agree with you that after the S$1 bil into DIS, the cash seems depleted.

There are several rounds of milking according to plan, the impending listing of FCL is next round. After that will be the REIT from FCL. There may be a round with existing F&B biz in F&N group. After that, an exit plan.

Of course, when price is right, I might seek short-cut out anytime...

(vested)

[toiletsiao]

Interesting...

FNN Trading Halt again

[KopiKat]

Interesting...

FNN Trading Halt again

Ya... either reply to some media articles (which must have appeared this AM) to correct for some mis-reporting or... placement??

[CityFarmer]

Interesting...

FNN Trading Halt again

Yes, never give chance for shareholders to digest the previous one...

[toiletsiao]

Ya... either reply to some media articles (which must have appeared this AM) to correct for some mis-reporting or... placement??

Yes, never give chance for shareholders to digest the previous one...

hope they got an offer for their printing assets... lol

[NTL]

No chance to buy or sell more too...

[CityFarmer]

hope they got an offer for their printing assets... lol

This is not within my expectation...

IMO, it is difficult to get a buyer, and it is just a small part of the asset, and minor contributor to profit.

Base on AR2012, the numbers of P&P segment

Revenue: 382.3 mil (11% of overall revenue)
PBIT: ONLY 4.1 mil (1% of overall PBIT)
Asset: 397.8 mil (4% of overall asset)

The number is too minor that, in my SOTP, I lumped it together with "Other" as one part...

(vested)