CH Offshore

[smallcaps]

I'm surprised that an offeror is allowed to state advice to shareholders such as 'Shareholders should consider...', in the extension announcement.
Especially after the offeree board has already given its recommendations.

[CityFarmer]

I'm surprised that an offeror is allowed to state advice to shareholders such as 'Shareholders should consider...', in the extension announcement.
Especially after the offeree board has already given its recommendations.

IIRC, there is no restriction on offeror advice, but a IFA is mandatory under take-over code.

A related clause in turn-over code below

"Directors and financial advisers to a company who own securities in that
company must not deal in such securities contrary to any advice they have
given to shareholders, or to any advice with which it can reasonably be
assumed that they were associated, without giving at least 24 hours’ advance
notice of their intentions together with any appropriate explanation."

[Louhan]

I'm surprised that an offeror is allowed to state advice to shareholders such as 'Shareholders should consider...', in the extension announcement.
Especially after the offeree board has already given its recommendations.

IIRC, there is no restriction on offeror advice, but a IFA is mandatory under take-over code.

A related clause in turn-over code below

"Directors and financial advisers to a company who own securities in that
company must not deal in such securities contrary to any advice they have
given to shareholders, or to any advice with which it can reasonably be
assumed that they were associated, without giving at least 24 hours’ advance
notice of their intentions together with any appropriate explanation."

Falcon has extended the closing date of the offer. There's a likelihood Falcon will revise their offer upwards.

[smallcaps]

I'm surprised that an offeror is allowed to state advice to shareholders such as 'Shareholders should consider...', in the extension announcement.
Especially after the offeree board has already given its recommendations.

IIRC, there is no restriction on offeror advice, but a IFA is mandatory under take-over code.

A related clause in turn-over code below

"Directors and financial advisers to a company who own securities in that
company must not deal in such securities contrary to any advice they have
given to shareholders, or to any advice with which it can reasonably be
assumed that they were associated, without giving at least 24 hours’ advance
notice of their intentions together with any appropriate explanation."

And also rule 8.4:

Unacceptable statements
Parties to an offer or potential offer and their advisers must take care not to issue statements which, while not factually inaccurate, may mislead shareholders and the market or may create uncertainty.

[Bluechipfan]

Trading halt again for the 3 companies. Dont have to halt if falcon wants to extend the offer or lapse the offer. Something positive? A revised offer or could it be a counter offer? Either way we will find out soon.

[opmi]

Notice the timing of annc by CHO, CHH & FE respectively.
Actions seems to be triggered by CHH. Can be counteroffer.
Selling to FE at same price seems unlikely, given the earlier
CHH statement.

[Bluechipfan]

Notice the timing of annc by CHO, CHH & FE respectively.
Actions seems to be triggered by CHH. Can be counteroffer.
Selling to FE at same price seems unlikely, given the earlier
CHH statement.

Huat if it is the case! The IFA also mentioned that the offer price by Falcon is not fair and CHO is worth ca 63 cents! I bought not thinking/knowing it could be a target for takeover so soon after I purchased it. Hope it's really a revised offer or CO, if offer lapse short term the price could drop to 46.5-47.5 cents level.

[opmi]

FE offer ends at 5 pm today unless they extend
again. Will have some annc by then.

[sgpunter]

Offer revised upwards to $0.55!!!

Even though I am only a shareholder of Chuan Hup and not CH Offshore, I think it is a win-win for both Chuan Hup and CH Offshore. Expect a nice dividend from Chuan Hup coming up soon and congrats to CH Offshore shareholders.

[level13]

FE offer ends at 5 pm today unless they extend
again. Will have some annc by then.

You are right! There is a new offer of $0.55 per share.

Irrevocable undertakings given by CH HOLDINGS LIMITED & MR PEH KWEE CHIM.

(Not vested unfortunately)