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United Engineers
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Qanghoo
Supreme |
10-Jul-2019 18:41
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Hahaha, even fat Ching seem to kena f****d ard. Do they give a damn abt minority small fries at all? If they had given fat Ching the option to take up, likelihood is the coy wld probably have ended up with a better px, which means more $$$ in the kitty. But, no, they' re probably too wary of fat Ching. So, the pertinent qn is : what are independent directors' contributions in board rooms? Authorities here, n supposed s/holder ' spokes people' shd really take a hard look at this one I' d think.
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desmodeus
Veteran |
10-Jul-2019 13:55
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Oxley will get our first call in a takeeover tussle | ||
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Stocky901
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10-Jul-2019 13:36
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Really a joke in sgx. Do thing without approval from share holders?
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desmodeus
Veteran |
10-Jul-2019 13:24
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Sgx should look into the reason for IPT for not giving Oxley a chance to buy. As Mr Chng argued that there will be no IPT if UE run a proper process. As shareholders, we want the fiduciary duty of the Board to uphold | ||
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Jamesbond008
Member |
10-Jul-2019 11:34
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Oxley bought the UE shares above $2.60...now UE sells at $2.58. lugi... | ||
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Jamesbond008
Member |
10-Jul-2019 11:33
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I reckon there is fishy business going on here.... I asked my Kayhian buddies, nobody heard about this placement. .. Mystery man | ||
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Jamesbond008
Member |
10-Jul-2019 11:31
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Oxley asks UE to explain share sale TUE, JUL 09, 2019 - 5:50 AM MARISSA LEE [email protected] @MarissaLeeBT Singapore THE decision by United Engineers (UE) to sell all of its treasury shares for S$56 million to undisclosed third parties last Friday was a board decision, managing director Roy Tan said on Monday. Mr Tan was responding to concerns raised by UE shareholder and Oxley chief executive Ching Chiat Kwong, who questioned if UE had fetched the best price possible when it sold off the 3.14 per cent stake in the company at S$2.58 per share. UE is one of the lowest-geared among property firms here with a net debt-to-equity ratio of 0.44 times, and a S$278 million cash pile as at end-March. So UE should be gearing up if it needs to raise funds, instead of selling shares at an 18 per cent discount to book value, Mr Ching has argued. He told The Business Times: " We need to look at the whole process of how the shares were sold away at this price and see if, objectively, the board and the independent directors got the best value." Mr Ching also expressed dismay that Oxley was not sounded out as a potential buyer for the block sale: " If we were offered, we would have seriously considered taking it up. " Oxley has been acquiring shares in UE and during the annual general meeting last year, we did specify that if there' s any intention to sell shares or issue rights, can you (the board of UE) let Oxley know. We know the value (of UE) and we will give a reasonable price that helps the company achieve better ground." In reply, UE' s Mr Tan told BT that it was only normal for companies to place out shares at the market price. UE shares closed at S$2.57 on Monday, down four Singapore cents or 1.53 per cent. Shares of Singapore-listed real estate companies typically trade at an 18 per cent discount to book value or more, he added. Mr Tan said that the board chose not to approach Oxley directly in order to avoid an interested-person transaction (IPT) that would require shareholders' approval: " We asked UOB Kay Hian to run a process to find the best price." UE' s treasury shares were placed out to a mixture of individual and institutional buyers, he said. UE is not required to name the buyers. But Mr Ching was unconvinced: " You can go to the market, and the market can come to us. I don' t think there' s any IPT if you do run a process." Mr Tan reiterated that UE needs to raise funds for investments and general working capital purposes: " We are running a company. I don' t think shareholders need to worry." UE made a joint bid with MCL Land for a private housing site along Clementi Avenue 1 last week but didn' t win. Nevertheless, UE is looking at other investment opportunities, Mr Tan said: " Opportunities will come in time and it' s good to have cash ready for that purpose. It cannot be that when we need money, we raise funds - that' s too slow." Although UE officially states that it is comfortable as long as its net debt to equity ratio is below 1.1 times, " market conditions are bad so it' s natural to take a conservative approach" , Mr Tan added. Oxley and the board of UE have had their differences ever since Oxley became a substantial shareholder in UE in 2017, after the Yanlord Perennial consortium bought a 33.5 per cent stake in the company (now 35.27 per cent). Last year, Mr Ching made two appeals for a seat on the UE board. Both were rejected. Oxley later foiled a bid by Yanlord Perennial and UE' s former shareholder, OCBC, to sell their WBL shares to UE. Drawn to UE' s freehold Singapore real estate crown jewels, Oxley and its executives have been steadily accumulating more shares in the company. They have a combined stake of 23.48 per cent now after Mr Ching bought more shares in June. |
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john_ric
Supreme |
09-Jul-2019 11:16
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today up but volume low. | ||
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Seth57*
Member |
08-Jul-2019 19:09
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What is wrong with this? It was just a married deal.
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Qanghoo
Supreme |
08-Jul-2019 16:33
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22 mil shares one day, 71 k the next day. Only famous sg bourse got this kind of thing happening !!!! | ||
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john_ric
Supreme |
08-Jul-2019 10:09
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privatise? sure? | ||
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SgYuan
Supreme |
05-Jul-2019 23:20
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This is 4th ew
- but too bad it is truncated w5 - w0 1715 w3 2970 w4 2520 w5 2850 now in wabc tgr near w4 2520 - px hit 2610 |
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Qanghoo
Supreme |
05-Jul-2019 19:38
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Qn : Who makan whom this time ard? | ||
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desmodeus
Veteran |
05-Jul-2019 18:52
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History to repeat. T/o of wbl from 2+ fight till 4.50 | ||
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john_ric
Supreme |
05-Jul-2019 17:28
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finally | ||
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easywin
Supreme |
05-Jul-2019 16:53
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Privatization. | ||
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john_ric
Supreme |
26-Mar-2019 16:33
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today touch 2.53. | ||
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john_ric
Supreme |
26-Mar-2019 11:25
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still nothng heard. | ||
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tonylim2
Veteran |
19-Mar-2019 18:55
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The plane is taking off ! Edging up everyday ! | ||
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Goldfinger
Supreme |
17-Mar-2019 11:52
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This was my earlier point - restricted private placement with the placees limited by the CF adviser. But that would be all out war than an uneasy balance as per current.
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