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Aztech minority shareholders
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mistiq88
Veteran |
24-Jan-2017 08:42
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This scenario sounds like C.K Tang' s delisting in 2009? |
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lmc001
Member |
22-Jan-2017 20:30
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As I said, you have good intention. Do you provide advise on all counters? Any reason why you are so vocal on Aztech? I am curious to know 
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HazardKoh
Master |
22-Jan-2017 20:21
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This Aztech reminds me of advicing my friend to let go of his ex-gf which had a change of heart and who left him. Adviced him to find a new love and a new beginning when he was still young. He scolded me and says he will insist in trying to change her mind. But she already had no feeling for him and yet he still trying to contact her everyday and hope she changes her heart. In the end, she moved on and got married and my friend wasted his youth, now still single. Anyway there is no right or wrong. Is his choice. If he think is worth it then as long as he is happy, then is really up to him liao. Sometimes is not easy to give up ur old love. Good luck to those who decide to become private Aztech shareholders. I only want to offer my sincere advice.. no other " motivation" . Is either u hold on to ur old love or u find a new love and a new beginning.
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HazardKoh
Master |
22-Jan-2017 20:11
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First, my " ranting" aka advice remains as advice. I never force anyone and I NEVER TELL LIES to lure anyone into selling their aztech. I based my call on real facts and my own analysis. So if u think i have " other ulterior" motivation, then feel free to skip my posting, I have no problem with that. Next, U have been critising the Muns for short changing and unfair to minority shareholders. As a PUBLIC LISTED company, they have to account for their actions to the authorities like SGX and MAS and yet they are treating the minority shareholders so badly. After delisting, as a PRIVATE company, do u actually think the Muns will be good to you when they dun have to account to any authority? So i find it strange that here u are criticisng the Muns for being unfair to u but then willing to wait for the Muns to treat u better after delisting. Isn' t this contradicting? So this is the same as a guy scolding his ex-gf for being so heartless for willing to breakoff with him and leave him but yet he still hoping she will have a change of heart. So either he can waste his time and $$$ and wait for his ex-gf to have a change of heart or he can look for a new love, a new beginning. So just wonder why u suddenly think that the Muns will treat u better after delisting? Isn' t it better to find a new love and have a brand new beginning rather than hoping miracles happen and the Muns becomes white knights and treat u better. Anyway is really up to u. U can ignore me if u think i talking nonsense. Cheers.
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lmc001
Member |
22-Jan-2017 19:44
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@HazardKoh, I am not sure about your holding position on Aztech, I see that you have been advocating strongly to liquidate Aztech. I have read your analysis and you are very persistent in persuading everybody to take up the exit offer. You are entitle to your opinion. You also have to know that there are other shareholders who are keen to be a private investor too. They will know how to evaluate and decide the best way for themselves based on their circumstances. I am sure you have good intention, and I just dont understand your motivation...... |
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HazardKoh
Master |
22-Jan-2017 10:45
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Bro, they have almost 70% liao, not 50% and is increasing at an increasing rate everyday. Trend: Aggregate holdings of the Offeror. Accordingly, as at 5.00 p.m. (Singapore time) on 20 January 2017, the total number of (A) valid acceptances of the Exit Offer and (B) Shares owned, controlled or agreed to be acquired by the Offeror and the Concert Parties, amount to an aggregate of 33,856,545 Shares, representing 69.65% of all the Shares (excluding treasury Shares). Aggregate holdings of the Offeror. Accordingly, as at 5.00 p.m. (Singapore time) on 19 January 2017, the total number of (A) valid acceptances of the Exit Offer and (B) Shares owned, controlled or agreed to be acquired by the Offeror and the Concert Parties, amount to an aggregate of 31,894,625 Shares, representing 65.61% of all the Shares (excluding treasury Shares). Aggregate holdings of the Offeror. Accordingly, as at 5.00 p.m. (Singapore time) on 18 January 2017, the total number of (A) valid acceptances of the Exit Offer and (B) Shares owned, controlled or agreed to be acquired by the Offeror and the Concert Parties, amount to an aggregate of 31,174,746 Shares, representing 64.13% of all the Shares (excluding treasury Shares).
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jcbull
Senior |
22-Jan-2017 09:48
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I suggest that those who want to be private share holders research on what happened after it is delisted. I'm not sure, but, if I'm in this situation, I will preserve capital, then, left it to the mercy of the company which has no interest on the minority.
I also think that the company wouldn't want to delist at 50% or 60% or 70%. They want full control. I have not heard of example that company delisted at 50%. |
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HazardKoh
Master |
22-Jan-2017 09:02
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why becos of one tree(Aztech) give up the entire jungle(SGX)? There are many young trees(undervalued counters) which will grow better than Aztech(old tree).. Is like ur girlfriend dun love u anymore and wants to break off with you but you die die dun want to let go and persists in wooing her back when her heart is no longer with u and keep telling u to back off, but u still insists of stalking her and hoping she will go back to u, but the chance is very low very low (not impossible but very very low chance and u may end up wasting ur time(youth) and $$$ and by the time u decided to give up and look for new love, u maybe too old and run out of $$$ already) Why not try look for another new love when age and $$$ is still on ur side? (Take the $$$ from the Aztech and look for a undervalue counter when the market is still weak so u have time on ur side and $$$ too from the exit offer). When bull run returns, then too late for u to switch counter and end up u may get nothing from Aztech as a private investor. |
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jcbull
Senior |
21-Jan-2017 22:42
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Delisting Proposal, coupled with Exit Offer Overview One method of privatising a listed company is to seek the shareholders&rsquo approval, at an extraordinary general meeting of shareholders (&ldquo EGM&rdquo ), for a voluntary delisting of the Company (&ldquo Delisting Proposal&rdquo ). In conjunction with the Delisting Proposal, the Offeror is to make an exit offer to acquire all of the shares in the Company, other than those already held by the Offeror (&ldquo Exit Offer&rdquo ). The EGM would have to be convened by the board of directors of the Company (&ldquo Board&rdquo ) or by shareholder(s) with not less than 10% of voting rights in the Company. Under the SGX-ST listing manual (&ldquo Listing Manual&rdquo ), the resolution for the Delisting Proposal must be approved by at least 75% of the total issued shares (excluding treasury shares) held by shareholders, present and voting at the EGM and must not be voted against by 10% or more of the total issued shares (excluding treasury shares) held by such shareholders. The Listing Manual also requires the company seeking to delist to procure that a reasonable exit alternative, which should normally be in cash, be made to the shareholders. An independent financial adviser is to be engaged to advise on the reasonableness of the exit alternative. The Exit Offer is intended to form this reasonable exit alternative and is also a voluntary offer for purposes of the Singapore Code on Takeovers and Mergers (&ldquo Code&rdquo ) (note: a voluntary offer is an offer for the voting shares of a company made by an entity which has not incurred an obligation to make a general offer for such shares under the mandatory rules of the Code). Conditions The Exit Offer must be conditional upon the Offeror receiving acceptances which will result in the Offeror, together with any persons acting in concert with it, holding more than 50% of the Privatisation of a company listed in Singapore ISSUE 03/2016 September 2016 M& A voting rights of the Company. Subject to Securities Industries Council&rsquo s (&ldquo SIC&rdquo ) consent, the Offeror may impose a higher level of acceptance and this issue is further discussed in the section on Voluntary Offers. In addition, the Exit Offer must not be made subject to any conditions whose fulfilment depends on the subjective interpretation or judgment of the Offeror. The Exit Offer may, however, be made conditional upon shareholders&rsquo approval of the resolution for the Delisting Proposal. This is usually the case if the Offeror&rsquo s primary concern is to privatise the Company. However, this also means that if the Delisting Proposal is not approved, the Exit Offer will fail. Assuming the Delisting Proposal is approved and the Exit Offer fulfils the applicable conditions, the Company will be delisted from the SGX-ST. Dealings in securities of the Company before and during the Exit Offer period The Exit Offer must be made at not less than the highest price paid by the Offeror or any person acting in concert with it, during the Exit Offer period and within three months prior to commencement of such period. During the Exit Offer period, the Offeror and its associates are free to deal in the securities of the Company, subject to the preceding paragraph and prescribed disclosure obligations. Compulsory Acquisition If the Offeror proceeds to receive acceptances from shareholders holding not less than 90% of the total number of issued shares (excluding treasury share), other than shares already held by the Offeror at the date of the Exit Offer, the Offeror can proceed to exercise a right to compulsorily acquire the remaining shares under the Companies Act (Cap. 50). This would make the delisted Company a wholly owned subsidiary of the Offeror. In the event this 90% threshold is not met but the Offeror receives acceptances from shareholders holding at least 50% of the total issued shares, the Company will nonetheless be delisted, with the shareholders who declined to accept the offer remaining as minority shareholders of the delisted Company. http://www.cnplaw.com/cnpupdate/media/content/articles/2016/03/cnp_article_1.pdf |
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littleones
Veteran |
21-Jan-2017 16:27
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You have my support. I will be keeping my shares as well.
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HazardKoh
Master |
21-Jan-2017 15:33
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Bro, u already dun trust that Mun liao, why still want to be involved with that person??? When listed in SGX he already so bad towards shareholders of a PUBLIC LISTED company, do u think he will treat PRIVATE shareholders well? As a private shareholders u have no say at all becos Mun is the boss. At least in SGX, he still have to give face to SGX and treat shareholder " better" . By the way if u look at SGX, there are plenty of counters that has gone down by a few hundred percent. If u look at Ezra, last time used to be $2-$3, now only a few cents... many others. Wouldn' t it be better to park ur $$$ on other counters and when bull run returns, u all can recover ur capital?? When bull runs return, Mun can do nothing and u will be stuck with worthless paper certs and u have to see all the counters hit new high when bull returns, then u will say " aiyo.. wasted, shd have sold that bloddy aztech and use the $$ to buy Ezra at 5 cents, now shoot back to 50 cents, 10 times liao" .... Anyway Ezra is just an example. I would suggest buying property/construction counters. If situation turns bad, govt will remove the cooling measures and these counters will chiong to the sky. If situation improves, then super bull run may arrive and these counters will go up too. U become a private Aztech shareholders means u still trust Mun??? Sorry all the above is not asking u to sell or accept, just my own views for u to consider. Becos I really dun trust that Mun based on the way he handles the exit off and delisting.
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lmc001
Member |
21-Jan-2017 15:18
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FYI. Four of us (minority shareholders) met up yesterday at Braddell. You can expect that these are the diehard Aztech shareholders. It would appear that the delisting is inevitable as Mr. Mun already garner more than 50%. However, based on our assessment, 1) We are skew towards being a private investor after the delisting 2) we think Aztech has significant value, that is the reason why Mr. Mun willing to buy up all 3) there is potential in LED and sand business, this is the hope that can turn around Aztech business 4) most of us already lose so much, so there is not much more that we need to worry 5) in all aspect, we do not think Mr. Mun will swindle the company once he owns majority share, therefore if there is any payout, we will get the same proportion. 6) We will continue to attend AGM in future. 7) You will never know if there will be better offer next year !!! Do your own due diligent and decide what is best for you based on your circumstances. If you do become a private investor like us, then perhaps we can keep in touch. |
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hp3000
Veteran |
19-Jan-2017 20:49
Yells: "Huart Ah !! Count $$$$$ liao" |
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So will Aztech be delist ? How many % needed for delisting ? Aggregate holdings of the Offeror. Accordingly, as at 5.00 p.m. (Singapore time) on 19 January 2017, the total number of (A) valid acceptances of the Exit Offer and (B) Shares owned, controlled or agreed to be acquired by the Offeror and the Concert Parties, amount to an aggregate of 31,894,625 Shares, representing 65.61% of all the Shares (excluding treasury Shares). Currently got 65.61% 6. COMPANY&rsquo S SHARES WILL BE DELISTED The Exit Offer has been declared unconditional in all respects on 12 January 2017. Accordingly, Shareholders should note that the Company will be delisted from the official list of the SGX-ST after the close of the Exit Offer regardless of the final acceptance level of the Exit Offer and regardless of whether the acceptance level of the Exit Offer reaches 90% so as to entitle the Offeror to exercise its rights Can' t really understand the SGX announcement. http://infopub.sgx.com/FileOpen/LevelOfAcceptances%2019012017.ashx?App=Announcement& FileID=436313 |
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lmc001
Member |
17-Jan-2017 11:44
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In view of the latest development where the exit off dateline has been extended to 6th Feb 2017, if any of the minority shareholder wants to have a " lim kopi" session, you are welcome to attend a short meeting on 20th Jan 2017 (Friday) 8.30pm @ MacDonald near Braddell MRT station. If you are attending the meeting, please indicate your attenadance via email to [email protected]. |
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twee0991
Member |
16-Jan-2017 20:38
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Well, from the ST article, Of the total number of shares cast in the vote by shareholders yesterday, 93.8 per cent were in favour of a delisting. The total number of shares in favour accounted for 37.9 per cent of Aztech' s total share capital. The Muns and parties in concert with them own at least 29.8 per cent of Aztech.
Even if the Muns did not turn up I believe their votes by proxy were counted in. With total turnout as a percentage of share capital is 37.9%/0.938 = 40.4%, having them control 29.8% means the Muns effectively already have 73.8% of the total turnout. Interesting is of the remaining 26.2%, we have (93.8-73.8)/26.2 = 76.3% who voted for the delisting. Forgive me for any misconceptions or if I made any errors - would be happy to be corrected. |
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ysh2006
Supreme |
14-Jan-2017 12:14
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In Taiwan this is call " Can tickets"...
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chsalan
Member |
13-Jan-2017 22:40
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SGX should look into the matter, why EGM reported that 93% shareholders votes in favour of accepting the offer. When come to final day, only 23.1% of shareholder accepted the offer. Bring to the total of 52.9% This show the EGM didn' t reported the correct numbers of shareholders vote in favour |
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HazardKoh
Master |
13-Jan-2017 22:08
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ok.. all the best.... For me, I still think the better way is to sell and switch to better counters and wait for that better counters to recover to it' s rightful price , rather than risking my $$$ (delisting u will be left with unsellable shares becos there is no market for u to sell) + opportunity costs when all other counters are starting to move up recently. Gd luck to all of u ..
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chsalan
Member |
13-Jan-2017 22:03
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I think most minority's share holders done attend AGM
I just wonder they how gather this 93% (for) & the 6 plus % (against) I think we minority's share holder shoulder stick to our decision......hold
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HazardKoh
Master |
13-Jan-2017 21:04
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Bro, before the EGM to approve the exit offer, there were alot of ppl saying small shareholders must unite together and deny the management the % of vote. During the meeting, there were 70 shareholders bombarding the management. In the end, 93% voted in favour of the exit offer. After that, we also hear many small shareholders wanting to deny the company the 50% votes to stop the exit offer from becoming unconditional. Still in the end, the company managed to gather more than 50% and make the offer unconditional. I think is better not to give too much hope for miracle. seriously. Just my humble opinion.
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