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Aztech minority shareholders
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HazardKoh
Master |
13-Jan-2017 21:00
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48% floating outside. But majority of this 48% may sell to the company or sell in open market and in the end, maybe left less than 10% and u will be that 10% who will have difficulty to sell ur shares once it becomes private. u have to face 2 problems. One is difficulty or even not able to sell ur shares in a private company. Next is opportunity costs. While ur $$$ is stuck in Aztech waiting for miracle to happen, other shares have already start rising. For me, I will just take the 42 cents per share and reinvest in other quality counters. Even if u invest in counters that give good dividend, u wait a few years, the dividend earned may have helped u recover any loss u had with Aztech. But anyway if u trust ur brother, then dun sell to them and u must hope that the 48% also think like u. But i can predict there will be many throwing in the towel. All the best to u...
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redsuns
Member |
13-Jan-2017 20:38
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My brother is telling not to accept the exit offer even though company confirm delisting. Even though delist is approved, but the company only acquired 52% of the shares. 48% is a big number still floating outside. Almost half of company shares. Company definitely will not ignore this and will offer higher price to acquire the rest. He tell me not to be intimitated by their talk of difficulty of selling on private market and lower price after delisted. Anyone have view on this? |
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HazardKoh
Master |
13-Jan-2017 20:08
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THERE MAY NOT BE ANY COMPULSORY ACQUISITION As disclosed in the Circular, pursuant to Section 215(1) of the Companies Act, in the event that the Offeror acquires 90% or more of the total issued Shares (other than those already held by the Offeror, its related corporations and their respective nominees as at the date of the Exit Offer and excluding any Shares held by the Company as treasury Shares), the Offeror would be entitled to exercise the right to compulsorily acquire all the Shares of Shareholders who have not accepted the Exit Offer (" Dissenting Shareholders" ) at a price equal to the Exit Offer Price. In addition, Shareholders who have not accepted the Exit Offer have the right under and subject to Section 215(3) of the Companies Act, to require the Offeror to acquire their Shares in the event that the Offeror, its related corporations and/or their respective nominees acquire, pursuant to the Exit Offer, such number of Shares which, together with the Shares held by the Offeror, its related corporations and/or their respective nominees, comprise 90% or more of the total issued Shares (excluding treasury Shares). As announced by MKES for and on behalf of the Offeror in the 12 January Announcement, as at 5.00 p.m. on 12 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 its concert parties, amount to an aggregate of 25,694,989 Shares, representing 52.86% of all the Shares (excluding treasury Shares). In view of the foregoing, Shareholders should note that the Offeror may not acquire a sufficient number of Shares pursuant to the Exit Offer for the rights of compulsory acquisition pursuant to Section 215(1) or Section 215(3) of the Companies Act to be exercised. In the event neither the Offeror nor the Dissenting Shareholders are entitled to exercise their rights under Section 215(1) and 215(3) of the Companies Act, respectively, the Company will be delisted, and the Shareholders who do not accept that Exit Offer will be left holding Shares in an unlisted company |
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SeePehJiaLat
Senior |
13-Jan-2017 13:49
Yells: "Can or not?" |
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The option available is to be a private investor !!! |
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twee0991
Member |
13-Jan-2017 10:07
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Hi, As much as I do not agree with the delisting and believe they are out to rip us minority shareholders, it is still wise to first get the correct info. I obtained the below links from here: http://infopub.sgx.com/SitePages/CorporateAnnouncementAllDocuments.aspx?CN=AZTECH+GROUP+LTD.& RID=176 From what I understand, those three conditions you listed apply to the EGM held on 06 Jan 2017. Accordingly, SGX did not object to the delisting offer: http://infopub.sgx.com/SitePages/CorpAnnouncementDetails.aspx?A=COW_CorpAnnouncement_Content& B=AnnouncementLast1stYear& F=33JB13EKKOQ13T9U& H=3ec4dccfc7d490964b395ca91942ff7887ffabf6496f4c4ac09f619fe8c42f68 HazardKoh' s latest info that the delisting proposal has become unconditional is also right: http://infopub.sgx.com/SitePages/CorpAnnouncementDetails.aspx?A=COW_CorpAnnouncement_Content& B=AnnouncementLast1stYear& F=Y0TTHBOMO4D81I2X& H=cec8105641764e60da5c430d56ac700c21f809bc08fb72c4ec70460b7b39d5db If one wants to fight back, should still understand the position we are at... |
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HazardKoh
Master |
12-Jan-2017 23:09
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The Offeror has as at 5.00 p.m. on 12 January 2017 received valid acceptances in respect of such number of Offer Shares which result in the Offeror holding more than 50% of the Shares (excluding any Shares held by the Company as treasury shares) and accordingly, the Minimum Acceptance Condition has been met.. Accordingly, the Delisting Proposal Conditions have been fulfilled. |
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sgtrader18
Veteran |
11-Jan-2017 15:51
Yells: "dont buy if you cant lose - i'm no shortist, i'm a realist." |
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a bit too low? |
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hp3000
Veteran |
11-Jan-2017 15:32
Yells: "Huart Ah !! Count $$$$$ liao" |
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will this be help ??? So far mcliu get how many share holder to rejcect this delisting ? How many amount of shares on hand now to reject the offer.
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hp3000
Veteran |
11-Jan-2017 09:58
Yells: "Huart Ah !! Count $$$$$ liao" |
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See this is the dirty trick they play In Feb 2015 , the company consolidated its shares by 10 :1 . The current offer price represents 0.042 before price consolidation . The NTA is $1.64 , the exit offer price is 0.42 .. wtf that this Mr Mun doing. |
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lmc001
Member |
11-Jan-2017 07:56
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In all respect, no shareholders (major or minority) will want to see the share price drop. The undue worry of what is going to happen after that is not a major issue, but time frame is the concern. It is important to note that Aztech is not in any financial distress, the sentiment and market conditions had affected the share price (just as every other stock in SGX), however with very low volume. The price tanked was due to &ldquo unexplained&rdquo reason for a short period prior to the exit offer, and this is definitely benefiting someone with &ldquo specific interest&rdquo . Here is the chart:- 
I am urging Mr. Mun to consider other options in turning the company around rather than pursuing the exit offer. He should know that there are many loyal shareholders (many retirees) who have trusted him to deliver decent dividend. I do not think it is too late all minority shareholders can reject the offer and put the company back on track. Mr. Mun should uphold a good CSR model for all stakeholders. In fact, the current low share price is a golden opportunity and a job cut out for the management to show their abilities. I am sure the management does see the values in the company and I think they should be making effort in unlocking the value instead of putting effort in this exit offer. Urging all shareholders to reject the offer !!!!
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littleones
Veteran |
10-Jan-2017 22:18
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They will lose the battle if all minority shareholders stay united and reject the take over offer
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lmc001
Member |
10-Jan-2017 22:12
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@HazardKoh, I do hear you and I think that your reasoning is sensible one. I am sure there will be people buy your idea, but not me. It is now upto the shareholders to decide what is best for them. I for one will not take the offer. As you said, it can get worst, but it may also get better as the earlier shareholder mentioned, you will never know how sentiment or better offer might surface. It is prematured to conclude anything, I will push on with my position and maybe become a Aztech private investor if this is what it turn out to be. I will certainly want to attend the next AGM, to see Mr. Mun and his gang. |
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HazardKoh
Master |
10-Jan-2017 20:19
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hmm... the 1st battle already lost " At least 70 people packed the room at Aqueen Hotel Paya Lebar, where a number of long-suffering shareholders grilled the independent directors for an hour about the fairness of the offer. Mr Mun is offering 42 cents a share." Mr Mun and his son Jeremy Mun, who is an executive director of Aztech, did not attend yesterday' s meeting. Nevertheless, they got the mandate they needed to delist the company. 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
Seriously, there is very little small investors can do. Life will just move on. As long as SGX allows this to happen, nothing can be done. The 70 small shareholders grilled for 1 hour, in the end, 93.8% in favour. Welcome to Singapore. In other countries, people may hold a rally to protest against the evil SSH/management. In Singapore u go hold a rally to protest, u kana lim kopi in police station.
Sad but hard truth.
I suggest move on , sell ur shares and reinvest in other undervalued counters with better management. Treat this as a lesson learnt.
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littleones
Veteran |
10-Jan-2017 19:50
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I dont care if the share price tanks because we reject the offer. That do not reflect the true value of Aztech which is closer to its NTA value of 90 plus cents. If we minority shareholders can stop Mun and company from Aztech private, future companies intending to take their shares private will have to pay their minority shareholders the true value for their company shares.
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Daxtheman
Veteran |
10-Jan-2017 14:13
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To all minority shareholders of Aztech, the management are trying it's best to use the system to screw us all. No one bought in at $0.42. No one bought at $$0.62, $0.72. There was no liquidity as the share was manipulated downwards. Then, they try to make themselves look like they are doing us a favour by buying back at a premium. This is utter bullshit.
I have friends who works for financial institutions dealing in listed companies listing/delisting. Therefore, I do have a picture of what Aztech is trying to establish over here. In fact, I already anticipated the resolution to be passed. During the recent EGM, company secretary Pavani mentioned that Michael & Jeremy Mun was unable to attend due to conflict of interest. However, they had proxies voting on their behalf for the resolution. Therefore, it was bound to pass. Do note that no listed companies would buy back their company if they know it is heading for doom. Management know the worth and value and therefore they are doing what they are. The market capitalisation of Aztech is only about 20mil at the moment which is way below what it's worth. I have spoken to people who value companies and they mentioned that Aztech brand alone is worth already more than 15mil. Furthermore, they have diversified portfolio, Low gearing ratio of 0.2. Holding cash of about 20 million. It's pretty straightforward of what they are doing. Therefore, I urge you guys who are holding Aztech to hold on to the stock and also email to [email protected] who is protecting our interest. It's time to stick together and against this wrongdoings by major shareholder. Aztech price can't go down much further before it has to go up already. Justice will be served or Karma will follow, whichever way. |
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lmc001
Member |
10-Jan-2017 13:07
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Calling all minority shareholders, please contact [email protected] |
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bloodseeker
Member |
10-Jan-2017 11:28
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http://infopub.sgx.com/FileOpen/CloseOfOffer140912.ashx?App=Announcement& FileID=78149 Old news....but good to know....I' ve been holding K1 for many years now...if they had successfully taken over the company during that time, you can imagine how much richer those people would have gotten....
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hp3000
Veteran |
10-Jan-2017 11:23
Yells: "Huart Ah !! Count $$$$$ liao" |
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The director being Fxxx in the meeting. http://www.straitstimes.com/business/aztech-gets-mandate-to-delist-from-sgx
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Zindarion
Veteran |
10-Jan-2017 11:23
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Oh really? I only aware K1 given out yummy dividends since I vested in 2013.
Basically my share is foc. Just let it role on as long K1 cont to give dividends.
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bloodseeker
Member |
10-Jan-2017 11:16
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This kinda reminds me of K1 Ventures when they tried to privatise the company at $0.135 per share in year 2012. The offer was so low the minority shareholders voted against the take over. Right after the failed bid to take over the company, they released a series of anouncements regarding the sales and profit of their investments which made them tons of money causing them to give back dividends to the shareholders.... I guess only the managment in the company would know the true value of the company....
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