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sunningdale
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AttasBoss
Elite |
10-Nov-2020 09:48
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Think 1.55 is test water trying luck, they will revise the offer if acceptance too low and of coz too low!
There is no mention that "this is the final offer price and the offeror will not revise offer price" in the letter Normal if the price offered is super good enough, the offeror will mention that the price is the final |
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simpleguy123
Elite |
10-Nov-2020 09:47
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I think judging by SharePrice, alot of folks averaging down to benefit from the 1.55 cash per share offer.
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Whiskey4108
Member |
10-Nov-2020 09:35
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https://www.investingnote.com/posts/2130786 Please see this post on InvestingNote. Reject the offer! Need minority shareholders to bind together to make our voices heard! |
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simpleguy123
Elite |
10-Nov-2020 09:14
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Why the price drop below ofeer price/ |
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Joelton
Supreme |
10-Nov-2020 09:11
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Sunningdale chairman and Novo Tellus fund propose to take Sunningdale private
SUNNINGDALE Tech' s chairman Koh Boon Hwee is teaming up with Novo Tellus PE Fund 2 to make an offer for the precision plastic components manufacturer at S$1.55 in cash per share via a scheme of arrangement.
This proposed acquisition was announced on Monday evening.
Mr Koh' s entity, Sunrise Technology Investment Holding II, and a subsidiary of Novo Tellus PE Fund 2 hold a 64 per cent and 36 per cent stake respectively in the offeror company.
Scheme shareholders can choose between receiving S$1.55 in cash per share, or 1,550 shares in Sunrise Technology Investment Holding (Cayman), the holding company of the offeror, at S$0.001 each.
The offeror plans to delist Sunningdale if the scheme becomes effective and binding.
Mr Koh currently owns 15.61 per cent in Sunningdale. Yarwood Engineering & Trading, businessman Sam Goi, and chief executive Khoo Boo Hor have given an irrevocable undertaking to the offeror to vote in favour of the scheme. They hold a total of 18.1 per cent of Sunningdale in all.
The offeror said that continuing global trade tensions and a rethink by customers of the effectiveness of a global supply chain that is heavily reliant on a limited number of supply nations are accelerating change to the supply of precision plastic components globally.
" As a result, to better align the Sunningdale group' s operations with these changing market dynamics, Sunningdale will need to make long-dated investments that may have minimal near-term payoff. It is in this context that the offeror believes a privatisation of Sunningdale will provide the business with the necessary flexibility to manage and optimise the use of its resources and allow it to focus on the execution of its long-term business plan," it said.
It added that Sunningdale shares have seen generally low trading liquidity, which makes an exit difficult for shareholders. The offer price is also at a premium of about 30.6 per cent and 36.2 per cent over the volume weighted average prices of Sunningdale shares for the one- and three-month periods leading up to the deal announcement, respectively.
Deloitte & Touche Corporate Finance is the financial adviser to Sunningdale for the acquisition and scheme, while Rippledot Capital Advisers and UOB are the joint financial advisers to the offeror. Provenance Capital has been appointed as the independent financial adviser.
Shares of Sunningdale closed at S$1.68 on Monday before trade was halted before noon. The company requested to lift its trading halt on Tuesday morning.
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alexmay34
Veteran |
10-Nov-2020 08:52
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Retirement dream shattered | ||||
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PQTPQK
Supreme |
10-Nov-2020 07:43
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This price too Low lah..... don?t sell
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simpleguy123
Elite |
10-Nov-2020 07:22
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How much was Quartz Capital' s entry price?
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simpleguy123
Elite |
10-Nov-2020 07:20
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4 cents below my entry price... aiya sua, just vote no |
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chilicrab
Member |
10-Nov-2020 00:46
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https://links.sgx.com/FileOpen/STL_-_Joint_Announcement.ashx?App=Announcement& FileID=638433& fbclid=IwAR3I7knjVlbncP_ResDiFyrP2kYyErIBSyWDqEZzXbFrn0NjQXS23fOHfhI does it mean we have to sell at 1.55? |
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Fataaa
Senior |
10-Nov-2020 00:16
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ownself approached ownself lol... how low can it go??? very soon many well to do, or companies knowing better things to come will all do likewise....SMH... |
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cbs_sam
Senior |
09-Nov-2020 23:57
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the offerer is majority owned by some of the same major shareholders of sunningdale Tech? The company was created this year, a few months later, sunningdale tech announced that " someone" approach them without declaring the close relationship of the offerer and the current shareholders, and the market shot till 1.75 at some points. And in due course, the offer is confirmed, well below the NTA hmmmm, i know it is definitely legit, but ... |
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n3wbie
Elite |
09-Nov-2020 23:37
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Is it just me or does it just look like quite an inequitable offer that has been tabled for minority shareholders? Equally disappointing that while we just had Nanofilm coming to rejuvenate SGX market, we are back to the trend of quality companies leaving our exchange. | ||||
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hapygolucke
Master |
09-Nov-2020 22:51
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Make counter offer at $1.88
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AttasBoss
Elite |
09-Nov-2020 22:49
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No mention that this is the final price, so likely will revise offer price, don't sell cheap! | ||||
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AttasBoss
Elite |
09-Nov-2020 22:27
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Skip to main content Toggle navigation SGX makes key changes to delisting rules to protect independent and minority shareholders The Singapore Exchange centre in Shenton Way. The Singapore Exchange centre in Shenton Way.PHOTO: ST FILE PUBLISHEDJUL 11, 2019, 8:48 AM SGT FACEBOOKWHATSAPP SINGAPORE - The regulatory arm of the Singapore Exchange (SGX RegCo) on Thursday morning (July 11) announced changes to two aspects of the voluntary delisting rules for listed firms, with immediate effect. The changes come after consultations with market participants and the public last year. Small investors in companies like Aztech and Vard had previously complained that the existing rules allow issuers to get away with low-ball exit offers. The first change requires voluntary delisting offers to be both "reasonable" and "fair", in the opinion of the appointed independent financial adviser (IFA). Until Thursday, an exit offer was only required to be reasonable but not fair. This amounts to "doublespeak", minority investors have argued before. The new change effectively pushes companies to give shareholders a better exit value if they choose to go private by way of a voluntary delisting. To address other concerns relating to the independence of IFAs and IFA opinions, the SGX said it will also work with relevant industry bodies to develop guidance and standards for IFAs and their opinions. To ensure investors understand the opinions of IFAs, the SGX expects the bases for determining the fairness and the reasonableness of exit offers to be separately detailed from now on. RELATED STORY SGX RegCo proposes changes to rules for delisting RELATED STORY Raising the bar for SGX delistings The second change requires offerors and parties acting in concert with them to abstain from voting on the voluntary delisting resolution. This is the case in jurisdictions such as Hong Kong and Australia, where minority investors ultimately determine the voting outcome. Arising from feedback, the approval threshold is maintained at 75 per cent of the total number of shares held by independent shareholders present and voting. The 10 per cent block will be removed. Effectively, offerors will go from having a strong influence in the exit vote to zero influence. Tan Boon Gin, chief executive officer of SGX Regco, said: "A delisting reduces the exit channels for shareholders who remain invested in what is now a private company. As such, companies implementing a voluntary delisting are subject to certain requirements to safeguard investor interest." SGX Regco had originally sought feedback on amending the approval threshold for voluntary delistings to a simple majority of 50 per cent. Mr Tan explained: "The feedback we received raised the question of whether delisting is a sufficiently important decision of the issuer to warrant a high approval threshold. We concluded that the approval threshold should be kept at 75 per cent, to give independent shareholders a say in the delisting in all situations." The SGX stressed on Thursday that offerors should not use other forms of privatisation to avoid complying with the above requirements. A voluntary delisting process (in which shareholders vote on whether to accept an exit offer) is one of four mechanisms by which an offeror can privatise a listed company. The most frequently used mechanism is a general offer under the Singapore Takeover Code. Therefore, where a general offer is made, the SGX will generally consider waiving the exit offer and the shareholder vote requirements if the offer is fair and reasonable and at the close of the offer, the offeror has received acceptances from at least 75 per cent of independent shareholders. Issuers will remain listed if these waiver conditions are not met, the SGX stressed: "If the public float of the issuer falls below the minimum threshold, SGX RegCo may suspend trading of its securities. In the meantime, the issuer must meet its continuing obligations under the listing rules, including restoring its public float." The two other privatisation mechanisms under the Singapore Companies Act are a scheme of arrangement and the right of compulsory acquisition once an offeror has acquired 90 per cent of issuer's shares. Investment specialist S. Nallakaruppan, a former Vard shareholder, told The Business Times: "We had always taken the stand that the 'not fair but reasonable' opinion issued by the IFAs and normally adopted by the independent directors didn't make sense at all. This convoluted opinion benefits only the major shareholder whose interests were unfairly protected. "Although we Vard shareholders were not protected by the present change to much fairer regulations, we can hold our heads high for being a catalyst for this change. Kudos to the Vard shareholders who have persevered and protected the interests of minority shareholders from future unfair delistings." SGXTAKEOVER/BUYOUTDELISTINGSINGAPORE COMPANIES FacebookWhatsApp RECOMMENDED 00:58 AIRism enables filmmaker Royston Tan to move with easeAdAIRism enables filmmaker Royston Tan to move with ease AIRism enables filmmaker Royston Tan to move with ease UNIQLO AIRism Singapore-based hedge fund is world's best-performing with 275% gains Singapore-based hedge fund is world's best-performing with 275% gains Nov 03, 2020 The digital revolution: just a craze or it?s here to stay?Ad The digital revolution: just a craze or it?s here to stay? Funds by J.P. 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Advertise with us Sign up for our daily newsletter Enter your e-mail Sign up More newsletters By registering, you agree to our T&C and Privacy Policy. SPH Digital News / Copyright © 2020 Singapore Press Holdings Ltd. Co. Regn. No. 198402868E. All rights reserved |
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Fataaa
Senior |
09-Nov-2020 22:26
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KBW?? Ownself set up new Company to low ball own baby Sunningdale??? How ulgy and greedy can a man be even in his dying years lol.... That his way of treating his loyal shareholders... Karma will find him soon haha.... |
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WBdisciple
Elite |
09-Nov-2020 22:25
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Sunningaledale will be the next list co for QUARZ CAPITAL to work their magic... https://www.businesstimes.com.sg/companies-markets/quarz-capitals-recent-trail-of-activist-calls-0 All the best to those vested! |
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WBdisciple
Elite |
09-Nov-2020 22:22
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QUARZ CAPITAL is probably falling off the chair now with this LOW BALL OFFER... https://www.businesstimes.com.sg/companies-markets/quarz-capital-ups-stake-in-sunningdale-tech-becomes-substantial-shareholder |
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ysh2006
Supreme |
09-Nov-2020 22:12
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They also issue their result too ...NTA approx..$2.00
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