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Reject the delisting offer by Indonesians
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MarcPh
Senior |
05-Jun-2017 18:09
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The Indonesians are dispatching reminder letters. http://infopub.sgx.com/FileOpen/SW%20International%20Holding%20-%20Reminder%20Letter%2005.06.2017.ashx?App=Announcement& FileID=456664 It is not a very common practise to send reminder letters after two extensions, so they are probably desperate, yet unwilling to up their offer. Sitting on a 85% loss due to their unfair tactics in recent year, I wouldn' t be tempted by their low-ball offer to realize my losses at 80%-loss. I don' t mind facing 85-90% loss if the take-over fails. What difference does it makes to me? At least the underlying assets (eg. Suryamas Dutamakmur) are worth more now and it warms my heart that they will lose their agent' s fee with OCBC bank if the takeover is unsuccessful. hahahah |
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MarcPh
Senior |
02-Jun-2017 16:04
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Thank you giftedmind. I cannot guarantee you that the Indonesians will give a higher offer but this counter has reached a stage that small investors like us are just choosing between taking an illustrative 80%-loss by accepting the bullying OR risk facing 85%-loss by putting up a resistance to this unfair takeover in hope for reducing our accumulated paper losses. I am pleased to inform you that Suryamas Dutamakmur has surged 15% in Indonesia today. I do not know why. But this is a good sign. |
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giftedmind
Senior |
31-May-2017 15:50
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Okay, will not sell.
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MarcPh
Senior |
31-May-2017 11:00
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Will Top Global be suspended if the takeover fails? Don' t let the Indonesians fool you. A counter will be suspended on the grounds that there are less than 10% public free-float in the market. At this moment, the Indonesians are stuck at < 85% after making two extension of the offer (without raising offer price), based on the last announcement. A counter can be suspended if the Indonesian get a proxy to buy > 5% of the shares from the public in open market. In this way, the proxy will be deemed as a substantial shareholder and whether or not the proxy gives the Indonesians their accumulated shares, there will be less than 10% in the market. They had cheated once in the Suryamas Dutamakmur RTO voting, so I do not omit the possibility of them doing such dirty tricks again but when that happens. it will probably translate to a significantly higher share price than today. If they cheat (as above), the open market price will be higher than 33 cents. If they don' t we will force them to raise their offer price. If they don' t raise their offer price, they will have inject more than the public shareholders if QC issue came true. Anyway, I will just take Top Global private and just offload a few condos cheaply to settle the QC issue, the paper gain on Suryamas Dutamakmur shareprice is many times more than QC penalities. Lastly, let' s take clue from a similar story - Tiger Airways. Poor Tiger Airways shareholders have been losing money since listing, issued rights to raise money (like Top Global' s useless warrants) and wrote off huge investments in Philippines, Indonesia and Australia. When the write-offs are sufficient and business is about the return to profitability, Singapore airlines started Scoot and low-ball the shareholders of Tiger Airways, hoping to combine business functions of both brands. The Tiger Airways shareholders were sitting on massive losses and resisted the takeover until Singapore Airlines extended the offer date and raised the offer price. So this time, Top Global can win on two fronts as long as we reject the offer - whether they cheat or or not. |
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ProRobot
Member |
30-May-2017 12:15
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What is the regulator SGX doing, allowing extension after extension of offer?
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MarcPh
Senior |
30-May-2017 09:25
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Initially, the indonesians used QC as an excuse and threatened that they will only pay 33 cents per share if they can accumulate 90% of the shares After an extension of deadline to 30th May, they made another extension of their offer deadline to 19th June AND MOST IMPORTANTLY, the indonesians are reserving " the right to waive the 90 per cent. Acceptance Condition or reduce such condition to a level below 90 per cent." That means, the main underlying benefit of the whole privatisation move is beyond the QC issue. Now that Suryamas Dutamakmur has surged in share price, it is more tempting for them to take top global private at an ultra low-ball price and QC is a secondary issue. No doubt they will suppress the share price below 33 cents if the takeover fails, any capital injection for QC will require them to cough out more money because they had cornered the counter with their Suryamas Dutamakmur RTO. We had been sufficiently cheated with the unfair Suryamas Dutamakmur takeover voting which regulators refused to act (refer to earlier article) and our warrants turned worthless. Top Global is the heaviest long-term investment loss for many of us, in our lifetime. Give ourselves a chance, don' t let them think they can do whatever they want.
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jeremyow
Master |
23-May-2017 09:50
Yells: "Passionate business investor" |
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http://www.businesstimes.com.sg/stocks/hot-stock-top-global-jumps-on-privatisation-bid Seems that there is a high chance that the privatisation of Top Global may eventually go through. Ms Oei, the younger sister of prominent investor Oei Hong Leong has secured irrevocable undertakings that would bring the stake of SW International Holding which is the private investment vehicle to make the offer for taking over of Top Global Limited to about 77.4% of Top Global' s total issued share capital. See the link to the attached write up by Business Times for more details. |
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MarcPh
Senior |
23-May-2017 08:39
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Update: PT Suryamas Dutamakmur surged another 5-6% this week. PT Suryamas Dutamakmur accumulated appx 35% upside since delisting offer made for Top-global.
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MarcPh
Senior |
21-May-2017 22:44
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Heaven has eyes. As long as we resist the delisting by maintaining a 10% free-float, all the threats by the Indonesians about capital injection (even rights issue) will hurt these cheats more than the minority shareholders. So they will not act harsh. I hope they will, and we will die with them together since regulators left us in the lurch. Top global' s paper gain as the result of the massive 25% spike in the Indonesia subsidiary will be reflected when FY closes. Dear investors, please do not give up, give ourselves a chance.
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ozone2002
Supreme |
20-May-2017 13:08
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Not selling, offer price is too big a discount. raise the offer price to how much the company is actually worth instead of short changing shareholders |
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MarcPh
Senior |
20-May-2017 13:02
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Topglobal controls 71.5% of PT Suryamas Dutamakmur. The Indonesians who tried to delist topglobal didn' t tell you that this subsidiary share price increased by a whopping 25% in the past 2 months. Don' t let them take advantage of us again. |
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MarcPh
Senior |
16-May-2017 11:15
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Same here. I will not give them my shares. As of yesterday, they collected another 6% of the shares + 77% of their own. They need 90% to delist the company. The despicable Indonesians wanna squeeze us again with such a low-ball price after cheating in the RTO of PT Suryamas Dutamakmur. Now they want to frighten us with all the QC nonsense, come on lah, I have lost over 90% in this counter (warrants written off fully), additional losses don' t matter to me anymore liao. Any capital injection or consequences will also be borne by the greedy Indonesian cheats. I lose another a dollar, you gotta lose another thousand. Bring it on! |
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jm2212
Veteran |
15-May-2017 21:54
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Extend to 30th May now.....but i still won't sell to you | ||||
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jm2212
Veteran |
15-May-2017 16:11
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i' ve been saying this company is very " smelly" long ago.... too bad don' t know how to cut, stuck with it and loss 80% of capital (i had 5mil shares include the warrant before the share consolidation) |
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Daxtheman
Veteran |
14-May-2017 21:58
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Unfortunately, she already owned too much shares. Therefore, it's a lost cause. | ||||
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MarcPh
Senior |
14-May-2017 15:53
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Shame on TopGlobal for using QC as excuse to delist and scaremongering. They had cheat in the purchase of PT Suryamas Dutamakmur and regulators turned a blind eye. The small locally-listed developers that announced results this week claims that the property market has bottomed The Group is cautiously optimistic of the short term outlook for the Singapore residential property market as prices of the private residential appear to stabilize.
Source: http://infopub.sgx.com/FileOpen/Heeton_Announcement31Mar2017_Final.ashx?App=Announcement& FileID=453610 |
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MarcPh
Senior |
11-May-2017 07:19
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Read about Sabana' s investors revolting against the Vibrant group for the purchase of Changi South property from Vibrant group. Such a shame that our regulators did nothing for the PT Suryamas Dutamakmur purchase. These Indonesians bullied Top Global' s retail shareholders for years, now they are facing an ultra low-ball delisting offer when business is turning around. Top Global swings into the black in Q1 http://www.businesstimes.com.sg/companies-markets/top-global-swings-into-the-back-in-q1 |
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MarcPh
Senior |
27-Apr-2017 18:09
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The offer price is a steep > 70% discount to RNAV, " the Offer Price is below the range of the corresponding ratios of the Comparable Companies"
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MarcPh
Senior |
27-Apr-2017 18:06
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The offer price is a steep > 70% discount to RNAV, " corresponding ratios of the Precedent Privatisation Transactions" http://infopub.sgx.com/FileOpen/Offeree%20Circular%2027%20Apr%202017.ashx?App=Announcement& FileID=450606 Top Global shareholders got cheated once when regulators failed to investigate the off-market transfer of 300,000,000 shares (2.62% stake) to vote " minority" shareholders by the son Indonesian majority shareholder in October 2014 to vote in their favour to issue new shares (at dirt cheap valuaton), in exchange for PT Suryamas Dutamakmur. https://sg.finance.yahoo.com/news/top-global-limited-why-did-080000617.html |
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