Raffles United   

The offer not fair and reasonable

In march 2019 share price is around $0.05, announce right price also %0.05. then share holder sure not take the right. then story start .....

 

"If convicted, the trio face imprisonment of up to seven years, or a fine of up to S$250,000, or both, on each count of the Section 197(1)(b) SFA charge."

At most just fine only. Sup sup water. Jail is to scare only.

 

Three charged with false trading of former mainboard-listed Raffles United

Three former key management executives of Raffles United Holdings have been charged for false trading offences under the Securities and Futures Act (SFA), purportedly to inflate the share price of the former mainboard-listed company.

In a press statement on Friday, the Singapore Police Force (SPF) said the three individuals had conducted trades between December 2016 and March 2018 to " push up the price of Raffles United shares" .

The individuals were not named, and were referred to by the SPF only by their former designations in the company.

Raffles United' s former managing director and former chief financial officer (CFO) were each charged with three counts under Section 197(1)(b) of the SFA, while its former director of business development was charged with four charges.

The former managing director had allegedly purchased Raffles United shares through the accounts of two other persons, while the former CFO and former director of business development had allegedly performed cross trades with each other.

If convicted, the trio face imprisonment of up to seven years, or a fine of up to S$250,000, or both, on each count of the Section 197(1)(b) SFA charge.

Bearings and seals supplier Raffles United was delisted in December 2019, after a compulsory acquisition from offeror GATXH Holdings, a vehicle for then-executive director Teo Xian-Hui Amanda Marie.

Ms Teo is the daughter of Raffles United' s then-managing director Teo Teng Beng.

The duo, along with then-CFO Ho Hui Min, were interviewed by the Commercial Affairs Department (CAD) in May 2018 as part of investigations into potential breaches of the SFA.

Back then, several other individuals linked to the company, including Koh Hai Yang, business development director of Raffles United' s subsidiary Kian Ho, were also interviewed by the CAD.

 

 

Compulsory Acquisition 

 

Some companies use tricks to deceive investors

lifeisgood      ( Date: 26-Oct-2019 11:46) Posted: Think they are openly slapping SGX and MAS face. Would be interesting to see how they react. hschsc      ( Date: 26-Oct-2019 08:19) Posted: Very problematic.

 

Think they are openly slapping SGX and MAS face. Would be interesting to see how they react.

hschsc      ( Date: 26-Oct-2019 08:19) Posted: Very problematic. lifeisgood      ( Date: 25-Oct-2019 22:03) Posted: Father and daughter to join force again to form new company to offer again. What an igenious way to circumvent GO rule

 

Very problematic.

lifeisgood      ( Date: 25-Oct-2019 22:03) Posted: Father and daughter to join force again to form new company to offer again. What an igenious way to circumvent GO rule. newbiexpert      ( Date: 25-Oct-2019 19:12) Posted: general offer again  voluntary unconditional general offer $0.065

 

Father and daughter to join force again to form new company to offer again. What an igenious way to circumvent GO rule.

newbiexpert      ( Date: 25-Oct-2019 19:12) Posted: general offer again  voluntary unconditional general offer $0.065

 

general offer again 
voluntary unconditional general offer $0.065

 

THE general offer to privatise mainboard-listed Raffles United is " not fair and not reasonable" , the independent financial adviser (IFA) for the company& rsquo s independent directors said on Friday.

But Raffles United  is  slated to be delisted its free float has already fallen below 10 per cent.
 

In a circular published on Friday, IFA Asian Corporate Advisors advised minority shareholders to reject Ms Teo& rsquo s S$0.065 per share cash offer.

The financial terms of the offer are not fair, the IFA said: " The offer price is at a steep discount of approximately 71.9 per cent from the  adjusted RNAV (revalued net asset value) and/or RNTA (revalued net tangible asset value) per share." Furthermore, the offer values Raffles United at only 0.3 times NAV, lower than the median of 1.0 times NAV for Singapore stocks that were successfully privatised by way of a general offer since 2017.

 

https://www.businesstimes.com.sg/companies-markets/offer-for-raffles-united-not-fair-and-not-reasonable-ifa

So SGX the new rules can work with this company to help minority share holder???