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All done and dusted. Sad there was not a coalition of investors that could force the bidder to pay a higher number but a very good result nevertheless given my entry price.
Thanks for your view.
I have voted in favour. The price is final so the buyer clearly knows they have the votes. Knowing that there is no other buyer out there, this is the best price on the table and it is better to sell into the offer than for it to fail (which it will not anyway).
Dear all, have you sent in your proxy form for the court meeting yet? Are you voting FOR the resolution?
I have not sent in the proxy form yet.
I have not sent in the proxy form yet.
Or IFA not agreeing to ' fair and reasonable' because the offer isnt!
Alignment ( Date: 24-Nov-2025 10:30) Posted:
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Curious why this process is taking so much longer than the Mandarin one, where the vote date is out already despite the announcement being later.
Is Spindex struggling to get the votes and negotiating with a shareholder to increase their offer price in return for an irrevocable?
Is Spindex struggling to get the votes and negotiating with a shareholder to increase their offer price in return for an irrevocable?
Certainly there will be some existing shareholders who are willing to settle at the current offer price. But some of these are selling now at $1.42 as they don&rsquo t want to wait.
One related relevant factor may be the number of shares traded between now and the vote. Given the limited upside of the current offer price, it may be the case that many shareholders buying in now are those who are most inclined to push for a higher price &ndash some of these would be specialist institutional investors that do this for a living. After the offer was announced last Friday, in the last week 0.9m shares were traded. Assuming 10 weeks between offer announcement and the scheme vote (which was the period seen in the recent Grand Venture deal) if shares are traded at the rate as in the last week that would mean 9m shares would be traded before the vote. Given the number of shares that can vote are 28.9m, 9m shares represent 31% of the voting shareholder base, more than the 25% needed to block the scheme. So at this point given these stats I think the possibility is there that the buyer will need to raise their offer to get the deal done. Not saying it&rsquo s a certainty obviously. Let&rsquo s see.
One related relevant factor may be the number of shares traded between now and the vote. Given the limited upside of the current offer price, it may be the case that many shareholders buying in now are those who are most inclined to push for a higher price &ndash some of these would be specialist institutional investors that do this for a living. After the offer was announced last Friday, in the last week 0.9m shares were traded. Assuming 10 weeks between offer announcement and the scheme vote (which was the period seen in the recent Grand Venture deal) if shares are traded at the rate as in the last week that would mean 9m shares would be traded before the vote. Given the number of shares that can vote are 28.9m, 9m shares represent 31% of the voting shareholder base, more than the 25% needed to block the scheme. So at this point given these stats I think the possibility is there that the buyer will need to raise their offer to get the deal done. Not saying it&rsquo s a certainty obviously. Let&rsquo s see.
n3wbie ( Date: 04-Oct-2025 08:41) Posted:
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Unsure how many family and friends are holding as non-concert who would vote in favour so upside may be limited at current levels with the upcoming 2c dvd. The hope is that it gets push to do a revised offer as we have seen for many other recent deals, Sinarmas, etc. Good luck and all the best.
Alignment ( Date: 03-Oct-2025 21:00) Posted:
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Managed to get some today but it seems like this is the level that everyone wants to buy at so a lot of competition for stock. I wonder how these shares that have changed hands are looking to vote
Tried to buy at 1.42 today but did not succeed. Will see if I have more luck tomorrow if not at some point need to set a higher limit order.
Yes exactly.
The offeror ultimately very much wants to get the deal done because they know how good a deal this is for them. They therefore do not want to declare the bid is final because they would not then be allowed to increase the price if they encounter resistance and for the deal to fail at the current offer price. They will only declare the deal final once they know the bid will go through, so they will spend the next few weeks getting feedback to see how much they need to increase the offer price by to get it over the line. It is at this higher offer price which they are certain to go through that they will declare final.
The offeror ultimately very much wants to get the deal done because they know how good a deal this is for them. They therefore do not want to declare the bid is final because they would not then be allowed to increase the price if they encounter resistance and for the deal to fail at the current offer price. They will only declare the deal final once they know the bid will go through, so they will spend the next few weeks getting feedback to see how much they need to increase the offer price by to get it over the line. It is at this higher offer price which they are certain to go through that they will declare final.
n3wbie ( Date: 27-Sep-2025 14:02) Posted:
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Key thing is the offer price is not final
Alignment ( Date: 27-Sep-2025 13:43) Posted:
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Yes, exactly tangible book value of $1.45 if you include the permitted $0.02 dividend.
So the Tans are buyers not sellers. That' s a shame for us minority shareholders because then they want a low rather than high offer.
The silver lining is that as they are buyers they cannot vote, so the decision is left to us minority shareholders alone. I for one will be saying no at this price and if the share price remains below the offer I may be buying more. I think the possibility of minorities blocking this deal if they do not increase their price is real given the cash on balance sheet means there is not much downside for minority shareholders if the deal falls away. For the same reason the offeror can clearly offer a lot more.
I think it&rsquo s clear the offeror has a choreography in mind. They launch this lowball offer at tangible book which to be fair is not insulting enough to enrage people but still low, people like us complain and they bump the offer price up a couple of % ($1.50-1.55 perhaps?) and both sides go home reasonably happy and saving face.
So the Tans are buyers not sellers. That' s a shame for us minority shareholders because then they want a low rather than high offer.
The silver lining is that as they are buyers they cannot vote, so the decision is left to us minority shareholders alone. I for one will be saying no at this price and if the share price remains below the offer I may be buying more. I think the possibility of minorities blocking this deal if they do not increase their price is real given the cash on balance sheet means there is not much downside for minority shareholders if the deal falls away. For the same reason the offeror can clearly offer a lot more.
I think it&rsquo s clear the offeror has a choreography in mind. They launch this lowball offer at tangible book which to be fair is not insulting enough to enrage people but still low, people like us complain and they bump the offer price up a couple of % ($1.50-1.55 perhaps?) and both sides go home reasonably happy and saving face.
n3wbie ( Date: 27-Sep-2025 10:47) Posted:
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To your point my friend - offer made at book value. Company remains significantly undervalued.
Alignment ( Date: 05-Sep-2025 10:51) Posted:
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Privatisation offer by way of scheme of arrangement - $1.43 per share
https://links.sgx.com/1.0.0/corporate-announcements/1GMSB8YKKB7XWK8B/860281_Spindex-Joint%20Announcement.pdf
They basically have $60m of cash which is just sitting there doing nothing, barely even earning interest. They make $15.5m a year net profit, apply a multiple of 10x to that to get $155m plus the $60m cash and that gets you a $215m market cap i.e. $1.86 a share doing nothing to the company except being more capital efficient which anyone can do. I imagine this is closer to what management wants to get.
" The discussions are ongoing" .
The Tans own 75%. They have run the business for over 35 years and now into the second generation. No way they will sell a profitable business that they have invested their lives into below tangible book value which is $1.45. Given it is profitable (and could be much more so if they used their balance sheet more efficiently) they are probably asking for quite a bit more.
Question is whether there is a meeting of minds between buyer and seller at such a price?
The Tans own 75%. They have run the business for over 35 years and now into the second generation. No way they will sell a profitable business that they have invested their lives into below tangible book value which is $1.45. Given it is profitable (and could be much more so if they used their balance sheet more efficiently) they are probably asking for quite a bit more.
Question is whether there is a meeting of minds between buyer and seller at such a price?
Hoping for that and have been for many years!
Alignment ( Date: 11-Aug-2025 09:37) Posted:
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Any new takeover news? The share price jumped in the last two days.
Sure he could already have retired after round 1!
Perhaps it is KKR again interested here?
Perhaps it is KKR again interested here?
n3wbie ( Date: 09-Aug-2025 11:18) Posted:
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