Top Global   

Reject the delisting offer by Indonesians

Top Global privatisation offer closes with 95.9% valid acceptances

The voluntary unconditional cash offer for Top Global has closed with valid acceptances representing 95.89 per cent of the total number of shares, the company said in a bourse filing on Monday.

The offer closed at 5.30 pm on June 28. It was made in April by Top Global executive director and controlling shareholder Sukmawati Widjaja through her investment vehicle SW Investment Holding, with an offer price of S$0.39 per share.

As the free float has fallen below 10 per cent, a request will be made to the Singapore Exchange to suspend trading in Top Global shares before 9 am on Tuesday.

The offeror intends to exercise its right of compulsory acquisition to acquire all the remaining Top Global shares, and has applied to delist the company.

Top Global shares closed down 0.5 Singapore cent or 1.28 per cent to S$0.385 on Monday.

 

 

They need less than 0.9% to delist Top Global. 

 

https://www.businesstimes.com.sg/companies-markets/time-to-consider-better-protections-for-minorities-in-privatisation-bids

 

In accordance with Rule 15 of The Singapore Code on Take-overs and Mergers (the " Code" ), and subject to the terms and conditions set out in the formal offer document to be issued by CIMB for and on behalf of the Offeror (the " Offer Document" ), the Offeror will make the Offer for the Offer Shares on the following basis:

For each Offer Share: S$0.39 in cash (the " Offer Price" ).

The Offer Price is final and the Offeror does not intend to revise the Offer Price

Walkalone      ( Date: 30-Apr-2021 07:55) Posted: If it is privatization, I believe they will get OCBC to help them. OCBC was involved in the last privatization attempt in 2017.

 

If it is privatization, I believe they will get OCBC to help them. OCBC was involved in the last privatization attempt in 2017. 

 

As expected, the top global ask for trading halt!
What will be the annoucement???

ProRobot      ( Date: 08-Apr-2021 16:21) Posted: As Top Global shares are getting illiquid with the number of shares traded in the market shrinking, lack of investor interest and low trading activity, it will be not be of any advantages for the Top Global to continue listing and incur the high cost of yearly listing and auditing. The longer they hold off delisting, the more cost they incur. Also the Indonesia should have seen value in the company which they can milk dry if not they wont continue to accumulate the stock to get it delisted. Walkalone      ( Date: 08-Apr-2021 15:39) Posted: Not just the buyer at 39 cents yesterday, I find the seller very suspicious, like acting in tandem for that moment.  Of course, what you assume is even more dirty, use a proxy to collect a few percent and announce married deal to the Indonesians (86.16%) and then cross 90% holding. Retail investors can' t do anything. In the last annual report, the indonesian mother and son are paying themselves in excess of $4m in total every year, no wonder Top Global can' t make money. The market cap used to be only $40m up to two months ago.  Lastly, the upcoming AGM and EGM resolutions look unappealing but with 86.16% in hand, they don' t need to buy any support from retail market.

 

The mother and son draw in excess of $4 million from the company each year which is more than ten percent of the market cap prior to March 2021. 

• I don' t know the SGX regulations well, I cannot understand why there is no need to make a general mandatory offer. OCBC should be the one advising them in 2017 & now.
• If there is no regulatory requirement to make a general offer, if they patiently wait long enough, they can probably acquire another 3.04% from open market to delist the company when they exceeded 90% control.
• They are keen to approve  new-share issue mandate in AGM/EGM. Pertaining to your question, we will get a clearer picture after AGM/EGM two weeks later. 

ProRobot      ( Date: 13-Apr-2021 11:13) Posted: Any chance that the delisting come with 10-20% premium over the trading price over 4 weeks period? Walkalone      ( Date: 13-Apr-2021 09:28) Posted: As of last friday, the indonesians increased share holdings to 86.96%. Now, we see if these buyings are related to 28th April morning AGM/EGM. Since it is web-based, there' s little interaction between shareholders.  39 is the support now.  Technically, it is now harder to justify any delisting attempts by the Indonesians at 39-level.

 

Any chance that the delisting come with 10-20% premium over the trading price over 4 weeks period?

Walkalone      ( Date: 13-Apr-2021 09:28) Posted: As of last friday, the indonesians increased share holdings to 86.96%. Now, we see if these buyings are related to 28th April morning AGM/EGM. Since it is web-based, there' s little interaction between shareholders.  39 is the support now.  Technically, it is now harder to justify any delisting attempts by the Indonesians at 39-level.

 

As of last friday, the indonesians increased share holdings to 86.96%. Now, we see if these buyings are related to 28th April morning AGM/EGM. Since it is web-based, there' s little interaction between shareholders. 

39 is the support now.  Technically, it is now harder to justify any delisting attempts by the Indonesians at 39-level. 

 

Just announced, they bought yesterday at 39 cents. 
86.92% now

who sold that kind of volume to them
and buy/sell keep quiet today

ProRobot      ( Date: 08-Apr-2021 16:21) Posted: As Top Global shares are getting illiquid with the number of shares traded in the market shrinking, lack of investor interest and low trading activity, it will be not be of any advantages for the Top Global to continue listing and incur the high cost of yearly listing and auditing. The longer they hold off delisting, the more cost they incur. Also the Indonesia should have seen value in the company which they can milk dry if not they wont continue to accumulate the stock to get it delisted. Walkalone      ( Date: 08-Apr-2021 15:39) Posted: Not just the buyer at 39 cents yesterday, I find the seller very suspicious, like acting in tandem for that moment.  Of course, what you assume is even more dirty, use a proxy to collect a few percent and announce married deal to the Indonesians (86.16%) and then cross 90% holding. Retail investors can' t do anything. In the last annual report, the indonesian mother and son are paying themselves in excess of $4m in total every year, no wonder Top Global can' t make money. The market cap used to be only $40m up to two months ago.  Lastly, the upcoming AGM and EGM resolutions look unappealing but with 86.16% in hand, they don' t need to buy any support from retail market.

 

As Top Global shares are getting illiquid with the number of shares traded in the market shrinking,
lack of investor interest and low trading activity, it will be not be of any advantages for the Top Global
to continue listing and incur the high cost of yearly listing and auditing.
The longer they hold off delisting, the more cost they incur.

Also the Indonesia should have seen value in the company which they can milk dry if not they
wont continue to accumulate the stock to get it delisted.

Walkalone      ( Date: 08-Apr-2021 15:39) Posted: Not just the buyer at 39 cents yesterday, I find the seller very suspicious, like acting in tandem for that moment.  Of course, what you assume is even more dirty, use a proxy to collect a few percent and announce married deal to the Indonesians (86.16%) and then cross 90% holding. Retail investors can' t do anything. In the last annual report, the indonesian mother and son are paying themselves in excess of $4m in total every year, no wonder Top Global can' t make money. The market cap used to be only $40m up to two months ago.  Lastly, the upcoming AGM and EGM resolutions look unappealing but with 86.16% in hand, they don' t need to buy any support from retail market.  ProRobot      ( Date: 08-Apr-2021 15:27) Posted: I presume the collection is by a third party on behalf of the Indonesian, Once the collection is sufficient, they will do a married deal and annouce it in SGX.

 

Not just the buyer at 39 cents yesterday, I find the seller very suspicious, like acting in tandem for that moment. 

Of course, what you assume is even more dirty, use a proxy to collect a few percent and announce married deal to the Indonesians (86.16%) and then cross 90% holding. Retail investors can' t do anything. In the last annual report, the indonesian mother and son are paying themselves in excess of $4m in total every year, no wonder Top Global can' t make money. The market cap used to be only $40m up to two months ago. 

Lastly, the upcoming AGM and EGM resolutions look unappealing but with 86.16% in hand, they don' t need to buy any support from retail market. 

ProRobot      ( Date: 08-Apr-2021 15:27) Posted: I presume the collection is by a third party on behalf of the Indonesian, Once the collection is sufficient, they will do a married deal and annouce it in SGX.

 

Fundamental come into play....recent rally on those old blue chips that are still bleeding from the COVID is premature and likely pump and dump. Will take years before they regain their footings!!! Glove and protective companies are making huge piles of cash and still making yet got dump till penny....just take a US company to launch few takeovers and the industry will be woken up and share price quadrupled!!! 

 

I presume the collection is by a third party on behalf of the Indonesian,
Once the collection is sufficient, they will do a married deal and annouce it in SGX.

 

Yesterday volume was recent year high, 2500 lots. First half of today just 5 lots.

Some thoughts in my mind:

• Why SGX never flag or asked the company about the massive surge in volume?
• Yesterday, buyer refused to pay 0.5cents more. Looks like yesterday buyer is not the same buyer/buyers who bought at 39.5 to 42 cents recently.
• Why so quiet today, these people just switching ownership among themselves on yesterday?

 

Such huge volume and buying interest today and even ended the day with a massive bid-queue, but yet unwilling to inch 0.5cents higher.

It is like an orgy took place but the bedsheet is neat.

 

Yes, rightfully even the sellers should be made knowned, who had the shares to transfer 7% to her in March?

And who has so much shares to offload at same price today? Also weird that the buyer ended the day with 1600 lots in buy-bid but the whole day, not a single share traded above 39.5cents.

ProRobot      ( Date: 07-Apr-2021 17:22) Posted: I has been wondering who has been accumulating without declaring the acquisition. Did any third party buyer buy up for the Indonesian bypassing the annoucement? With 86.16% in the Indonesia pocket, I still believe the Indonesia will go for delisting sooner or later. Walkalone      ( Date: 07-Apr-2021 16:56) Posted: Over 2500 lots done. For such volume, usually the price will big crash or spike. What is the price stagnant at 39cents? churning? Buyer - Indonesian? Why they refuse to inch higher than 39cents? Seller - Indonesian or Short-seller? Which retail investor has such big volume to sell and all at the same price? Or is it just change of control for voting in upcoming AGM, like the RTO vote in 2014?

 

I has been wondering who has been accumulating without declaring the acquisition.
Did any third party buyer buy up for the Indonesian bypassing the annoucement?
With 86.16% in the Indonesia pocket, I still believe the Indonesia will go for delisting sooner or later.

Walkalone      ( Date: 07-Apr-2021 16:56) Posted: Over 2500 lots done. For such volume, usually the price will big crash or spike. What is the price stagnant at 39cents? churning? Buyer - Indonesian? Why they refuse to inch higher than 39cents? Seller - Indonesian or Short-seller? Which retail investor has such big volume to sell and all at the same price? Or is it just change of control for voting in upcoming AGM, like the RTO vote in 2014?

 

Over 2500 lots done. For such volume, usually the price will big crash or spike.

What is the price stagnant at 39cents? churning?

Buyer - Indonesian? Why they refuse to inch higher than 39cents?
Seller - Indonesian or Short-seller? Which retail investor has such big volume to sell and all at the same price?

Or is it just change of control for voting in upcoming AGM, like the RTO vote in 2014?

 

Looks like today?s volume will be recent year high.