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he was nv going to get 90% anyway. time to go to sleep again. better not to bother with all these stuff unless he sticks in the compulsory acquisition
SOURCE - http://www.valuebuddies.com/thread-1992-page-6.html
With a tighter grip on GPH, perhaps share price will gradually moved up to the last reported book value of 64 cents in line with the manner in which other related companies (Fragrance, Aspial, Maxi-$) share prices have been moving...
GPH chairman acquires 75.94% stake in hotel chain
Published on Apr 26, 2014 1:07 AM
Mr Koh is founder, executive chairman and chief executive of Fragrance Group, the GPH holding company.
By Ivan Teo
MR KOH Wee Meng, chairman of Global Premium Hotels (GPH), has amassed a 75.94 per cent stake in the company after the close of his offer on Thursday.
On March 13, Mr Koh announced an offer to acquire shares in GPH for 33 cents each though he said he intended to maintain the company' s listing status.
GPH, one of Singapore' s largest hotel chains, operates 22 hotels under the " Fragrance" and " Parc Sovereign" brands.
Mr Koh is a non-executive director and a controlling shareholder who commanded about 59 per cent of shares in the company prior to the offer.
His stake is derived mainly through a 52.28 per cent stake held by Fragrance Group, the holding company of GPH. The other 6.8 per cent is held directly.
Mr Koh is the founder, executive chairman and chief executive of Fragrance Group.
In addition, he will not compulsorily acquire the remaining shares as Fragrance Group has given an irrevocable undertaking not to accept the offer or dispose of its shares during the offer.
Mr Koh had earlier stated that he does not plan to lift the offer price or extend the offer period.
He has also argued that he had offered a very attractive price for the shares that would help shareholders realise their investment for cash.
The offer represented a premium of about 13.8 per cent over GPH' s last transacted price of 29 cents a share on March 12.
It was also at a premium of 11.9 per cent over the highest closing price for the shares since its initial public offering up to that date.
GPH was listed on the Singapore Exchange two years ago.
The independent financial adviser Provenance Capital appointed to advise the GPH board on the offer said the financial terms set out were fair but not compelling.
In a circular released on April 10, Provenance Capital advised shareholders who take a short- term view to accept the offer or sell their shares on the open market. However, those prepared to take a longer-term view may want to retain all or part of their shareholdings in GPH.
The offer was competitive given the market share price, but not so compelling given the net asset value, according to the circular.
As at Dec 31, 2013, GPH' s net assets and net asset value per share were about $673.19 million and 64 cents respectively, the circular said.
GPH' s shares rose 0.5 cents to close at 33 cents yesterday.
[email protected]
CLOSE OF THE OFFER
The Offeror also wishes to announce that the Offer has closed at 5.30 p.m. on Thursday, 24
April 2014.
Accordingly, the Offer is no longer open for acceptance and any acceptances received
after 5.30 p.m. on Thursday, 24 April 2014 will be rejected.
Aggregate shareholdings of the Offeror
. Accordingly, as at 5.30 p.m. on 24 April 2014, the
Offeror and parties acting in concert with the Offeror owned, controlled or have agreed to
acquire an aggregate of 798,907,393
Shares, representing approximately 75.94 per cent of the
Shares in issue as at the date of this AnnouncementHow many more shares will Mr Koh need to acquired to hit 90%?
Anything new from this?
anyway here' s a secret as to why u shld nv trust present value or fair value given by brokers--its all made up bullshit.
give a person with decent modelling training the same set of numbers from the financial statements and he ll be able to show u tt the fair value of the stock should be $5 if his boss tells him to give $5
sell if u think its worth less than 0.33. hold if u think its worth more. but it wld be real stupid to let the brokers tell u what to do be it lim n tan or ocbc
Do not be fooled by game played by the XX.
NAV > $0.63?? Will continue to go up in Singapore
with the scarce land we have. Most hotel properties in prime land + free holds
A litter worry it drop back to 300 after the open purchase closed.....
Urr.. why you copy my post word for word instead of quoting, if that' s your intention? haha, never mind. The prospect look good for this stock. The hotels are generating steady flow of cash every month, unless for some reason occupancy rate drop, if not, price will be steady and up.
leakedmiley ( Date: 01-Apr-2014 19:26) Posted:
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Holding on unless it is above 40
leakedmiley ( Date: 01-Apr-2014 19:26) Posted:
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Hold the stock! If nothing the lands the hotels sit on already worth a lot of money. Don' t sell. Once the dust is settle the stock will still be listed, why sell now?
Anyone today morning attended the AGM, any comments ?
HVRRVH ( Date: 26-Mar-2014 21:50) Posted:
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Yup the fact that it is now trading above offer price say something about it. If it trade even higher in the days to come than Lim and tan is right, and I hope they are right.
dogbone1 ( Date: 26-Mar-2014 21:45) Posted:
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Its been hanging around 0.335 SGD - 0.340 SGD ............ Kinda boring at this juncture. 
Two party have different view but I support Lim & Tan as OCBC is the IPO placement house.
HVRRVH ( Date: 26-Mar-2014 21:24) Posted:
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But Lim & Tan say reject the offer. So I guess we have to decide ourselves. Differing views are welcome.
sanuks ( Date: 26-Mar-2014 21:19) Posted:
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OCBC recommended to take the offer. As that is the future value of the counter.
HVRRVH ( Date: 26-Mar-2014 21:13) Posted:
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Hold the stock! If nothing the lands the hotels sit on already worth a lot of money. Don't sell. Once the dust is settle the stock will still be listed, why sell now?
Hit $0.34, offer @$0.33!!!! Who is this Sanuks? Sanuk KOH?
Global Premium Hotels shareholders urged to accept S$0.33 offer price No price increase or extension coming.
Shareholders of Global Premium Hotels (GPHL) would be wise to accept the offer price of $0.33 for each offer,
according to OCBC Investment Research, noting the recent announcement that the offeror, Mr. Koh Wee Meng,
does not intend to revise the offer price. In accordance with Rule 20.2 of the Singapore Code on Take-over and Mergers,
the offeror will not be allowed to subsequently amend the terms of the offer, including the offer price, in any way.
The offeror intends to despatch the Offer Document on 27 March 2014 and fix the closing date of the offer on 24 April 2014.
The offeror also does not intend to extend the Offer beyond 5.30 p.m. on the closing date. Alternatively, OCBC advised that
shareholders may sell their shares in the market before the closing date for a higher price if possible. " The offer is at our FV of S$0.33,"
noted OCBC. " While 4Q13 revaluation gain of land and hotel buildings of S$259.5m helped to boost NAV to 64.0 S cents as of end-Dec
from 39.6 S cents as of end-Sep, GPHL has been trading at an average price of only around S$0.26 over the past year (before the announcement of
the offer)," it added. -