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cahoots between CEO Fang & CEL to take advantage of minority shareholders ? SGX please look into it
Precisely the point ! Why CEO Fang unloaded all 30% shares at 14ct to CEL with co NAV 44cts ? Is this a true deal on arm length or is it Fang has been offer something else by CEL not disclosed ? The 14cts disposed by Fang is it just a ?surface? plot to let CEL offer the same price to all the existing shareholders? Because CEL has to offer the same to all existing shareholders what they bought from Fang . Why Fang disposed off at 14cts so much below the NAV of the co ? Comedy they is surely some hanky panky begins the scene , don?t take us small investors as stupid. SGX should investigate this deal which may not be an arm-length transaction first of all rather then a Low-ball tactic plot to take advantage of ?Low? price offer to buy out from the rest of the investors!
bobiewong ( Date: 05-Apr-2019 22:06) Posted:
| What is the NAV of SGD 0.44 reported end of 2018? Is it the value of the acquired land plot for future property development? If so, the land plot must have appreciated in value over time. Will Mr Fang be so stupid to sell his share way below the Asset Value? Come on SGX, we need to look at what is behind the deal. The current share value is not reflective of the actual value of the company. If major share holder can sell the assets cheap, could he have negotiated for something else with Everbright, which no body knows. This is fishy. |
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What is the NAV of SGD 0.44 reported end of 2018? Is it the value of the acquired land plot for future property development? If so, the land plot must have appreciated in value over time. Will Mr Fang be so stupid to sell his share way below the Asset Value? Come on SGX, we need to look at what is behind the deal. The current share value is not reflective of the actual value of the company. If major share holder can sell the assets cheap, could he have negotiated for something else with Everbright, which no body knows. This is fishy.
Soon we shall know CEL real intention. Talks are dirt cheap.
Let see if CEL James Pan honoured his word what he said in Aptil 2015 back then or just another *%*& # .
He also said
" Mr Fang won' t just sell his shares and leave," Mr Pan said. This is exactly what happened !
People will remember what you have said. "
If the company ever considers delisting from Singapore, " we will give shareholders a generous offer" , he said. "
Delisting from SGX not on the agenda so far: Ying Li
Section: COMPANIES & MARKETS
By: CAI HAOXIANG
Publication: The Business Times 30/04/2015
China developer says shares at depressed valuations due to market issues, not management issues
[email protected]
@HaoxiangCaiBT
Singapore
DESPITE its peers in China trading at far richer valuations, Singapore Exchange (SGX)-listed Chongqing commercial developer Ying Li International Real Estate has no intentions of delisting from Singapore so far, executive chairman Fang Ming told The Business Times.
Shares have been at depressed valuations because of market issues, not management issues, Mr Fang said of his company which recently expanded into Beijing.
He roped in Chinese state-owned enterprise (SOE) China Everbright to help strengthen the company' s fundamentals so as to improve market valuations, he said.
" We have been affected by the mood around S-chips. There' s nothing fair about it. But now that we' re in Singapore we need to do our work well and get the fundamentals right. If we do it well, I believe the market will recognise it," he said in Mandarin in an interview on Tuesday night.
He added that compared to China, the Singapore market is small but more mature.
James Pan, Ying Li' s non-executive deputy chairman who is responsible for the real estate investment business at Hong Kong-listed China Everbright Limited (CEL), added that while delisting has not come up on the agenda at board meetings, the company " also doesn' t leave out the option if there' s an opportunity" . If the company ever considers delisting from Singapore, " we will give shareholders a generous offer" , he said.
He added that China Everbright takes a long-term shareholder' s point of view, and is not interested in speculation. " Mr Fang won' t just sell his shares and leave," Mr Pan said.
Ying Li' s last traded price on Wednesday was 26 Singapore cents. Its net asset value per share as at end-2014 was 1.96 yuan, implying a price-to-book ratio of 0.62.
Competitor Jinke group, one of Chongqing' s largest developers, is trading at 3.3 times book value on the Shenzhen Stock Exchange. Vanke, China' s largest residential developer, is trading at 1.8 times book value in Shenzhen and 2 times book value in Hong Kong.
Ying Li listed on Singapore Exchange mainboard in 2008 via a reverse takeover of former Catalist-listed Showy International. It subsequently made a private placement in 2009 at 61 cents a share. Since then shareholders have gone through a volatile ride, with shares hitting 89.5 cents in 2009, 20 cents in 2011, 53.5 cents in 2013 and 20 cents last month.
At the company' s annual general meeting on Tuesday morning, shareholders vented their frustration on the company' s depressed share price and its lack of dividends.
On dividends, lead independent director Christopher Chong said he encourages shareholders to bring up the matter. The company' s bankers do not like the company to pay dividends. The company also does not like to be taxed by the Chinese government on the dividends it declares, he said. The withholding tax rate is 10 per cent.
CEL announced its investment in Ying Li last July. CEL' s Mr Pan told shareholders that since then, the company has delivered a lower debt ratio, increased assets, and a diversification into Beijing.
Ying Li said in end-2014 that it is investing 559 million yuan (S$119 million) in a joint project with CEL, a mixed-use development project in Beijing' s Tongzhou District.
In a capital-intensive business, the backing of an SOE can lead to lower funding costs, he said. " If you want a stock price to go up, forget about the market, the most important thing is the fundamentals."
" Mr Fang is working hard to deliver value. It didn' t work out. That' s the reason he is working with us."
It is not a serious offer to buy a lot of shares because it says here that the intention is to keep the listing status. The preference shares allow CE to add more at a much higher level. As a shareholder, I' m actually quite pleased by this action as 14c becomes a quasi floor price and the shares should trade higher.
Yet another lowball offer by billionaire CS/MS. Too many of such cases in SGX, this recurrent pattern is clear as day.
Never ever trust penny stocks controlled by individual billionaire CS/MS........................
Ying Li gets 14 cents/share offer from China Everbright unit
03/04/19, 05:58 pm
SINGAPORE (Apr 3): Ying Li International Real Estate, the Chongqing-based property developer, has received a 14 cents cash offer from a subsidiary of Hongkong-listed investment holding company China Everbright for all the shares it does not own.
The offer values Ying Li at $358 million given the company has a share capital of 2.56 million shares as at Wednesday.
The mandatory general offer made through State Alpha was triggered following the acquisition of a 30% stake in Ying Li by the offeror from Newest Luck Holdings, which brings the total stake owned by the offeror and parties in concert to 58.91%.
The 14 cents offer is 1.4% higher than the last transacted price of 13.8 cents on Tuesday and 5.9% higher than the 13.2 cents VWAP of Ying Li shares for the 1-month period prior to and including the last transacted date.
The offer price is also 66.1% below Ying Li&rsquo s NAV of 41.3 cents as at Dec 31 2018.
China Everbright intends to maintain the listing status of Ying Li and says it will be in a better position to improve the performance of the Ying Li and support its strategy and growth plans over the medium to long term by leveraging on its expertise, execution capabilities, existing network and strong relationships with Chongqing authorities.
The acquisition is also expected to improve the profile of the company in the equity and debt capital markets with China Everbright indirectly owning a majority of the shares.
China Everbright says it may undertake a strategic and operational review of the organisation, business and operations of the company with a view to realise synergies and growth potential This may involve the disposal or cessation of under-performing businesses and assets and the redeployment of certain employees of the company and its subsidiaries.
DBS is the financial adviser to the offeror.
https://www.theedgesingapore.com/?q=ying-li-gets-14-centsshare-offer-china-everbright-unit
Yup they will keep the status , consolidate the shares and issue more rights and ROB more money . HAHA Yingli is a cash COW.
Observers ( Date: 04-Apr-2019 09:32) Posted:
| Seems like Everbright wants control as well as keeping SGX listing status. Wonder if there will be any name changes. |
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Seems like Everbright wants control as well as keeping SGX listing status. Wonder if there will be any name changes.
Our SGX and government will tell you " BLAME YOURSELF, WHO ASK YOU TO BUY" YOU SHOULD KNOW THE RISK. " ACCEPT AND MOVE ON"
shadow ( Date: 04-Apr-2019 00:11) Posted:
Well , who to blame for all these ?
SGX is in the top list to blame for allowing so many ' junk' poor IPO listings, poor sentiment with ' outdated' rules not protecting minorities shareholders dampen investor confidence , the " watchdog" simply not doing its job - deaf ears for very long & rather just sit & ' watch' only and doing nothing to restore market confidence etc etc .. Many feedbacks & complains have been highlighted. Many retail investors are upset with SGX ! Wake-up lah SGX -- going to a third class stock exchange!
nqing87 ( Date: 03-Apr-2019 23:50) Posted:
| well, with the poor market sentiment in singapore stock exchange, it gives the opportunity for BB to delist cheaply.. we can only blame our fearful retailers like us who is staying sidelines cos of anticipating the coming possible 12 year cycle financial crisis, and the many frauds in listed companies that dampen investor confidence to invest in small counters.. |
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singaporean are never united la. PLEASE, we are all the BO CHA. People will tell you its your problem not mine. This is what our government wants. " MIND YOUROWN BUSINESS" Mentality
fundamentalhero ( Date: 03-Apr-2019 22:47) Posted:
People need to have the courage to stand up and speak out
Mr Tan Kin Lian, former NTUC Income CEO talks about the lack of courage to speak up in Singapore. This is the last part of the speech he made at the protest event held at Hong Lim Park on 30 March
https://www.facebook.com/watch/?v=2110580592566446
shadow ( Date: 03-Apr-2019 20:36) Posted:
Day light robbery again !
NAV 44cts paying 14cts to takeover ? (66% discounted)
What is IFA going to say this time ? " NOT FAIR BUT REASONABLE" again!
CEL is a big disgrace lah, what they talk is not what they meant read quoted in 30 April 2015 (Business Time Article )!
" James Pan, Ying Li' s non-executive deputy chairman who is responsible for the real estate investment business at Hong Kong-listed China Everbright Limited (CEL), added that while delisting has not come up on the agenda at board meetings, the company " also doesn' t leave out the option if there' s an opportunity" . If the company ever considers delisting from Singapore, " we will give shareholders a generous offer" , he said. "
This is call a generous offer , in my opinion these are no better than a crook stealing from the ordinary people a day light robbery !
Can SGX allow such a thing to take advantage of minority holders interest again & again ! |
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existing shareholders and shortist gives them a chance. The shortist wants to earn a few hundreds but the SSH want to eat all. Only way is to buy up the share price to force them to up the offer price, i shall buy in above 0.14
shadow ( Date: 04-Apr-2019 00:11) Posted:
Well , who to blame for all these ?
SGX is in the top list to blame for allowing so many ' junk' poor IPO listings, poor sentiment with ' outdated' rules not protecting minorities shareholders dampen investor confidence , the " watchdog" simply not doing its job - deaf ears for very long & rather just sit & ' watch' only and doing nothing to restore market confidence etc etc .. Many feedbacks & complains have been highlighted. Many retail investors are upset with SGX ! Wake-up lah SGX -- going to a third class stock exchange!
nqing87 ( Date: 03-Apr-2019 23:50) Posted:
| well, with the poor market sentiment in singapore stock exchange, it gives the opportunity for BB to delist cheaply.. we can only blame our fearful retailers like us who is staying sidelines cos of anticipating the coming possible 12 year cycle financial crisis, and the many frauds in listed companies that dampen investor confidence to invest in small counters.. |
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If you check back my posts since a few years ago I have already asked you guys to sell at 24cts. Especially to rosesyrup.
yeehaaa! 
What will be the aggregrate majority % stake holding for all CEL concerted parties if assuming Everbright Hero Holdings converted all its Perpetual Convertible Securities 581,761,006 at S$0.318 per Share? If all converted will they have more then 75%? And that will take them likely to next path to propose a Voluntary Delisting ?????
PERPETUAL SUBORDINATED CONVERTIBLE CALLABLE SECURITIES Principal Size of Perpetual Subordinated Convertible S e c u r i t i e s ( &ldquo P e r p e t u a l Convertible Securities): S$185,000,000 in aggregate principal amount of Perpetual Convertible Securities comprising two tranches.
Tranche 1 Perpetual Convertible Securities shall comprise S$165,000,000 in aggregate principal amount of Perpetual Convertible Securities and can be redeemed by the Company after the date of the fifth anniversary of the Issue Date (including the date of the fifth anniversary of the Issue Date)).
Tranche 2 Perpetual Convertible Securities shall comprise S$20,000,000 in aggregate principal amount of Perpetual Convertible Securities and can be redeemed by the Company during the following periods: (i) between the second anniversary of the Issue Date (including the date of the second anniversary of the Issue Date) and the third anniversary of the Issue Date (but excluding the date of the third anniversary of the Issue Date) and (ii) after the date of the fifth anniversary of the Issue Date. Holder of
Perpetual Convertible Securities: Everbright Hero Mauritius Limited, the nominee of Everbright Hero Holdings Limited Issue Date: 17 October 2014 Voting Rights: The Perpetual Convertible Securities do not confer any voting rights on its holder. Maturity date: No maturity date Initial Conversion Price: S$0.318 per Share but subject to adjustment in accordance with the Terms and Conditions of the Perpetual Convertible Securities, a summary of which is set out in the Appendix of the Company&rsquo s Circular to Shareholders dated 18 August 2014 Conversion Shares:
Based on the initial Conversion Price and assuming there are no adjustments thereto, the number of Conversion Shares to be allotted and issued by the Company pursuant to the full conversion of the Perpetual Convertible Securities is 581,761,006. The Conversion Shares will rank, upon issue, pari passu in all respects with the Shares in issue on the date of allotment and issue of such Conversion Shares except for any dividends, rights, allotments or other distributions, the record date for which is prior to the date of the issue of the Conversion Shares.
Well , who to blame for all these ?
SGX is in the top list to blame for allowing so many ' junk' poor IPO listings, poor sentiment with ' outdated' rules not protecting minorities shareholders dampen investor confidence , the " watchdog" simply not doing its job - deaf ears for very long & rather just sit & ' watch' only and doing nothing to restore market confidence etc etc .. Many feedbacks & complains have been highlighted. Many retail investors are upset with SGX ! Wake-up lah SGX -- going to a third class stock exchange!
nqing87 ( Date: 03-Apr-2019 23:50) Posted:
| well, with the poor market sentiment in singapore stock exchange, it gives the opportunity for BB to delist cheaply.. we can only blame our fearful retailers like us who is staying sidelines cos of anticipating the coming possible 12 year cycle financial crisis, and the many frauds in listed companies that dampen investor confidence to invest in small counters.. |
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well, with the poor market sentiment in singapore stock exchange, it gives the opportunity for BB to delist cheaply.. we can only blame our fearful retailers like us who is staying sidelines cos of anticipating the coming possible 12 year cycle financial crisis, and the many frauds in listed companies that dampen investor confidence to invest in small counters..
Are they planning to quickily going for a Voluntary Delisting path before new propose chanhges to new rules ?
And certainly looks like it although the comments it said CEL wanted to keep YL listing here . I don' t buy this BS...
" With this, its stake, combined with parties acting in concert, became 58.91 per cent. The concert parties comprise entities that hold perpetual subordinated convertible securities of Ying Li, and which are related to CEL.The offeror plans to keep Ying Li listed and so does not plan to exercise any right of compulsory acquisition, but said that it will re-evaluate if the free float requirements are not met at the close of the offer"
Later after this offer exercise they will suddenly gain more then 75% or more in shareholding & then will propose a Voluntary Delisting again ... SGX has to stop all this abuse to minority shareholders ! SGX please enact the proposed new rules soon why SGX have to keep delaying the changes since Nov 2018 last year until now . Pluck this bloody loopholes !
The current SGX-ST Listing Rules provide that the Voluntary Delisting Resolution: must be approved by a majority of at least 75% of the total number of issued shares (excluding treasury shares and subsidiary holdings) held by shareholders present and voting and...
Proposed Changes
https://www.allenandgledhill.com/sg/publication/articles/8153/sgx-regco-consults-on-changes-to-voluntary-delisting-regime
https://www.allenandgledhill.com/media/3463/ag-sgx-regco-consults-on-changes-to-voluntary-delisting-regime.pdf
Voluntary delisting offer: SGX Regco proposing shift of voting power to minorities
https://www.businesstimes.com.sg/companies-markets/voluntary-delisting-offer-sgx-regco-proposing-shift-of-voting-power-to-minorities
Many undervalued listed co (with Majority interest) will want to quickily delist in SGX before new rules come into effect to sync with HK, UK US market. - Fair & Reasonable offer + abstain Majority shareholders from voting in a takeover offer etc i think. Offering peanuts to minorities and ' force' compulsory acquisition later similary to Vard and many other undervalue stocks .
JoleenChan ( Date: 03-Apr-2019 22:03) Posted:
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People need to have the courage to stand up and speak out
Mr Tan Kin Lian, former NTUC Income CEO talks about the lack of courage to speak up in Singapore. This is the last part of the speech he made at the protest event held at Hong Lim Park on 30 March
https://www.facebook.com/watch/?v=2110580592566446
shadow ( Date: 03-Apr-2019 20:36) Posted:
Day light robbery again !
NAV 44cts paying 14cts to takeover ? (66% discounted)
What is IFA going to say this time ? " NOT FAIR BUT REASONABLE" again!
CEL is a big disgrace lah, what they talk is not what they meant read quoted in 30 April 2015 (Business Time Article )!
" James Pan, Ying Li' s non-executive deputy chairman who is responsible for the real estate investment business at Hong Kong-listed China Everbright Limited (CEL), added that while delisting has not come up on the agenda at board meetings, the company " also doesn' t leave out the option if there' s an opportunity" . If the company ever considers delisting from Singapore, " we will give shareholders a generous offer" , he said. "
This is call a generous offer , in my opinion these are no better than a crook stealing from the ordinary people a day light robbery !
Can SGX allow such a thing to take advantage of minority holders interest again & again !
sbscap ( Date: 24-May-2018 11:27) Posted:
| Totally agree. I can imagine the usual " wai-yang" (show) of getting an so-called independent financial analysis done and perhaps some newspaper comments of why a buyout at 20c is " good" . A buyout will be announced once there these guys have gathered 70%, together with undisclosed colluding parties. We will get the usual unhappy minority small shareholders making noise and trying to garner support to vote down the daylight robbery privatization, with the misguided thinking that major shareholders control less than 70% and/or some authorities will intervene. Having said these, 13c is a safe level to enter. Just don' t buy too much because this is ultimately an SGX-listed company |
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