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Now that BP is almost wholly owned by BS, does it mean BS become very undervalued since its NAV will show substantial increase?
The company don't buy all other shares so need to cough out some shares to fulfilling law and get listing again....
Aitya just change their mind tell Sgx want to exercise mandatory force buy the 5% remaining shares lah.. .
n3wbie ( Date: 29-Mar-2023 00:01) Posted:
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Agree - interested to see how all this pan out, probably the first in SGX
Catrade ( Date: 28-Mar-2023 23:19) Posted:
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This will defeat the purpose, their intention is to privatize. Further more they hv to find investors who r willing to buy BP shares to make out to at least 10% its float n at also what price ? I think SGX_RegCo is giving BP Offerer a big dilemma for making an Unfair n Reasonable Exit offer. Many r watching, including SIAS who managed to encourage abt 5% of BP shareholders not to accept the lowball offer. Let sit back n watch how this eventually develop into?
n3wbie ( Date: 28-Mar-2023 22:19) Posted:
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Can they just do a small placement to increase the free float?
Now BP is suspended, what next? SGX_RegCo will ask BP to restore its free float status within 3 mths. If BP refuses, SGX will force the company to delist with a Fair n Reasonable Exit offer. After which if the offer is still unfair or not reasonable, then how.....?
BP become pte ltd those about 5% holders cannot sell already. .....
Like that how?
https://links.sgx.com/FileOpen/BP-Announcement-Close-of-Offer-and-Suspension-of-Trading-27.03.2023.ashx?App=Announcement& FileID=751164
LISTING STATUS
As stated by the Offeror in the Offer Document, it is the intention of the Offeror to privatise the Company and delist the Company from the SGX-ST, should the option be available to the Offeror. As set out in paragraph 2.3 of the Loss of Public Float Announcement, pursuant to Rule 724(2) of the Listing Manual, the Company may be removed from the official list of the SGX-ST if it fails to raise the percentage of Shares in public hands to at least 10% within a period of three (3) months (or such longer period as the SGX-ST may agree). In the regulatory announcement titled &ldquo SGX RegCo issues response to queries on offer for Boustead Projects&rdquo dated 22 March 2023, the Singapore Exchange Regulation Pte. Ltd. (&ldquo SGX RegCo&rdquo ) has further stated if free float is lost during an offer and the offeree company fails to restore the free float, SGX RegCo may direct the offeree company to delist and provide an exit offer in compliance with the Listing Manual on delisting. The independent financial adviser must opine that the exit offer is both fair and reasonable.
As set out in the Responses to SGX-ST Queries Announcement, the conditions under Rule 1309 of the Listing Manual cannot be fulfilled given that the IFA has opined that the Offer is not fair but reasonable. There are limited options available to the Board to restore the free float in the Shares to at least 10%, which are, namely, to request the Offeror to sell down its Shares, or for the Company to issue new Shares to public shareholders. Any proposal which involves the sell-down of the Offeror&rsquo s shareholding in the Company in order to increase the free float would be contrary to the Offeror&rsquo s stated intentions. Any proposal involving the issue of new Shares will require the Offeror to vote in favour of the relevant resolutions, and this is not within the control of the Company or the Board. It also requires the Company to find investors who are prepared to subscribe for new Shares in the Company, in circumstances where it is clear that the Offeror intends to privatise the Company.
https://links.sgx.com/FileOpen/BP-Announcement-Close-of-Offer-and-Suspension-of-Trading-27.03.2023.ashx?App=Announcement& FileID=751164
LISTING STATUS
As stated by the Offeror in the Offer Document, it is the intention of the Offeror to privatise the Company and delist the Company from the SGX-ST, should the option be available to the Offeror. As set out in paragraph 2.3 of the Loss of Public Float Announcement, pursuant to Rule 724(2) of the Listing Manual, the Company may be removed from the official list of the SGX-ST if it fails to raise the percentage of Shares in public hands to at least 10% within a period of three (3) months (or such longer period as the SGX-ST may agree). In the regulatory announcement titled &ldquo SGX RegCo issues response to queries on offer for Boustead Projects&rdquo dated 22 March 2023, the Singapore Exchange Regulation Pte. Ltd. (&ldquo SGX RegCo&rdquo ) has further stated if free float is lost during an offer and the offeree company fails to restore the free float, SGX RegCo may direct the offeree company to delist and provide an exit offer in compliance with the Listing Manual on delisting. The independent financial adviser must opine that the exit offer is both fair and reasonable.
As set out in the Responses to SGX-ST Queries Announcement, the conditions under Rule 1309 of the Listing Manual cannot be fulfilled given that the IFA has opined that the Offer is not fair but reasonable. There are limited options available to the Board to restore the free float in the Shares to at least 10%, which are, namely, to request the Offeror to sell down its Shares, or for the Company to issue new Shares to public shareholders. Any proposal which involves the sell-down of the Offeror&rsquo s shareholding in the Company in order to increase the free float would be contrary to the Offeror&rsquo s stated intentions. Any proposal involving the issue of new Shares will require the Offeror to vote in favour of the relevant resolutions, and this is not within the control of the Company or the Board. It also requires the Company to find investors who are prepared to subscribe for new Shares in the Company, in circumstances where it is clear that the Offeror intends to privatise the Company.
SGX RegCo is getting tough with the IFA to protect InvestorsCatrade ( Date: 22-Mar-2023 20:04) Posted:
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Regulatory Announcement 22 March 2023 SGX RegCo issues response to queries on offer for Boustead Projects In response to queries on the offer for Boustead Projects, Singapore Exchange Regulation (SGX RegCo) would like to re-iterate the position set out in our 11 July 2019 Regulator&rsquo s Column on &ldquo Privatisations through general offers&rdquo and our 11 March 2023 reply to Business Times. If free float is lost during an offer, the offeree company&rsquo s (&ldquo the company&rdquo ) securities will be suspended at the close of the offer. Thereafter, the company is obliged to restore free float, failing which SGX RegCo may direct the company to delist and provide an exit offer in compliance with the Listing Rules on Delisting. The independent financial adviser must opine that the exit offer is both fair and reasonable
Boustead Projects to be delisted after losing free float
Boustead Projects AVM -0.52% will be delisted after its offeror, Boustead Singapore F9D 0.00% , has received valid acceptances of around 90.69% of the total number of shares in the former on March 17.
With less than 10% of Boustead Project&rsquo s shares now held by the public, Boustead Singapore will proceed with its intention to privatise and delist the company from the SGX-ST.
Trading of shares in Boustead Projects has been suspended.
Boustead Singapore, on Feb 6, launched a voluntary unconditional offer for all the shares it did not own in Boustead Projects at 90 cents apiece.
The offer was revised to 95 cents per share on Feb 22.
In the offer document, Boustead Singapore said that it had no intention to try and lift any trading suspension by the SGX-ST. The offer document adds that the offeror &ldquo will not be able to avail itself of the powers of compulsory acquisition under Section 215(1) of the Companies Act following the completion of the offer&rdquo .
The offer&rsquo s deadline remains the same it will close at 5.30pm on March 27.
Ya. Done deal. Don need to say anything more. Haha. Now the question is buy boustead at what price.
ysh2006 ( Date: 20-Mar-2023 16:50) Posted:
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Today all quiet no forumers come in to talk already once done deal waiting to be delisted next week ?
May know any clue on what price to consider ? Many said HK people very stingy like Indonesian Golden Energy..
mrwise ( Date: 18-Mar-2023 23:55) Posted:
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y waste time on this done deal counter?
Time to focus on other counter that are likely to delist soon....Hong Fok likely to be the next!!!
Time to focus on other counter that are likely to delist soon....Hong Fok likely to be the next!!!
That what I was thinking, n wondering what magic they can manoeuvre against their own Rule 1303(1).....
maxlim3 ( Date: 18-Mar-2023 20:55) Posted:
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Do not think they can do anything or should do anything. Everything was done according to rules. Changing now will affect too many parties and have wider implications.
Catrade ( Date: 18-Mar-2023 18:01) Posted:
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Now the Offerer had gathered more than 90% of the total issued shares, wondering what SGX Regco & SIAS can or would do? Thus going forward is interesting to watch Boustead Proj .... According to Rule 1303(1) of the Listing Manual states that where the Offeror succeeds in garnering acceptances in excess of 90% of the total number of issued Shares (excluding treasury shares), thus causing the percentage of the total number of issued Shares (excluding treasury shares) held in public hands to fall below 10%, the SGX-ST will suspend the trading of the Shares only at the close of the Offer.
They announced loss of free float ,after closing date Sgx will suspend trading till restore min 10% if not force to delist the shares .