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http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content& B=AnnouncementToday& F=CIVAED79TKARWNA0& H=c9aa300f52b261026612cf5a46ed8b4953b9e7f28a74e01233c3a6bad3b9525f& fileId=Announcement_Completion%20of%20Acquisition_20Feb17.pdf
Deal done!! The Indonesian wins.
Latest update - thomsonreuters.com
IHC has declared a change in shareholding, triggering a clause that allows bondholders to redeem their investments and accrued interest.
However, S' pore-listed hospital mgt coy said in announcement late on Friday that it may not be able to obtain funding to meet the payment obligations and may not be able to continue as a going concern.
Yesterday, property group Oxley Holdings announced that it was terminating the offer of a S$50m convertible loan to IHC. The move followed the decision of Oxley and its controlling shareholders Ching Chiat Kwong and Low See Ching to sell their combined direct and indirect 35.77% stakes in IHC to OUE, another Singapore property company, late last week.
The shareholder change has raised OUE' s stake to 57.60% and triggered a mandatory takeover of IHC.
Under IHC' s outstanding S$50m 7% bond due on April 27 and a S$50m 6% note due February 6 2018, a change of shareholding event occurs when the combined stakes of Fan Kow Hin, Aathar Ah Kong Andrew and Jong Hee Sen and their family members fall under 30% of the issued share capital. Fan reduced his direct and indirect stake from 23% to 13.4% in early February but no details were given on stakes held by Jong and Aathar.
IHC said in light of OUE' s unconditional cash offer and Fan' s reduced shareholdings, the change of shareholding event has occurred.
The announcement advised investors holding the two outstanding bonds to deposit their notes and all unmatured coupons with principal paying agent Deutsche Bank by March 4.
IHC has to redeem these notes on April 18, 60 days from the notice date of February 17.
oh no..suspension....will it be delisted? jialiat
the previous management team mis-managed the company , getting into all this messes. I think a robot can make better decision than them. haha
checkmate ( Date: 19-Feb-2017 20:41) Posted:
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Just read the latest sgx announcement.
http://infopub.sgx.com/FileOpen/Update.ashx?App=Announcement& FileID=439713
happyharvest ( Date: 19-Feb-2017 20:35) Posted:
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could you copy and past the terms here? Where can I find it?
checkmate ( Date: 19-Feb-2017 15:32) Posted:
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probably they are playing psychology here. purposely offer at low price and push higher at open market so that some retailers see that it is more attractive they may even sell at open market. They are just playing with our psychology. lol
teeth53 ( Date: 19-Feb-2017 13:43) Posted:
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Nobody focused on the part of the MTN event which says that the company does not have enough funds to meet their obligations. Someone has to come up with the extra redemption funds. Oxley? Riady family? Or some other white knight? Drama has not ended.
Quarz portfolio mgr Havard Chi, whose firm started accumulating IHC shares in recent mths, said:
" OUE' s offer - fair value to all shareholders, they has and intend to tender our (their) shares.
TechnicalTrader ( Date: 17-Feb-2017 23:01) Posted:
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So. Now Fan rich with cash. No longer have to report, as his shr holding is less then 5%.
How he play with his remaining shr (up)? n or through proxy will not be know to us.
teeth53 ( Date: 18-Feb-2017 08:02) Posted:
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Raidy' s n family try to buy cheap, holding abt or less < 60%.
Mkt forces saying is cheap. n it has some way to go B4 hitting 90%.
Wind22i ( Date: 18-Feb-2017 00:02) Posted:
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Yes. U were right. Just B4 the morning halt. Mkt players were placing their bet. Bid / Ask volume...indicating
Bid vol - 2,825,000 mil shr, [email protected] verse [email protected]. Ask Vol were at 17,942,000 mil shr
Lepin888 ( Date: 19-Feb-2017 07:40) Posted:
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In Auric Pacific case. Raidy' s n family wish is willing only, no more n no less @$1.650c final offer, announced in SGX Exch.
A chk on Auric Pacific, oso target to go private by Riady' s. Another 165,200 shr were pick up from open mkt.
Yesterday were 80.04%. Friday added, +0.13% to reached 80.17% (no sellers is willing to sell)
I think differently. Nothing above 10.7cts or perhaps even lower so that people will sell to them. Indonesian is rich enough to fund their project without external sources. Push higher it will be 1-2 yrs later when they unlock profits.
Insiders will push this up above 10.6cts to keep it listed since land bank has potential albeit more funds required.
when big fishes meet bigger big fish, they have no choice but to give way. lol
teeth53 ( Date: 17-Feb-2017 23:41) Posted:
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Is it Voluntary suspension again?
teeth53 ( Date: 18-Feb-2017 08:02) Posted:
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http://pdf.reuters.com/sgxnews/sgxnews.asp?i=43059c3bf0e37541& u=urn:newsml:reuters.com:20170218:nSN72pcCd
On 17 Feb 2017, Mr Fan submitted a Form 3 notifying the Coy.
His interest in the Coy had fallen from 13.4% to 4.67%. To-date, the Coy has only received confirmation from JHS that his interest in the Coy has not changed. The Coy has not received any similar confirmation from AAK, nor any notice of change in interest in the Coy from AAK or JHS.
no 16 Feb 2017, the offeror of the mandatory unconditional cash offer, Treasure International Holdings Pte. Ltd together with parties acting in concert with it will hold an aggregate of 955,674,037 Shares, representing approximately 57.60% of all the Shares in the capital of the Coy upon completion of the Offeror&rsquo s purchase of an aggregate of 593,470,029 Shares from Ching, Low, Low Bee Lan Audrey and Tee Wee Sien, representing 35.77%.
In light of the abovementioned circumstances, the Coy wishes to announce that it is of the view that a change in shareholding event under the MTNs has occurred, and noteholders are entitled at their option to redeem their MTNs in the manner provided for under the Trust Deed.
Stephen riady trying to buy cheaply...
http://www.straitstimes.com/business/oue-to-buy-oxley-execs-ihc-stakes
OUE launched a cash offer for all remaining IHC stock that it does not own, offering 10.6 cents.
OUE said that it intends to keep IHC listed but may take it private if it gets control of more than 90%.
In Jan, it scooped up a 12.5% stake, on same day Oxley led the ouster of IHC' s old board .
On Feb 8, OUE raised its stake to 21.83 per cent.
Oxley' s Mr Low, who accumulated 118.1 million shares in 2015 - some for as low as 8.5 cents - and pushed hardest for the ouster, told The Straits Times that he was pleased with OUE' s offer, though it had taken him by surprise.
Mr Low said: " We fought hard to make sure that all the shareholders would benefit from this exercise. OUE has the expertise to run a hospital, and it can easily turn IHC around, compared with us. IHC will be in good hands."
Oxley earlier proposed extending a $50 million loan to IHC, convertible into shares, but that deal is likely to be called off with OUE taking the reins.
Catalist-listed IHC owns 12 nursing homes in Japan and two hospitals in China, and is developing an integrated medical centre in Malaysia.
OUE executive chairman Stephen Riady said: " This acquisition allows us to expand into the new sector of healthcare real estate, which is a strategic fit to our existing asset portfolio."
Quarz portfolio mgr Havard Chi, whose firm started accumulating IHC shares in recent mths, said: " We believe OUE' s offer provides fair value to all shareholders in short to mid term, and intend to tender our shares.
" IHC probably has more upside, but it could take more than one to two years to unlock the value."
teeth53 ( Date: 17-Feb-2017 23:31) Posted:
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