Global Logistic   

Global Logistic

I mean lets pretend the CD was given out last mth, then the current trading price will be $3.23 instead of $3.29 :)

haizzz      ( Date: 15-Jul-2017 17:57) Posted: I think it should be XD which is due 3 Aug. HazardKoh      ( Date: 15-Jul-2017 17:21) Posted: I think without the CD (assuming the CD was given out last mth already), the trading price now  will be $3.23. aka we will all be talking about $3.23 instead of $3.29 if the CD was given last mth.

 

I think it should be XD which is due 3 Aug.

HazardKoh      ( Date: 15-Jul-2017 17:21) Posted: I think without the CD (assuming the CD was given out last mth already), the trading price now  will be $3.23. aka we will all be talking about $3.23 instead of $3.29 if the CD was given last mth.   haizzz      ( Date: 15-Jul-2017 15:13) Posted: Wow...so why sell now when there is 6 cts div ahead and possibility of higher offer....

 

Those who bought Tiger Airways still nursing their wound.
I have participated in a few Scheme of Arrangements. The latest is ARA Asset Management. SMRT is the fiery one. Brother Mano and a few others objected to the Scheme and the meeting dragged on till about 6pm. Although a lot of noises, SMRT Scheme had 98% shares voting yes and satisfied the 50% head count (81% plus). I typed this from memory .
After ACRA lodgement, SGX will announce last date to trade shares and then payment into our bank accounts later and finally delisting from SGX.
You don't have to submit any form, just attend the Scheme Meeting to learn something

jumpstart      ( Date: 15-Jul-2017 16:21) Posted: Oh, haha.   Thanks.   I learn something new.   I only ride through once for TigerAir and I thought it is the same process. nea03177      ( Date: 15-Jul-2017 15:10) Posted: This is a Scheme of Arrangement and not like UE's General Offer, so no need to hit 90%. Wait for the Sceme Documents with Independent Financial Advisers advice to Independent Directors. All detailed steps will be given in a schedule. The Scheme Document is a very thick book. They need 75% of shares, and 50% headcount at the Scheme meeting. After the meeting and if the meeting approved the Scheme, they need to seek the Court's sanction and confirmation of the Scheme.After grant of Court Order to lodge withACRA

 

Better forget my comments below.   I may be confusing.   Anyway, dividend does not affect offer price.   Closing price of $3.29 on Friday is due to market forces, nothing to do with or without CD.

Also, my comments of 90% acceptance is on general offer.   This offer is through scheme of arrangement.   Please ignore my post on 90%.

Anybody can teach me how to edit my earlier post?

jumpstart      ( Date: 15-Jul-2017 17:30) Posted: CD does not affect offer price.   Open price after announcement will still lean towards offer price of $3.38. HazardKoh      ( Date: 15-Jul-2017 17:21) Posted: I think without the CD (assuming the CD was given out last mth already), the trading price now  will be $3.23. aka we will all be talking about $3.23 instead of $3.29 if the CD was given last mth.

 

CD does not affect offer price.   Open price after announcement will still lean towards offer price of $3.38.

HazardKoh      ( Date: 15-Jul-2017 17:21) Posted: I think without the CD (assuming the CD was given out last mth already), the trading price now  will be $3.23. aka we will all be talking about $3.23 instead of $3.29 if the CD was given last mth.   haizzz      ( Date: 15-Jul-2017 15:13) Posted: Wow...so why sell now when there is 6 cts div ahead and possibility of higher offer....

 

I think without the CD (assuming the CD was given out last mth already), the trading price now  will be $3.23. aka we will all be talking about $3.23 instead of $3.29 if the CD was given last mth.

 

haizzz      ( Date: 15-Jul-2017 15:13) Posted: Wow...so why sell now when there is 6 cts div ahead and possibility of higher offer....

 

OK if 90% acceptance, then is the whole thing very simple. I just wait for the money to be deposited into my acct.

What if 90% is not reached? u say buyer may give up privatisation, so do I still get the money or the share will be returned to me?

 

jumpstart      ( Date: 15-Jul-2017 11:38) Posted: In due course, if you still hold the shares, a letter will be sent to you for you to accept the offer with a return envelop,   You must sign to accept the offer so as to meet at least 90% shareholders acceptance to privatise.   If 90% shareholders acceptance is reached, then you just need to wait for their process and the money of $3.38 per share will be credited into your account. However, if 90% acceptance is not reached, the privatisation if off.   Then we have to see what will be the buyer' s action.   Buyer may increase bid or give up privatisation, or buyer may buy more shares in the market (can be higher price than $3.38) so as to reach the 90%.  subra1969      ( Date: 15-Jul-2017 09:07) Posted: hello friends, can one of you explain how the transaction will be completed for retail investors? I mean for common retail investors if they donot sell now. will the process automatically take care of the sale and money deposited into our account @ S$3.38 per share? or should we ( retail investors ) take any action like filling up a form and sending to the registrar etc., etc., Sorry if this is a basic question.

 

Oh, haha.   Thanks.   I learn something new.   I only ride through once for TigerAir and I thought it is the same process.

nea03177      ( Date: 15-Jul-2017 15:10) Posted: This is a Scheme of Arrangement and not like UE's General Offer, so no need to hit 90%. Wait for the Sceme Documents with Independent Financial Advisers advice to Independent Directors. All detailed steps will be given in a schedule. The Scheme Document is a very thick book. They need 75% of shares, and 50% headcount at the Scheme meeting. After the meeting and if the meeting approved the Scheme, they need to seek the Court's sanction and confirmation of the Scheme.After grant of Court Order to lodge withACRA. jumpstart      ( Date: 15-Jul-2017 11:38) Posted: In due course, if you still hold the shares, a letter will be sent to you for you to accept the offer with a return envelop,   You must sign to accept the offer so as to meet at least 90% shareholders acceptance to privatise.   If 90% shareholders acceptance is reached, then you just need to wait for their process and the money of $3.38 per share will be credited into your account. However, if 90% acceptance is not reached, the privatisation if off.   Then we have to see what will be the buyer' s action.   Buyer may increase bid or give up privatisation, or buyer may buy more shares in the market (can be higher price than $3.38) so as to reach the 90%.

 

Got it. Thanks for the explanation.

KopRed75      ( Date: 15-Jul-2017 13:35) Posted: It is difficult to gauge the price after XD in this case. While one can argue that price should be adjusted for dividend, the price will slowly converge to the offer price as time passes by towards scheme completion. The gap right now between share price and offer price is to reflect predominantly time value of money and to a very small extent uncertainty of scheme completion (very minimal).

 

General Offer worst. Must hit more than 90% then can delist. The offerer has weighed all the possible scenarios before they come up with this. Their Ang Moh advisors very clever one.

gopguppy      ( Date: 15-Jul-2017 15:29) Posted: I am just wondering why can' t make a general offer instead of scheme arrangement. Isn' t quicker and less hassle, and uncertaintly? nea03177      ( Date: 15-Jul-2017 15:10) Posted: This is a Scheme of Arrangement and not like UE's General Offer, so no need to hit 90%. Wait for the Sceme Documents with Independent Financial Advisers advice to Independent Directors. All detailed steps will be given in a schedule. The Scheme Document is a very thick book. They need 75% of shares, and 50% headcount at the Scheme meeting. After the meeting and if the meeting approved the Scheme, they need to seek the Court's sanction and confirmation of the Scheme.After grant of Court Order to lodge withACRA

 

I am just wondering why can' t make a general offer instead of scheme arrangement. Isn' t quicker and less hassle, and uncertaintly?

nea03177      ( Date: 15-Jul-2017 15:10) Posted: This is a Scheme of Arrangement and not like UE's General Offer, so no need to hit 90%. Wait for the Sceme Documents with Independent Financial Advisers advice to Independent Directors. All detailed steps will be given in a schedule. The Scheme Document is a very thick book. They need 75% of shares, and 50% headcount at the Scheme meeting. After the meeting and if the meeting approved the Scheme, they need to seek the Court's sanction and confirmation of the Scheme.After grant of Court Order to lodge withACRA. jumpstart      ( Date: 15-Jul-2017 11:38) Posted: In due course, if you still hold the shares, a letter will be sent to you for you to accept the offer with a return envelop,   You must sign to accept the offer so as to meet at least 90% shareholders acceptance to privatise.   If 90% shareholders acceptance is reached, then you just need to wait for their process and the money of $3.38 per share will be credited into your account. However, if 90% acceptance is not reached, the privatisation if off.   Then we have to see what will be the buyer' s action.   Buyer may increase bid or give up privatisation, or buyer may buy more shares in the market (can be higher price than $3.38) so as to reach the 90%.

 

You think their advisors will make similar mistake like in Ron Sim's privatisation of Osim, lol

tanakow      ( Date: 15-Jul-2017 14:41) Posted: Can. But if above $3.38, he must raise the offer price to the highest price of the stock that he bought. Azure1984      ( Date: 15-Jul-2017 13:47) Posted: Just curious, can the offerer now buy on open market (below the offer price $3.38)?

 

Wow...so why sell now when there is 6 cts div ahead and possibility of higher offer....

 

This is a Scheme of Arrangement and not like UE's General Offer, so no need to hit 90%. Wait for the Sceme Documents with Independent Financial Advisers advice to Independent Directors. All detailed steps will be given in a schedule. The Scheme Document is a very thick book. They need 75% of shares, and 50% headcount at the Scheme meeting. After the meeting and if the meeting approved the Scheme, they need to seek the Court's sanction and confirmation of the Scheme.After grant of Court Order to lodge withACRA.

jumpstart      ( Date: 15-Jul-2017 11:38) Posted: In due course, if you still hold the shares, a letter will be sent to you for you to accept the offer with a return envelop,   You must sign to accept the offer so as to meet at least 90% shareholders acceptance to privatise.   If 90% shareholders acceptance is reached, then you just need to wait for their process and the money of $3.38 per share will be credited into your account. However, if 90% acceptance is not reached, the privatisation if off.   Then we have to see what will be the buyer' s action.   Buyer may increase bid or give up privatisation, or buyer may buy more shares in the market (can be higher price than $3.38) so as to reach the 90%.  subra1969      ( Date: 15-Jul-2017 09:07) Posted: hello friends, can one of you explain how the transaction will be completed for retail investors? I mean for common retail investors if they donot sell now. will the process automatically take care of the sale and money deposited into our account @ S$3.38 per share? or should we ( retail investors ) take any action like filling up a form and sending to the registrar etc., etc., Sorry if this is a basic question.

 

Today at UOB Analyst Day, I spoke with one of the Analyst. You are right that if a higher offer than what the Chinese Consortium offers,GIC can accept the higher offer. When that happens, we shareholders also will get the higher price.

FATABA      ( Date: 14-Jul-2017 22:55) Posted: The wordings are all draft by lawyers.....so in layman term .....Under the scheme meeting ( which will be send out to shareholders on the detail I believe) IF ( that is IF ) any other higher offer that is given to GIC ( that is above 3.38 plus the 6 c dividend ) ...and IF Chinese Gp do and cannot match this higher offer......GIC can reserve its right to sell to this higher offer. ​ Actually this is a great move by GIC....telling the angmoh...if u can afford more than 3.38, its still yours...dont compliant. ​ Hard to say if they will counter bid w  higher offer....let see. as I dont plan to sell in the meantime. nea03177      ( Date: 14-Jul-2017 22:47) Posted: Don't understand the part about GIC can have option to accept a higher offer than the Chinese Consortium's offer. Thought the undertaking is irrevocable

 

Can. But if above $3.38, he must raise the offer price to the highest price of the stock that he bought.

Azure1984      ( Date: 15-Jul-2017 13:47) Posted: Just curious, can the offerer now buy on open market (below the offer price $3.38)?

 

Just curious, can the offerer now buy on open market (below the offer price $3.38)?

 

It is difficult to gauge the price after XD in this case. While one can argue that price should be adjusted for dividend, the price will slowly converge to the offer price as time passes by towards scheme completion. The gap right now between share price and offer price is to reflect predominantly time value of money and to a very small extent uncertainty of scheme completion (very minimal).

 

After XD, the price will probably hover below $3.29.

gopguppy      ( Date: 15-Jul-2017 13:06) Posted: Not sure my thinking is right but just want to sound it out here. Now people are buying even at $3.29 becos of 6c div. After XD, I wld expect the price to gap up close to $3.38. So this is a unique case where price actually gaps up after XD. Is this right?

 

Not sure my thinking is right but just want to sound it out here. Now people are buying even at $3.29 becos of 6c div. After XD, I wld expect the price to gap up close to $3.38. So this is a unique case where price actually gaps up after XD. Is this right?