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301-320 of 1912
You might want to check the daily volume for the past week and see if there' s any active buying. Oxley has other partners, been doing a number of deals with them, most recently en-bloc of residential estates.
kirana ( Date: 03-Sep-2017 17:36) Posted:
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Seems like you suspect Oxley has a partner too. I started thinking the past history to include STC, OUE, KKR, even SPH! Yes!!! SPH needed a new lease of life. Complicated.
Seems like you suspect Oxley has a partner too. I started thinking the past history to include STC, OUE, KKR, even SPH! Yes!!! SPH needed a new lease of life. Complicated.
what is the strategy behind the extension? another vard keep extending to wear out the minority, unlikely because only 34%.
the volume traded and the figure reported by oxley seem to suggest hidden hands
the volume traded and the figure reported by oxley seem to suggest hidden hands
14.6% my friends! It can go both ways! If Oxley turns out to be a collaborative partner, then left few % to cross 50%. If otherwise, it can turn out to be like Hunger Games. WIll have part 1,2,3 sequels.
Even if Oxley were to form a new consortium, they will unlikely be able to launch an offer within 6 months as they have said they will not.
Perhaps Oxley truly believes YL/P can help unlock value in UE for everyone. In any case, Oxley is unlikely to buy over 30% but its current block is sufficient for them to perhaps get a board seat and influence direction. Maybe YL/P have their friends and associates secretly buying too.
Perhaps Oxley truly believes YL/P can help unlock value in UE for everyone. In any case, Oxley is unlikely to buy over 30% but its current block is sufficient for them to perhaps get a board seat and influence direction. Maybe YL/P have their friends and associates secretly buying too.
Extension more to buy-time. YL/P likely caught off-guard (by this Oxley-move). Even after the expiry of the extension, acceptance of their GO unlikely to collectively hit above 50% (including those they acquired from the 2 sellers.)
In addition, they could only watch as Oxley continue to acquire to possibly hit above 20% (with or without their consortium). So until and unless, YL/P starts buying from the market (after the expiry of the extension), they are unlikely to achieve their objectives. Irony of this approach is that they are likely to buy at higher than $2.60 and if/when they are eligible to make a fresh GO, they are likely to be compelled (by the regulations) to offer prices that are not-lower than the highest-price they paid for the shares they acquired from the market.
Perhaps by then Oxley should have moved-in
In addition, they could only watch as Oxley continue to acquire to possibly hit above 20% (with or without their consortium). So until and unless, YL/P starts buying from the market (after the expiry of the extension), they are unlikely to achieve their objectives. Irony of this approach is that they are likely to buy at higher than $2.60 and if/when they are eligible to make a fresh GO, they are likely to be compelled (by the regulations) to offer prices that are not-lower than the highest-price they paid for the shares they acquired from the market.
Perhaps by then Oxley should have moved-in
nea03177 ( Date: 30-Aug-2017 07:19) Posted:
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Brother- Good that you really spot this. Yes they cannot raise price if there is no competing offer. Finally if GO lapse, Oxley may form a Consortium and go for another GO or Scheme of Arrangement (not sure if they can?) Why did they form a new subsidiary with $1 capital yesterday? YL and Co is advised by so many big brains, wondering what is their next step in the chess board. ???
nooovva ( Date: 30-Aug-2017 00:42) Posted:
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Y& P will not be able to raise the price unless there is a competing offer. Oxley has already publicly announced they will not make a competing offer and they will not be able to do so for the next 6 months.
The " calling the bluff" is unlikely. Anyone that deal with SGX or making a request will know how " transparent" they are. They have made it clear in one way or another that SGX is a facilitator, you can well play by the rules/codes to your advantage in a shrewd smart way, but if you weaponize it against rival, it a total separate thing and they can/will decline your request if no proper rationale given.
hfjdhy ( Date: 29-Aug-2017 19:16) Posted:
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My humble new view
The offer docu dated 01-08-2017 (1st Day)
Original expired date 29-08-2017 (29th Day)
Revised expired date 12-09-2017 (43th Day)
My guess is if there is a GO price increase, it should be announce soon and latest by 5th Sep (36th Day, same as SIA on Tiger Air a week after announced extension). Consider this week is 4 days week, send document to me, return, they don' t have much time left unless they extend 12-09-17 deadline again.
Rule 22.8 states that, except with Council&rsquo s consent, the offeree
board should not announce any material new information 39 days (&ldquo Day
39&rdquo ) after the posting of the initial offer document. However, the Council
will normally give its consent to a later announcement if it is not practicable
to do so.
In the case where the offeree board announces material new
information after Day 39, an offeror should be permitted to set aside his no
increase or no extension statement only if such statement itself was made
after Day 39. This is because an offeror could only claim to have been
disadvantaged by the late announcement of material information by the
offeree company if it had made its no increase or no extension statement
after Day 39. In such a situation, the offeror would have made the
statement with the expectation that the offeree company would not
thereafter announce any material new information. This is in line with the
approach in the UK.
The offer docu dated 01-08-2017 (1st Day)
Original expired date 29-08-2017 (29th Day)
Revised expired date 12-09-2017 (43th Day)
My guess is if there is a GO price increase, it should be announce soon and latest by 5th Sep (36th Day, same as SIA on Tiger Air a week after announced extension). Consider this week is 4 days week, send document to me, return, they don' t have much time left unless they extend 12-09-17 deadline again.
Rule 22.8 states that, except with Council&rsquo s consent, the offeree
board should not announce any material new information 39 days (&ldquo Day
39&rdquo ) after the posting of the initial offer document. However, the Council
will normally give its consent to a later announcement if it is not practicable
to do so.
In the case where the offeree board announces material new
information after Day 39, an offeror should be permitted to set aside his no
increase or no extension statement only if such statement itself was made
after Day 39. This is because an offeror could only claim to have been
disadvantaged by the late announcement of material information by the
offeree company if it had made its no increase or no extension statement
after Day 39. In such a situation, the offeror would have made the
statement with the expectation that the offeree company would not
thereafter announce any material new information. This is in line with the
approach in the UK.
Yes Y& P has stated that they don' t intend to delist UE. Probably this is a corporate " calling the bluff" to Oxley that Y& P has the time and resources to hold and wait out for Oxley to blink. Remember, Oxley is highly geared and the S$200 plus million is not free cash. At most Oxley can do is to occassionally send a requisition to hold an EGM to remove the Board of UEL (" being under Companies Act a shareholder (or a group) of shareholders who collectively has more than 10%" ) but this is not IHC, and by doing it, Oxley will make more foes than friends.
CraigFoo ( Date: 29-Aug-2017 19:05) Posted:
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The extension of the offer makes no sense as Yanlord/Perenial has already stated that they dont intend to delist UE. At $2.6, its quite stupid to give to them actually. If they dont intend to delist UE, why extend the offer?
This is easier to read (Reference to my previous GO price increase post).. for those that prefer non hardcore lingo.
http://www.todayonline.com/singapore/singapore-airlines-raises-offer-price-tiger-airways
http://www.todayonline.com/singapore/singapore-airlines-raises-offer-price-tiger-airways
Oh, did SGX change the rules?
Rule 20.2 of the Singapore Code on Take-overs and Mergers
Under Rule 20.2 of the Singapore Code, when an offeror issues a no increase statement, he can only amend the terms of the offer under wholly exceptional circumstances or where the right to do so has been specifically reserved. Similar terms apply in the situation where an offeror issues a no extension statement under Rule 22.7. It means unless Yanlord/Perennial explicitly stated no increase/extension, else they can extend or revise (only upward) GO price. As a matter of fact, they just extended yesterday.
There are many GO price increase references one of them SIA on Tigerair
https://www.tigerair.com/news/OA_20160105_VCGO_Final_Revision_of_SIA_Offer_and_Extension.pdf
SIA Tiger Air
DBS Bank Ltd. wishes to announce, for and on behalf of the Offeror, that:
The Offeror is revising the Offer Price to the:
Final Offer Price of S$0.45 in cash for each Offer Share.
The Offeror does not intend to revise the Final Offer Price.
Shareholders who have earlier accepted the Offer are entitled to receive the Final Offer
Price and the Shares Option to Subscribe, subject to the Offer becoming or being
declared to be unconditional in all respects in accordance with its terms. No further
action in respect of the Offer is required to be taken by Shareholders who have already
validly accepted the Offer.
The Closing Date of the Offer is extended from 5.30 p.m. (Singapore time) on 8 January
2016 (Friday) to 5.30 p.m. (Singapore time) on 22 January 2016 (Friday) (or such later
date(s) as may be announced from time to time by or on behalf of the Offeror).
Please refer to the rest of this Announcement for further details.
Rule 20.2 of the Singapore Code on Take-overs and Mergers
Under Rule 20.2 of the Singapore Code, when an offeror issues a no increase statement, he can only amend the terms of the offer under wholly exceptional circumstances or where the right to do so has been specifically reserved. Similar terms apply in the situation where an offeror issues a no extension statement under Rule 22.7. It means unless Yanlord/Perennial explicitly stated no increase/extension, else they can extend or revise (only upward) GO price. As a matter of fact, they just extended yesterday.
There are many GO price increase references one of them SIA on Tigerair
https://www.tigerair.com/news/OA_20160105_VCGO_Final_Revision_of_SIA_Offer_and_Extension.pdf
SIA Tiger Air
DBS Bank Ltd. wishes to announce, for and on behalf of the Offeror, that:
The Offeror is revising the Offer Price to the:
Final Offer Price of S$0.45 in cash for each Offer Share.
The Offeror does not intend to revise the Final Offer Price.
Shareholders who have earlier accepted the Offer are entitled to receive the Final Offer
Price and the Shares Option to Subscribe, subject to the Offer becoming or being
declared to be unconditional in all respects in accordance with its terms. No further
action in respect of the Offer is required to be taken by Shareholders who have already
validly accepted the Offer.
The Closing Date of the Offer is extended from 5.30 p.m. (Singapore time) on 8 January
2016 (Friday) to 5.30 p.m. (Singapore time) on 22 January 2016 (Friday) (or such later
date(s) as may be announced from time to time by or on behalf of the Offeror).
Please refer to the rest of this Announcement for further details.
nea03177 ( Date: 29-Aug-2017 18:01) Posted:
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Checked with my remisier, The Consortium cannot increase the offer price, the extension of time is just for shareholders to respond. Please check with your consultant or legal adviser.
smalliinv ( Date: 29-Aug-2017 02:22) Posted:
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Given the situation , isn' t it wise to buy the shares at this price
Yes but unless you are Ching himself, else it really hard to know how much are been bought in market by Oxley or " X files" daily, I guess if one is maneuvering an all out bid, the last thing he will do is to establish a pattern for longist to profit on the way up. And I think Oxley is handling it well, if he follow a fix plan/projection, leecher will have cause the price to go 2.8X by now.
Let see the next Oxley announcement, my guess is not crossing 15% yet as of this week.
Let see the next Oxley announcement, my guess is not crossing 15% yet as of this week.
desmodeus ( Date: 29-Aug-2017 15:00) Posted:
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the price reported is the weighted average price
under the code, the offer price should Oxley joined the bidding war will be the highest price it bought in the open market
under the code, the offer price should Oxley joined the bidding war will be the highest price it bought in the open market
look at the date of acquisition and project forward. had been doing 3 to 4 million shares daily
DinoBullBear ( Date: 29-Aug-2017 14:21) Posted:
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