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Goh has interest to compulsory acquire 100% of shares. He can do so once he gets 90% acceptance. So it is possible his proxies may sweep up additional 4% from market to reach 90%. It is not sabotaging himself to pay higher prices to do so as there is no SGX regulation against it. Correct me if I am mistaken.
an_k1318 ( Date: 04-Oct-2024 08:26) Posted:
Please do not be upset with my view but once this was out, I felt there is really no point hanging on, hoping to get a higher offer.
The only question now is can you achieve a higher yield or should you wait for 5 years. It is highly impossible and unlikely Goh + proxies will buy something to sabotage themselves.
I sold off 37 cents when IFA bs was shared, cut loss and move on.
cmengchan ( Date: 23-Sep-2024 20:46) Posted:
Long story of explanation from IFA, and the conclusion is...
Having considered the aforementioned factors set out in this letter and summarised in this section, we are of the opinion that the financial terms of the Offer are fair and reasonable. Based on our opinion, we advise the Recommending Directors to recommend that Shareholders accept the Offer. |
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It might indeed be Goh?s plan to list at Bursa which is the best performing market this year.
SLA will attract much better valuation there and Goh performs national service for Malaysia to draw in investments.
cmengchan ( Date: 04-Oct-2024 09:10) Posted:
Another view I have is that Silverlake earnings are mostly non-SGD. Based on the past announcement of significant customer wins, their revenue are mostly from places such as Malaysia, SE Asia and Middle East which has weaker currency compared to SGD. Its like paying SGD100K equivalent for a Malaysia property 5 years ago, and expect that it will have increased value in SGD equivalent. 5 years ago, the MYR to SGD rate was around 3, compared to 3.5 more recently.
Even when Silverlake performance improved and valuation increased over past 5 years, its still improvement in MYR valuation only. The equivalent in SGD valuation will wipe out all the operational improvements. Hence, SGD share price and dividends will not show improvement due to exchange rate strength. Therefore, I am not be emotional over the fact that I had paid higher price when I invested in Silverlake, and now I am exiting at a slight loss. I think Silverlake would be better off listed in MYR currency, and in Malaysia market. |
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Another view I have is that Silverlake earnings are mostly non-SGD. Based on the past announcement of significant customer wins, their revenue are mostly from places such as Malaysia, SE Asia and Middle East which has weaker currency compared to SGD. Its like paying SGD100K equivalent for a Malaysia property 5 years ago, and expect that it will have increased value in SGD equivalent. 5 years ago, the MYR to SGD rate was around 3, compared to 3.5 more recently.
Even when Silverlake performance improved and valuation increased over past 5 years, its still improvement in MYR valuation only. The equivalent in SGD valuation will wipe out all the operational improvements. Hence, SGD share price and dividends will not show improvement due to exchange rate strength. Therefore, I am not be emotional over the fact that I had paid higher price when I invested in Silverlake, and now I am exiting at a slight loss. I think Silverlake would be better off listed in MYR currency, and in Malaysia market.
Please do not be upset with my view but once this was out, I felt there is really no point hanging on, hoping to get a higher offer.
The only question now is can you achieve a higher yield or should you wait for 5 years. It is highly impossible and unlikely Goh + proxies will buy something to sabotage themselves.
I sold off 37 cents when IFA bs was shared, cut loss and move on.
cmengchan ( Date: 23-Sep-2024 20:46) Posted:
Long story of explanation from IFA, and the conclusion is...
Having considered the aforementioned factors set out in this letter and summarised in this section, we are of the opinion that the financial terms of the Offer are fair and reasonable. Based on our opinion, we advise the Recommending Directors to recommend that Shareholders accept the Offer. |
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I also think it will cross 90%.
They are also able to acquire shares from open market, so the support for rejection is weak.
Those who hold out will risk falling into Option 1.
Entropy72 ( Date: 03-Oct-2024 21:57) Posted:
Around additional 118m shares must accept the offer for 90% level to be reached. Average daily volume past few days is around 11m shares.
So volume tmr and Monday must surge 17 times for the 118m shares to change hands. Based on market depth today, I will not be surprised if SLA charges towards at least 38.5 cents at closing.
Just my theory. Caveat emptor.
Entropy72 ( Date: 03-Oct-2024 21:46) Posted:
Believe Goh (or his proxies) will sweep up enough shares tmr and Monday to ensure more than 90% acceptance. This will result in compulsory acquisition and delisting.
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Around additional 118m shares must accept the offer for 90% level to be reached. Average daily volume past few days is around 11m shares.
So volume tmr and Monday must surge 17 times for the 118m shares to change hands. Based on market depth today, I will not be surprised if SLA charges towards at least 38.5 cents at closing.
Just my theory. Caveat emptor.
Entropy72 ( Date: 03-Oct-2024 21:46) Posted:
Believe Goh (or his proxies) will sweep up enough shares tmr and Monday to ensure more than 90% acceptance. This will result in compulsory acquisition and delisting.
cmengchan ( Date: 03-Oct-2024 19:35) Posted:
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Believe Goh (or his proxies) will sweep up enough shares tmr and Monday to ensure more than 90% acceptance. This will result in compulsory acquisition and delisting.
cmengchan ( Date: 03-Oct-2024 19:35) Posted:
85.34% acceptance.
cmengchan ( Date: 02-Oct-2024 20:35) Posted:
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85.34% acceptance.
cmengchan ( Date: 02-Oct-2024 20:35) Posted:
84.45% acceptance.
cmengchan ( Date: 02-Oct-2024 08:26) Posted:
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84.45% acceptance.
cmengchan ( Date: 02-Oct-2024 08:26) Posted:
82.22% acceptances.
cmengchan ( Date: 01-Oct-2024 08:10) Posted:
| 80.08% acceptance level now. |
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Good and rational decision making.
Not driven by emotions.
aragosta ( Date: 02-Oct-2024 09:10) Posted:
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82.22% acceptances.
cmengchan ( Date: 01-Oct-2024 08:10) Posted:
| 80.08% acceptance level now. |
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80.08% acceptance level now.
Lead independent director Ong Kian Min declared in SGX filing today that he has opted for Combi option for his SLA shares.
Thanks. Good to know, especially with frequent delistings. Most delist options are quite straightforward, allow submission of options online.
chongpin ( Date: 30-Sep-2024 08:59) Posted:
The system will know new shareholders who purchase Silverlake from the market (and do not have FAA form sent) and will send the FAA form to their registered address with CDP.
For cash option (option 1), you can do it online and need not submit the FAA form.
For cash & share(RPS) option 2, you need to submit the physical FAA form.
cmengchan ( Date: 28-Sep-2024 09:44) Posted:
But the instructions also said need to send the physical FAA or Form of Acceptance and Authorisation via post. That is a printed form with personal details and number of shares you hold.
How will new shareholders who purchased from market get this form since it was already dispatched |
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The system will know new shareholders who purchase Silverlake from the market (and do not have FAA form sent) and will send the FAA form to their registered address with CDP.
For cash option (option 1), you can do it online and need not submit the FAA form.
For cash & share(RPS) option 2, you need to submit the physical FAA form.
cmengchan ( Date: 28-Sep-2024 09:44) Posted:
But the instructions also said need to send the physical FAA or Form of Acceptance and Authorisation via post. That is a printed form with personal details and number of shares you hold.
How will new shareholders who purchased from market get this form since it was already dispatched?
Alignment ( Date: 27-Sep-2024 22:12) Posted:
| If you are talking about the KYC form this can be downloaded from SGX. |
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Thanks, i have no issues and have already submitted my Option 2. I was just wondering about those who bought from open market above $0.36, how will they submit option 2?
halleluyah ( Date: 28-Sep-2024 15:41) Posted:
Mon morning quickly check wth cdp or UOB helpline at 65397066.....i hv submitted mine fr option 2 yesterday.....
cmengchan ( Date: 28-Sep-2024 09:44) Posted:
But the instructions also said need to send the physical FAA or Form of Acceptance and Authorisation via post. That is a printed form with personal details and number of shares you hold.
How will new shareholders who purchased from market get this form since it was already dispatched |
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Mon morning quickly check wth cdp or UOB helpline at 65397066.....i hv submitted mine fr option 2 yesterday.....
cmengchan ( Date: 28-Sep-2024 09:44) Posted:
But the instructions also said need to send the physical FAA or Form of Acceptance and Authorisation via post. That is a printed form with personal details and number of shares you hold.
How will new shareholders who purchased from market get this form since it was already dispatched?
Alignment ( Date: 27-Sep-2024 22:12) Posted:
| If you are talking about the KYC form this can be downloaded from SGX. |
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Ah ok I can' t help you unfortunately. My broker is sorting everything else out for me to pick option 2. The only thing I had to do was to fill in the KYC form.
cmengchan ( Date: 28-Sep-2024 09:44) Posted:
But the instructions also said need to send the physical FAA or Form of Acceptance and Authorisation via post. That is a printed form with personal details and number of shares you hold.
How will new shareholders who purchased from market get this form since it was already dispatched?
Alignment ( Date: 27-Sep-2024 22:12) Posted:
| If you are talking about the KYC form this can be downloaded from SGX. |
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No ready instructions on how to do it. I also had to hound OCBC (my SRS agent) on the acceptance form for my SRS SLA shares (bought prior to offer). Only received the OCBC form last evening.
Goh prefers all to choose option 1 (default). Maybe some old and new investors who wanted option 2 found it perplexing to opt for it. They may decide it is easier to just cash out in market at 36 or higher.
cmengchan ( Date: 28-Sep-2024 09:44) Posted:
But the instructions also said need to send the physical FAA or Form of Acceptance and Authorisation via post. That is a printed form with personal details and number of shares you hold.
How will new shareholders who purchased from market get this form since it was already dispatched?
Alignment ( Date: 27-Sep-2024 22:12) Posted:
| If you are talking about the KYC form this can be downloaded from SGX. |
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But the instructions also said need to send the physical FAA or Form of Acceptance and Authorisation via post. That is a printed form with personal details and number of shares you hold.
How will new shareholders who purchased from market get this form since it was already dispatched?
Alignment ( Date: 27-Sep-2024 22:12) Posted:
| If you are talking about the KYC form this can be downloaded from SGX. |
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