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I didn' t know that a company can delist thru EGM. Based on the criteria, the only hope seems to be SGX rejecting as it' s not a reasonable exit offer. However, if this offer is advised by independent financial advisor, i think it' ll be hard for SGX to reject it. No wonder the offerer states that they do not intend to revise the offer. If sgx allows this to go through, other companies that has gone through MTP start using this method to delist too.
Under Rule 1307 of the Listing Manual, the SGX may agree to an application by the Company to delist from the Official List of the SGX
(a) the Company convenes an EGM to obtain Shareholders&rsquo approval for the Delisting
(b) the Delisting Resolution has been approved by a majority of at least 75% of the total number of Shares
(c) the Delisting Resolution is not voted against by 10% or more of the total number of Shares by Shareholders present => i believe most retailers won' t attend .... unlikely to get 10%
In addition, Rule 1309 of the Listing Manual requires that if the Company is seeking to delist from the SGX
(a) a reasonable exit alternative, which should normally be in cash, -> will need to rely on SGX to reject as it' s not a reasonable offer
(b) the Company should normally appoint an independent financial adviser
darocupcake ( Date: 08-Jun-2016 22:01) Posted:
Hope sgx dun allow in the interest of shareholder
nngeeh ( Date: 08-Jun-2016 21:55) Posted:
The MTP rules that SGX introduce is striking fear, and BB is taking advantage to press down the price to so low ... which allow such company to delist at the expense of retailers.
In the market where is not much liquidity, it' s not practical to implement MTP. It' s really a mistake.
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Hope sgx dun allow in the interest of shareholder
nngeeh ( Date: 08-Jun-2016 21:55) Posted:
The MTP rules that SGX introduce is striking fear, and BB is taking advantage to press down the price to so low ... which allow such company to delist at the expense of retailers.
In the market where is not much liquidity, it' s not practical to implement MTP. It' s really a mistake.
edwinjup ( Date: 08-Jun-2016 21:40) Posted:
| No hope.liao...mtp.make the share.price even cheaper for takeover.... |
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The MTP rules that SGX introduce is striking fear, and BB is taking advantage to press down the price to so low ... which allow such company to delist at the expense of retailers.
In the market where is not much liquidity, it' s not practical to implement MTP. It' s really a mistake.
edwinjup ( Date: 08-Jun-2016 21:40) Posted:
No hope.liao...mtp.make the share.price even cheaper for takeover.....
Qanghoo ( Date: 08-Jun-2016 21:12) Posted:
Brither, I think in this case, it' s stated that he need not abstain from voting if I read correctly.
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No hope.liao...mtp.make the share.price even cheaper for takeover.....
Qanghoo ( Date: 08-Jun-2016 21:12) Posted:
Brither, I think in this case, it' s stated that he need not abstain from voting if I read correctly.
edwinjup ( Date: 08-Jun-2016 21:00) Posted:
| Need a egm to approve the delisting....??..say if more than 10% reject..maybe wont delist....??..if director is the buyer..then he shouldnt vote in agm...conflict of interest? |
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Otto was trading at 17% BV when this happen. This will make Swiber and ERZA interesting liao. Both trading at 14% and 19% BV.
Qanghoo ( Date: 08-Jun-2016 21:12) Posted:
Brither, I think in this case, it' s stated that he need not abstain from voting if I read correctly.
edwinjup ( Date: 08-Jun-2016 21:00) Posted:
| Need a egm to approve the delisting....??..say if more than 10% reject..maybe wont delist....??..if director is the buyer..then he shouldnt vote in agm...conflict of interest? |
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Means 99% change delist liao
Qanghoo ( Date: 08-Jun-2016 21:12) Posted:
Brither, I think in this case, it' s stated that he need not abstain from voting if I read correctly.
edwinjup ( Date: 08-Jun-2016 21:00) Posted:
| Need a egm to approve the delisting....??..say if more than 10% reject..maybe wont delist....??..if director is the buyer..then he shouldnt vote in agm...conflict of interest? |
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if any stock got any share conso, nowadays its die road one way. liquidity dry up, price drift down, up lorry.
Brither, I think in this case, it' s stated that he need not abstain from voting if I read correctly.
edwinjup ( Date: 08-Jun-2016 21:00) Posted:
Need a egm to approve the delisting....??..say if more than 10% reject..maybe wont delist....??..if director is the buyer..then he shouldnt vote in agm...conflict of interest??
Qanghoo ( Date: 08-Jun-2016 20:56) Posted:
Oh n not to forget independent directors are supposed to speak with a neutral voice, hopefully, do minority shareholders some good. Let' s watch video play ....
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Need a egm to approve the delisting....??..say if more than 10% reject..maybe wont delist....??..if director is the buyer..then he shouldnt vote in agm...conflict of interest??
Qanghoo ( Date: 08-Jun-2016 20:56) Posted:
Oh n not to forget independent directors are supposed to speak with a neutral voice, hopefully, do minority shareholders some good. Let' s watch video play ....
Qanghoo ( Date: 08-Jun-2016 20:54) Posted:
Independent (or so it seems) Financial Advisor.
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Oh n not to forget independent directors are supposed to speak with a neutral voice, hopefully, do minority shareholders some good. Let' s watch video play ....
Qanghoo ( Date: 08-Jun-2016 20:54) Posted:
Independent (or so it seems) Financial Advisor.
darocupcake ( Date: 08-Jun-2016 20:51) Posted:
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The announcement states that the offerer does not intend to revise the exit offer.
Are there other cases where the offerer revise the offer even though they stated that they do not intend to revise it from the start? The offerer will still need to get 90% to delist, right? I doubt most will accept.
Independent (or so it seems) Financial Advisor.
darocupcake ( Date: 08-Jun-2016 20:51) Posted:
Sorry. IFA stands for?
Qanghoo ( Date: 08-Jun-2016 20:44) Posted:
Brother, I think we shd all wise up to it. Whether px up or not, doesn' t seem to depend on fundamentals. It' s more chng kay driven, like in so many other sotcks. This is really a sh*t exchange where px are compressed to unbelieveable levels so that it seems so easy to take advantage off to go private at ridiculous px. In this case, the offeror is the current controlling shareholder. Sure it' s appropriate at this time when oil px is low to swipe now isn' t it? NAV = 1.28, NTA = 1.04, offer px = 0.32. See what the IFA will recommend.
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Pt here is how can we do anything, if at all possible, to contain the seemingly unending px erosion of so many coys on this exchange. These days, it' s getting more n more common to sey share px trading at < 50% of NAV. If this continues, a lot of us cld be investing in apparently sound coys only to be played out when, going forward, px get squeezed more n more without end. Thien we will see a lot of similar things happening in future lor.
kktiong ( Date: 08-Jun-2016 20:26) Posted:
Fully agreed at 32 cts really is day light robbery, doing the shares consol and pushing price down and maybe they scooped alot and now ready to cheat all innocent minority shareholders. If SGX allow it to get through way below NAV it will be a BOG scandal within the SGX whereby the rich take advantage and minority not protected in the shares trading. Let' s hope for the BEST.
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Sorry. IFA stands for?
Qanghoo ( Date: 08-Jun-2016 20:44) Posted:
Brother, I think we shd all wise up to it. Whether px up or not, doesn' t seem to depend on fundamentals. It' s more chng kay driven, like in so many other sotcks. This is really a sh*t exchange where px are compressed to unbelieveable levels so that it seems so easy to take advantage off to go private at ridiculous px. In this case, the offeror is the current controlling shareholder. Sure it' s appropriate at this time when oil px is low to swipe now isn' t it? NAV = 1.28, NTA = 1.04, offer px = 0.32. See what the IFA will recommend.
Intercept ( Date: 08-Jun-2016 19:58) Posted:
don't forget there was share conso 20-1 right? inconceivable that the offer price is only 32ct! if not taken over, high chance it will climb above that price with oil prices rebounding
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Brother, I think we shd all wise up to it. Whether px up or not, doesn' t seem to depend on fundamentals. It' s more chng kay driven, like in so many other sotcks. This is really a sh*t exchange where px are compressed to unbelieveable levels so that it seems so easy to take advantage off to go private at ridiculous px. In this case, the offeror is the current controlling shareholder. Sure it' s appropriate at this time when oil px is low to swipe now isn' t it? NAV = 1.28, NTA = 1.04, offer px = 0.32. See what the IFA will recommend.
Intercept ( Date: 08-Jun-2016 19:58) Posted:
don't forget there was share conso 20-1 right? inconceivable that the offer price is only 32ct! if not taken over, high chance it will climb above that price with oil prices rebounding
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If this happen can we report to the authority becoz sgx should protect the interest of the shareholder
kktiong ( Date: 08-Jun-2016 20:26) Posted:
Fully agreed at 32 cts really is day light robbery, doing the shares consol and pushing price down and maybe they scooped alot and now ready to cheat all innocent minority shareholders. If SGX allow it to get through way below NAV it will be a BOG scandal within the SGX whereby the rich take advantage and minority not protected in the shares trading. Let' s hope for the BEST.
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Fully agreed at 32 cts really is day light robbery, doing the shares consol and pushing price down and maybe they scooped alot and now ready to cheat all innocent minority shareholders. If SGX allow it to get through way below NAV it will be a BOG scandal within the SGX whereby the rich take advantage and minority not protected in the shares trading. Let' s hope for the BEST.
70% to go thru. All in sgx
Intercept ( Date: 08-Jun-2016 20:03) Posted:
| how many percent have been obtained to accept offer n how many percet to go thru? anyone knows? |
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how many percent have been obtained to accept offer n how many percet to go thru? anyone knows?
