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One of the offerors with KBH is AEM boss.
Fataaa ( Date: 29-Jan-2021 00:42) Posted:
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Trading halted again today?
Quarz! Let' s do a Redditt Squeeze on Sunningdale! 
#Venture Corp should challenge the offer and buy over, they have a plastic precision arm Univac as well.
#Venture Corp should challenge the offer and buy over, they have a plastic precision arm Univac as well.
https://www.businesstimes.com.sg/companies-markets/sgx-regco-requires-exit-offers-to-be-fair-and-reasonable-shareholder-vote-to
time and again all these bullying happened and what did the relevant authority do???
time and again all these bullying happened and what did the relevant authority do???
VERY REASONABLE LOL... THEY ARE HERE TO RIP SHAREHOLDERS OFF
Bro this saga already show they are a scum exploiting the shareholders... how does generous come into play here haha
lausk22 ( Date: 28-Jan-2021 15:00) Posted:
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Quarz should lead and explore the legality if there is any breach of fiduciary duties by both KBH and LWS. Also as a chairman of SIC, the more the authority #MAS, #SIC, #Minister in charge of the SFA should scrutinise this case in particular vis a vis the moral implication to such a position.
Hmm..That' s thinking out of the box to giver a higher offer price.Time will tell whether they are that generous.
alexmay34 ( Date: 28-Jan-2021 14:50) Posted:
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They may just up the dividen to add on to the offer price and say you get a good deal. Say this is to reward the long time share holders, if the offer 20 cts dividen, it may seem palatable! At the same time kbh and the others get back a chunk
lausk22 ( Date: 28-Jan-2021 11:34) Posted:
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Unlikely there will be any div this time, as it will complicate their offer.
Ichimoku ( Date: 28-Jan-2021 11:19) Posted:
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I die die also don ' t give to them!
If Quarz don' t like this price wait after CNY see when they meet at their place Mr Koh might increase again to give " " Ä ng Pow" us ? Any idea when company give result ?
carlarina ( Date: 28-Jan-2021 09:47) Posted:
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Next can complain to SIC.
Take-overs and mergers in Singapore are subject to non-statutory rules in the Singapore Code on Take-overs and Mergers (Take-over Code), which is administered by the Securities Industry Council (SIC).
SIC was formed in 1973, with legal backing of the Securities Industry Act, and grandfathered under Section 138 of the Securities and Futures Act (SFA).
SIC' s main function now is to administer and enforce the Take-over Code. It has powers under the law to investigate any dealing in securities that is connected with a take-over or merger transaction. SIC also reviews take-over rules and practices periodically, and recommends changes for promulgation by MAS. In addition, SIC issues guidance notes on the application of specific principles or rules.
BUT BUT BUT.....
SIC members are appointed by the Minister in charge of the SFA. Most SIC members are from the private sector, including industry representatives, financial sector professionals and legal experts. The current SIC members are:-
Securities Industry Council
The Securities Industry Council (SIC) administers the Singapore Code on Take-overs and Mergers (Take-over Code). Find out about the SIC, and access newsletters and press releases on takeovers and mergers.
About the Securities Industry Council
Take-overs and mergers in Singapore are subject to non-statutory rules in the Singapore Code on Take-overs and Mergers (Take-over Code), which is administered by the Securities Industry Council (SIC).
History
SIC was formed in 1973, with legal backing of the Securities Industry Act, and grandfathered under Section 138 of the Securities and Futures Act (SFA).
SIC' s main function now is to administer and enforce the Take-over Code. It has powers under the law to investigate any dealing in securities that is connected with a take-over or merger transaction. SIC also reviews take-over rules and practices periodically, and recommends changes for promulgation by MAS. In addition, SIC issues guidance notes on the application of specific principles or rules.
BUT BUT BUT.....
SIC Members
SIC members are appointed by the Minister in charge of the SFA. Most SIC members are from the private sector, including industry representatives, financial sector professionals and legal experts. The current SIC members are:-
- Mr Koh Boon Hwee (Chairman) &ndash Chairman, Credence Partners Pte Ltd WTFFFFFF!!!! LOL...
Hi everyone, so what are the next steps for minority shareholders now? Have not received any official notice... also no further emails or updates from Quarz. Anyone knows? Thanks!!
... it is so frustrating (esp so here in Singapore, when biz leaders need to walk-the-talk and talk-the-talk) as to what is happening to the spirit and letter of the biz / corporate governance? And most importantly, certain individual must be seen and not merely heard, to demonstrate high standard and lead by example or else how and who can other corporate / listed co look-up to as role-model?
Novo Tellus will argue that their superior return is only possible if they were to be the controlling shareholders of the firm. However, the question minorities should ask is this: Given that KBH, Loke Wai San, and Khoo Boo Hor were all already contributing to Sunningdale in the capacity as chairman, director, and CEO respectively, how much better can they run the company when it is private?
- Loke Wai San, who is the co-founder of Novo Tellus, was an independent director of Sunningdale up until 12 November 2020. Given that the initial offer was on the 9 November 2020, should he not have been owing fiduciary duties to minority shareholders of Sunningdale to ensure that their rights are protected?
The proposed structure clearly privatises any benefit into the hands of a select few private individuals and Private Equity firm Novo Tellus.
KBH, who owns 15.6% in Sunningdale, will curiously not be subjected to the same 30% cap and will be able to fully rollover his shares into the Holdco at the share conversion ratio.
- All non-KBH shareholders in Sunningdale, which includes minority retail investors, will be subjected to a cap that restricts total ownership in the private Holdco to be no more than 30% in aggregate. This is structured in such a manner so that interested parties in the transaction, i.e. KBH and Novo Tellus, will retain control over the private Holdco.
- KBH, who owns 15.6% in Sunningdale, will curiously not be subjected to the same 30% cap and will be able to fully rollover his shares into the Holdco at the share conversion ratio. This preserves the upside for KBH, while non-KBH shareholders of Sunningdale will have to realise their shares that are not eligible for conversion at $1.55 i.e. any upside is effectively capped. KBH will argue that in doing so, he is also exposing himself to further downside risk but given Sunningdale&rsquo s improving fundamentals this is an unlikely possibility.
- It is interesting to note that if less than 17% of non-KBH Sunningdale shareholders elect for conversion, then their post-privatisation ownership share in the Holdco will actually be higher than their pre-privatisation ownership share in Sunningdale. The point here is that especially for minority retail investors, it is unlikely that they will want to hold a highly illiquid stake in a privatised company, especially if it is a relatively small stake and subject to little, if any, investor protection. Paradoxically, not electing to convert the shares in Sunningdale will inadvertently enhance the stakes of other insiders such as Yarwood and GSH Corporation.