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Look like it is going to cross 90% anyway. With current market weakness, there are many good value counters to pick up and really no point hanging on to BP and hope for higher offer price. It is not going to happen. Might as well free the capital soonest and buy other counters now.
BP shareholders may have no choice but to surrender their shares to BSL. Sad.....
Boustead Projects says there may not be a public market for its shares after S$0.95 offer closes
BOUSTEAD Projects on Wednesday (Mar 15) said there may not be a public market for shares in the company after the offer by Boustead Singapore to acquire its shares at S$0.95 apiece closes on Mar 27.
This was the company&rsquo s response to the Singapore Exchange Securities Trading (SGX-ST), which had asked what will happen to the shares held by public shareholders in the event that the shareholding interest of Boustead Singapore and its concert parties exceeds 90 per cent. The question was posed as the listed acquirer is unable to avail itself to the rights of compulsory acquisition.
Boustead Projects said that it was already set out in the independent financial adviser&rsquo s (IFA) letter that shareholders who do not accept the offer will hold shares in the company, which may be suspended from trading on the SGX-ST.
It also declared that Boustead Singapore &ldquo has no intention to undertake or support any action&rdquo to lift any trading suspension, even if it would be obliged to restore a 10 per cent free float, for example, by way of a placement, since the offer does not meet delisting conditions.
&ldquo There are limited options available to the board namely, to request the offeror to sell down its shares, or for the company to issue new shares to public shareholders,&rdquo it added.
Boustead Projects also pointed out that any proposal involving the issuance of new shares will require the offeror to vote in favour of the relevant resolutions, and this is not within the control of the company or the board.
This option also requires the company to find investors who are prepared to subscribe for new shares in the company, in circumstances where it is clear that the offeror intends to privatise the company, it said.
The clarifications came as the total number of shares owned, controlled or agreed to be acquired by Boustead Singapore and its concert parties as well as valid acceptances of the offer hovered close to 90 per cent. It stood at 88.54 per cent as at 6 pm on Wednesday.
Existing rules regarding delisting include the requirement that the deal&rsquo s IFA opines that the exit offer is both fair and reasonable, but the appointed IFA in this case has deemed the offer &ldquo not fair&rdquo but reasonable.
Boustead Projects, meanwhile, stated that it had no control over the offer price, nor the opinion of the IFA in respect of whether the offer is fair and reasonable.
It also said it has no control over the actions of the shareholders.
&ldquo Shareholders are free to accept or reject the offer after considering the recommendations of the independent directors as set out in the offeree circular,&rdquo it wrote.
It added that since the company had received no alternative offer or proposal, it is unable to provide other options to shareholders who do not accept the offer.
Unless we talking about few hundred thousands dollars, there is no point to hold on and fight. For small time retailers like me, don see the point of pushing it. Just move on and save my time and energy. Fight another day. At least that is my POV.
ysh2006 ( Date: 15-Mar-2023 18:42) Posted:
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That time don' t have SIAS? They have to form their own group? I want to say SIAS was a let down, right from the start should organise all retail shareholders to campaign for a better price, based on BPJ' s NAV. They basically do nothing rather than urging BPJ for a better offer after the news of acquistion broke, then after IFA' s report tell people not to accept offer. Wah lau eh, already so close to 90%, don' t accept do what? Become shareholders in the private company? If they don' t declare dividend how? Want to sell how, go to their office and request to speak to CEO?
ysh2006 ( Date: 15-Mar-2023 18:42) Posted:
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Just like last time Aztech 82% delisted and all not accepted become private shareholders.
Luckily those private share holders formed a group and continued fight and negotiation a better sell out term with company.....BPJ don't give out !!
Just look at the SGX queries and BPJ' s response. Classic! In summary, SGX said what if you cannot secure 90%? You cannot delist but your free float also below 10%, how? BPJ said, the offeror won' t release/sell their shares to meet the 10% free float, we also know we can place new shares but need shareholders' approval but offeror already said want to privatise, wont' approve one. We wait till offer closed see how. SGX toothless lah.
So essentially Gerald says, as soon as BSL shareholding in BP crosses 90%, and if BP fails to restore free float to above 10%, then it will face forced delisting by SGX/MAS.
lifeisgood ( Date: 15-Mar-2023 09:16) Posted:
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SIAS Gerald says, if BP fails to restore free float, then it will face delisting.
So there is no way to force a company to restore free float? At most delist lor.....
So there is no way to force a company to restore free float? At most delist lor.....
This is because the company cannot exercise compulsory acquisition under Section 215 of the Companies Act, he added. The provision which he cited addresses the power to acquire shares of shareholders dissenting from a scheme or contract approved by a 90 per cent majority.
However, this can change if shareholders continue to accept the offer, since it will cause a drop in the free float, which would have to be restored, failing which the company faces delisting, Gerald said.
Companies must restore free float if delisting conditions not met Boustead Projects no exception
BOUSTEAD Projects will be required to restore its free float should its parent company&rsquo s privatisation offer fall through, according to Singapore Exchange (SGX) listing rules and regulations.
A Singapore Exchange Regulation (SGX RegCo) spokesperson on Tuesday (Mar 14) told The Business Times (BT) that in the event delisting conditions are not met and free float is lost, the company&rsquo s securities will be suspended.
All companies in such a situation are obliged thereafter to restore free float, for example, by way of a placement.
While SGX RegCo maintained it is unable to comment on specific companies, the regulator said those who do not restore their free float may be required to delist.
They must do so while still complying with the existing rules regarding delisting &ndash including the requirement that the deal&rsquo s independent financial adviser (IFA) opines that the exit offer is both fair and reasonable, added the regulator.
Its statement comes in response to BT&rsquo s queries regarding Securities Investors Association Singapore&rsquo s (Sias) concerns over continued acceptance of Boustead Singapore&rsquo s offer for Boustead Projects, which would cause a drop in the free float of the latter company.
Sias founder and chief executive David Gerald on Monday called upon SGX RegCo to require Boustead Projects to restore its free float in the event of its loss, as the company &ldquo has not complied with the Listing Rules requirements on exit offer for delistings&rdquo .
As the appointed IFA has deemed the offer &ldquo not fair&rdquo but reasonable, Gerald said shareholders &ldquo should not fear that the company will be delisted even if they do not accept the offer&rdquo .
This is because Boustead Singapore cannot exercise compulsory acquisition under SGX rules, though Gerald warned Boustead Projects could face a delisting in the event it loses its free float.
If BP loses free float to below 10%, and BP refuses to restore free float, then the punishment is to forced to be delisted by SGX. So will be delisted anyway?
Companies must restore free float if delisting conditions not met Boustead Projects no exception
TUE, MAR 14, 2023 - 03:34 PM
BOUSTEAD Projects will be required to restore its free float should its parent company&rsquo s privatisation offer fall through, according to Singapore Exchange (SGX) listing rules and regulations.
A Singapore Exchange Regulation (SGX RegCo) spokesperson on Tuesday (Mar 14) told The Business Times (BT) that in the event delisting conditions are not met and free float is lost, the company&rsquo s securities will be suspended.
All companies in such a situation are obliged thereafter to restore free float, for example, by way of a placement.
While SGX RegCo maintained it is unable to comment on specific companies, the regulator said those who do not restore their free float may be required to delist.
They must do so while still complying with the existing rules regarding delisting &ndash including the requirement that the deal&rsquo s independent financial adviser (IFA) opines that the exit offer is both fair and reasonable, added the regulator.
Its statement comes in response to BT&rsquo s queries regarding Securities Investors Association Singapore&rsquo s (Sias) concerns over continued acceptance of Boustead Singapore&rsquo s offer for Boustead Projects, which would cause a drop in the free float of the latter company.
Sias founder and chief executive David Gerald on Monday called upon SGX RegCo to require Boustead Projects to restore its free float in the event of its loss, as the company &ldquo has not complied with the Listing Rules requirements on exit offer for delistings&rdquo .
As the appointed IFA has deemed the offer &ldquo not fair&rdquo but reasonable, Gerald said shareholders &ldquo should not fear that the company will be delisted even if they do not accept the offer&rdquo .
This is because Boustead Singapore cannot exercise compulsory acquisition under SGX rules, though Gerald warned Boustead Projects could face a delisting in the event it loses its free float.
As at 3.09pm on Tuesday, shares of Boustead Singapore : F9D -2.34% were trading S$0.005 or 0.6 per cent lower at S$0.85, while Boustead Projects : AVM 0% was flat at the offer price of S$0.95.
Indeed IFA said the offer is unfair but reasonable. Indeed BSL has revised offer to then market price of 95 cents even though market had subsequently pushed the price all the way up to $1. It promptly dropped back to 95 cents with the announcement of revised offer price. Since then, there was no push at all to move the price up above 95 cents and acceptance level keep increasing. Those who really want to hold on must weight between holding cost vs opportunity cost.
HVRRVH ( Date: 15-Feb-2023 11:37) Posted:
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https://www.businesstimes.com.sg/companies-markets/sias-tells-shareholders-reject-boustead-offer-which-ifa-calls-not-fair-reasonable
Excerpts from article. Please read article for details.
...IFA&rsquo s detailed opinion was carried in an offeree circular that was issued on Monday. It views the offer as not being fair, as the final offer price of S$0.95 is not within its final estimated valuation range of between S$1.17 and S$1.38 for the shares...
...Now that the appointed independent financial adviser (IFA) has assessed that the offer is &ldquo not fair&rdquo while being reasonable, he said shareholders &ldquo should not fear that the company will be delisted even if they do not accept the offer&rdquo ...
Excerpts from article. Please read article for details.
...IFA&rsquo s detailed opinion was carried in an offeree circular that was issued on Monday. It views the offer as not being fair, as the final offer price of S$0.95 is not within its final estimated valuation range of between S$1.17 and S$1.38 for the shares...
...Now that the appointed independent financial adviser (IFA) has assessed that the offer is &ldquo not fair&rdquo while being reasonable, he said shareholders &ldquo should not fear that the company will be delisted even if they do not accept the offer&rdquo ...
Mr Mano Sabnani, are you in this?
Can we do it again?
Vote no.
Can we do it again?
Vote no.
Hi all, may I know if Boustead Project will be delisted? Is there a compulsory acquisition if > 90% acceptance?
Thank you!
Thank you!
lifeisgood ( Date: 23-Feb-2023 22:37) Posted:
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BPL related Google lone wolf investor if you can' t click
Commentary
Disruption Galore
My thoughts and prayers to the people affected by the deadly earthquake in Turkiye and Syria. Wishing the victims a speedy recovery from the ordeal.
In 2000s, It was probably one of the worst possible timing to start my career as a stock broker, beside that the market was still licking the wound bought on by the 2000 tech bubble crash, 9/11 and sars crisis.
https://lonewolfinvestor.blogspot.com/2023/02/wolf-moneyportfolio-update-for-end-feb.html?m=1
Commentary
Disruption Galore
My thoughts and prayers to the people affected by the deadly earthquake in Turkiye and Syria. Wishing the victims a speedy recovery from the ordeal.
In 2000s, It was probably one of the worst possible timing to start my career as a stock broker, beside that the market was still licking the wound bought on by the 2000 tech bubble crash, 9/11 and sars crisis.
https://lonewolfinvestor.blogspot.com/2023/02/wolf-moneyportfolio-update-for-end-feb.html?m=1
Good idea to maintain exposure via Boustead Sg. I am looking fwd to a Boustead industrial reit soon.
governor ( Date: 23-Feb-2023 18:31) Posted:
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I have decided to sell out in open market with proceeds rolling over to Boustead Singapore.
https://lonewolfinvestor.blogspot.com/2023/02/wolf-moneyboustead-projects-sold.html?m=1
Boustead Projects related Google lone Wolf investor if you can?t click.
https://lonewolfinvestor.blogspot.com/2023/02/wolf-moneyboustead-projects-sold.html?m=1
Boustead Projects related Google lone Wolf investor if you can?t click.