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Best World makes $2.50 selective capital reduction offer to privatise company
The group of controlling shareholders of Best World International CGN -0.45% are offering $2.50 per share to the remaining shareholders to buy them out via a selective capital reduction offer.
The offer, which was flagged more than a week ago, will be put in front of shareholders holding 34.88% of the shares. A nod from a minimum of 75% out of this group is required for the offer to go ahead and for the company to be privatised.
According to Best World, it expects " growth headwinds" in China, where it has a heavy presence.
" The company believes a privatisation of the company will provide the necessary flexibility to optimise its resources to focus on the longer-term strategies of the business," says Best World.
The offer price of $2.50 is a 12.6% premium over the April 3 closing price of $2.22, and a bigger premium of more than 40% over the closing price on March 21, just before Best World first flagged its intention to make this selective capital reduction.
So quiet. Something wrong with the offer? Can the price go higher than the exit offer price of $2.50?
rlong8288 ( Date: 04-Apr-2024 08:28) Posted:
PROPOSED SELECTIVE CAPITAL REDUCTION 4.1 The Company proposes to cancel all of the 150,147,893 Shares held by the Eligible Shareholders in consideration for S$2.50 in cash per Share by way of the Selective Capital Reduction. Accordingly, an aggregate sum of S$375,369,733 arising from the Selective Capital Reduction, if effected, will be returned to the Eligible Shareholders in cash, on the basis of S$2.50 for each Share held by each Eligible Shareholder that is cancelled as a result of the Selective Capital Reduction. 4.2 In arriving at the proposed share price of S$2.50 for each Share, the Company had taken into consideration, among others, the historical trading price of the Shares, the net asset value per Share, and the current market conditions in the industries and markets which the Company and its subsidiaries (&ldquo Group&rdquo ) operate in. The proposed share price of S$2.50 for each Share represents: 4.2.1 a premium of approximately 42.86% over the last traded price of the Shares on the SGX-ST of S$1.75 on 21 March 2024, being the last full day of trading of the Shares prior to the Delisting Update Announcement Date (&ldquo Last Undisturbed Trading Day&rdquo ) 4.2.2 a premium of approximately 43.68%, 42.86%, and 45.35% over the VWAP of the Shares for the 1-month period, 3-month period, and 6-month period, up to and including the Last Undisturbed Trading Day, respectively 4.2.3 a premium of approximately 82.48% over the net asset value per Share of S$1.37 as at 31 December 2023 and 4.2.4 a premium of approximately 12.6% over the last traded price of the Shares on the SGXST of S$2.22 on 3 April 2024, being the last full day of trading of the Shares prior to t
SmallSmall ( Date: 03-Apr-2024 22:36) Posted:
| https://links.sgx.com/FileOpen/2024%2004%2003%20BWIL%20Exit%20Offer%20Ann.ashx?App=Announcement&FileID=79452 |
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PROPOSED SELECTIVE CAPITAL REDUCTION 4.1 The Company proposes to cancel all of the 150,147,893 Shares held by the Eligible Shareholders in consideration for S$2.50 in cash per Share by way of the Selective Capital Reduction. Accordingly, an aggregate sum of S$375,369,733 arising from the Selective Capital Reduction, if effected, will be returned to the Eligible Shareholders in cash, on the basis of S$2.50 for each Share held by each Eligible Shareholder that is cancelled as a result of the Selective Capital Reduction. 4.2
In arriving at the proposed share price of S$2.50 for each Share, the Company had taken into consideration, among others, the historical trading price of the Shares, the net asset value per Share, and the current market conditions in the industries and markets which the Company and its subsidiaries (&ldquo Group&rdquo ) operate in. The proposed share price of S$2.50 for each Share represents: 4.2.1 a premium of approximately 42.86% over the last traded price of the Shares on the SGX-ST of S$1.75 on 21 March 2024, being the last full day of trading of the Shares prior to the Delisting Update Announcement Date (&ldquo Last Undisturbed Trading Day&rdquo ) 4.2.2 a premium of approximately 43.68%, 42.86%, and 45.35% over the VWAP of the Shares for the 1-month period, 3-month period, and 6-month period, up to and including the Last Undisturbed Trading Day, respectively 4.2.3 a premium of approximately 82.48% over the net asset value per Share of S$1.37 as at 31 December 2023 and 4.2.4 a premium of approximately 12.6% over the last traded price of the Shares on the SGXST of S$2.22 on 3 April 2024, being the last full day of trading of the Shares prior to t
SmallSmall ( Date: 03-Apr-2024 22:36) Posted:
https://links.sgx.com/FileOpen/2024%2004%2003%20BWIL%20Exit%20Offer%20Ann.ashx?App=Announcement&FileID=794527
SmallSmall ( Date: 03-Apr-2024 22:30) Posted:
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$2.50 exit offer. So Happy! Bought small small below $2 when news broke
https://links.sgx.com/FileOpen/2024%2004%2003%20BWIL%20Exit%20Offer%20Ann.ashx?App=Announcement&FileID=794527
SmallSmall ( Date: 03-Apr-2024 22:30) Posted:
Official announcement lah
Kilatkilat ( Date: 03-Apr-2024 22:26) Posted:
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Official announcement lah
Kilatkilat ( Date: 03-Apr-2024 22:26) Posted:
Basis? Or a guess only?
SmallSmall ( Date: 03-Apr-2024 22:24) Posted:
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Basis? Or a guess only?
SmallSmall ( Date: 03-Apr-2024 22:24) Posted:
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$2.50 exit offer
https://www.straitstimes.com/business/sgx-regco-to-have-new-guidelines-on-independent-financial-advisers-after-spate-of-lowball-offers
Can they influence the IFA since they are the paymaster of the service?
Arch1984 ( Date: 03-Apr-2024 15:27) Posted:
Unlikely. Very hard to answer to the shareholders if they do so. They probably offer a low amount (supported by the IFA report) and the share price will sink back in.
Do note that as it is a selective shares reduction plan, the main shareholders motivation would be to offer as low as they can as long as the offer is still reasonable and supported by IFA report. |
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Unlikely. Very hard to answer to the shareholders if they do so. They probably offer a low amount (supported by the IFA report) and the share price will sink back in.
Do note that as it is a selective shares reduction plan, the main shareholders motivation would be to offer as low as they can as long as the offer is still reasonable and supported by IFA report.
If the current price keep going up, can they abandon the selective shares reduction plan?
Arch1984 ( Date: 03-Apr-2024 12:18) Posted:
Not 100% and no offer price yet. The main shareholders probably dont have enough money to buy out all the shares of the other shareholders. So they will have to do the selective capital reduction exercise using the company' s cash first. Once the other shareholder % is low enough, then they can start to do the delisting exercise. Its a step by step process.
Kilatkilat ( Date: 02-Apr-2024 14:38) Posted:
| How certain is privatisation? 100%? Offer price |
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Not 100% and no offer price yet. The main shareholders probably dont have enough money to buy out all the shares of the other shareholders. So they will have to do the selective capital reduction exercise using the company' s cash first. Once the other shareholder % is low enough, then they can start to do the delisting exercise. Its a step by step process.
Kilatkilat ( Date: 02-Apr-2024 14:38) Posted:
How certain is privatisation? 100%? Offer price?
Arch1984 ( Date: 02-Apr-2024 14:21) Posted:
| Privatisation happending now. What they asking for is like irrelevant already |
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What was the historical high? More than $3? Isetan was offered at a premium of its high.
rlong8288 ( Date: 02-Apr-2024 16:44) Posted:
so quiet.....
Kilatkilat ( Date: 02-Apr-2024 14:40) Posted:
| Can it same as Isetan offer more than 100% of the last trading price? |
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so quiet.....
Kilatkilat ( Date: 02-Apr-2024 14:40) Posted:
| Can it same as Isetan offer more than 100% of the last trading price? |
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Can it same as Isetan offer more than 100% of the last trading price?
How certain is privatisation? 100%? Offer price?
Arch1984 ( Date: 02-Apr-2024 14:21) Posted:
Privatisation happending now. What they asking for is like irrelevant already.
Kilatkilat ( Date: 02-Apr-2024 13:16) Posted:
| I think they happy when saw price went up. Hence, abandoned their plan. |
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Privatisation happending now. What they asking for is like irrelevant already.
Kilatkilat ( Date: 02-Apr-2024 13:16) Posted:
| I think they happy when saw price went up. Hence, abandoned their plan. |
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I think they happy when saw price went up. Hence, abandoned their plan.
Wonder if some of them could have started selling their shares to cash some in. Unless of course the Management has managed to pacify them.
Joelton ( Date: 02-Apr-2024 09:00) Posted:
EGM requisition withdrawn, says Best World
Best World International says a group of shareholders who had on March 21 requested for an EGM to be held have on April 1 withdrawn their requisition letter.
In its announcement via SGX, Best World did not indicate the reason why.
Even so, this group of shareholders, who collectively own more than 10% of the company, have reserved their rights to issue another requisition letter down the road.
As such, Best World will not take further action for now regarding the requisition.
According to Best World in its previous announcement on March 22, this group of shareholders are taking issue with the remuneration of the directors, and they want to oust the three independent directors now on the board.
In addition, they want the company to appoint an independent financial adviser to help gauge an appropriate level of dividends that ought to be paid, given how Best World has refrained from doing so even though it has a cash balance of $574 million as at Dec 31 2023.
As indicated by Best World then, this group of shareholders are willing to work towards a " common ground" .
Separately, Best World had on March 22 announced plans to launch a selective capital reduction exercise so that the existing controlling shareholders can privatise the company.
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