(21-07-2013, 10:38 PM)palantir Wrote: [ -> ]The English in the offer document is too cheem for me
If I don't accept the offer now and when the deadline closed and they got > 90%. Will they send me another offer letter for me to sell my holding to them at $0.88 again?
Well, if they refuse to sell you at $0.88, you can sue them.
No insider transaction filling since the counter started to trade at 0.885/0.89 range. In this case who is buying above the offer price? what's the motivation?
Any guru can explain this? Could it be third party vehicle of the offeror since offeror cant buy above his offer price in open market?
(21-07-2013, 10:38 PM)palantir Wrote: [ -> ]The English in the offer document is too cheem for me
If I don't accept the offer now and when the deadline closed and they got > 90%. Will they send me another offer letter for me to sell my holding to them at $0.88 again?
The offerer will extend the offer when they hit 90%. If you submit the same offer letter, you will get the money in 1 wk or 2.
If you refuse and the offerer exercises compulsory acquisition under company act, you will still get your money a few months down the road.
So, just sign your letter, put inside the envelope and decide for yourself when you should send it.
(21-07-2013, 11:13 PM)desmondxyz Wrote: [ -> ]No insider transaction filling since the counter started to trade at 0.885/0.89 range. In this case who is buying above the offer price? what's the motivation?
Any guru can explain this? Could it be third party vehicle of the offeror since offeror cant buy above his offer price in open market?
The party that is buying it is putting a wager that the offer will be upsize.
another 3rd party of the offeror cannot buy on behalf of them. this is illegal and against takeover rules of MAS.
(22-07-2013, 06:49 AM)yeokiwi Wrote: [ -> ] (21-07-2013, 10:38 PM)palantir Wrote: [ -> ]The English in the offer document is too cheem for me
If I don't accept the offer now and when the deadline closed and they got > 90%. Will they send me another offer letter for me to sell my holding to them at $0.88 again?
The offerer will extend the offer when they hit 90%. If you submit the same offer letter, you will get the money in 1 wk or 2.
If you refuse and the offerer exercises compulsory acquisition under company act, you will still get your money a few months down the road.
So, just sign your letter, put inside the envelope and decide for yourself when you should send it.
If they get >90%, you won't get another offer letter. You will get a cheque or a deposit into your bank account to say that the offeror has exercised compulsory acquisition at 88cents. Your only concern is that if they don't get >90% and there is no extension of offer. in that case the stock will stay listed and immediate knee jerk reaction is a fall in price. if there is extension with no increase in price then the game continues for a max of 60days from GO date.
my take at this moment is that the offeror has to make a decision soon as no one is in their right mine will sell to them when they can sell in open mkt and make extra kopi money.so it's either upsize or let the GO lapse.an extension of offer is useless. so now it is a staring game with the syndicates as to who blinks first b4 aug 7th.
(22-07-2013, 07:45 AM)Jacmar Wrote: [ -> ]my take at this moment is that the offeror has to make a decision soon as no one is in their right mine will sell to them when they can sell in open mkt and make extra kopi money.
Not exactly true. Before the circular was dispatched, one could easily buy a few hundred lots at $0.88. At that price, there's little to lose - only the brokerage - as the downside is protected by an unconditional offer. Think you mentioned it too..
Now, this investor has several options and one of those is to accept the offer, either partially or fully.
An example of partial acceptance + market sale:
Suppose he bought 100 lots.
Cost: $88,233.05 (brokerage included)
He can sell 88 lots (huaty huat) in the open market at $0.885 for $77,673.75 and accept the offer for the remaining 12 lots for $11,760.00. That will give him a total proceed of $88,233.75 netting him a profit of $0.71.
The profit, though negligible, means that he is now paid to enjoy any upward price revision for his 12 lots. Most importantly, he has no money at risk.
+++++++++
The other scenarios are more straightforward - accept offer fully, hold, or sell fully into the market.
let the offer lapse and try again 2-3 years down the road...
"so now it is a staring game with the syndicates as to who blinks first b4 aug 7th."
Hi cif5000,
Why Aug 7?
The offer was announced on June 21.
Offer Document was dispatched on July 10.
I can't make the connection Aug 7 with 60days limit of GO date.
(22-07-2013, 09:52 PM)PkNanas Wrote: [ -> ]"so now it is a staring game with the syndicates as to who blinks first b4 aug 7th."
Hi cif5000,
Why Aug 7?
The offer was announced on June 21.
Offer Document was dispatched on July 10.
I can't make the connection Aug 7 with 60days limit of GO date.
did you get the offer document? go read page 17
(22-07-2013, 10:37 PM)Jacmar Wrote: [ -> ] (22-07-2013, 09:52 PM)PkNanas Wrote: [ -> ]"so now it is a staring game with the syndicates as to who blinks first b4 aug 7th."
Hi cif5000,
Why Aug 7?
The offer was announced on June 21.
Offer Document was dispatched on July 10.
I can't make the connection Aug 7 with 60days limit of GO date.
did you get the offer document? go read page 17
Thanks. I read that and in fact I have already it marked on my calendar!
I got it now as it refers to First Closing Date.
Sorry for the raising the question as my mind was fixated on how this date is related to 60 days limit.