(22-08-2013, 07:40 PM)opmi Wrote: [ -> ]After this offer close without a CA , their threshold for next CA will be 99%. Unless they use another takeover vehicle.
opmi, can you help by pointing to me the reference for this rule?
I don't see the 99% threshold under the Section 215(1) of the Companies Act.
(23-08-2013, 11:09 AM)cif5000 Wrote: [ -> ] (22-08-2013, 07:40 PM)opmi Wrote: [ -> ]After this offer close without a CA , their threshold for next CA will be 99%. Unless they use another takeover vehicle.
opmi, can you help by pointing to me the reference for this rule?
I don't see the 99% threshold under the Section 215(1) of the Companies Act.
He probably means 90% of shares not owned by offerer (assuming 10%). = 90% owned + 0.9 * 10% = 99%
(23-08-2013, 11:21 AM)smallcaps Wrote: [ -> ] (23-08-2013, 11:09 AM)cif5000 Wrote: [ -> ] (22-08-2013, 07:40 PM)opmi Wrote: [ -> ]After this offer close without a CA , their threshold for next CA will be 99%. Unless they use another takeover vehicle.
opmi, can you help by pointing to me the reference for this rule?
I don't see the 99% threshold under the Section 215(1) of the Companies Act.
He probably means 90% of shares not owned by offerer (assuming 10%). = 90% owned + 0.9 * 10% = 99%
yes, CA rule is 90% of shares NOT owned by Offeror at time of Offer.
After this Offer, it will be 90% of 90% for the next CA. IF they dont use another takeover vehicle.
Seriously speaking, if the offer lapsed and after that, the company employ other tactics to move towards delisting, its going to be pretty scary for minorities. Assuming most are like me, dun wan to hold onto delisted shares.
I think at the end of the day the offer will lapsed, share price down, they buy from market, got >90%, compulsory acquisition at a lower price.....bye bye....
What say you?
(23-08-2013, 11:43 AM)LOVE YOURSELF Wrote: [ -> ]I think at the end of the day the offer will lapsed, share price down, they buy from market, got >90%, compulsory acquisition at a lower price.....bye bye....
What say you?
The rule don't work that way. If they let the offer lapse and then subsequently buy from the market to above 90%, they cannot do CA but it will be delisted by SGX. Hence it will be a pte company ala tang's scenario.
(23-08-2013, 11:47 AM)Jacmar Wrote: [ -> ] (23-08-2013, 11:43 AM)LOVE YOURSELF Wrote: [ -> ]I think at the end of the day the offer will lapsed, share price down, they buy from market, got >90%, compulsory acquisition at a lower price.....bye bye....
What say you?
The rule don't work that way. If they let the offer lapse and then subsequently buy from the market to above 90%, they cannot do CA but it will be delisted by SGX. Hence it will be a pte company ala tang's scenario.
Thank you for yr info If sgx delist the company, the retail investors got to sell their holdings at what price?
(23-08-2013, 11:55 AM)LOVE YOURSELF Wrote: [ -> ]Thank you for yr info If sgx delist the company, the retail investors got to sell their holdings at what price?
you don't have the chance to sell as it is now a pte company. You become a private investor. Your only chance to sell out will be they offer you again as an unlisted company. If they offer another ridiculous price you end up like Gen Mag case.
