Always good to be a member of a good delisted public company as one day, the true value will be realised if controlling shareholder is hard up enough for your stake...
I held on to Global Active (GNC) for years for my odd lots. Osim was trying very hard to convince me to sell and late last yr they "evaporated" my holdings at close to 4 times the original offer made years ago and over the years via capital reduction.
Singland and Kepland are good companies to remain in as private companies so is WBL.
GG
(19-04-2015, 06:39 PM)opmi Wrote: [ -> ]^^ Same fate as SingLand. I still have some odd lot.
The problem of holding unlisted companies is that you are always at the mercy of majority shareholder and if they don't wish to buy from you, you can be stuck in those shares for very long time. Although you might exit at a good price many years later, you can also take the exit offer now(if any) and re-invest into the more liquid listed company which wants to buy your shares.
For example, you can switch from Global Active to OSIM many years ago. You can also make the switch from SingLand to UIC, Superbowl to Hiap Hoe, WBL to UE, KepLand to Keppel Corp etc. I am sure that the returns made from switching is good enough and you also get to hold a listed company which you can sell your shares at anytime.
Agree... And your asset allocation for unlisted is unlikely to be higher than for listed. So even if the unlisted one doubled, it may not impact u as much as a core holding that is up 20%
Thank you for sharing with me your expertise. Much appreciated.
Keppel/Temasek's interest in Keppel Land increased to 96.02%:
..." Temasek is filing this notification form to report a change in deemed interest in the Listed Issuer
from 95.12% to 96.02% due to the 13,953,633 voting shares of the Listed Issuer that Keppel Corporation
Limited ("KCL") had agreed to acquire between 16 to 21 April 2015. This is in relation to the right of
Shareholders to require KCL to acquire voting shares of the Listed Issuer held by Shareholders pursuant to
Section 215(3) of the Companies Act, Chapter 50 of Singapore (the "Transaction")."
Temasek's interest
(19-04-2015, 11:01 PM)ghchua Wrote: [ -> ]The problem of holding unlisted companies is that you are always at the mercy of majority shareholder and if they don't wish to buy from you, you can be stuck in those shares for very long time. Although you might exit at a good price many years later, you can also take the exit offer now(if any) and re-invest into the more liquid listed company which wants to buy your shares.
For example, you can switch from Global Active to OSIM many years ago. You can also make the switch from SingLand to UIC, Superbowl to Hiap Hoe, WBL to UE, KepLand to Keppel Corp etc. I am sure that the returns made from switching is good enough and you also get to hold a listed company which you can sell your shares at anytime.
Agreed.
Keppel Land is officially delisted.
If you're still holding on as a minority SH of a private company, you're basically at the mercy of Keppel Corp.
If you're lucky, they MAY buy you out at a higher price.
They MAY also buy you out at a LOWER price.
They MAY also NEVER buy you out.
In any case, there's no basis anymore for analysis as each of these scenarios are not predictable.
As I've advised repeatedly in much earlier posts, in my experience, this is not a situation which is favorable to minority SHs. To begin with, you have no idea what the company is up to, as they do not have to release any news anymore.
Even if you disagree with the direction of the business, you cannot sell easily or protest. There is little basis for fundamental analysis as well.
And to add to all this, as pointed out by ghchua, there are opportunity costs as well.
In return for all this, all you have is a hope that Keppel corp potentially MAY buy you out at a price you HOPE will be higher.
^^ i got odd lots. my dividends will be any AGM/EGM lunches. I guess at Jurong, rather than city hotels...hahaha...
I hope Keppel Corp 'chut pattern' so I can learn how private delisted companies get screwed.
(16-07-2015, 10:24 AM)GFG Wrote: [ -> ] (19-04-2015, 11:01 PM)ghchua Wrote: [ -> ]The problem of holding unlisted companies is that you are always at the mercy of majority shareholder and if they don't wish to buy from you, you can be stuck in those shares for very long time. Although you might exit at a good price many years later, you can also take the exit offer now(if any) and re-invest into the more liquid listed company which wants to buy your shares.
For example, you can switch from Global Active to OSIM many years ago. You can also make the switch from SingLand to UIC, Superbowl to Hiap Hoe, WBL to UE, KepLand to Keppel Corp etc. I am sure that the returns made from switching is good enough and you also get to hold a listed company which you can sell your shares at anytime.
Agreed.
Keppel Land is officially delisted.
If you're still holding on as a minority SH of a private company, you're basically at the mercy of Keppel Corp.
If you're lucky, they MAY buy you out at a higher price.
They MAY also buy you out at a LOWER price.
They MAY also NEVER buy you out.
In any case, there's no basis anymore for analysis as each of these scenarios are not predictable.
As I've advised repeatedly in much earlier posts, in my experience, this is not a situation which is favorable to minority SHs. To begin with, you have no idea what the company is up to, as they do not have to release any news anymore.
Even if you disagree with the direction of the business, you cannot sell easily or protest. There is little basis for fundamental analysis as well.
And to add to all this, as pointed out by ghchua, there are opportunity costs as well.
In return for all this, all you have is a hope that Keppel corp potentially MAY buy you out at a price you HOPE will be higher.
no worries all my odd lots wrote off liao
Odd lot SHs can be a pain in the neck of the major SH. Just look at CK Tang.
(16-07-2015, 02:12 PM)cfa Wrote: [ -> ]Odd lot SHs can be a pain in the neck of the major SH. Just look at CK Tang.
How so?
CK Tang the major SH wanted to buy out to own 100%
If the major SH doesn't want to, what exactly can the minorities do in a private company?