15-04-2014, 10:25 AM
Mandatory Conditional Offer for HPL at $3.50 cash pshr (Conditional on achieving > 50% Acceptance level)
The OFFEROR (68 Holdings Pte.Ltd.) is a consortium formed by Cuscaden(60%) + Wheelock's Nassim Devts (40%)
and Cuscaden is an investment holding company control by OBS (90%) and David Ban (10%)
so far OFFEROR only secured 41.91%, and none of OBS's "in-law vehicles" are in ?? at least not yet.... Why why why not ???
Note that Wheelock is effectively NOT selling out its 20% stake at $3.50,
RATHER via it's 40% interests in OFFEROR,
Wheelock is effectively gunning to double-up its eff. stake in HPL up to max 40% (if OFFEROR able to secure 100% acceptance level, which seems highly unlikely)
At worse, it is status quo for Wheelock coz even at minimum 50% acceptance level, Wheelock's eff. stake in HPL will still be (40% * OFFEROR's 50%) = 20%
ADD-ON CORRECTION to above sentence in italics :
if Offer closed or lapsed, with OFFEROR stake in HPL still remaining at current 41.91% level only,
then "At Worse" Wheelock's eff stake in HPL will get diluted down to (40% * OFFEROR's 41.91%) = only 16.674%
So essentially, look like all the major "INSIDERs" are NOT accepting the $3.50 offer !!!
not Wheelock, not OBS (both simply swing their existing shares into OFFEROR vehicle and hoping to get more !!
and neither are any of the OBS's "in-laws vehicles" accepting the Offer.
NB: OBS's "in-laws" vehicles are: Coldharbour Limited (74.569m shrs), Jermaine Limited (2.2m shrs) and Holmshaw Services Limited (34.1209m shrs)
Bottomline: all the major players are holding onto their shares !!
$3.50 is clearly NOT attractive enough for them !! yet OFFEROR hoping enough 3rd-party minorities will take up their offer to secure > 50% minimum Acceptance level !.
The OFFEROR (68 Holdings Pte.Ltd.) is a consortium formed by Cuscaden(60%) + Wheelock's Nassim Devts (40%)
and Cuscaden is an investment holding company control by OBS (90%) and David Ban (10%)
so far OFFEROR only secured 41.91%, and none of OBS's "in-law vehicles" are in ?? at least not yet.... Why why why not ???
Note that Wheelock is effectively NOT selling out its 20% stake at $3.50,
RATHER via it's 40% interests in OFFEROR,
Wheelock is effectively gunning to double-up its eff. stake in HPL up to max 40% (if OFFEROR able to secure 100% acceptance level, which seems highly unlikely)
At worse, it is status quo for Wheelock coz even at minimum 50% acceptance level, Wheelock's eff. stake in HPL will still be (40% * OFFEROR's 50%) = 20%
ADD-ON CORRECTION to above sentence in italics :
if Offer closed or lapsed, with OFFEROR stake in HPL still remaining at current 41.91% level only,
then "At Worse" Wheelock's eff stake in HPL will get diluted down to (40% * OFFEROR's 41.91%) = only 16.674%
So essentially, look like all the major "INSIDERs" are NOT accepting the $3.50 offer !!!
not Wheelock, not OBS (both simply swing their existing shares into OFFEROR vehicle and hoping to get more !!
and neither are any of the OBS's "in-laws vehicles" accepting the Offer.
NB: OBS's "in-laws" vehicles are: Coldharbour Limited (74.569m shrs), Jermaine Limited (2.2m shrs) and Holmshaw Services Limited (34.1209m shrs)
Bottomline: all the major players are holding onto their shares !!
$3.50 is clearly NOT attractive enough for them !! yet OFFEROR hoping enough 3rd-party minorities will take up their offer to secure > 50% minimum Acceptance level !.
