04-04-2012, 10:06 AM
To follow-up further on my posting on Some-one clarification on what will happen if he/she reject the offer. I believe to answer that, it is no better than refering a real example.
I follow thru closely on the Portek case. This is what happen. Hope it clarify all doubts
When Acquisition reach >90% holding, it proceed to "Compulsory Acquisition" which mean the following (caption from their formal doc with the link below)
http://info.sgx.com/webcorannc.nsf/Annou...endocument
1.3 Compulsory Acquisition. As we have received valid acceptances and/or acquired Shares in
respect of not less than 90% of the total number of Shares (other than those already held by us, our
related corporations and their respective nominees as at the date of the Offer Document), we are
entitled to and are exercising the right of compulsory acquisition under Section 215(1) of the
Companies Act, to compulsorily acquire, at the Offer Price of S$1.40 per Share and on the same
terms as those offered under the Offer, all the Shares in respect of which valid acceptances have
not been received by us or which we have not acquired as at the date of this Letter.
2. COMPULSORY ACQUISITION UNDER SECTION 215(1) OF THE COMPANIES ACT
2.1 Form 57. According to the records maintained by CDP and/or the Share Registrar, as the case may
be, you have not accepted the Offer or have not accepted the Options Proposal or exercised your
1 All references in this Letter to the total number of Shares shall be to 152,585,960 Shares in issue as at 15 August 2011 as
reflected in the electronic instant information search results from the Accounting and Corporate Regulatory Authority in respect of
the Offeree on 15 August 2011.
I follow thru closely on the Portek case. This is what happen. Hope it clarify all doubts
When Acquisition reach >90% holding, it proceed to "Compulsory Acquisition" which mean the following (caption from their formal doc with the link below)
http://info.sgx.com/webcorannc.nsf/Annou...endocument
1.3 Compulsory Acquisition. As we have received valid acceptances and/or acquired Shares in
respect of not less than 90% of the total number of Shares (other than those already held by us, our
related corporations and their respective nominees as at the date of the Offer Document), we are
entitled to and are exercising the right of compulsory acquisition under Section 215(1) of the
Companies Act, to compulsorily acquire, at the Offer Price of S$1.40 per Share and on the same
terms as those offered under the Offer, all the Shares in respect of which valid acceptances have
not been received by us or which we have not acquired as at the date of this Letter.
2. COMPULSORY ACQUISITION UNDER SECTION 215(1) OF THE COMPANIES ACT
2.1 Form 57. According to the records maintained by CDP and/or the Share Registrar, as the case may
be, you have not accepted the Offer or have not accepted the Options Proposal or exercised your
1 All references in this Letter to the total number of Shares shall be to 152,585,960 Shares in issue as at 15 August 2011 as
reflected in the electronic instant information search results from the Accounting and Corporate Regulatory Authority in respect of
the Offeree on 15 August 2011.