(04-04-2012, 09:36 PM)dydx Wrote: [ -> ]Unless Navis doesn't want dividends and can explain to their fund investors why they should forgo dividends from Adampak even though the company can jolly well continue to pay out regular dividends - I very much doubt they could give the reason as "they want to squeeze or play the minority shareholders of Adampak to death"! - there is every reason to believe a listed Adampak will continue to pay out dividends.
They are saying something to that effect, but in a manner that'll likely not get them into serious trouble (
pg 5-6),
(d) In addition, it is the intention of the Offeror that cash flow generated by the Group post-Offer will be used to continue to develop and grow the existing business operations of the Group, enter new lines of service and develop and pursue investment opportunities (including acquisitions) across various geographical regions. Such growth initiatives and potential acquisitions may also be funded by equity and debt financing. In this regard, the growth strategy to be adopted by the Offeror may limit and/or reduce the Company's ability to pay out dividends or may have dilutive effect on the Shareholders.
Even give additional warning that their growth strategy may dilute your stake (I guess things like placement shares) in case you don't mind a lower / no dividend payout.
I had been through two delisting offers that had revised the offer price. It is not inconceivable.
For the last two days, the total volume for adampak is around 9.4million. The no. of shares minus the shares of undertaking shareholders is around 125 million.
Long way to go....
512 lots traded today.
So, for the last three days, the total no. of shares traded is around 10 million. Another 90 million to go to hit 90%.
On paper, it does not look very rosy for Navis.
The next test for Navis will be the acceptance level of the current shareholders when they receive the offer document.
I did not see any disclosure announcement today, so the lots traded last 2 days, is not done by Navis, but speculator.??
As far as i recall, disclosure of dealing need to annouce by noon the next day. I need to check it out to confirm...
(05-04-2012, 08:30 PM)CityFarmer Wrote: [ -> ]I did not see any disclosure announcement today, so the lots traded last 2 days, is not done by Navis, but speculator.??
As far as i recall, disclosure of dealing need to annouce by noon the next day. I need to check it out to confirm...
Yes, I remember this being done with Thomson Med Ctr.
I had confirmed with the "THE SINGAPORE CODE
ON TAKE-OVERS AND MERGERS" section 12.3
4. Timing of disclosure
Disclosure must be made no later than 12 noon on the dealing day following
the date of the relevant transaction
So Navis has not started to collect from open market yet... interesting...
May not be speculator. Could be people who are willing to profit by buying at 41.5 cents before selling it to Navis at 42.0 cents. Returns = 0.5 / 42 x 100% = 1.19%. This is a respectable figure considering that it is just a 2 months wait. What do you think ?
(05-04-2012, 09:05 PM)Nick Wrote: [ -> ]May not be speculator. Could be people who are willing to profit by buying at 41.5 cents before selling it to Navis at 42.0 cents. Returns = 0.5 / 42 x 100% = 1.19%. This is a respectable figure considering that it is just a 2 months wait. What do you think ?
I was thinking about this too. Easy arbitrage?