(14-04-2016, 09:55 AM)CityFarmer Wrote: [ -> ] (13-04-2016, 08:34 PM)thor666 Wrote: [ -> ]The Qn to ask is.. Is this really an error?
I will leave it for vb judgement.
Vested.
IMO, it is unlikely a deliberate move, instead of an error. Breaching Take-over code is serious, and might come with massive financial penalty. It is likely not only to compensate the differences. Furthermore, with the profile of the take-over, Mr. Sim might open a Pandora box on the matter.
SIAS calls on SIC to examine Ron Sim's unintentional purchases
...
Source: Business Times
I remember the announcement of 1.39 is a final offer. And then when it up 2 cents, I was like what the @#$@. Making a fool of the whole system or himself or .....
Personally i feel he should and be allowed (with permission from regulatory) to sell the additional shares he got that go beyond the 1.39. And the fault party to face some token penalty since is remedied and no drastic benefits gained.
Mr Ron Sim has a reputation to defend and that suggests this "flip flop" isn't anything sinister. (it doesnt in anyway puts him a OPMI friendly towkay though)
The scramble seems to be an error of execution IMHO..Of course, if one is vested, it will be easier to let our creative minds wonder... :p
^^ when u have this kind of 'special case with permission' options beyond what is written in the takeover code, it makes the process even more complex. The size of $$$ involved will incentivise players to play/game the system.
Stick to the rules. U break it, u pay for it.
But Ron Sim didn't commit any crime as yet right?
The rules state that he has to make the same offer to everyone, and having made the boo boo of buying at a higher price, all he has to do is to offer that higher price $1.39 to everyone, which is what he did.
It's an expensive mistake (if it is indeed a mistake), but what is there to investigate?
(14-04-2016, 10:42 AM)TTTI Wrote: [ -> ]But Ron Sim didn't commit any crime as yet right?
The rules state that he has to make the same offer to everyone, and having made the boo boo of buying at a higher price, all he has to do is to offer that higher price $1.39 to everyone, which is what he did.
It's an expensive mistake (if it is indeed a mistake), but what is there to investigate?
The outcome, based on investigate, will determine either a genuine mistake, or a tactical fault. The decision lies with SIC.
To offer higher price is an easy way out, for a tactical fault. Mr. Sim might need to compensate all past market transactions between the announcement, and the error trade, for the difference, plus a penalty. The amount can be large, depends on the volume during this period, and severity.
Anyway, it is up to SIC to conclude on matter.
(not vested)
i thought it is for-show only, to distract those investors who bought above $1.41 and refuse to let the company go private
It is a good move by OSIM with the "goodwill", which cost estimated $0.5m based on closed to 25 million shares transacted on that day. It is definitely helpful in the SIC judgement on the matter, IMO.
(not vested)
Extra payment for OSIM shareholders who sold shares on April 5
SINGAPORE (April 18): Shareholders of OSIM International who sold their shares on April 5 below $1.39 each will receive an additional payment from the firm "on a goodwill basis".
These shareholders "may not have had the opportunity to receive the equivalent of the final ex-dividend offer price of $1.39 in respect of those shares", Credit Suisse (Singapore) says on behalf of Vision Three Pte Ltd, a private vehicle owned by OSIM founder Ron Sim.
"In view of this, the offeror will make a payment (the additional payment) on a goodwill basis to all shareholders who sold their Shares on the SGX-ST on April 5 at a transacted sale price below $1.39."
The additional payment will be made to all affected shareholders, regardless of whether they sold their shares to the offeror or to third parties. Each affected shareholder will receive the difference between the transacted sale price for each share and the final ex-dividend offer price.
The extra payment will be made to affected shareholders through the Central Depository.
http://www.theedgemarkets.com/sg/article...es-april-5
Definitely a good move after asking for more money last year. Ron Sim laughing all the way to the bank.
Sucker punch delivered from Mr Sim
1Q16 results:
- Palm to OPMI's face warning - "Challenge to maintain margins amid rising fixed cost pressures" (u simply shouldn't have to suffer like that in the 'Highlight' section)
- No dividend for this quarter
http://osim.listedcompany.com/newsroom/2...76MX.1.pdf
This contrasts with 3Q15 results which had even lower EPS than 1Q16, but 1ct dividend was maintained and window dressing comfort words like "invest for growth"/"stable gross margins"
3Q15 link:
http://osim.listedcompany.com/newsroom/2...29FQ.1.pdf
shrewd leh...
got to give him credit for it... OPMI will be pissed... :O