(26-05-2012, 08:56 PM)freedom Wrote: [ -> ]as long as you fill section B with 0s, no matter the result is "FOR" or "AGAINST", you will not lose your shares.
Correct me if I'm wrong, If you do not submit the FAA form. It would mean that you're abstaining from the vote and do not "accept the partial offer" i.e. same as accept 0 share.
(26-05-2012, 10:49 PM)ngcheeki Wrote: [ -> ] (26-05-2012, 08:56 PM)freedom Wrote: [ -> ]as long as you fill section B with 0s, no matter the result is "FOR" or "AGAINST", you will not lose your shares.
Correct me if I'm wrong, If you do not submit the FAA form. It would mean that you're abstaining from the vote and do not "accept the partial offer" i.e. same as accept 0 share.
first, if you don't return the form, it means you neither vote "FOR" nor "AGAINST". The offer would become unconditional if more than 50% of the votes they received vote "FOR". That means, if you don't want the offer becoming unconditional, vote "AGAINST" rather than don't vote.
I can't be sure about what's the meaning of not returning the form for acceptance of the partial offer in the case of the the offer becoming unconditional.
in Section 2.9, 2nd para states
"Relevant shareholders who do not wish to approve the partial offer may abstain from voting on or vote against the partial offer"
From the above statement, it would seems that abstain from voting on (i.e. don't sent the FAA form) would mean that do not wish to approve the partial offer (i.e. On your holding of Wing Tai shares).
By the way, shareholder may sell excess Wing Tai shares (i.e. above the 15% of your wing tai holding) but no guarantee that it would be accepted even if the offer becomes unconditional.
In the actual situation, logically this is going to be the case: There will be abstained votes, against votes, for votes, and spoiled votes. So under what "% of for votes" will be unconditional for everyone or only for people who abstained? To me i don't understand how can it be unconditional for everyone since it's not 100% offer voting. i mean its not a "delisting offer" .
There are two conditions on the partial offer:
1. Whether more than 50% of the valid votes vote "FOR" the offer;
2. Whether 15% of the remaining shares accepts the offer
if either of the 2 can't be fulfilled, the Chengs might not be able to proceed the partial offer.
That's why it is important to vote "AGAINST" if you don't want the offer to be unconditional. As only the votes received counts, if everyone doesn't return the form except one vote "FOR" returns, it will be unconditional.
(27-05-2012, 08:35 AM)freedom Wrote: [ -> ]There are two conditions on the partial offer:
1. Whether more than 50% of the valid votes vote "FOR" the offer;
2. Whether 15% of the remaining shares accepts the offer
if either of the 2 can't be fulfilled, the Chengs might not be able to proceed the partial offer.
That's why it is important to vote "AGAINST" if you don't want the offer to be unconditional. As only the votes received counts, if everyone doesn't return the form except one vote "FOR" returns, it will be unconditional.
Thanks! i am fully against.
i think the Cheng Fellows want to become the major controller of Wing Tai on the very cheap (just holding slightly more than 50.6% if the offer is accepted). Look like ikan bilis are taken for granted. i mean the offer price is too far from the " nett asset valve" as reported. Can the Cheng Fellows afraid of in case "corporate raider" appears in future? Or what's the matter? They are holding 41.9 % now. (Refer pg 15 of Offer Document send by DBS)
I feel weird that they just sent forms instead of calling for an EGM. Maybe something is going to happen soon, so they don't have enough time? I guess, in an EGM, probably, the people turned up will get more informed as shareholders would communicate with each other and there would be questions asked. it probably will be more difficult to get 50% "FOR" from informed shareholders in an EGM.
As most people probably will not return the forms, by default, they did not vote. It will not be difficult for the Chengs to get 50% "FOR" as most returned forms probably vote "FOR". and 15% is not as big as 50%, so probably easy to get 15% of shares.
it is also weird that SIC does not require minimum votes received for such approval.
I will vote all 300lots I own FOR the partial takeover offer. You cannot fight against the BB. they are deliberately pressing down the share price so Cheng can accomplish what he needs to do. But the sad thing is, after the completion of the offer...its quite likely Wing Tai may distribute a huge dividend. So Cheng can dig out money to pay himself.
We all know Wing Tai is VERY VERY undervalued.
I am not vested, and know little about Wing Tai.
But i would like to share the article i come across in Kim Eng, which may provides additional clue for those vested.
Enjoy
sorry guys i will vote 'FOR' too, 115 lots...