(10-01-2013, 10:00 PM)egghead Wrote: [ -> ]If the offer expires, does it mean SC can now buy openly from the market and compete with Wheelock (instead of being limited by 1.80)?
yes, but limit to 1% within 3 months or 6 months, IIRC.
No time luxury to keep extending offer?? From
Lim & Tan,
Wheelock Prop bought 1,324,000 shares yesterday at $1.8119 average, raising its stake to 17.38%.
Acceptances of Simon Cheong’s offer now stand at 13.932 mln shares or 3.37%, bringing his stake to 64.11%.
The free float is now 18.507%.
Speculation is in over drive as many ponder over just what might be Wheelock’s strategy.
Note Wheelock was the highest bidder for the site in Ang Mo Kio (to be its third sub-urban project) paying $550 mln or $790 psf.
And indications are that Ardmore 3 is not generating much demand since the private preview in Sept ’12.
Meanwhile the “first” penalty for the unsold units at SC Global’s the Marq is $5.5 mln. Next up will be Hilltops, which still has >190 units available (241 in total).
Note trading in SC Global will be suspended when the free float drops below 10%; and SC will not be able to compulsorily acquire remaining shares if his stake does not cross 90%, ie the QC rules continue to apply, as in penalty for unsold units 2 years after TOP.
It's almost certain that Wheelock is accumulating slowly and even below $1.80 when Simon's offer expires, aiming for delisting. Now to see who has the nerves to ride on wheelock's coat tail of $2.35 cost, or bitten shy by previous privatization experiences, even when the time catalyst is blatantly clear
If SC does not want to extend his offer, price should dip below 1.80.
Wheelock share price increase this morning might be response to the following report from DMG.
Scoop of the Day: After a long hiatus from land purchases, Wheelock Properties
yesterday announced that it has successfully clinched a leasehold 99-year
residential site at Ang Mo Kio Ave 2 for S$550m. The site, located next to St
Nicholas Girls' School and the future Mayflower MRT station with an allowable
gross floor area of 696,302 sf, attracted a total of 12 bids. Wheelock’s tender price
works out to S$790 psf ppr and we estimate a $0.15/share accretion to NAV
assuming breakeven of $1,250 psf and a selling price of $1500-1600 psf. This site
acquisition is timely, given the group’s depleting landbank in Singapore, currently
comprising of Ardmore Three and unsold units at Scotts Square. It also signals a
broadening of the group’s focus on the prime residential districts to strategically
located leasehold sites in suburban locations. Flushed with cash from the
progressive collection of sale proceeds of Scotts Square, Wheelock’s cash
position swelled to over S$1b earlier last year. It has since deployed over $300m
to invest in financial assets and recently raised its stake in SC Global from 16.07%
to 17.9% through open market purchases. We believe more active deployment of
its capital could serve to narrow the stock’s current discount of 29% from its NAV
of $2.86/share. (Goh Han Peng)
Think SC Global the public float already below 10%, the support @1.8 is totally gone. Hope that no one is betting on SC's extension for GO.
What a surprise! Wheelock accepts the offer of 1.8. Why did it buy from open market above 1.8?
(16-01-2013, 09:08 PM)freedom Wrote: [ -> ]What a surprise! Wheelock accepts the offer of 1.8. Why did it buy from open market above 1.8?
Wah... anti-climax!
They gave their reasons in their
SGX Annc but hard to believe...
(16-01-2013, 09:20 PM)KopiKat Wrote: [ -> ] (16-01-2013, 09:08 PM)freedom Wrote: [ -> ]What a surprise! Wheelock accepts the offer of 1.8. Why did it buy from open market above 1.8?
Wah... anti-climax!
They gave their reasons in their SGX Annc but hard to believe...
The latest property cooling measures really help SC Global. By the way, Wheelock Properties is also pretty unlucky (siau)..immediately after the award of AMK Ave 2 land parcel, the government come out with the additional measures!!
Its time to buy wheel lock tomorrow
(10-01-2013, 10:18 PM)KopiKat Wrote: [ -> ]No time luxury to keep extending offer?? From Lim & Tan,
Wheelock Prop bought 1,324,000 shares yesterday at $1.8119 average, raising its stake to 17.38%.
Acceptances of Simon Cheong’s offer now stand at 13.932 mln shares or 3.37%, bringing his stake to 64.11%.
The free float is now 18.507%.
Speculation is in over drive as many ponder over just what might be Wheelock’s strategy.
Note Wheelock was the highest bidder for the site in Ang Mo Kio (to be its third sub-urban project) paying $550 mln or $790 psf.
And indications are that Ardmore 3 is not generating much demand since the private preview in Sept ’12.
Meanwhile the “first” penalty for the unsold units at SC Global’s the Marq is $5.5 mln. Next up will be Hilltops, which still has >190 units available (241 in total).
Note trading in SC Global will be suspended when the free float drops below 10%; and SC will not be able to compulsorily acquire remaining shares if his stake does not cross 90%, ie the QC rules continue to apply, as in penalty for unsold units 2 years after TOP.