My guess is Form 58 is for the shareholders to exercise their right to CA as it crossed 90%. That scheme has an expiry date.
Now that it crossed 95.5%, Keppel itself can exercise their CA right within a certain time as well.
The different % ie 90% and 95.5% for this put/call CA option is a anomaly that someone up there has to address.
(29-04-2015, 05:24 PM)opmi Wrote: [ -> ]If you read the Form 58, there is "scheme" aka Offer involved in order to exercise the right for CA for ALL shareholders (KEPCORP & minorities), given respective conditions. That scheme/Offer has an expiry date. Now it is over and KEP corp has the 96% after close , Kep corp still not CA the rest of outstanding shares.
I am not sure. But if I receive a cheque next few months for odd lot, I will let u guys know.
(29-04-2015, 05:02 PM)specuvestor Wrote: [ -> ]I'm not sure I understand what you saying 
What "CA in the free float rule"?
There were no CA (Compulsory Acquisition) for KepLand as it was short of 0.4% for the GO.
Now the announcement from Keppel shows it crossed 95.5%, Keppel can now do a CA. We should see announcement from suspended Kepland if like you said "it is obligated to make disclosures", which is under listing rules. FYI 215(3) exercise is under Companies Act not listing rules.
What I meant was, there should not be CA from KCL for the current exercise, no matter what level crossed by KCL. There is no further CA concept in current exercise.
(not vested, and learning)
Specuvestor, the scheme is the Offer with a cut off date. Close mean close.
I don't think Kep Corp can do CA now. If not, no end if the terms of the scheme
not respected. Let see if I get a cheque.
Anyway, I am happy with these CA. I think there are some precedents set.
i am contemplating this counter for the dividend. yield is around 5% for this counter, what do u guys think?
*not vested yet
Keppel Corp seems to be resilient despite the fall in STI recently. May be due to the fact that it has fallen quite a lot due to fall in oil prices.
Looks pretty decent with PE of 8.5, dividend yield more than 5% for a blue-chip.
Also, volume will increase whenever share price starts to fall back to $8.70. Is it because all the big boys are in? Just some thoughts.
Key risks comes from potential delays or cancellation of orders in building of oil-rigs due to fall in oil prices.
It is interesting to note that Keppel Corp, of all times, chose now to takeover Keppel Land despite Keppel Land lackluster performance in share price for some time. Mgmt may be using this acquisition to allow the profits to be more smooth due to potential problems from the O&G business. Moreover, CEO Mr Loh Chin Hua used to be Keppel Land's CEO before he was promoted. Therefore, he should understand and appreciate the value of Keppel Land before taking over it.
Maybe when the oil crisis is over and the market is hot again, he may list it again. Smart move. Reminds me of Yangzijiang when they expanded into micro-financing when shipbuilding was not doing well. Now that they emerge as a winner, they start to downscale their micro-financing business.
(vested)
The scandal will continue to impact both the Keppel Corp and SembMarine for a long while. I reckon the down-trend of the share price will continue...
(not vested on both)
Singapore shipbuilders alleged to be part of Brazil bribe scheme
Singapore shipbuilders alleged to be part of Brazil bribe scheme
By Bloomberg / Bloomberg | June 23, 2015 : 7:29 AM MYT
RIO DE JANEIRO (June 23): Singaporean shipbuilders Keppel Fels and Jurong are sinking deeper into a graft scandal that has transfixed Brazil and buffeted local oil industry suppliers.
Keppel Fels and Jurong, a unit of Sembcorp Marine ( Financial Dashboard), were allegedly among a group of companies that paid bribes through intermediaries to win contracts for building 21 deep-water drilling vessels that cost about US$800 million ($1.1 billion) each, according to testimony released Friday by a Brazilian court.
The contracts were awarded by Sete Brasil, a company set up by a group of Brazilian banks and Petrobras to build deep-water rigs and then lease them to the state-controlled oil producer.
Keppel and Sembcorp -- which refuted participation in the scheme in February, when testimony to police identifying them was released -- didn’t respond to e-mails and phone calls seeking comment for this story.
The unfolding Petrobras scandal threatens to derail Brazil’s plans to develop a domestic industry to compete with established offshore vessel suppliers in China, South Korea and Norway as Petrobras invests billions in a bid to double output from giant fields deep in the Atlantic.
Sete has faced loan delays from Brazil’s development bank during the investigation.
The allegations were made by Pedro Barusco, a former Petrobras and Sete director who has agreed to return to authorities about US$97 million that he says he earned from bribes, including payments from shipyards to win work with Sete.
...
http://www.theedgemarkets.com/sg/article...ibe-scheme
Let's close the case study of 215(3) of Keppel Corp vs Keppel land.
The final result is 98.4% of shareholding has accepted the offer, and remaining as private shareholder of Keppel Land. Keppel Land has been delisted today @ 9.00am
http://infopub.sgx.com/FileOpen/Increase...eID=360166
The conversion is getting popular. Well, this is a more cost-effective way to transport LNG around.
(not vested)
Keppel wins third floating LNG conversion contract worth US$684 mil
SINGAPORE (July 22): Keppel Shipyard has signed a contract worth US$684 million ($933 million) Golar Gandria N.V. to perform the conversion of a Moss-type Liquefied Natural Gas (LNG) carrier, the Gandria, into a Golar Floating Liquefaction (GoFLNG) facility.
...
http://www.theedgemarkets.com/sg/article...-us684-mil