03-06-2014, 11:30 PM
(03-06-2014, 05:25 PM)lonewolf Wrote: [ -> ](03-06-2014, 10:01 AM)investor2014 Wrote: [ -> ]hi lonewolf,
if you do become a dissenting shareholder in a delisted company, the main issue is that you will not be able to sell your shares easily right?
Yes of cos.
(03-06-2014, 10:51 AM)CityFarmer Wrote: [ -> ]Dissenting shareholders will be forced to sale, if the compulsory acquisition triggered.
Lonewolf, I recall you also caught in ITG GO, right? You have already experienced as dissenting shareholder then, right?
(not vested)
I doubt CapLand will reach the compulsory acquisition level. They need to reach 96.5% for that to happen or another 304,592,581
share more.
I accepted ITG when it went over 90%. In any case, I wasn't totally happy with the Goh brothers management so I was happy to just move on.
In the case of CMA, I'm just toying with the idea of being a dissenting shareholder for the experience. But common sense will probably prevail in the end and I'll probably accept if 90% is reached.
Anyway they don't allow you to be dissenting shareholder as they will compulsory acquire your shares if 90% is reached.
Extract from the Offer document:
Compulsory Acquisition
Pursuant to Section 215(1) of the Companies Act, in the event that the Offeror receives valid
acceptances of the Offer or acquires such number of Offer Shares during the Offer period
otherwise than through valid acceptances of the Offer in respect of not less than 90% of the total
number of Shares in issue as at the close of the Offer (other than those already held by the
Offeror, its related corporations or their respective nominees as at the date of the Offer), the
Offeror would be entitled to exercise the right to compulsorily acquire all the Offer Shares of the
Shareholders who have not accepted the Offer as at the close of the Offer (“Dissenting
Shareholders”).
As stated in the Offer Document, the Offeror, when entitled, intends to exercise its right of
compulsory acquisition under Section 215(1) of the Companies Act and thereafter proceed
to delist CMA from the SGX-ST.