04-10-2012, 12:20 PM
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04-10-2012, 09:07 PM
(04-10-2012, 12:20 PM)freedom Wrote: [ -> ]whether the GO will continue highly depends on Kirin.
if Kirin accepts the GO, TCC would easily cross 50% and probably stop there.
correct me if I'm wrong, if TCC crosses the 50% mark the offer will then become "unconditional"?. i.e they have to accept the rest of the shares at the offer price no?
04-10-2012, 09:19 PM
(04-10-2012, 09:07 PM)gwMoat Wrote: [ -> ](04-10-2012, 12:20 PM)freedom Wrote: [ -> ]whether the GO will continue highly depends on Kirin.
if Kirin accepts the GO, TCC would easily cross 50% and probably stop there.
correct me if I'm wrong, if TCC crosses the 50% mark the offer will then become "unconditional"?. i.e they have to accept the rest of the shares at the offer price no?
I don't believe there are a lot of people accepting offer even after Kirin accepts the offer. Otherwise, people should be accepting the offer or sell at market price which is higher than offer price.
04-10-2012, 09:22 PM
(04-10-2012, 09:07 PM)gwMoat Wrote: [ -> ](04-10-2012, 12:20 PM)freedom Wrote: [ -> ]whether the GO will continue highly depends on Kirin.
if Kirin accepts the GO, TCC would easily cross 50% and probably stop there.
correct me if I'm wrong, if TCC crosses the 50% mark the offer will then become "unconditional"?. i.e they have to accept the rest of the shares at the offer price no?
Once TCC become un-conditional, it can close the GO upon closing date mandated by Singapore Code on Take-overs and Mergers. All shareholder still able to accept offer by then.
I agree with freedom. After OCBC, the other substantial shareholders are Kirin (15%) and Prudential (8%).
Prudential is selling their stake gradually at higher price than $8.88, the latest update of holding is approx 6%, drop from 8% before offer announcement.
Will TCC able to convince minority shareholder to accept the offer? Or TCC is focusing on Kirin now?
Let see...
04-10-2012, 10:29 PM
(04-10-2012, 09:22 PM)CityFarmer Wrote: [ -> ]ok, also awaiting the IFA reports, meanwhile hope for best outcome!(04-10-2012, 09:07 PM)gwMoat Wrote: [ -> ](04-10-2012, 12:20 PM)freedom Wrote: [ -> ]whether the GO will continue highly depends on Kirin.
if Kirin accepts the GO, TCC would easily cross 50% and probably stop there.
correct me if I'm wrong, if TCC crosses the 50% mark the offer will then become "unconditional"?. i.e they have to accept the rest of the shares at the offer price no?
Once TCC become un-conditional, it can close the GO upon closing date mandated by Singapore Code on Take-overs and Mergers. All shareholder still able to accept offer by then.
I agree with freedom. After OCBC, the other substantial shareholders are Kirin (15%) and Prudential (8%).
Prudential is selling their stake gradually at higher price than $8.88, the latest update of holding is approx 6%, drop from 8% before offer announcement.
Will TCC able to convince minority shareholder to accept the offer? Or TCC is focusing on Kirin now?
Let see...
05-10-2012, 12:21 PM
The historical PE of F&N is around 14-15 with EPS of approx $0.46 before disposal. It translates to market price of $6.5-$7.0 per share.
After the disposal, EPS will drop to approx $0.39 without contribution from APB. Assuming the same PE, the market price is around $5.65
Base on the previous proposal, assuming that approx $4 billions will be distributed, it translates to $2.8 per share. The distribution is still TBC but with high certainty IMO
To sum-up, the F&N share is valued as $8.45, which is not too far from F&N BOD's $8.5 per share price to reduce its capital.
To conclude, the TCC offer of $8.88 seem reasonable. It seem rational for Kirin and other minority shareholder to accept the offer IMO.
After the disposal, EPS will drop to approx $0.39 without contribution from APB. Assuming the same PE, the market price is around $5.65
Base on the previous proposal, assuming that approx $4 billions will be distributed, it translates to $2.8 per share. The distribution is still TBC but with high certainty IMO
To sum-up, the F&N share is valued as $8.45, which is not too far from F&N BOD's $8.5 per share price to reduce its capital.
To conclude, the TCC offer of $8.88 seem reasonable. It seem rational for Kirin and other minority shareholder to accept the offer IMO.
05-10-2012, 05:50 PM
Yesterday TCC manage to acquire 0.58% in single day, thus the total holding increases to 32.44%
On the same day, Prudential continue to off-load @$8.89 for another 0.723%, reduces it holding to 5.25%
Base on transaction today, probably TCC manage to acquire more than 1%, will conform by tomorrow announcement.
On the same day, Prudential continue to off-load @$8.89 for another 0.723%, reduces it holding to 5.25%
Base on transaction today, probably TCC manage to acquire more than 1%, will conform by tomorrow announcement.
08-10-2012, 12:11 PM
(05-10-2012, 05:50 PM)CityFarmer Wrote: [ -> ]Yesterday TCC manage to acquire 0.58% in single day, thus the total holding increases to 32.44%
On the same day, Prudential continue to off-load @$8.89 for another 0.723%, reduces it holding to 5.25%
Base on transaction today, probably TCC manage to acquire more than 1%, will conform by tomorrow announcement.
Base on announcement today
http://info.sgx.com/webcoranncatth.nsf/V...1000F4108/$file/Dealings_Announcement_081012.pdf?openelement
TCC latest holding is 33.49%, with 1.04% acquired on 5th Oct (last Friday)
The acquisition is accelerating.
At the same time, Prudential continue to reduce it stake to 4.8%. One important note is part of it sold @ $8.88
09-10-2012, 11:55 AM
The NAV of F&N increases by $498 millions i.e. approx 7% of pre-dispoal NAV of $6843 millions.
http://info.sgx.com/webcoranncatth.nsf/V...00080014E/$file/FNL_Revaluation_Surplus-8.10.12.pdf?openelement
Will it affect the acceptance of the TCC offer? IMO, it may reduce the incentive to accept, but the acceptance will continue...
http://info.sgx.com/webcoranncatth.nsf/V...00080014E/$file/FNL_Revaluation_Surplus-8.10.12.pdf?openelement
Will it affect the acceptance of the TCC offer? IMO, it may reduce the incentive to accept, but the acceptance will continue...
10-10-2012, 09:23 AM
RECEIPT OF OFFER FOR HOSPITALITY AND SERVICED RESIDENCE BUSINESS OF THE COMPANY.
The saga continues...
http://info.sgx.com/webcoranncatth.nsf/V...20080A217/$file/FNL-Third_Party_Asset_Offer_10.10.12.pdf?openelementhttp://
The saga continues...
http://info.sgx.com/webcoranncatth.nsf/V...20080A217/$file/FNL-Third_Party_Asset_Offer_10.10.12.pdf?openelementhttp://