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The dealing disclosure of TCC Asset, another 5.7 million shares acquired on 24 Jan, out of transacted volume of 6.3 million shares

http://info.sgx.com/webcoranncatth.nsf/V...E0013AA7A/$file/DealingsAnnouncement250113.pdf?openelement

Current holding 45.32%, it seems rate of accumulation is diminishing...

I am currently holding F&N shares (Vested in 2006 and am a long term investor. Haiz..... never wanted to sell) Now my hands are tied... What is the best way sell and get the dividends of the $0.12 or the max price that I can get is $9.55 without the dividends. Please advice. Thanks.

F&N is gone...

DJ Fraser & Neave Board Says Thai Tycoon's Revised Bid Fair
Dow Jones Newswires | 27 Jan 2013 10:26am

By P.R. Venkat
SINGAPORE--Thai tycoon Charoen Sirivadhanabhakdi Sunday got a fillip in his bid to gain control of Fraser & Neave Ltd. (F99.SG) after the board of the Singapore conglomerate said the revised US$6.68 billion offer by the billionaire was "fair" and that they don't see a competing offer emerging.

Agreeing to its independent financial advisor J.P. Morgan Chase & Co.'s recommendation, Fraser & Neave board said that independent directors of the company including its chairman Lee Hsien Yang has decided to accept Mr. Charoen's offer.

Fraser & Neave hit headlines in July last year, when Mr. Charoen first bought shares in the Singapore firm that prompted Dutch brewer Heineken NV to buy out its 81-year-old beer-brewing joint venture with Fraser & Neave for US$4.6 billion in September and put the rest of the conglomerate's assets, the property and soft drinks business, in play.

Mr. Charoen, through his unlisted vehicle TCC Assets, made his first bid for the whole of Fraser & Neave in September, offering S$8.88 ($7.22) a share or US$7.2 billion to buy the shares he didn't already own. But that offer was turned down by the board of Fraser & Neave, which said the offer wasn't "compelling."

The battle for Fraser & Neave, one of southeast Asia's most sought-after assets, intensified when Overseas Union Enterprise (LJ3.SG), a property company owned by a wealthy Indonesia Riady family, made a US$10.6 billion offer in November. Overseas Union was backed by Japanese brewer Kirin Holdings Co. -- Fraser & Neave's second-largest shareholder with a 14.8% stake.

Even the Overseas Union offer got a tepid response from Fraser & Neave board.

The prospect of a bidding war propelled Fraser & Neave's share price to record highs, with both bidders spending months extending offers that prompted the Singapore regulator--Securities Industry Council--to step in and direct both parties to come up with revised offers or face an auction.

On Jan. 18, Mr. Charoen, who now owns 44.05% of the company, came up with a revised S$9.55 a share offer valuing Fraser & Neave at US$11.2 billion. Overseas Union didn't raise its bid, saying a successful takeover of Fraser & Neave would come at an unattractive cost for the company.

In its letter to shareholders Sunday, the independent directors said that J.P. Morgan -- which had been appointed by Fraser & Neave to evaluate the bids -- has recommended that the revised offer price by TCC Assets falls within the investment bank's valuation of S$8.58 to S$11.68 a share.

Fraser & Neave independent directors in their note to shareholders also said that they believe that the current market price of Fraser & Neave may decrease and "that a higher competing offer will not be made."


Write to P.R. Venkat at venkat.pr@wsj.com

(26-01-2013, 03:26 PM)acl72 Wrote: [ -> ]I am currently holding F&N shares (Vested in 2006 and am a long term investor. Haiz..... never wanted to sell) Now my hands are tied... What is the best way sell and get the dividends of the $0.12 or the max price that I can get is $9.55 without the dividends. Please advice. Thanks.

The dividend needs to be approved at the AGM coming Tuesday. I am not sure how such things work, but my guess is that TCC will vote against it, otherwise everybody will wait and the offer will not cross the 50% mark to become unconditional.

(27-01-2013, 04:56 PM)touzi Wrote: [ -> ]

(26-01-2013, 03:26 PM)acl72 Wrote: [ -> ]I am currently holding F&N shares (Vested in 2006 and am a long term investor. Haiz..... never wanted to sell) Now my hands are tied... What is the best way sell and get the dividends of the $0.12 or the max price that I can get is $9.55 without the dividends. Please advice. Thanks.

The dividend needs to be approved at the AGM coming Tuesday. I am not sure how such things work, but my guess is that TCC will vote against it, otherwise everybody will wait and the offer will not cross the 50% mark to become unconditional.

If I am not wrong the offer price of $9.55 includes repeat includes the dividend $0.12.
Whether there is (possibly) a best way will have to wait until Feb 4

(27-01-2013, 08:18 PM)orang Wrote: [ -> ]

(27-01-2013, 04:56 PM)touzi Wrote: [ -> ]

(26-01-2013, 03:26 PM)acl72 Wrote: [ -> ]I am currently holding F&N shares (Vested in 2006 and am a long term investor. Haiz..... never wanted to sell) Now my hands are tied... What is the best way sell and get the dividends of the $0.12 or the max price that I can get is $9.55 without the dividends. Please advice. Thanks.

The dividend needs to be approved at the AGM coming Tuesday. I am not sure how such things work, but my guess is that TCC will vote against it, otherwise everybody will wait and the offer will not cross the 50% mark to become unconditional.

If I am not wrong the offer price of $9.55 includes repeat includes the dividend $0.12.
Whether there is (possibly) a best way will have to wait until Feb 4

Yes, the TCC Asset's offer price includes all rights i.e. the dividend.

Yes, I checked again, it includes the right for TCC to receive the dividend. So I guess the AGM is meaningless as far as dividend is concerned.

Am I correct to say that shareholders still have a chance to sell to TCC after the offer become unconditional, if they do not accept now?

(27-01-2013, 10:21 PM)touzi Wrote: [ -> ]Yes, I checked again, it includes the right for TCC to receive the dividend. So I guess the AGM is meaningless as far as dividend is concerned.

Am I correct to say that shareholders still have a chance to sell to TCC after the offer become unconditional, if they do not accept now?

For those plan to accept TCC's offer, approval of dividend is irrelevance.

Once the offer turn unconditional, the offer will remain open at least 14 days to allow shareholders to react.

(26-01-2013, 03:26 PM)acl72 Wrote: [ -> ]I am currently holding F&N shares (Vested in 2006 and am a long term investor. Haiz..... never wanted to sell) Now my hands are tied... What is the best way sell and get the dividends of the $0.12 or the max price that I can get is $9.55 without the dividends. Please advice. Thanks.

In the latest Annual Report for end 90 Sep 12, the cash dividend received was $90m and dividend paid was $255m while cash at hand was $1650m. Considering a big bulk of APB is held in the Heineken JV ie Asia Pacific Investment where likely some APB dividends were retained or expensed, it is unlikely that future FNN dividends will be affected by APB sale.

If it is yield that you want, you can still chose not to tender your shares. FNN is unlikely to be delisted unless Kirin throws in the towel.

The dealing disclosure of TCC Asset, another 4.6 million shares acquired on 25 Jan, out of transacted volume of 4.9 million shares

http://info.sgx.com/webcoranncatth.nsf/V...100133CB4/$file/DealingsAnnouncement280113.pdf?openelement

Current holding 45.61%, 4.39% to go before unconditional. Base on the response and decision of F&N BOD, it is very likely to reach unconditional by 4th Feb.