10-12-2013, 11:11 AM
Charoen has placed out some of his FNN liao...theres a huge block trade of 36mil shares done earlier in the morning...that works out to be about 2%++ of FNN
(10-12-2013, 11:51 AM)freedom Wrote: [ -> ]Thought they have placed some shares before to meet the public float requirement? Why again? lack of fund?
(10-12-2013, 09:04 PM)ARC Wrote: [ -> ]Correct me if I am wrong, but i think the married trades today amounted to ~61mn shares, or ~4.2% of total share base.
It is assumed that this placement is done by Thai Towkay for the free float requirement. But we will have to wait till the official SGX annoucement to confirm that, which is not out at time of writing.
The crucial question now is this, imo - what % of MI is currently in the hands of parties that may be friendly to Charoen?
This is a crucial question as the original MI, prior to the married trades, were able to control the outcome of any (potentially) damaging related party transactions. And in doing so, protect their interest.
With the introduction of more MI that are potentially friendly to Charoen, the rules of the game may have changed. For those who are not friends with Charoen, can you still protect your interest?
Food for thought.
(10-12-2013, 09:32 PM)ARC Wrote: [ -> ]I am referring to minority interest. After all, I have no interest in making sure Towkay's interest is protected.
Yes, you are right on the point about resolutions. But for related party transactions, the related party is not allowed to partake in the voting, which protects the MI. So for instance, if Towkay wants to pump some assets he own into F&N or sell F&N assets to related parties - which could be ugly assets or desirable assets at an undesirable price - MI are technically able to fend for themselves.
However, it is not clear that MI can effectively defend themselves going forward, given a potential shift in the MI composition.
Happy to be corrected if I am wrong on the intepretation of SGX rules or on my read of the situation.