(10-12-2013, 10:16 PM)CityFarmer Wrote: [ -> ] (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.
In IPT, related parties need to abstain from voting on the resolution. So MI will also be protected.
All MI will be protected, assuming that
all MI are aligned in protecting minority interest.
The towkay only sold approx 31 mil shares, which bring down his stake to slightly less than 88%, from the previous 90%.
The rest of the married deals are not from the Towkay...
PUBLIC FLOAT OF FRASER AND NEAVE, LIMITED
Further to the Announcements in relation to the public float of the Company, the Board of the Company is pleased to announce that TCC Assets Limited (“TCCA”) has informed the Company that TCCA has, on 12 December 2013, completed the sale of an aggregate of 30,930,000 shares in the Company (“Shares”) held by TCCA to persons who are not (a) the directors, chief executive officer, substantial shareholders or controlling shareholders of the Company or its subsidiaries; or (b) associates (as defined in the Listing Manual) of the persons set out in (a) above (the “TCCA Sale”). Pursuant to the completion of the TCCA Sale, TCCA’s shareholding in the Company has been reduced to 858,080,062 Shares, representing approximately 59.39% of the total number of issued Shares (excluding treasury shares) as at the date of this Announcement.
Taking into account the TCCA Sale, to the best of the Company’s knowledge and based on records of the Company, the percentage shareholding of the total issued Shares (excluding treasury shares) as at the date of this Announcement held by the public is approximately 12%. Accordingly, the minimum public float requirement under Rule 723 of the Listing Manual has been met.
Ref:
http://infopub.sgx.com/FileOpen/Public_F...eID=267629
If FCL is spun off and Thai Beverage swaps its FCL shares with TCCA's F&N shares. It is possible that Thai Beverage will privatize F&N.
FRASER and Neave (F&N) has won over enough bondholders to split itself without triggering a technical default, market sources said.
During meetings early Monday, investors in the property and food-and-beverage conglomerate's $108.25 million of 5.5 per cent notes due 2016 and $200 million of 6 per cent notes due 2019 agreed to waive their right to claim a default due to the split, and to give the company an early redemption option.
Bondholders had earlier rejected the initial offer, deeming the proposed call offer to be too low.
F&N on Dec 6 raised its proposed early redemption terms by 375 to 600 basis points, offering to pay par plus 6.5 per cent and accrued interest for the 5.5 per cent notes and par plus 9 per cent plus accrued interest for the 6 per cent notes.
http://www.businesstimes.com.sg/brea...pport-20131223
Fraser and Neave moves one step closer to listing Frasers Centrepoint Limited
F&N’s public float restored before year-end deadline
Books Closure Date for FCL Distribution falls on
2 January 2014
FCL expected to be listed on the Main Board of SGX-ST on
9 January 2014
http://infopub.sgx.com/FileOpen/Media_Re...eID=268691
I'd attached a timetable for DIS of FCL
vested
next one? Thai Beverage swaps its FCL shares with TCC's F & N shares? Thai Beverage to absorb F & N?
(24-12-2013, 07:45 AM)freedom Wrote: [ -> ]next one? Thai Beverage swaps its FCL shares with TCC's F & N shares? Thai Beverage to absorb F & N?
Anything is possible. I don't try to outsmart the Towkay's team.
F&N and ThaiBev remain as separated, and engage in a synergistic way, by leveraging on both logistic networks? May be...
(24-12-2013, 09:23 AM)CityFarmer Wrote: [ -> ] (24-12-2013, 07:45 AM)freedom Wrote: [ -> ]next one? Thai Beverage swaps its FCL shares with TCC's F & N shares? Thai Beverage to absorb F & N?
Anything is possible. I don't try to outsmart the Towkay's team.
F&N and ThaiBev remain as separated, and engage in a synergistic way, by leveraging on both logistic networks? May be...
towkay need $$$ to repay loan....so how Towkay get $$$ to deleverage?
sometimes debt laden companies more shareholder friendly than cash-rich fat cats...
So far looks like events are developing as what we discussed.
The likely share swap or restructuring will be the last leg and signal to call it a day on FNN.
(28-08-2013, 12:06 PM)specuvestor Wrote: [ -> ]IMHO looks like gonna be TCC main focus will be on injecting asset into FCL REIT to monetise, and hang FNN & ThaiBev to dry on leverage as F&B are cashflow biz. I think FNN will be levered further, probably after a shareswap of FNN & FCL between TCC and ThaiBev.