Spindex Industries

[wj1984]

Spindex just posted an update with regards to the discussion; still on-going... strikingly similar timeline as grand venture...

nice insight @buddy; I was also pondering why they took the impairment and the fx loss...

[weijian]

Finally after almost 8 years another offer to potentially take Spindex private...

https://links.sgx.com/FileOpen/Spindex_H...eID=854108

From the document can see its an external party making an offer, wonder if the Tans would make things difficult for the offeror to conduct DD like previously back in 2017...

anyway GVT which recently took private also had something similar...

June 1st they issued the same holding announcement... July 1st they gave an update and July 10th the offer was tabled...

valuation was at 1.4x NAV... That would be good news for Spindex if the valuations are the same... 1.5 x 1.4 = 2.1

we can only hope...

This has ended up to be the typical MBO where the controlling shareholders partner with outside capital. Probably to avoid a potential situation where it doesn't satisfy free float (eg. Boustead Projects and Great Eastern), the Offerer is choosing the "all or nothing" SOA route.

PrimeMovers Equity (S) Pte. Ltd. and Hong Wei Holdings Ltd to Privatise Spindex Industries Limited

Singapore, 26 September 2025 – PrimeMovers Equity (S) Pte. Ltd. (“PrimeMovers Equity”), a Singapore-based private equity, today announced that Skyline II Pte. Ltd. (“Offeror”) has signed a definitive agreement to acquire Spindex Industries Limited (SGX: 564.SI) (“Spindex” or “the Company”), a company listed on the Main Board of the Singapore Exchange Securities Trading Limited, for S$1.43 in cash per share by way of a scheme of arrangement (the “Scheme”). The Offeror is jointly owned by Hong Wei Holdings Ltd (“Hong Wei”), an investment holding company controlled by Mr. Tan Choo Pie & his family and the majority shareholder of Spindex, and Skyline I Pte. Ltd., an investment entity majority owned by PME I Holding Pte. Ltd. which is managed and controlled by PrimeMovers Equity. The transaction is subjected to, among others, shareholders' (with Hong Wei abstaining), court and regulatory approvals and is expected to close in 1Q 2026.

PR: https://links.sgx.com/FileOpen/Spindex-P...eID=860282

detail doc: https://links.sgx.com/FileOpen/Spindex-J...eID=860281

[wj1984]

Finally after almost 8 years another offer to potentially take Spindex private...

https://links.sgx.com/FileOpen/Spindex_H...eID=854108

From the document can see its an external party making an offer, wonder if the Tans would make things difficult for the offeror to conduct DD like previously back in 2017...

anyway GVT which recently took private also had something similar...

June 1st they issued the same holding announcement... July 1st they gave an update and July 10th the offer was tabled...

valuation was at 1.4x NAV... That would be good news for Spindex if the valuations are the same... 1.5 x 1.4 = 2.1

we can only hope...

This has ended up to be the typical MBO where the controlling shareholders partner with outside capital. Probably to avoid a potential situation where it doesn't satisfy free float (eg. Boustead Projects and Great Eastern), the Offerer is choosing the "all or nothing" SOA route.

PrimeMovers Equity (S) Pte. Ltd. and Hong Wei Holdings Ltd to Privatise Spindex Industries Limited

Singapore, 26 September 2025 – PrimeMovers Equity (S) Pte. Ltd. (“PrimeMovers Equity”), a Singapore-based private equity, today announced that Skyline II Pte. Ltd. (“Offeror”) has signed a definitive agreement to acquire Spindex Industries Limited (SGX: 564.SI) (“Spindex” or “the Company”), a company listed on the Main Board of the Singapore Exchange Securities Trading Limited, for S$1.43 in cash per share by way of a scheme of arrangement (the “Scheme”). The Offeror is jointly owned by Hong Wei Holdings Ltd (“Hong Wei”), an investment holding company controlled by Mr. Tan Choo Pie & his family and the majority shareholder of Spindex, and Skyline I Pte. Ltd., an investment entity majority owned by PME I Holding Pte. Ltd. which is managed and controlled by PrimeMovers Equity. The transaction is subjected to, among others, shareholders' (with Hong Wei abstaining), court and regulatory approvals and is expected to close in 1Q 2026.

PR: https://links.sgx.com/FileOpen/Spindex-P...eID=860282

detail doc: https://links.sgx.com/FileOpen/Spindex-J...eID=860281

Only just saw the news... Well the worst case scenario for announcement. When it was first on the news I was hoping a 3rd party would take over and run the biz (since the news was unrelated 3rd party but i guess there is risk for the 3rd party)... end up they join forces to take private so Mr. Tan wouldn't want to overpay thus exactly at NAV..

Will take sometime to read the announcement..... lowest end of my range...

[julianbream]

Ref my post on 28 Aug 2025 where I posited that the 3.5 million admistrative charge was to depress NAV.

NAV at 1.43 is artificically low in my view.

In any case, what can MIs do?

If the scheme of arrangement is voted down, can the offeror revise the offer upwards?