Keppel Limited

[Boon]

I think the technicality is that at 95.5% the company has right to acquire ie call option

At 90% the shareholders have right to force company to buy ie put option. But without class action in Singapore, someone has to be vested enough to enforce the put option either through the company or court.

500 minorites is not an issue during takeover. But post takeover company will have to commit to spread the shareholding to remain listed as required by SGX listing rules. Usually companies will declare in the offering document whether they intend to do so. And due to nominee accounts I realised the shareholding spread in ARs are not entirely reflective.

I found Superbowl's case which was one of those who crossed 90% but did not hit the compulsory acquisition threshold.

Announcement for level of acceptances.
http://infopub.sgx.com/FileOpen/04Mar201...eID=284859

And because there was no compulsory acquisition, shareholders had to exercise their rights under 215(3). They were sent a form to fill up.
http://infopub.sgx.com/FileOpen/20140520...eID=298087

And then a final warning that if you don't send your form, you will be left with shares in a delisted company.
http://infopub.sgx.com/FileOpen/HiapHoeF...eID=300779

And the last announcement that the company will be delisted. Shareholders who did not exercise their rights will be sent a share certificate. Those who own it under a nominee account have to contact their nominee to get the share certificate.
http://infopub.sgx.com/FileOpen/SuperBow...eID=302819


Sorry for hijacking this thread!

A similar case for scenario 2 is "Sakari Resources Limited"

http://www.sakariresources.com/wp-conten...mentV2.pdf