IPC Corporation

[Boon]

Seldom see this type of results - ZERO dissenters !!  

But only 46,336,530 shrs voted,
and there are 85,291,885 issued shrs for IPC !!
So there are lots of other shrhldrs who are "bo-cha" on this issue !!... dun even bother to mail in proxy forms to vote !!

Or maybe some of the major controlling shrhldrs (the Ngiams ?? ) actually NOT supportive on this idea...and simply abstain ??

Going forward, it will be interesting to see whether things stay status quo,
or if Oei will start sell out ?  or maybe even make another attempt to buyout the rest... the Ngiams ??


BTW:
my thks to you, Boon,
for all the detailed datas that you been sharing both here on IPC and elsewhere...
I appreciate your hard works !!

 
Hi Vseeker,
 
Participation rate ~ 54%
 
Abstention rate ~ 46%
 
I was just as curious as you are on the high abstention rate. But I doubt if the Ngiams were among those who had abstained from voting at the EGM - as I would have thought they were the ones who had initiated the capital reduction proposal in the first place.
 
I was more worry that OHL (who holds more than a 30% stake in IPC and hence would possibly have a different agenda) could have voted against the resolution – glad that this didn’t happen – ha-ha!
 
What matters most was there were no dissenting votes at all among the participating shareholders.
 
Going forward, it is of anybody’s guess as to how things would develop!
 
The last date and time of “cum” trading of the Shares on the SGX-ST for purposes of the Proposed Capital Reduction will be at 5.00 p.m. on 23 February 2016. Shareholders should note that Shares traded from 9.00 a.m. on 24 February 2016 will not be entitled to the Cash Distribution pursuant to the Proposed Capital Reduction.
 
Considering that NAV, after the capital reduction exercise, would still be above SGD 1.20 per share, as pointed out earlier by cyclone, it would be interesting to see what the share price would be come 24th Feb 2016.  
 
That said, thanks for the kind words – and please be reminded that any reliance on my analysis is SOLELY at your own risk – ha-ha!
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