Kingboard Copper Foil

[activistasia]

The majority shareholders don't have to raise the offer price. They're not obliged to now....

Previously, the minorities are banking on the fact that the courts will enforce a compensation by making the majority shareholder buy them out.

Even if the majority loses the appeal, they are not obliged to buy from all minorities at all, much less to raise the price for all. If you read the judgement carefully, the court has been explicit in stating that any remedy will only apply to Pope's shares bought before the case is filed, and not to those shares bought after (which Pope did). Latecomers are buying a hope that it'll be extended, not an obligation.

@lanoitar

Yes, exactly. I wrote about that previously:
https://thumbtackinvestor.wordpress.com/...-holdings/

But those who bought later though, may not necessarily be just simply hoping the offer extends to them as you mentioned.
As I've worked out, before the appeal was successful, the court would mandate that this situation be resolved. Because it is deemed oppressive.
So this means that even though the majority shareholders are NOT obliged to extend any offer to the other minorities, and even to POPE's shares bought AFTER the complaint was first brought up, they are obliged to resolve this situation somehow.


I've worked out the 3 scenarios this can turn out then.
The ball was in the majority shareholder's court to do something, and if they can't get an agreement with the minority shareholders, they'd have to go through arbitration. Either way, this gets resolved somehow. That's the catalyst.

But now that the courts are saying that it is NOT oppressive, then there's no pressure on the majority shareholders to resolve this. Status quo would suit them just fine.

The saga continues:  

Annuity & Re Life has since filed a notice of motion for leave to appeal to the Privy Council on 13 April 2017.

http://infopub.sgx.com/FileOpen/Notice%2...eID=448599

The offer will just lapse after extension ends. Price will likely fall as this will take even long to play out. Catalyst is far out of sight.