Challenger Technologies

[challengerSH]

Q:  Does the offer price of 56 cents include the 2 ct dividend? if it does, the offer is effectively only 54 cents.

Seems like there's confusion based on queries sent to challengershareholders@gmail.com.  Here's my understanding:

- If the delisting resolution is passed successfully at an EGM before the dividend ex-date, Challenger will receive the 2 ct dividend.  Hence, the offer is effectively only 54 cents.
- Last year, Challenger's AGM was held on 26th April 2018.   If Challenger organises this year's AGM also in April 2019, and passes the EGM delisting resolution we will get only 54 cents.
- Last year, Challenger's dividend ex-date is 3 May 2018 vs this year's dividend ex-date of 15th May 2019.    It seems that Challenger has delayed the dividend ex-date this year by two weeks to avoid paying it in addition to the 56 cents offer.

Conclusion:  It seems like our offer is effectively only 54 cents.   Sneaky!!!


Link:  https://links.sgx.com/FileOpen/Joint%20Press%20Release%2020190320.ashx?App=Announcement&FileID=548008 
 
The Exit Offer Price has been determined on the basis that the Offer Shares will be acquired with the right to receive any and retain all dividends, rights and other distributions ("Distribution") that may be declared, paid or made by the Company on or after the Joint Announcement Date. As stated in the announcement by the Company dated 15 February 2019, the directors of the Company ("Directors") have proposed that a final one-tier tax exempt dividend of S$0.02 per Share be paid for the financial year ended 31 December 2018. If the settlement date falls after the books closure date for the determination of entitlements to the Distribution, the Exit Offer Price shall be reduced by an amount which is equal to the amount of the Distribution in respect of each Offer Share. 




Q:  I'm a minority shareholder.  How do I support Pangolin's fight for a more reasonable offer?

- We need 10% shareholding to veto the delisting resolution.  
- Pangolin started off with 2.94%.  Now they are at 6.6%, expecting to exceed 7% in the next 3 days.  
- Calling all minority shareholders, every share count !!!   
- If you support a more reasonable offer, please let Pangolin know how many shares you have - write in at http://www.pangolinfund.com/contact.php.    
- Big thank you to Pangolin for helping us coordinate centrally, let's help them help us!