Penguin International

[ghchua]

The offerors have managed to secure more than 50% shares and declared offer unconditional. What's strange to me is the fact that the offerors yesterday got around only 35% stake. 

Does it mean Keppel has accepted the offer? Anybody knows?

Hi Shiyi,

I think you might have misunderstood those announcements. Allow me to explain why.

You see, when the offer hits 30%, it is a milestone event. So, they made an announcement that the offer had become a mandatory conditional offer. So, we know that the next milestone event is 50%, which is the acceptance level for the offer to turn unconditional. In between the time when the offer turns mandatory to yesterday (when they announced that the offer turned unconditional), there are acceptances along the way. But they did not disclose them until yesterday when it hits 50%.

What you are seeing almost every day is the amount of shares they have purchased from the open market plus the 30% acceptance milestone event that they have disclosed earlier. It does not include acceptances along the way since they hit 30%, until yesterday. So, don't be mistaken that there is a block of shares accepting the offer yesterday for the offeror to go from 35% to 50%. It is not the case.

Back to your question, did Keppel accepted the offer? Since they hold more than 5% of the shares and they are a substantial shareholder, they would have made an announcement if they have done so. Otherwise, we can just assume that they are still holding onto those shares.