NTUC Income shares

[money]

For those who missed the informational webinar last Friday, here is a short snapshot of what's of interest:

1. They will give every member a 1 time free TPD insurance coverage worth $52,000 for 3 yrs effective from corporatisation.

2. They will "look into" to help shareholders to facilitate for them to buy/sell their privately held shares base on willing seller/willing buyer basis. Income will not be involved in the transactions. So we could well see Income shares being traded pretty soon off the exchange ie later 2022. Need to wait and see how it's going to work. Anyone with experience in share dealing of those delisted co's pls share your expertise and experience.

Personally I don't mine picking up some if it's at a good price and wait for the eventual IPO. They did not commit to an IPO but I think they need it to raise capital efficiently. (See below about capital raising) I expect there will be a number of sellers as many of those members are quite old (70's and 80's) and want to cash out. So what you think is a good price to buy into? To me $20/share would be attractive as it would be 50% discount(bcos it's illiquid) to BV and at 3% div (cut down from usual 6%) and with potential to grow. Treat it as a convertible bond.

3. They said there won't be any share dilution in their capital raising. As they need more capital for their expansion and to meet MAS capital requirements, only can come from (Placement will be out): Rights issue , Borrowings (bond issue) .
Rights issue will not be receptive given that it is private co.

Some members wanted an ex-gratia payment due to prior yrs when our share was diluted by institutional members. I don't hold too much hope on this. Anything extra would be a bonus.

Happy to find a discussion forum on the corporatisation of Income.

Sad to say that instead of jumping with joy for a potential windfall, I am actually worried due to these reasons:

a) most shareholders are older/retirees folks holding small/odd number of shares. The legal process/costs/finding ready buyers/procedures is still very questionable now. From the recent sharing session, it's quite clear that Income is not very enthusiastic to be involved in private buying/selling of shares (they cite legal reason and all that). I doubt any clear procedures will be forthcoming from them in this regard. So how are old uncles/aunties able to quickly monetise their shares in emergency needs? And with many sellers want to cash out (old already) and few buyers (many cheaper, better potential stocks at sgx, with clear procedures), I am really fearful for shareholders who wants to cash out to even be able to do it, much less earn big money from it.

b) on potential ipo, i really don't think it's going to happen anytime soon because:
(1) social enterprise is the main reason for it's existence. It's over 70%? funded/owned by ntuc enterprise. I find this core existence to be at odds with a full fledged Ltd commercial company where shareholders expect focus on profits. Who wants to go buy ipo of company that focus on do good?
(2) based of information from the briefing, one of the problem income face with the co-operative mode is that these capital (30%?)hold by members cannot be counted towards some rules set by the MAS to provide buffer on solvency issue. Because they are redeemable anytime by members at $10 each. With corporatisation, this issue is resolved and suddenly a big sum of capital is 'counted'.
I feel this is the true objective of this exercise.

So as a small/old shareholder, I'm really concerned, and I'm at a loss of what to do. Maybe i should play safe just take back my principal now having enjoyed all the dividends or go into the unknown territory...already so old, how to wait, how to be able to deal with the complexity of private buy/sell?

Btw, feel free to correct me if I'm wrong. I'm not a financial expert. It's just my personal feelings and opinions to the best of my knowledge from checking all over the place. 
 I mean no harm and not trying to spread falsehood to anybody or company. Just an old man Panicking! Thank you.

how many shares do you own now? Say you own 10 shares, $20 each share, i dont think it is significant enough to affect your retirement. So dont worry too much about it