24-06-2022, 08:40 PM
The IFA report is out now: https://links.sgx.com/FileOpen/T%20T%20J...eID=721717
Having considered carefully the information available to us as at the Latest Practicable Date, and based on our analyses, we are of the opinion that the financial terms of the Offer are on balance, not fair and not reasonable. Accordingly, we advise the Recommending Directors to recommend Shareholders to REJECT the Offer.
Estimated value range
On balance, we are of the view that the estimated value of the Shares ranges between S$0.37 and S$0.46, as represented by the ANAV per Share and the RANAV per Share as at 31 January 2022, respectively.
Clearly Mr Teo's offer of 23 cents if far too low. He will need to make a substantially better offer to get over the line. Using a more reasonable 20 per cent discount to RANAV, we would have a value of 36.8 cents. This seems the minimum acceptable offer now considering the IFA's report.
Shareholders should follow the advice of the IFA and recommending directors and reject Mr Teo's current offer.
Having considered carefully the information available to us as at the Latest Practicable Date, and based on our analyses, we are of the opinion that the financial terms of the Offer are on balance, not fair and not reasonable. Accordingly, we advise the Recommending Directors to recommend Shareholders to REJECT the Offer.
Estimated value range
On balance, we are of the view that the estimated value of the Shares ranges between S$0.37 and S$0.46, as represented by the ANAV per Share and the RANAV per Share as at 31 January 2022, respectively.
Clearly Mr Teo's offer of 23 cents if far too low. He will need to make a substantially better offer to get over the line. Using a more reasonable 20 per cent discount to RANAV, we would have a value of 36.8 cents. This seems the minimum acceptable offer now considering the IFA's report.
Shareholders should follow the advice of the IFA and recommending directors and reject Mr Teo's current offer.