Great Eastern Holding

[ghchua]

Hi weijian,

This "two step" delisting process that you mentioned here is against the spirit of fair voluntary delisting, which SGX Regco had said that it follows the voluntary delisting requirement of more than 75% acceptance and a "Fair and Reasonable" opinion.

In a voluntary delisting situation, an "unfair" offer price would not be presented to shareholders to vote at an EGM, thereby no acceptance until the offeror made a fair offer and then it goes to voting at an EGM for a 75% majority vote to be carried. If the EGM is carried, then shareholders can be presented with the offer for acceptance. All shareholders who accepted the offer after the voluntary delisting resolution had been carried will be offered the same fair offer price.

See the difference here? In the first case study, there are two sets of shareholders who accepted the offer and had been paid two different offer prices, one unfair and one fair. In the second case study, all shareholders who accepted the offer had been treated equal. Both case studies are having the same final destination - That is, they are aiming to be delisted at the end of their corporate actions.