18-02-2014, 07:58 AM
A friend of mine highlighted this interesting observation about UE's shareholding structure by OCBC/GE/Lee group of holders. Excluding the WBL cross holdings (before adjustment for cancellation), if we take deemed interests to eliminate overlapping shareholdings as noted in the deemed interests footnote, the entire related group only control less than 28% of the now combined UE/WBL group.
Should some corporate raiders decide to mount an offensive on UE, surely the combined group may have to put into defensive mode given that they have already put WBL into UE.
Vested
GG
http://infopub.sgx.com/FileOpen/UEL-OIS....leID=19170
Pg 37:
(1) OCBC Bank is deemed to have an interest in:
(a) 59,449,514 Stock Units, of which 38,054,663 Stock Units were held by [i][u][b]The Great Eastern Life Assurance Company Limited, 10,040,791 Stock Units were held by Oversea-Chinese Bank Nominees Pte Ltd, 8,110,208
Stock Units were held by The Overseas Assurance Corporation Limited, 3,235,852 Stock Units were held by The Great Eastern Trust Private Limited, 2,000 Stock Units were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Life Assurance Company Limited), 2,000 Stock Units were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Trust Private Limited) and 4,000 Stock Units were held by Citibank Nominees Singapore Pte Ltd (for the beneficial interest of The Overseas Assurance Corporation Limited)[/b][/u][/i]; and (b) 602,800 Preference Shares, of which 535,207 Preference Shares were held by The Great Eastern Life Assurance Company Limited, 41,357 Preference Shares were held by The Great Eastern Trust Private Limited, 11,000 Preference Shares were held by Oversea-Chinese Bank Nominees Pte Ltd, 9,236 Preference Shares
were held by The Overseas Assurance Corporation Limited, 2,000 Preference Shares were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Life Assurance Company
Limited), 2,000 Preference Shares were held by United Overseas Bank Nominees Pte Ltd (for the beneficial interest of The Great Eastern Trust Private Limited) and 2,000 Preference Shares were held by Citibank
Nominees Singapore Pte Ltd (for the benefi cial interest of the Overseas Assurance Corporation Limited).
(2) GEH is deemed to have an interest in:
(a) 49,408,723 Stock Units, of which 38,054,663 Stock Units were held by The Great Eastern Life Assurance Company Limited, 8,110,208 Stock Units were held by The Overseas Assurance Corporation Limited, 3,235,852 Stock Units were held by The Great Eastern Trust Private Limited, 2,000 Stock Units were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Life Assurance Company Limited), 2,000 Stock Units were held by United Overseas Bank Nominees Pte Ltd (for the beneficial interest of The Great Eastern Trust Private Limited) and 4,000 Stock Units were held by Citibank Nominees Singapore Pte Ltd (for the benefi cial interest of The Overseas Assurance Corporation Limited); and (b) 591,800 Preference Shares, of which 535,207 Preference Shares were held by The Great Eastern Life Assurance Company Limited, 41,357 Preference Shares were held by The Great Eastern Trust Private Limited, 9,236 Preference Shares were held by The Overseas Assurance Corporation Limited, 2,000 Preference Shares were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Life Assurance Company Limited), 2,000 Preference Shares were held by United Overseas Bank Nominees Pte Ltd (for the beneficial interest of The Great Eastern Trust Private Limited) and 2,000 Preference Shares were held by Citibank Nominees Singapore Pte Ltd (for the benefi cial interest of The Overseas Assurance Corporation Limited).
Should some corporate raiders decide to mount an offensive on UE, surely the combined group may have to put into defensive mode given that they have already put WBL into UE.
Vested
GG
http://infopub.sgx.com/FileOpen/UEL-OIS....leID=19170
Pg 37:
(1) OCBC Bank is deemed to have an interest in:
(a) 59,449,514 Stock Units, of which 38,054,663 Stock Units were held by [i][u][b]The Great Eastern Life Assurance Company Limited, 10,040,791 Stock Units were held by Oversea-Chinese Bank Nominees Pte Ltd, 8,110,208
Stock Units were held by The Overseas Assurance Corporation Limited, 3,235,852 Stock Units were held by The Great Eastern Trust Private Limited, 2,000 Stock Units were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Life Assurance Company Limited), 2,000 Stock Units were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Trust Private Limited) and 4,000 Stock Units were held by Citibank Nominees Singapore Pte Ltd (for the beneficial interest of The Overseas Assurance Corporation Limited)[/b][/u][/i]; and (b) 602,800 Preference Shares, of which 535,207 Preference Shares were held by The Great Eastern Life Assurance Company Limited, 41,357 Preference Shares were held by The Great Eastern Trust Private Limited, 11,000 Preference Shares were held by Oversea-Chinese Bank Nominees Pte Ltd, 9,236 Preference Shares
were held by The Overseas Assurance Corporation Limited, 2,000 Preference Shares were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Life Assurance Company
Limited), 2,000 Preference Shares were held by United Overseas Bank Nominees Pte Ltd (for the beneficial interest of The Great Eastern Trust Private Limited) and 2,000 Preference Shares were held by Citibank
Nominees Singapore Pte Ltd (for the benefi cial interest of the Overseas Assurance Corporation Limited).
(2) GEH is deemed to have an interest in:
(a) 49,408,723 Stock Units, of which 38,054,663 Stock Units were held by The Great Eastern Life Assurance Company Limited, 8,110,208 Stock Units were held by The Overseas Assurance Corporation Limited, 3,235,852 Stock Units were held by The Great Eastern Trust Private Limited, 2,000 Stock Units were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Life Assurance Company Limited), 2,000 Stock Units were held by United Overseas Bank Nominees Pte Ltd (for the beneficial interest of The Great Eastern Trust Private Limited) and 4,000 Stock Units were held by Citibank Nominees Singapore Pte Ltd (for the benefi cial interest of The Overseas Assurance Corporation Limited); and (b) 591,800 Preference Shares, of which 535,207 Preference Shares were held by The Great Eastern Life Assurance Company Limited, 41,357 Preference Shares were held by The Great Eastern Trust Private Limited, 9,236 Preference Shares were held by The Overseas Assurance Corporation Limited, 2,000 Preference Shares were held by United Overseas Bank Nominees Pte Ltd (for the benefi cial interest of The Great Eastern Life Assurance Company Limited), 2,000 Preference Shares were held by United Overseas Bank Nominees Pte Ltd (for the beneficial interest of The Great Eastern Trust Private Limited) and 2,000 Preference Shares were held by Citibank Nominees Singapore Pte Ltd (for the benefi cial interest of The Overseas Assurance Corporation Limited).
(17-02-2014, 11:36 PM)felixleong Wrote: I am quite positive about UE, i think their major shareholder OCBC would definitely want UE to divest their automotive and electronics business. Eventually UE will need unlock asset values and then to send cash to Ocbc and in turn minor shareholders will benefit too