Spindex Industries
05-09-2025, 07:37 AM
Spindex just posted an update with regards to the discussion; still on-going... strikingly similar timeline as grand venture...
nice insight @buddy; I was also pondering why they took the impairment and the fx loss...
27-09-2025, 08:46 AM
(02-08-2025, 08:29 AM)wj1984 Wrote: Finally after almost 8 years another offer to potentially take Spindex private... This has ended up to be the typical MBO where the controlling shareholders partner with outside capital. Probably to avoid a potential situation where it doesn't satisfy free float (eg. Boustead Projects and Great Eastern), the Offerer is choosing the "all or nothing" SOA route. PrimeMovers Equity (S) Pte. Ltd. and Hong Wei Holdings Ltd to Privatise Spindex Industries Limited Singapore, 26 September 2025 – PrimeMovers Equity (S) Pte. Ltd. (“PrimeMovers Equity”), a Singapore-based private equity, today announced that Skyline II Pte. Ltd. (“Offeror”) has signed a definitive agreement to acquire Spindex Industries Limited (SGX: 564.SI) (“Spindex” or “the Company”), a company listed on the Main Board of the Singapore Exchange Securities Trading Limited, for S$1.43 in cash per share by way of a scheme of arrangement (the “Scheme”). The Offeror is jointly owned by Hong Wei Holdings Ltd (“Hong Wei”), an investment holding company controlled by Mr. Tan Choo Pie & his family and the majority shareholder of Spindex, and Skyline I Pte. Ltd., an investment entity majority owned by PME I Holding Pte. Ltd. which is managed and controlled by PrimeMovers Equity. The transaction is subjected to, among others, shareholders' (with Hong Wei abstaining), court and regulatory approvals and is expected to close in 1Q 2026. PR: https://links.sgx.com/FileOpen/Spindex-P...eID=860282 detail doc: https://links.sgx.com/FileOpen/Spindex-J...eID=860281
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
27-09-2025, 11:48 AM
(27-09-2025, 08:46 AM)weijian Wrote:(02-08-2025, 08:29 AM)wj1984 Wrote: Finally after almost 8 years another offer to potentially take Spindex private... Only just saw the news... Well the worst case scenario for announcement. When it was first on the news I was hoping a 3rd party would take over and run the biz (since the news was unrelated 3rd party but i guess there is risk for the 3rd party)... end up they join forces to take private so Mr. Tan wouldn't want to overpay thus exactly at NAV.. Will take sometime to read the announcement..... lowest end of my range...
27-09-2025, 02:20 PM
Ref my post on 28 Aug 2025 where I posited that the 3.5 million admistrative charge was to depress NAV.
NAV at 1.43 is artificically low in my view. In any case, what can MIs do? If the scheme of arrangement is voted down, can the offeror revise the offer upwards?
28-09-2025, 01:13 PM
what about dividend. is this offer final and excludes dividend?
28-09-2025, 05:53 PM
(28-09-2025, 01:13 PM)buddy Wrote: what about dividend. is this offer final and excludes dividend? hi buddy, Shareholders will have to wait for the official offer letter to understand the details.
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
28-09-2025, 06:08 PM
(28-09-2025, 05:53 PM)weijian Wrote:Hi weijian/buddy,(28-09-2025, 01:13 PM)buddy Wrote: what about dividend. is this offer final and excludes dividend? The announcement already included the details. "together with all rights, benefits and entitlements as at the Joint Announcement Date and thereafter attaching thereto, including the right to receive and retain all dividends, rights and other distributions (if any) declared by the Company on or after the Joint Announcement Date but excluding the Permitted Dividend, in exchange for the Scheme Consideration (as defined below); the "Permitted Dividend" means the proposed final dividend of S$0.020 per Share for the financial year ended 30 June 2025, to be paid to the Shareholders on 18 November 2025 if approved at the annual general meeting of the Company to be held on 24 October 2025." So, the SOA price is S$1.43. For a shareholder who holds all the way and provided that the scheme had been effective, he will receive a total of $1.43+$0.02=$1.45 per share. The offer is not declared as final yet, so there is a chance of revision.
28-09-2025, 06:29 PM
(27-09-2025, 02:20 PM)julianbream Wrote: In any case, what can MIs do? Hi julianbream, MIs can vote for or against the SOA. Since the offeror and concerted parties cannot vote, the ball is really at MIs court. If the SOA failed, then it is not effective and therefore it lapses. Yes, the offeror can of course come out with another offer further down the road, but no guarantee that it will be higher than the current SOA price.
29-09-2025, 08:57 AM
Spent some time reading the offer... yep dividend is included so $1.45 in total if the SOA goes through as per what gh have mentioned.
I think the acceptance would be based on the top 20 shareholders vote. I don't think the MIs here have much say... *maybe I should check with my uncle on their decision hahaha (but i only see them once a year LOL).. on a serious note most of them bought at around the 0.6-0.8 range based on when they started accumulating their holdings...
29-09-2025, 09:20 AM
(29-09-2025, 08:57 AM)wj1984 Wrote: I think the acceptance would be based on the top 20 shareholders vote. I don't think the MIs here have much say... Hi wj1984, I disagree with your comment above. This is because for SOA to be approved by shareholders, there are two parts which needs to be carried: 1. a majority in the number of shareholders present and voting at the meeting; and 2. such majority representing at least 75% in value of shares held by the shareholders present and voting at the meeting. Yes, you are correct to say that top 20 shareholders vote might determine the outcome of 2., but certainly not 1. For 1. to be carried, it requires a majority of headcount at the SOA. Yes, your uncle might have a lot of shares in Spindex, but if he voted at the SOA, he is only considered as a headcount of one. Therefore, many MIs holding a small number of shares might be able to defeat 1. and therefore reject the SOA. |
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