Keppel Corporation

[greentea]

More on that last 0.4 per cent...

13 Apr 5:50 AM Singapore

FIVE minutes could have made all the difference to minority shareholders of property developer Keppel Land whose hopes of enjoying a higher payout of S$4.60 per share were dashed after the surprise result of parent firm Keppel Corp's privatisation bid saw them receive only S$4.38 instead. http://btd.sg/1aIwxUG

[CityFarmer]

More on that last 0.4 per cent...

13 Apr 5:50 AM Singapore

FIVE minutes could have made all the difference to minority shareholders of property developer Keppel Land whose hopes of enjoying a higher payout of S$4.60 per share were dashed after the surprise result of parent firm Keppel Corp's privatisation bid saw them receive only S$4.38 instead. http://btd.sg/1aIwxUG

It is amazing on the dramatization of the Keppel's GO, which seemed a SOP to me

(not vested)

[CityFarmer]

The rare exercise of Section 215(3) of Company Act. A good case study for those interested...

User Guide to exercise of Section 215(3) of Company Act and Form 58...
http://infopub.sgx.com/FileOpen/Keppel_C...eID=344280

[brattzz]

Under Section 215(3) of the Companies Act, Chapter 50 of Singapore,
you have the right to require Keppel Corporation Limited (“Keppel Corporation”)
to acquire your shares in Keppel Land Limited (“Keppel Land”)

Offer Price:
S$4.38
for each Keppel Land Share

KepCorp really wants to wrap it up at S$4.38 lah,
Trying hard to get all MS to throw in the towel...



MS, no point holding onto a delisted counter...
KepLand will be absorbed into KEPCORP, when O&G/Property market is good, Re-List it again at S$6!!

[Fish Head]

A great outcome for Keppel Corp. $155m saving for the purchase. Negative goodwill generated as the buying price is below KL's book value. Good job done.

[mkmk]

http://infopub.sgx.com/FileOpen/Kepcorp%...eID=344410

1Q 2015 REPORT CARD
1. Net Profit up 6% to S$360 million, compared to 1Q 2014’s S$339 million.

2. Earnings per Share was 19.8 cents, up 6% from 1Q 2014’s 18.7 cents.

3. Annualised Return on Equity was 12.9%.

4. Economic Value Added decreased from S$186 million to S$103 million.

5. Free cash inflow of S$226 million.

6. Net gearing was 0.37x

(not vested)

[specuvestor]

But in this case I think it is rather straightforward and this thread has discussed the consequences quite in depth. Nonetheless the difference to 95.5% is quite marginal and not impossible to be crossed when those bochap shareholders finally received their form 58. Thereafter CA is ensured but not sure about the price.

This is interesting... so really a lot of bochap people tendered en masse Form 58? CA now triggered? Wonder if procedurally Kepland still need to make announcement since it is delisting. Learning is free.

Keppel/Temasek's interest in Keppel Land increased to 96.02%:

..." Temasek is filing this notification form to report a change in deemed interest in the Listed Issuer
from 95.12% to 96.02% due to the 13,953,633 voting shares of the Listed Issuer that Keppel Corporation
Limited ("KCL") had agreed to acquire between 16 to 21 April 2015. This is in relation to the right of
Shareholders to require KCL to acquire voting shares of the Listed Issuer held by Shareholders pursuant to
Section 215(3) of the Companies Act, Chapter 50 of Singapore (the "Transaction")."
Temasek's interest

http://www.valuebuddies.com/thread-1761-...#pid111742

[CityFarmer]

This is interesting... so really a lot of bochap people tendered en masse Form 58? CA now triggered? Wonder if procedurally Kepland still need to make announcement since it is delisting. Learning is free.

The CA was a history, with the closed GO. I really doubt there is a CA in the free float rule. Keppel will take whatever acceptance received.

Kep Land is obligated to make disclosure, even suspended. It will remain listed till after the 215(3) exercise is done.

(not vested, but learning as observer)

[specuvestor]

I'm not sure I understand what you saying What "CA in the free float rule"?

There were no CA (Compulsory Acquisition) for KepLand as it was short of 0.4% for the GO.

Now the announcement from Keppel shows it crossed 95.5%, Keppel can now do a CA. We should see announcement from suspended Kepland if like you said "it is obligated to make disclosures", which is under listing rules. FYI 215(3) exercise is under Companies Act not listing rules.

[opmi]

If you read the Form 58, there is "scheme" aka Offer involved in order to exercise the right for CA for ALL shareholders (KEPCORP & minorities), given respective conditions. That scheme/Offer has an expiry date. Now it is over and KEP corp has the 96% after close , Kep corp still not CA the rest of outstanding shares.

I am not sure. But if I receive a cheque next few months for odd lot, I will let u guys know.