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(07-03-2017, 10:52 AM)davisng Wrote: MR.Market seems unhappy with the offer of 0.40/s. As at the Y2016 full year results shown net cash per share around 0.39s$; NAV around 0.66S$/; FCF/S around 3.8c.
Any measures can say this 40c offer fair to minority shareholders? Definitely not.
Will POPE make a counter offer at said 50C even main owner controlled 76%? Let's wait and see.
Will the independent financial consultant suggest minority shareholders to sell at 40C? Yes, because normally they are not independent.
Why would Pope want to make a counter offer? Buy up the company and run it? Fund mgrs dont do that. Cannot even hold unlisted shares.
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Those interested, can read the judgement,
http://test.gov.bm/sites/default/files/S...r-2015.pdf
If it is too long, read the first and last 10 pages...hahaha
or read this
http://www.radcliffechambers.com/wp-cont...rticle.pdf
Basically, seems like Bermuda Supreme Court found Kingboard Group to be 'chao kuan' and chut pattern. Kingboard Group is appealing against this.
The judgement has harsher words on Kingboard's oppression of OPMIs, worse than what all the KBFC anncs made it out to be..,
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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Hey, TTTI
Just repost your post from some forum...
https://www.investingnote.com/users/thum...&tab=posts
Comments: The UNCONDITIONAL Offer improved the liquidity of the KBCF and also put a floor to the share price for the Offer period. A better tikam??
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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(07-03-2017, 07:40 PM)UYTTTI Wrote: (07-03-2017, 06:58 PM)HitandRun Wrote: (07-03-2017, 12:41 PM)opmi Wrote: Why would Pope want to make a counter offer? Buy up the company and run it? Fund mgrs dont do that. Cannot even hold unlisted shares.
Very unlikely, unless they decide to have a private equity arm.....
Hmmm
I think davisng meant that POPE make a counter offer of $0.5 for the majority shareholders to buy from them.
Not that POPE buy. Of course POPE wouldn't.
If it's court mandated, both parties have to come to an agreement.
Failing which, it may go into arbitration.
I thought S111 relief/remedy is a alternative for a winding up. Would the
reference price be full liquidation price?
Anyway the latest for the appeal hearing will be 24 Mar. If appeal failed,
KB can go to Privy Council.
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Cannot find the judgement on the Bermuda Court of Appeal website leh.....
What a turn of event...
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster