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You need to have enough fund to privatise a company , not tat easy for BW as it is profitable and they never expect the SGX is standing so firm to require the company to get the direct selling license as resumption condition .
like2learn ( Date: 12-Nov-2021 12:37) Posted:
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SGX wanna the company get their direct selling license in China for all their products which selling in China before can let them resume trading , but this license has been ceased to issue few years ago , the resumption of trading mission is unlikely to achieve in short term so the mgmt just want to delist it and possibly re-list in other countries like Hong Kong since their profitability is so good .
nott1965 ( Date: 12-Nov-2021 11:52) Posted:
if real figures, would not have been suspended so long. what so difficult about complying with sgx rules if really have so much money
phongy45 ( Date: 12-Nov-2021 11:48) Posted:
| Cash and cash equivalents in the consolidated cash flow statement $380,817 reported at the latest report.. |
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SGX updated its delisting rule that offeror need to get at least 75% of minority shareholders or independent shareholders to accept , the offeror can' t vote ,so if offer too low will get rejected . All you said is based on old rules.
ttbanthony ( Date: 12-Nov-2021 04:10) Posted:
I agree with you. That s why I stated less than $1.
They appoint FA to advise them but company will appoint IFA to determine if the price is fair and reasonable. Like SCM, $0.08 was not fair and not reasonable.
With NAV at less than $0.80, if their offer is less than $1.00 which I expect as the lowest band, $1 is fair but not necessarily reasonable.
If price if $1.50, it will probably be reasonable.
I would say the offer price will be lowest $0.90 to max $2.00
Based on what these two beauties did, they have been fair and reasonable over the years of listing giving good dividends and stuff. I will expect $1.30 range first cut. We will reject and they will likely up it like OSIM style, upped 3 times if I remember.
softdrink ( Date: 12-Nov-2021 01:29) Posted:
Since delisting is one of the option, let us all face some facts.
The majority of the shares are being own by those 2 lady bosses right?
Lets be rational and swap places. If you are both of them, would you do a share buy back at a higher price or at a lower price?
If they can do a share buy back at a lower price, why would they offer a higher premium?
You can vote and chose not to sell your shares back. Untimately, you will only become their paper share holder.
Put it this way, an example would be they offer to delist at $0.50. You want, you take the offer. If not, welcome you to become their share holder off market.
I agree that this one really suck thumb.
NAV is only $0.79
Give it a premium 15%
Offer would be around $0.90 - $1.50 at most |
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SGX makes key changes to delisting rules to protect independent and minority shareholders
https://www.straitstimes.com/business/companies-markets/sgx-makes-key-changes-to-delisting-rules-exit-offers-must-be-fair
The offer price need to be fair to all shareholders based on the latest SGX ruling. Short seller should be worries how to cover their portion if delisted with decent price especially the company profitability is quite good since suspension.
softdrink ( Date: 12-Nov-2021 01:29) Posted:
Since delisting is one of the option, let us all face some facts.
The majority of the shares are being own by those 2 lady bosses right?
Lets be rational and swap places. If you are both of them, would you do a share buy back at a higher price or at a lower price?
If they can do a share buy back at a lower price, why would they offer a higher premium?
You can vote and chose not to sell your shares back. Untimately, you will only become their paper share holder.
Put it this way, an example would be they offer to delist at $0.50. You want, you take the offer. If not, welcome you to become their share holder off market.
I agree that this one really suck thumb.
NAV is only $0.79
Give it a premium 15%
Offer would be around $0.90 - $1.50 at most |
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https://www.allenandgledhill.com/sg/publication/articles/12326/sgx-implements-changes-to-voluntary-delisting-regime-on-11-july-2019
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The company still a listed company, they can' t take the company money as part of financing until they delist it
nott1965 ( Date: 11-Nov-2021 23:46) Posted:
| Shocked to learn ' The Company will likely require external financing to undertake a delisting exercise and this would have a bearing on its feasibility, and there is also no definitive timeline as financing of such an exercise remains uncertain at this time' . What happened to all the profit and cash holding they said they claimed? |
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They need to get Valuer to value their business and not anyhow give offer , EPS this year will around 25 cts , if using low valuations also got around sgd 2 per share , which is book value + business value
ttbanthony ( Date: 11-Nov-2021 22:27) Posted:
Delisting is on the cards.
With 544 million shares, assuming 55% in own hands, free shares in market is 245m shares.
Net Cash on hand: about $250m
Unlikely to be more than $1 offer.
Wow! Cut throat.
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unless issuer mean company goes for voluntarily delist , and not anyhow ask sgx force company to delist , this petition can' t help
like2learn ( Date: 29-Oct-2021 13:33) Posted:
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actually resume trading is the only solution , delist doesnt mean that you can get back your money and even worse than suspended as your share is hard to transfer , only privatisation can let your recover your invest (depend what is the offer), what we can do is to let management to declare some decent divident to shareholders and not the top management get well pay and shareholders got nothing.
Richardlai ( Date: 29-Oct-2021 10:36) Posted:
I prefer a petition to resume trading ...wonder if it is more useful to discuss this with the BW management first.
The share could easily be $3 in this market due to its huge cash stockpile and great profits. Probably get a China company to buy it over and resolve all issues. |
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Fy 2020 top 3 management personnel of BWL total remuneration already exceed sgd 30mil even DBS CEO also can' t have this type of remuneration . But too sad no dividend to shareholders.
phongy45 ( Date: 19-Sep-2021 23:54) Posted:
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Just saw the company released its FY 2020 annual report , if you refer to remuneration bands for two founders have been increased their pay substantially from S$ 5 mil increase to S$12.5 mil , why they can just increased their remuneration by double and no dividend to shareholders ?
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If looks back the responses from best world AGM to investors, it seem misrepresentation from management , as what they told to shareholders is different what they updated .
Question 16 reply :
The conversion of one mode of distribution to another is a business decision and is not subject to approval or rejection by any authorities. Moreover, the Group&rsquo s subsidiary in Hangzhou has already obtained its Direct Selling license in 2016.
It is still too early for us to speculate on the cost impact of the direct selling model in China. However, the Group has sufficient experience in the running of a direct selling operations and do not expect any major difference at this point in time, barring unforeseen circumstances.
Any products to be sold or discontinued under the existing direct selling license can be amended by informing the authorities for the purpose of putting it on record. The Group do not expect to meet any difficulty in this area. For avoidance of doubt, every individual skin care product to be included into the direct selling license are required to be approved by the National Medical Products Administration (NMPA). This is what we commonly refer to as product registration. All DR&rsquo s Secret product sold in China currently are approved by the NMPA.
In the event a conversion from Franchisee to Direct Selling is triggered, our China subsidiary will notify the relevant authorities to include DR&rsquo s Secret (皙 之 密 ) into the existing direct selling license.
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Now the question is when can resume trading ? i think this year will be very likely to resume from suspension and the question is the existing shareholders will dump their share ? i will buy more if drop more , as their business is getting better in malaysia and other countries , if it is fraud , why no action is taken to founders ? Auditors will also resign if any fraudulent be identified which is their common practice.
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the business like printing money machine, based on the current growth rate likely to be 70-80 cts full year earning per share in 2021 , share price can be easily shot up to 4-5 dollars but sure of shortist start to say is something fake.
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Suspension is not the end of the world , as long as the company business is still growing and making good money. you can see the business segment of direct selling still gradually pick up, without consider the sales of china , the results still can beat lot of sgx listed company. So far no directors resigned from their post , it shown as good sign. Not like other S-chip, when there is suspension , all independent directors resigned and the business start having a big losses and delist the end. But the tuas factory is really a nice building if you got passby to take a look.
uiop1223 ( Date: 15-Aug-2020 10:59) Posted:
Still thinking of dividends when company suspended from trading. Are u guys noobs? Dont understand the seriousness?
1035834 ( Date: 15-Aug-2020 10:42) Posted:
| Now company suspended in trading , and don' t think they can borrow money from bank or market , it is prudent to keep some cash but I still hope there is some dividend in Q4 when the direction clearer . |
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Now company suspended in trading , and don' t think they can borrow money from bank or market , it is prudent to keep some cash but I still hope there is some dividend in Q4 when the direction clearer .
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SGX did not restrict dividend payout but the company did the acquisition of a joint venture this year ,they also reserve cash due to covid-19 consideration.
phongy45 ( Date: 14-Aug-2020 19:54) Posted:
SGX must allow BWL to pay dividend as BWL is doing well and is real money! .... fine and sanctions BWL if is found to be naughty BUT this local success story should not killed by SGX at least?
1035834 ( Date: 14-Aug-2020 08:57) Posted:
| This yet considered the impact if shift the production line to Tuas , can have another 10 plus millions profit for saving custom duties , if got ranking for profitability in SGX stock , this shiubel be one of the best profit counter . Don' t think they dare to fake the profit as whole world know their dirty parts |
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This yet considered the impact if shift the production line to Tuas , can have another 10 plus millions profit for saving custom duties , if got ranking for profitability in SGX stock , this shiubel be one of the best profit counter . Don' t think they dare to fake the profit as whole world know their dirty parts
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If you are doing fraudulent things , will you ask all your relatives to join ? The two founders are in Singapore , they can' t run away if there is fraudulent.
uiop1223 ( Date: 26-Jul-2020 11:43) Posted:
What are chances of lawsuit by investors? Anyone sue hyflux? Midas? And many many other listed companies...
When u see aunty, spouses, in laws, cousins, sisters, brothers involved in a listed company and 3 parties but they never disclose, u still think sales are real? |
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There is two scenario in this counter , 1) if can?t address the issues , SGX may force it to delist 2) if can address all the concern raised by PWC , the counter will resume to trade . Scenario 1 if happened , may be resulted litigation to bestworld management, scenario 2 if happened , definitely is a good buy , as the sales is not fabricated , the profits itself is real as the special audit has worked out from raw materials to delivery to 3rd party ( so far the sales is understated as they did not record 100% of sales into the book but only cost ) , just internal control was jeopardised but if can be rectified , the business itself is money printing machines , as their products are now good in selling in China , those panic selling upon resume in trading will be regretted .
And the company factory in Tuas will be ready soon if the sales is fake , they no need to do so many investments.
Those want to buy cheap cheap from current shareholders don?t know their intention , just bully those poor shareholders those already suffered losses.
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