ShareJunction - Member Posts

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stay away from sgx listing counter, except for bank sectors , as really no protection for minority shareholders from SGX

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https://laymaninvesting.blogspot.com/2022/01/thoughts-and-lessons-from-best-world.html

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https://www.zaobao.com.sg/finance/singapore/story20220110-1231329

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No matter how , the share will be reduced by 10% if max share buy back and it will be cancelled , to shortist will be even harder to close their position if the share getting lesser .

I think the two founders are also testing the shareholders response ,if easily hit 10% share buyback limit , they privatise offer maybe can at lower end if not then they need to give better offer

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those short seller in big position maybe nervous if the offer price exceed SGD 3.50 as they may lose hundred of thousand , the worst case scenario for shareholders only getting least favourite offer .

beng1102 ( Date: 18-Nov-2021 11:45) Posted:

Many interested buyers are asking the same question. Off markert price is going up.

phongy45 ( Date: 17-Nov-2021 20:33) Posted:

so who here still have BWL shares??

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talk much also no use , now only to wait for offer to know the answer

Richardlai ( Date: 17-Nov-2021 09:19) Posted:

Man on the street will lose out if it is delisted, as price will not be good unless they can get a strong partner to come in. Just dream on .......

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The need to appoint an IFA to give advise and not from management, if you doubt their professional judgement, I don' t think they will risk their license because of one job .

softdrink ( Date: 14-Nov-2021 23:58) Posted:

At what price is considered fair and reasonable?
After 2 years, you are still living in your dream land?
Look at those past delisting transactions, what at what price does it transact at?
With a NAV of 0.83 and last done price of $1.36, what do you think the offer will be?
Mind you, they can even low ball you at below those prices and give you thousands of reasons to justify such price.
No doubt they can borrow money from financial institutions, but with all these saga dragging for years, you think any financial institutions would be daring enough to loan them that much?

1035834 ( Date: 14-Nov-2021 23:23) Posted:

If money not around then the company will not ask for delisting and most of the money is in Singapore Bank as under the Company , shortist better prepare for the worst , as under the latest delisting ruling , the offeror need to give fair offer under Rule 1309 of the Listing Manual of the SGX-ST.

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(1) an exit offer must be made to the issuer' s shareholders and holders of any other classes of listed securities to be delisted. The exit offer must:

(a) be fair and reasonable and

(b) include a cash alternative as the default alternative and

(2) the issuer must appoint an independent financial adviser to advise on the exit offer and the independent financial adviser must opine that the exit offer is fair and reasonable.

Amended on 11 July 2019.

1035834 ( Date: 14-Nov-2021 23:23) Posted:

If money not around then the company will not ask for delisting and most of the money is in Singapore Bank as under the Company , shortist better prepare for the worst , as under the latest delisting ruling , the offeror need to give fair offer under Rule 1309 of the Listing Manual of the SGX-ST.

nott1965 ( Date: 14-Nov-2021 21:37) Posted:

do you think they will pay you $2.50? Money over the 2 years had probably already disappeared like typical chinese compan

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If money not around then the company will not ask for delisting and most of the money is in Singapore Bank as under the Company , shortist better prepare for the worst , as under the latest delisting ruling , the offeror need to give fair offer under Rule 1309 of the Listing Manual of the SGX-ST.

nott1965 ( Date: 14-Nov-2021 21:37) Posted:

do you think they will pay you $2.50? Money over the 2 years had probably already disappeared like typical chinese company

beng1102 ( Date: 14-Nov-2021 15:44) Posted:

If delist at $2.5 or above, almost all shortists get subotaged by the Bonitas report. Stil short? Is time to make your offer as price is going up

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i think the delist offer will be out together with Q4 results , so the company will no need to have AGM anymore as the delist exercise normally will take 2-3 months only and it is exactly full year results to let the Independent financial advisor to give advise on the offer from the company to shareholders.

like2learn ( Date: 12-Nov-2021 22:31) Posted:

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Coming quarter will be getting better as the activites of many countries has started back to normal after vaccinated. Malaysia also one of the important BW market has resumed most of business activities.

like2learn ( Date: 12-Nov-2021 21:27) Posted:

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the management plan will likely to be buy-back 10% of market share from existing shareholders as they can using company money to buy back. Then remaining will give offer to exit . This can help to minimise the cash they need take out .

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the last share buy back price offered by company from market is SGD 1.80 , so i guess the range should be SGD 1.80- SGD 2.06. My guess will offer the max of SGD 2.06 to shareholders as the value of the company should be more than 2 years ago.

like2learn ( Date: 12-Nov-2021 15:23) Posted:

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yes , the max is SGD 2.06 if offer by management through off -market .

like2learn ( Date: 12-Nov-2021 15:09) Posted:

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so those shareholders , the short seller at least need to offer greater than SGD 2.06 to buy over from you if anyone want to offer to buy over from you.

1035834 ( Date: 12-Nov-2021 15:00) Posted:

In the case of Off-Market Purchases by the Company:
Assuming the Company purchases or acquires 54,410,011 Shares at the maximum price of S$2.0592 for one (1) Share (being the price equivalent to 20% above the average of the closing market prices of the Shares over the five (5) Market Days on which transactions in the Shares were recorded immediately preceding the Latest Practicable Date), the maximum amount of funds required for the purchase or acquisition of 54,410,011 Shares (representing approximately 10% of the issued ordinary share capital of the Company (excluding treasury shares and subsidiary holdings) as at the Latest Practicable Date, which is the maximum number of Shares the Company is allowed to purchase) under and during the duration of the Share Buyback Mandate, is approximately S$112,041,000.

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In the case of Off-Market Purchases by the Company:
Assuming the Company purchases or acquires 54,410,011 Shares at the maximum price of S$2.0592 for one (1) Share (being the price equivalent to 20% above the average of the closing market prices of the Shares over the five (5) Market Days on which transactions in the Shares were recorded immediately preceding the Latest Practicable Date), the maximum amount of funds required for the purchase or acquisition of 54,410,011 Shares (representing approximately 10% of the issued ordinary share capital of the Company (excluding treasury shares and subsidiary holdings) as at the Latest Practicable Date, which is the maximum number of Shares the Company is allowed to purchase) under and during the duration of the Share Buyback Mandate, is approximately S$112,041,000.

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compare to short-seller need to pay interest for their short position , shareholders still in better position . If too low offer, what is the rationale to accept ? That y the management open another route for those shareholders thirst for cash to buy back their share.

nott1965 ( Date: 12-Nov-2021 14:07) Posted:

wonder why the company needs to make shareholders happy? If want to, suspenssion would not have occurred, They will probably make a low ball offer if ever, then if rejected, can always said they had done their best. Shareholders can only LL

1035834 ( Date: 12-Nov-2021 14:00) Posted:

New delisting rule will force the offeror to make attractive offer price to minority shareholders or independent shareholders (75% must happy with the price) or will fail the delisting . Not like last time only more than 10% disagree then can call off the delisting. The new rules provide more protection to minority.

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They also risk their license if auditors found out but not reported . there is no proof of fraudulent so far either from EY or PwC , so also no fair to keep suspect management .

phongy45 ( Date: 12-Nov-2021 14:02) Posted:

look like, likely no fraud .. i wonder , WHY EY and the rest past auditors are not telling us the true ..

investors , wants and needs to know the true reasons ..

1035834 ( Date: 12-Nov-2021 13:28) Posted:

if there is fraud, EY has obligation to notify audit committee and need to make an annoucement , there is listing ruling to govern all these fraud matters under SGX LISTING RULE 719 (2)

http://rulebook.sgx.com/rulebook/719-0

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New delisting rule will force the offeror to make attractive offer price to minority shareholders or independent shareholders (75% must happy with the price) or will fail the delisting . Not like last time only more than 10% disagree then can call off the delisting. The new rules provide more protection to minority.

beng1102 ( Date: 12-Nov-2021 13:56) Posted:

Of course, every professional body has it own code of conducts.
BW must give a attractive offer price, otherwise it would suffer from negative goodwill when try to relist in other exchanges.

1035834 ( Date: 12-Nov-2021 13:28) Posted:

if there is fraud, EY has obligation to notify audit committee and need to make an annoucement , there is listing ruling to govern all these fraud matters under SGX LISTING RULE 719 (2)

http://rulebook.sgx.com/rulebook/719-0

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if there is fraud, EY has obligation to notify audit committee and need to make an annoucement , there is listing ruling to govern all these fraud matters under SGX LISTING RULE 719 (2)

http://rulebook.sgx.com/rulebook/719-0

phongy45 ( Date: 12-Nov-2021 13:18) Posted:

wasn' t any fraud?

like2learn ( Date: 12-Nov-2021 12:37) Posted:

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