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Latest Forum Topics / Neptune Orient L Rg  Post Reply
NOL
spore1
Supreme
08-Dec-2015 12:41     
 
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 Alert Admin 		There r still some uncertainties .U may read the offer conditions . More likely to go below $1.20. Think broker suggest to sell into strength
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Octavia
Supreme
08-Dec-2015 12:39     
 
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No rush to buy now.Wait closer to regulatory approval is done then scoop more as it will confirmed the deal is through and be assured per share is $1.30.No need to sell in the market to save on brokerage fees.

halleluyah      ( Date: 08-Dec-2015 12:13) Posted:



CMA will buy up all Nol shares at 1.30...If wt to delist it need 90%....Will keep accumulate as a fd....cheers!!!

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AndyLoss
Master
08-Dec-2015 12:38     
 
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 Alert Admin 		not sure if the offer of 1.30 would be valid to those sharholder who buy after 6th December....clear that first before accumulating...
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Qanghoo
Supreme
08-Dec-2015 12:37     
 
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I may be wrong, but I think anti-trust  wld be  far bigger obsticle if the CMA target were a European operator, with mainly customer base in Europe.  Same as America n PRC I' d think.  So,  my sense is  the risk of not clearing regulators for anti-trust is like very low.  Now suppose we can scoop  at < 1.20 n get 1.30 in 6 mths, then it' s like some brothers have pointed out good as putting in FD, but with a far  more attractive  interest (in my example, almost 20% annualised). 

tipusultan      ( Date: 08-Dec-2015 12:26) Posted:



Bro there are some issues here.
  1. the offers is subject to regulatory approval from Eurpoerean, US and Chinese regulators (mainly for Anti monopoly concen). 
  2. If everything clear then completion is expected around mid of 2016. 


Not sure if anyone want to hold that long.

earlybird14      ( Date: 08-Dec-2015 12:16) Posted:



just a possibility. share market is always dark one.

Anyway, those want 1.30, can just continue to hold.


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earlybird14
Supreme
08-Dec-2015 12:34     
 
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got shortist also go longist with CFD position on hand mah. You don' t sell, they also will sell to each other at current price.

1.22, 6% gain, just nice priced in the borrowing cost for 6 months, all these bankers or brokers have already counted in the risk. 

Anyway, game is over. No point shortist, longist or any speculation talk. 

rawlow1945      ( Date: 08-Dec-2015 12:31) Posted:



Dont sell cheap to shortists.

Some shortists still have not covered their 1.10 position.

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DeepBlue
Veteran
08-Dec-2015 12:33     
 
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Thanks Bro Early Bird

Assuming an investment of 10000shares at 1.22

It yields roughly $800 or 6.5% return

Thats more yield one could get with same amount on FD.

Yes?

 

 
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rawlow1945
Senior
08-Dec-2015 12:31     
 
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Dont sell cheap to shortists.

Some shortists still have not covered their 1.10 position.
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earlybird14
Supreme
08-Dec-2015 12:28     
 
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is 6months lock in, it is like fixed D for 6 months plus very minor risk of authority disapproval (unlikely).

those CFD holders all have to sell their share on hand.

DeepBlue      ( Date: 08-Dec-2015 12:23) Posted:



Price offered to NOL is 1.30
So whats stopping investor from scooping it up at current price of 1.220.

Anyone?

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tipusultan
Member
08-Dec-2015 12:26     
 
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Bro there are some issues here.
  1. the offers is subject to regulatory approval from Eurpoerean, US and Chinese regulators (mainly for Anti monopoly concen). 
  2. If everything clear then completion is expected around mid of 2016. 


Not sure if anyone want to hold that long.

earlybird14      ( Date: 08-Dec-2015 12:16) Posted:



just a possibility. share market is always dark one.

Anyway, those want 1.30, can just continue to hold.

nngeeh      ( Date: 08-Dec-2015 12:08) Posted:



I believe it' ll trigger the mandatory offer to all shareholders. As long as CMA acquire 30% or more from TH, it' ll trigger the mandatory offer where CMA will need to offer at least $1.3 to all shareholders.

 

Mandatory Offers
Generally, there are no restrictions on an offerer building a significant stake in a target
company as long as a mandatory offer is not triggered. The circumstances wherein
mandatory offers are triggered are set out in the Take-over Code. Rule 14 of the Take31182491_
2_2014 - Takeover Guide - Singapore page | 13 over Code provides that a mandatory offer is triggered when an offerer acquires, whether
by a series of transactions over a period of time or not, shares which taken together with
shares held or acquired by persons acting in concert with it amounts to 30 percent or
more of shares carrying voting rights of the target company. A mandatory offer is also
triggered when an offerer and persons acting in concert with it hold between 30 percent
and 50 percent of the target company& rsquo s shares carrying voting rights, and acquire in
aggregate more than one percent of the target company& rsquo s shares carrying voting rights in
any rolling six-month period. For these purposes, a person who has acquired or written
any option or derivative which causes him to have a long economic exposure to changes
in the price of securities will normally be treated as having acquired those securities and
persons who would breach the relevant thresholds by acquiring such derivatives must
consult the SIC beforehand to determine if an offer is required and if so, the terms of such
offer to be made.
In a mandatory offer, the offer price cannot be lower than the highest price paid by the
offerer or any of the parties acting in concert with it for any shares carrying voting rights
during the offer period and within the six months leading up to the beginning of the offer
period. The consideration paid in the mandatory offer should be in cash or be
accompanied by a cash alternative. A mandatory offer is conditional upon the offerer
obtaining acceptances which will result in the offerer and persons acting in concert with it
holding shares carrying more than 50 percent of the voting rights of the target company.
Generally, no other conditions are permitted to be imposed in a mandatory offer. An
exception to this rule applies to a mandatory offer where the parties are seeking
clearance with the CCS under the Competition Act.


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halleluyah
Supreme
08-Dec-2015 12:26     
 
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Yes right....why sell in open mkt fr 1.30?? Sell to CMA, dun need pay brokerage...lol

AndyLoss      ( Date: 08-Dec-2015 12:19) Posted:

I called DBS broker and he advised that CDP will send us a letter later with 1.30 and we will have to accept that...no need to sell in the open market... so keep on HOLDInG...:)
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NOLESS
Member
08-Dec-2015 12:24     
 
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So it' s right to say that once the MGO is triggered the Offerer has to acquire the remaining 33% at not less than the price they paid to Temasek. So 1.30 is there, that' s what the offer means.
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earlybird14
Supreme
08-Dec-2015 12:23     
 
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SGX Delisting rules 

The Exchange may agree to an application by an issuer to delist from the Exchange if:& mdash
(1) the issuer convenes a general meeting to obtain shareholder approval for the delisting
(2) the resolution to delist the issuer has been approved by a majority of at least  75%  of the total number of issued shares excluding treasury shares held by the shareholders present and voting, on a poll, either in person or by proxy at the meeting (the issuer' s directors and controlling shareholder need not abstain from voting on the resolution) and
(3) the resolution has not been voted against by 10% or more of the total number of issued shares excluding treasury shares held by the shareholders present and voting, on a poll, either in person or by proxy at the meeting.
 
Sis, is 75% to approve, 10% to against, without voting is considered to approve. So, how retailers are going to gather 25% to vote against it? Now, CMA definitely has approved funds or institutes who are holding NOL shares for the rest of the share for 1.30.
 
Do you really think retailers are holding more than 10% and vote against the delisting?
 
CMA definitely has instructed to accummulate NOL shares now from public market, now their offering price in open market is around 1.21-1.22.
 
6 months later, once authority approve, they will just delist NOL straight if they already have sufficient shares on hand, not even need to go through a voting. 


halleluyah      ( Date: 08-Dec-2015 12:13) Posted:



CMA will buy up all Nol shares at 1.30...If wt to delist it need 90%....Will keep accumulate as a fd....cheers!!!

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DeepBlue
Veteran
08-Dec-2015 12:23     
 
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Price offered to NOL is 1.30
So whats stopping investor from scooping it up at current price of 1.220.

Anyone?
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AndyLoss
Master
08-Dec-2015 12:19     
 
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 Alert Admin 		I called DBS broker and he advised that CDP will send us a letter later with 1.30 and we will have to accept that...no need to sell in the open market... so keep on HOLDInG...:)
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earlybird14
Supreme
08-Dec-2015 12:16     
 
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just a possibility. share market is always dark one.

Anyway, those want 1.30, can just continue to hold.

nngeeh      ( Date: 08-Dec-2015 12:08) Posted:



I believe it' ll trigger the mandatory offer to all shareholders. As long as CMA acquire 30% or more from TH, it' ll trigger the mandatory offer where CMA will need to offer at least $1.3 to all shareholders.

 

Mandatory Offers
Generally, there are no restrictions on an offerer building a significant stake in a target
company as long as a mandatory offer is not triggered. The circumstances wherein
mandatory offers are triggered are set out in the Take-over Code. Rule 14 of the Take31182491_
2_2014 - Takeover Guide - Singapore page | 13 over Code provides that a mandatory offer is triggered when an offerer acquires, whether
by a series of transactions over a period of time or not, shares which taken together with
shares held or acquired by persons acting in concert with it amounts to 30 percent or
more of shares carrying voting rights of the target company. A mandatory offer is also
triggered when an offerer and persons acting in concert with it hold between 30 percent
and 50 percent of the target company& rsquo s shares carrying voting rights, and acquire in
aggregate more than one percent of the target company& rsquo s shares carrying voting rights in
any rolling six-month period. For these purposes, a person who has acquired or written
any option or derivative which causes him to have a long economic exposure to changes
in the price of securities will normally be treated as having acquired those securities and
persons who would breach the relevant thresholds by acquiring such derivatives must
consult the SIC beforehand to determine if an offer is required and if so, the terms of such
offer to be made.
In a mandatory offer, the offer price cannot be lower than the highest price paid by the
offerer or any of the parties acting in concert with it for any shares carrying voting rights
during the offer period and within the six months leading up to the beginning of the offer
period. The consideration paid in the mandatory offer should be in cash or be
accompanied by a cash alternative. A mandatory offer is conditional upon the offerer
obtaining acceptances which will result in the offerer and persons acting in concert with it
holding shares carrying more than 50 percent of the voting rights of the target company.
Generally, no other conditions are permitted to be imposed in a mandatory offer. An
exception to this rule applies to a mandatory offer where the parties are seeking
clearance with the CCS under the Competition Act.

earlybird14      ( Date: 08-Dec-2015 12:01) Posted:

I really doubt so.

Long ago, there was a privatise case as well. Buy block was built till privatised successfully, those refuse to sell, was played by the companies by offering even lower level by posting a mail to their house, they kpkp here.

So i really doubt so 1.30 for all, 1.30 is for temasek sell to cma, if cma want to buy the rest, now they can just go open market to buy 1.21-1.22 now, why offer 1.30?

Nol is not fantastic company, market also no fantastic, whatever the collect is a saving to their company, they are also not a listed company, don't need to report after delist nol.

So, those holding, can just hold and hope 1.30 can be offered, but those buy and hope for 1.30, it may be not wise to do so
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halleluyah
Supreme
08-Dec-2015 12:13     
 
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CMA will buy up all Nol shares at 1.30...If wt to delist it need 90%....Will keep accumulate as a fd....cheers!!!
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rawlow1945
Senior
08-Dec-2015 12:11     
 
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You' ll get 1.30 if you wait till next year.

Except if EB wants to short again at 1.10

AndyLoss      ( Date: 08-Dec-2015 12:08) Posted:

so we will also get 1.30 right

Juzbig      ( Date: 08-Dec-2015 12:02) Posted:

EB, offer of S$1.30 is for each NOL share. Which means is to all NOL share holders,

"CMA CGM, the world?s third-largest shipping line, said on Monday it had agreed to buy the 67% stake in NOL held by Temasek Holding Pte., Singapore?s state investment firm, for 1.3 Singapore dollars a share. As part of the deal, it will also offer to buy the other 33% of the company, which consists of publicly traded shares, at the SAME PRICE, for a total consideration of 3.38 billion Singapore dollars, or US$2.42 billion." - source from WS
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nngeeh
Veteran
08-Dec-2015 12:08     
 
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I believe it' ll trigger the mandatory offer to all shareholders. As long as CMA acquire 30% or more from TH, it' ll trigger the mandatory offer where CMA will need to offer at least $1.3 to all shareholders.

 

Mandatory Offers
Generally, there are no restrictions on an offerer building a significant stake in a target
company as long as a mandatory offer is not triggered. The circumstances wherein
mandatory offers are triggered are set out in the Take-over Code. Rule 14 of the Take31182491_
2_2014 - Takeover Guide - Singapore page | 13 over Code provides that a mandatory offer is triggered when an offerer acquires, whether
by a series of transactions over a period of time or not, shares which taken together with
shares held or acquired by persons acting in concert with it amounts to 30 percent or
more of shares carrying voting rights of the target company. A mandatory offer is also
triggered when an offerer and persons acting in concert with it hold between 30 percent
and 50 percent of the target company& rsquo s shares carrying voting rights, and acquire in
aggregate more than one percent of the target company& rsquo s shares carrying voting rights in
any rolling six-month period. For these purposes, a person who has acquired or written
any option or derivative which causes him to have a long economic exposure to changes
in the price of securities will normally be treated as having acquired those securities and
persons who would breach the relevant thresholds by acquiring such derivatives must
consult the SIC beforehand to determine if an offer is required and if so, the terms of such
offer to be made.
In a mandatory offer, the offer price cannot be lower than the highest price paid by the
offerer or any of the parties acting in concert with it for any shares carrying voting rights
during the offer period and within the six months leading up to the beginning of the offer
period. The consideration paid in the mandatory offer should be in cash or be
accompanied by a cash alternative. A mandatory offer is conditional upon the offerer
obtaining acceptances which will result in the offerer and persons acting in concert with it
holding shares carrying more than 50 percent of the voting rights of the target company.
Generally, no other conditions are permitted to be imposed in a mandatory offer. An
exception to this rule applies to a mandatory offer where the parties are seeking
clearance with the CCS under the Competition Act.

earlybird14      ( Date: 08-Dec-2015 12:01) Posted:

I really doubt so.

Long ago, there was a privatise case as well. Buy block was built till privatised successfully, those refuse to sell, was played by the companies by offering even lower level by posting a mail to their house, they kpkp here.

So i really doubt so 1.30 for all, 1.30 is for temasek sell to cma, if cma want to buy the rest, now they can just go open market to buy 1.21-1.22 now, why offer 1.30?

Nol is not fantastic company, market also no fantastic, whatever the collect is a saving to their company, they are also not a listed company, don't need to report after delist nol.

So, those holding, can just hold and hope 1.30 can be offered, but those buy and hope for 1.30, it may be not wise to do so.

DONTBEEVIL      ( Date: 08-Dec-2015 11:56) Posted:



I thought they must offer the remaining shareholders to sell to CMA at $1.30? 

Please confirm before any how post... Otherwise...


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AndyLoss
Master
08-Dec-2015 12:08     
 
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 Alert Admin 		so we will also get 1.30 right

Juzbig      ( Date: 08-Dec-2015 12:02) Posted:

EB, offer of S$1.30 is for each NOL share. Which means is to all NOL share holders,

"CMA CGM, the world?s third-largest shipping line, said on Monday it had agreed to buy the 67% stake in NOL held by Temasek Holding Pte., Singapore?s state investment firm, for 1.3 Singapore dollars a share. As part of the deal, it will also offer to buy the other 33% of the company, which consists of publicly traded shares, at the SAME PRICE, for a total consideration of 3.38 billion Singapore dollars, or US$2.42 billion." - source from WSJ

DONTBEEVIL      ( Date: 08-Dec-2015 11:56) Posted:



I thought they must offer the remaining shareholders to sell to CMA at $1.30? 

Please confirm before any how post... Otherwise...


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rawlow1945
Senior
08-Dec-2015 12:04     
 
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It seems BBs know the price few weeks before deal was concluded.

 
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