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SMRT
Goldfinger
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22-Jul-2016 12:51     
 
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 Alert Admin 		You may be underestimating the unhappiness of the majority

sengsk      ( Date: 22-Jul-2016 12:48) Posted:



Bro, surely get thru. No worry !

bikerlover      ( Date: 22-Jul-2016 12:37) Posted:



Hehe, still got risk.  The risk for 1.8% is that the buyout may not go through.


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JTWKSG
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22-Jul-2016 12:48     
 
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They did raise the offer price. 



http://www.channelnewsasia.com/news/business/singapore/singapore-airlines-raises/2397888.html

Singapore Airlines raises offer price for Tiger Airways shares to 45 cents

  • Posted  04 Jan 2016 20:41
  • Updated  05 Jan 2016 13:06
 


SINGAPORE: Flagship carrier Singapore Airlines (SIA) announced on Monday (Jan 4) that it has increased the offer price for Tiger Airways shares that it does not already own, to S$0.45 per share. This final offer made to Tiger Airways shareholders values the budget airline at approximately S$1.125 billion.

In a news release, the national carrier said the new offer price is a nearly 10 per cent increase from the S$0.41 one, which is the Voluntary Conditional General Offer  announced on Nov 6. This is a 45 per cent premium to Tigerair' s closing price of S$0.31 the day before the takeover bid was announced.

SIA also said the closing date for its offer has been extended to 5.30pm on Jan 22. This is a second extension, after it announced a Dec 28, 2015 deadline was shifted to Jan 8.

In a filing on the Singapore Exchange, SIA also confirmed that it now controls 77.48 per cent of Tigerair as of Monday. This is an increase of the 74.5 per cent announced last week, but still short of the 90 per cent needed to delist and privatise the budget airline.

Said SIA CEO Goh Choon Phong: " Tiger Airways' Independent Financial Advisor and Tiger Airways' Independent Directors had already recommended that shareholders accept based on the initial offer price of S$0.41, which we considered to be compelling based on the significant price premium that was being offered."

He added that the new offer price will not be revised further. " We are optimistic that with this final upward revision of the offer price, those shareholders who have not already accepted the offer will consider it favourably," Mr Goh said.


- CNA/hs

Tangowhisky      ( Date: 22-Jul-2016 11:28) Posted:



 

SIA: Tigerair buyout offer ' compelling' , won' t be lifted

23 Dec 2015 09:00


By Wong Siew Ying

Singapore Airlines (SIA) is not lifting its buyout offer for Tiger Airways despite claims that the offer fails to consider the views of long-term minority shareholders.

SIA said in a statement yesterday that its offer for the budget carrier is " compelling" , adding that market analysts have also recommended that shareholders accept it.

The airline said the offer price represents " premiums of between 32 per cent and 42 per cent over the last traded price and the one-month and three-month volume weighted average prices of Tiger Airways shares preceding the announcement of the offer" .

Citing the report from Maybank Kim Eng Securities, which had been appointed as the independent financial adviser for the general offer, SIA said the offer price also represents a premium of 42.6 per cent over the average share price target estimates of research brokers on Nov 5.

pinkowl      ( Date: 22-Jul-2016 11:05) Posted:



Did SIA say no change? Can' t recall liao. 


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sengsk
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22-Jul-2016 12:48     
 
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Bro, surely get thru. No worry !

bikerlover      ( Date: 22-Jul-2016 12:37) Posted:



Hehe, still got risk.  The risk for 1.8% is that the buyout may not go through.

sengsk      ( Date: 22-Jul-2016 12:08) Posted:



Do you want to make 1.8% profit of your $ 50,000 investment during this take over offer ?

Just buy 30,300 share of price at 1.65 

You could just wait and wait for collecting your 1.8% profits ( ~ $ 900 ) without any risk at all.


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bikerlover
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22-Jul-2016 12:37     
 
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Hehe, still got risk.  The risk for 1.8% is that the buyout may not go through.

sengsk      ( Date: 22-Jul-2016 12:08) Posted:



Do you want to make 1.8% profit of your $ 50,000 investment during this take over offer ?

Just buy 30,300 share of price at 1.65 

You could just wait and wait for collecting your 1.8% profits ( ~ $ 900 ) without any risk at all.

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sengsk
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22-Jul-2016 12:08     
 
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Do you want to make 1.8% profit of your $ 50,000 investment during this take over offer ?

Just buy 30,300 share of price at 1.65 

You could just wait and wait for collecting your 1.8% profits ( ~ $ 900 ) without any risk at all.
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Goldfinger
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22-Jul-2016 11:40     
 
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 Alert Admin 		Then don't buy and don't delist - I don't care to sell unless it's a 90% threshold being hit situation.

sgng123      ( Date: 22-Jul-2016 11:04) Posted:



90% of total not remaining, as seen in nol delist case. In tigerair case, SIA is buying over so commercial decision not affected by taxpayer decision. SMRT offer is temasek offer so it directly involve tax payer money and they announce publicly no increase meant no increase. Public outrage if they eat their word.

Observers      ( Date: 22-Jul-2016 08:48) Posted:



90% compulsory acquisition refers to remaining shareholders who have not accepted the GO. Sometimes this is near impossible because the shares have been forgotten in dormant accounts or the executor of the deceased estate is not aware of the shareholding.

75% scheme of arrangement is much easier to attain as only those present and voting will go into the final vote count. Say during the EGM, there is a quorum, shareholders/proxies representing 100,000 shares are present, and 75,001 shares voted for the resolution, the resolution will be carried and all minority shareholders, dead or alive, representing 46% of the company and hundreds of millions of shares will be bought out by Temasek.


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Tangowhisky
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22-Jul-2016 11:39     
 
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The SMRT buyout is privatisation not  nationalisation. For years they are try to show the world that Temasek is not functioning under the influence of the Singapre Government. 

sgng123      ( Date: 22-Jul-2016 11:04) Posted:



90% of total not remaining, as seen in nol delist case. In tigerair case, SIA is buying over so commercial decision not affected by taxpayer decision. SMRT offer is temasek offer so it directly involve tax payer money and they announce publicly no increase meant no increase. Public outrage if they eat their word.

Observers      ( Date: 22-Jul-2016 08:48) Posted:



90% compulsory acquisition refers to remaining shareholders who have not accepted the GO. Sometimes this is near impossible because the shares have been forgotten in dormant accounts or the executor of the deceased estate is not aware of the shareholding.

75% scheme of arrangement is much easier to attain as only those present and voting will go into the final vote count. Say during the EGM, there is a quorum, shareholders/proxies representing 100,000 shares are present, and 75,001 shares voted for the resolution, the resolution will be carried and all minority shareholders, dead or alive, representing 46% of the company and hundreds of millions of shares will be bought out by Temasek.


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pinkowl
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22-Jul-2016 11:37     
 
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Thanks. Can really monitor liao. :)

Tangowhisky      ( Date: 22-Jul-2016 11:28) Posted:



 

SIA: Tigerair buyout offer ' compelling' , won' t be lifted

23 Dec 2015 09:00


By Wong Siew Ying

Singapore Airlines (SIA) is not lifting its buyout offer for Tiger Airways despite claims that the offer fails to consider the views of long-term minority shareholders.

SIA said in a statement yesterday that its offer for the budget carrier is " compelling" , adding that market analysts have also recommended that shareholders accept it.

The airline said the offer price represents " premiums of between 32 per cent and 42 per cent over the last traded price and the one-month and three-month volume weighted average prices of Tiger Airways shares preceding the announcement of the offer" .

Citing the report from Maybank Kim Eng Securities, which had been appointed as the independent financial adviser for the general offer, SIA said the offer price also represents a premium of 42.6 per cent over the average share price target estimates of research brokers on Nov 5.

pinkowl      ( Date: 22-Jul-2016 11:05) Posted:



Did SIA say no change? Can' t recall liao. 


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Tangowhisky
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22-Jul-2016 11:28     
 
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SIA: Tigerair buyout offer ' compelling' , won' t be lifted

23 Dec 2015 09:00


By Wong Siew Ying

Singapore Airlines (SIA) is not lifting its buyout offer for Tiger Airways despite claims that the offer fails to consider the views of long-term minority shareholders.

SIA said in a statement yesterday that its offer for the budget carrier is " compelling" , adding that market analysts have also recommended that shareholders accept it.

The airline said the offer price represents " premiums of between 32 per cent and 42 per cent over the last traded price and the one-month and three-month volume weighted average prices of Tiger Airways shares preceding the announcement of the offer" .

Citing the report from Maybank Kim Eng Securities, which had been appointed as the independent financial adviser for the general offer, SIA said the offer price also represents a premium of 42.6 per cent over the average share price target estimates of research brokers on Nov 5.

pinkowl      ( Date: 22-Jul-2016 11:05) Posted:



Did SIA say no change? Can' t recall liao. 

Tangowhisky      ( Date: 22-Jul-2016 10:38) Posted:



SIA say no change in tiger take over but....


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pinkowl
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22-Jul-2016 11:05     
 
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Did SIA say no change? Can' t recall liao. 

Tangowhisky      ( Date: 22-Jul-2016 10:38) Posted:



SIA say no change in tiger take over but....

pinkowl      ( Date: 22-Jul-2016 10:22) Posted:



I' ve sold in March, also around 1.67. And thinking if I should re-enter and take a bet. But they said no increase. Can they then change their mind? Hmmm......need to monitor.  


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sgng123
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22-Jul-2016 11:04     
 
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90% of total not remaining, as seen in nol delist case. In tigerair case, SIA is buying over so commercial decision not affected by taxpayer decision. SMRT offer is temasek offer so it directly involve tax payer money and they announce publicly no increase meant no increase. Public outrage if they eat their word.

Observers      ( Date: 22-Jul-2016 08:48) Posted:



90% compulsory acquisition refers to remaining shareholders who have not accepted the GO. Sometimes this is near impossible because the shares have been forgotten in dormant accounts or the executor of the deceased estate is not aware of the shareholding.

75% scheme of arrangement is much easier to attain as only those present and voting will go into the final vote count. Say during the EGM, there is a quorum, shareholders/proxies representing 100,000 shares are present, and 75,001 shares voted for the resolution, the resolution will be carried and all minority shareholders, dead or alive, representing 46% of the company and hundreds of millions of shares will be bought out by Temasek.

Observers      ( Date: 22-Jul-2016 08:07) Posted:



I believe Chartered Semicon also went with this 75% approval scheme to private. Keppeland went private with 75% approval for selective capital reduction. Now I have to be careful with Temasek GLC listed companies, anytime can go private when general market sentiments are bad and companies are undervalued.


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Tangowhisky
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22-Jul-2016 10:38     
 
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SIA say no change in tiger take over but....

pinkowl      ( Date: 22-Jul-2016 10:22) Posted:



I' ve sold in March, also around 1.67. And thinking if I should re-enter and take a bet. But they said no increase. Can they then change their mind? Hmmm......need to monitor.  

sun233      ( Date: 21-Jul-2016 20:13) Posted:



11 million shorted at average 1.65. Looks like same thing happening as with NOL. My view is that deal will go thru.  

Wednesday' s announcement has sparked a lively debate on whether the offer price of S$1.68 a share is adequate. There are gripes among shareholders hoping for something closer to S$2 - but this being a scheme of arrangement rather than a general offer, the offer price will not be further revision.


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pinkowl
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22-Jul-2016 10:22     
 
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I' ve sold in March, also around 1.67. And thinking if I should re-enter and take a bet. But they said no increase. Can they then change their mind? Hmmm......need to monitor.  

sun233      ( Date: 21-Jul-2016 20:13) Posted:



11 million shorted at average 1.65. Looks like same thing happening as with NOL. My view is that deal will go thru.  

Wednesday' s announcement has sparked a lively debate on whether the offer price of S$1.68 a share is adequate. There are gripes among shareholders hoping for something closer to S$2 - but this being a scheme of arrangement rather than a general offer, the offer price will not be further revision.

pinkowl      ( Date: 21-Jul-2016 16:33) Posted:



Seems like not much interest....people selling off rather than wait for AGM approval.


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Observers
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22-Jul-2016 08:55     
 
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Singapore Land, delisted in 2014 irrc, also tried a 75% selective capital reduction ala Keppeland recently. They failed.

Goldfinger      ( Date: 21-Jul-2016 22:03) Posted:

Btw, can I check why under a Scheme of Arrangement TH only needs 75% approval at an EGM to privatise and compel minorities to accept and delist whereas under a General Offer they would need 90% acceptance to acquire and delist? If so, why doesn't every acquire go down the SA route instead? Seems like a sleight of hand?
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Observers
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22-Jul-2016 08:48     
 
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90% compulsory acquisition refers to remaining shareholders who have not accepted the GO. Sometimes this is near impossible because the shares have been forgotten in dormant accounts or the executor of the deceased estate is not aware of the shareholding.

75% scheme of arrangement is much easier to attain as only those present and voting will go into the final vote count. Say during the EGM, there is a quorum, shareholders/proxies representing 100,000 shares are present, and 75,001 shares voted for the resolution, the resolution will be carried and all minority shareholders, dead or alive, representing 46% of the company and hundreds of millions of shares will be bought out by Temasek.

Observers      ( Date: 22-Jul-2016 08:07) Posted:



I believe Chartered Semicon also went with this 75% approval scheme to private. Keppeland went private with 75% approval for selective capital reduction. Now I have to be careful with Temasek GLC listed companies, anytime can go private when general market sentiments are bad and companies are undervalued.

Goldfinger      ( Date: 21-Jul-2016 22:41) Posted:



Anyway, there is probably a legal explanation for this difference. I' m just puzzled a this Scheme of Arrangement does seem a better and more efficient way to take companies private, as compared to a protracted long drawn out general offer process where you need a 90% threshold to be attained.  Funny that I' ve never seen this before though, so its quite an interesting concept.


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Observers
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22-Jul-2016 08:07     
 
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I believe Chartered Semicon also went with this 75% approval scheme to private. Keppeland went private with 75% approval for selective capital reduction. Now I have to be careful with Temasek GLC listed companies, anytime can go private when general market sentiments are bad and companies are undervalued.

Goldfinger      ( Date: 21-Jul-2016 22:41) Posted:



Anyway, there is probably a legal explanation for this difference. I' m just puzzled a this Scheme of Arrangement does seem a better and more efficient way to take companies private, as compared to a protracted long drawn out general offer process where you need a 90% threshold to be attained.  Funny that I' ve never seen this before though, so its quite an interesting concept.

Goldfinger      ( Date: 21-Jul-2016 22:03) Posted:

Btw, can I check why under a Scheme of Arrangement TH only needs 75% approval at an EGM to privatise and compel minorities to accept and delist whereas under a General Offer they would need 90% acceptance to acquire and delist? If so, why doesn't every acquire go down the SA route instead? Seems like a sleight of hand?
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Goldfinger
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22-Jul-2016 06:30     
 
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So they will still need 90% to delist I suppose?

sgng123      ( Date: 22-Jul-2016 00:10) Posted:



No increase for offer say temasek, it the same playbook they gona use their 50% majority stack and combine with their bb friends stake to try to hit 90% then it kaboom every retail investors auto sell cannot be stopped as per sgx rule written by them too lol. In short pap win big, everyone loses unless u get it cheap

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pinkowl
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22-Jul-2016 00:18     
 
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http://www.businesstimes.com.sg/companies-markets/temaseks-unit-says-there-will-be-no-increase-in-smrt-offer-price
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sgng123
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22-Jul-2016 00:10     
 
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No increase for offer say temasek, it the same playbook they gona use their 50% majority stack and combine with their bb friends stake to try to hit 90% then it kaboom every retail investors auto sell cannot be stopped as per sgx rule written by them too lol. In short pap win big, everyone loses unless u get it cheap
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Goldfinger
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21-Jul-2016 22:41     
 
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Anyway, there is probably a legal explanation for this difference. I' m just puzzled a this Scheme of Arrangement does seem a better and more efficient way to take companies private, as compared to a protracted long drawn out general offer process where you need a 90% threshold to be attained.  Funny that I' ve never seen this before though, so its quite an interesting concept.

Goldfinger      ( Date: 21-Jul-2016 22:03) Posted:

Btw, can I check why under a Scheme of Arrangement TH only needs 75% approval at an EGM to privatise and compel minorities to accept and delist whereas under a General Offer they would need 90% acceptance to acquire and delist? If so, why doesn't every acquire go down the SA route instead? Seems like a sleight of hand?
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