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DinoBullBear Member	29-Aug-2017 14:21        DinoBullBear About Contact  Quote this Post!
x 0   x 0  Alert Admin	Base on 22th Aug announcement, it dont seems to cross 15% yet. Very close but +4.77% with earlier dont seems to cross yet. Further to the Announcement, the Company has, through open-market purchases since 3 August 2017, acquired an aggregate of 30,436,600 additional ordinary shares (the &ldquo Additional Shares&rdquo ) in UEL (the &ldquo Additional Acquisition&rdquo ). The Additional Shares constitute 4.77% of the total issued and paid-up share capital of UEL.   desmodeus      ( Date: 28-Aug-2017 20:47) Posted: Crossed 15% early last week. kirana      ( Date: 28-Aug-2017 20:17) Posted: Not much show today. Oxley continued accumulation reached 13.x%.
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smalliinv Member	29-Aug-2017 02:22        smalliinv About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just read the release - so, the market has spoken as only 1.21% accepted the offer so far with total of 33.43% of UEL. The only reason why Yanlord decide to extend now is to review and come up with a better offer because they know current price will not get them to what they need (even by just extending). ​ For various reasons (OCBC 50% trigger and getting majority) YL will want to get to 50.1%. But with the mess of an offer, even with Oxley' s 12~13% is not enough to get to 50.1%. I' m sure YL will try to get Oxley to the table and Ching is holding all the cards now.  ​ Ching already put in $232m+ for his 12~13% stake. Surely he needs some margin to recoup. ​ This is a general offer, so whatever Oxley/Ching gets, all small shareholder will get too :) ​
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TigTig Master	29-Aug-2017 00:17        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Possible.   We don' t know what' s on Ching' s mind now, most think he won' t go on a bidding war, and if that' s how it rolls out, the price esclation may be subdued.     Ching might want more than $3, likely he will.   Since Yanlord extended the takeover offer and can raise the offer price, the next move would likely come from them.   Exciting times ahead.     But I' m not a shareholder, just a kaypo bystander watching and learning from the experts. hehe.   Good luck to all UE shareholders, good times ahead! desmodeus      ( Date: 29-Aug-2017 00:09) Posted: will the wbl t/o history repeat itself back then offer price upped several times between UE and Straits Trading until it was settled at 4.50 by UE no $3 no sell
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DinoBullBear Member	29-Aug-2017 00:16        DinoBullBear About Contact  Quote this Post!
x 0   x 0  Alert Admin	I was thinking of this too. Why do you need to extend GO deadline if it only for the sake of formality that you cross the percentage? And during GO period, since I cannot purchase from the market at any price above GO 2.60, then what other alternatives are at my disposal if I want to limit Oxley power? Ya, no $3 no sell.. desmodeus      ( Date: 29-Aug-2017 00:09) Posted: will the wbl t/o history repeat itself back then offer price upped several times between UE and Straits Trading until it was settled at 4.50 by UE no $3 no sell
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desmodeus Veteran	29-Aug-2017 00:09        desmodeus About Contact  Quote this Post!
x 0   x 0  Alert Admin	will the wbl t/o history repeat itself back then offer price upped several times between UE and Straits Trading until it was settled at 4.50 by UE no $3 no sell
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DinoBullBear Member	28-Aug-2017 23:49        DinoBullBear About Contact  Quote this Post!
x 0   x 0  Alert Admin	The YPL is not stuck now, they just got themselves another 2 weeks and could extend again. Offeror could revise their GO PRICE ANYTIME within GO period or before 12 Sept 5.30pm. TigTig      ( Date: 28-Aug-2017 23:32) Posted: Now the raiders are stuck as they cannot make another offer immediately, and UE shareholders will not sell them the shares at $2.60 if they can sell in the market for higher.   The reason for Yanlord Perenial consort to  extend the deadline is to do a deal with Ching.     I  suspect Ching won' t join them, he gets better value by selling the parcel at extortion rates after 12th Sep. I think he won' t want the WBL shares, it' s an albatross around his neck.       In fact, Ching would string them on by buying as much shares as possible at higher than $2.60, the more UE shares he gets, the more profit he makes.     TigTig      ( Date: 28-Aug-2017 23:22) Posted: Or Ching join the Yanlord Perenial consort?
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TigTig Master	28-Aug-2017 23:47        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Another scenario could be both parties go into bidding war, most feel unlikely because Ching is highly geared in Oxley, but you never know, Ching is an amazing person, he can also dispose of his other properties to focus on UE.     The bidding war, if it takes place, should start showing up after 12th Sep.   Between now and then, Ching will be happily collecting I suspect.  TigTig      ( Date: 28-Aug-2017 23:32) Posted: Now the raiders are stuck as they cannot make another offer immediately, and UE shareholders will not sell them the shares at $2.60 if they can sell in the market for higher.   The reason for Yanlord Perenial consort to  extend the deadline is to do a deal with Ching.     I  suspect Ching won' t join them, he gets better value by selling the parcel at extortion rates after 12th Sep. I think he won' t want the WBL shares, it' s an albatross around his neck.       In fact, Ching would string them on by buying as much shares as possible at higher than $2.60, the more UE shares he gets, the more profit he makes.     TigTig      ( Date: 28-Aug-2017 23:22) Posted: Or Ching join the Yanlord Perenial consort?
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TigTig Master	28-Aug-2017 23:32        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Now the raiders are stuck as they cannot make another offer immediately, and UE shareholders will not sell them the shares at $2.60 if they can sell in the market for higher.   The reason for Yanlord Perenial consort to  extend the deadline is to do a deal with Ching.     I  suspect Ching won' t join them, he gets better value by selling the parcel at extortion rates after 12th Sep. I think he won' t want the WBL shares, it' s an albatross around his neck.       In fact, Ching would string them on by buying as much shares as possible at higher than $2.60, the more UE shares he gets, the more profit he makes.     TigTig      ( Date: 28-Aug-2017 23:22) Posted: Or Ching join the Yanlord Perenial consort?   TigTig      ( Date: 28-Aug-2017 23:02) Posted: Perhaps they are negotiating with Ching already, once Ching agrees, it' s game over.   UE share price will deflate like balloon so everyone will accept the 2.60.   I think that' s probably the reason. Anyone else thinks differently? Ching is now king of market, he can open any price
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TigTig Master	28-Aug-2017 23:22        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Or Ching join the Yanlord Perenial consort?   TigTig      ( Date: 28-Aug-2017 23:02) Posted: Perhaps they are negotiating with Ching already, once Ching agrees, it' s game over.   UE share price will deflate like balloon so everyone will accept the 2.60.   I think that' s probably the reason. Anyone else thinks differently? Ching is now king of market, he can open any price! TigTig      ( Date: 28-Aug-2017 22:56) Posted: Maybe, but Yanlord bought WBL shares from OCBC as well, and Ching' s not likely to want those shares as the good properties are in UE' s books.   Both parties I think are after the UE properties for redevelopment
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TigTig Master	28-Aug-2017 23:02        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Perhaps they are negotiating with Ching already, once Ching agrees, it' s game over.   UE share price will deflate like balloon so everyone will accept the 2.60.   I think that' s probably the reason. Anyone else thinks differently? Ching is now king of market, he can open any price! TigTig      ( Date: 28-Aug-2017 22:56) Posted: Maybe, but Yanlord bought WBL shares from OCBC as well, and Ching' s not likely to want those shares as the good properties are in UE' s books.   Both parties I think are after the UE properties for redevelopment. triphopper      ( Date: 28-Aug-2017 22:47) Posted: Will Yanlord throw in the towel and sell to Oxley at a premium? Yanlord shareholders to get special dividend from the sale? Haha...
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TigTig Master	28-Aug-2017 22:56        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Maybe, but Yanlord bought WBL shares from OCBC as well, and Ching' s not likely to want those shares as the good properties are in UE' s books.   Both parties I think are after the UE properties for redevelopment. triphopper      ( Date: 28-Aug-2017 22:47) Posted: Will Yanlord throw in the towel and sell to Oxley at a premium? Yanlord shareholders to get special dividend from the sale? Haha.... TigTig      ( Date: 28-Aug-2017 22:30) Posted: Must add that Ching is a genius, respect the man.   Very daring and enterprising, and always breaking new ground.   Hope the gameplan is something different, I mean if he had that 30%, UE would be a lot better off.
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triphopper Senior	28-Aug-2017 22:47        triphopper About Contact  Quote this Post!
x 0   x 0  Alert Admin	Will Yanlord throw in the towel and sell to Oxley at a premium? Yanlord shareholders to get special dividend from the sale? Haha.... TigTig      ( Date: 28-Aug-2017 22:30) Posted: Must add that Ching is a genius, respect the man.   Very daring and enterprising, and always breaking new ground.   Hope the gameplan is something different, I mean if he had that 30%, UE would be a lot better off.
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TigTig Master	28-Aug-2017 22:45        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Not sure why they did that.   Anyone venture a guess?     newbie86      ( Date: 28-Aug-2017 22:43) Posted: Mandatory general offer closure date extended till 12 Sep.
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newbie86 Member	28-Aug-2017 22:43        newbie86 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Mandatory general offer closure date extended till 12 Sep.
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TigTig Master	28-Aug-2017 22:30        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Must add that Ching is a genius, respect the man.   Very daring and enterprising, and always breaking new ground.   Hope the gameplan is something different, I mean if he had that 30%, UE would be a lot better off.
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TigTig Master	28-Aug-2017 22:25        TigTig About Contact  Quote this Post!
x 0   x 0  Alert Admin	That Oxley parcel is worth a lot of money. More if Yanlord cannot make another offer, as Ching can quote sky high price, and the former is likely to take it in order to that 51%.
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kirana Senior	28-Aug-2017 21:25        kirana About Contact  Quote this Post!
x 0   x 0  Alert Admin	Really? I dont know. I read these 2 guys from Oxley. Each news is different %.
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desmodeus Veteran	28-Aug-2017 20:47        desmodeus About Contact  Quote this Post!
x 0   x 0  Alert Admin	Crossed 15% early last week. kirana      ( Date: 28-Aug-2017 20:17) Posted: Not much show today. Oxley continued accumulation reached 13.x%.
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kirana Senior	28-Aug-2017 20:17        kirana About Contact  Quote this Post!
x 0   x 0  Alert Admin	Not much show today. Oxley continued accumulation reached 13.x%.
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DinoBullBear Member	28-Aug-2017 09:18        DinoBullBear About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good analysis! I guess more than one had underestimated market forces. smalliinv      ( Date: 25-Aug-2017 15:50) Posted: This is my theory and humble opinion. ​ People assume that YL/P buying UE at $2.6 but they are actually buying at $3.6+ ​ YL/P is purchasing separate $2.07 WBL Stake for 30%. But actually they are buying 53.5% WBL stake. ​ The additional 23.5% is from OCBC' s UE' s 70% ownership of WBL. ​ OCBC 33.5% of UE 70% WBL stake = 23.5% WBL equivalent. ​ If full value of WBL is priced into UE - YL/P cannot afford and not worth it - as they are interested in the property asset of UE and not WBL. Financing something they do not need and intend to dispose is just not good business. ​ OCBC as a seller only need to concern about getting full value. So the plan is for YL/P to over pay for what they have in WBL and place the UE at a price they can accept in case they have full acquisiton. (Back of the envelop calculation) if you calculate 53.5% stake at 2.07 instead of 30%, the price is actually $1.16 per WBL share. ​ ​ YL/P is actually buying the UE shares at $2.6+$1.16 = $3.6+ YL/P offer of $2.6 to the public is without the WBL premium. I guess this is what Oxley is seeing as well and there is potentially a $1+ upside for them from $2.7 price they buying. OCBC is out with with full value realized and this deal for YL/P will fund for itself. Imagine first order of day for the new board by YL/P is to sell WBL and pay special dividend. They will have cash to come back again for privatisation later. ​ Where does this leaves with small investors like us - I would say stay put if you are long term investor. Wait for WBL disposal and special dividend. This may take some time. ​ In the short term, because of Oxley opportunist ventures, YL/P may not get the 50% and thus no obligation to buy the additional WBL shares from OCBC. This will create problems for YL/P because they do not have 100% WBL to sell and OCBC cannot divest the remaining stake. This will just create a lot of short term mess for everyone. There is chance that YL/P may sweeten the deal by few more cents and try get Oxley to the table and let them make a quick buck. But I think this is less than 50/50 chance.
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