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Vard Holdings
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CKY1975
Member |
12-Jan-2017 21:46
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What I understand is this: The original offer is conditional, the offer of 24cent is valid only if Fincanteiri received > 40% share that they do not own, hence totaling > 90%. Then the delisting can take place. However, that did not happened and the offer is now invalid. To validate it, Fincanteiri lowered the condition from > 90% to > 50% and obtain approval from SGX. Since they already own > 50%, the offer of 24cents becomes unconditional. The offer open for another 2 weeks and those accepted before have choice of withdrawal within 8 days. After the offer close on 2 Feb, no matter how many percent of the share Fincanteiri received, the transaction is valid and share will be transferred to Fincanteiri at 24cents. |
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orangekun
Member |
12-Jan-2017 19:14
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Unless price drop below 24. No reason why the current accepted shaeholders will withdraw.
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shyeo1223
Master |
12-Jan-2017 18:37
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Fincantieri is really one big fxxxer. Because of the offer extension, Vard' s price is stagnant again. |
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21llkc
Member |
12-Jan-2017 16:19
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I believe what today' s reduction in minimum acceptance means is as follows: In previous conditional offer - the ~16% who accepted since day 1 of the offer will have their shares returned to them if the takeover fails In the new unconditional offer - the ~16% who have accepted the offer will have their shares transferred to Fincanteiri even when the takeover fails (therefore they have the option to withdraw their acceptance) As for the rest who have not accepted the offer, the 90% requirement to delist still applies and therefore it is still likely that this takeover will fail and continue to list on SGX but with less liquidity since there are ~16% who have now been transferred to Fincantieri. |
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nooovva
Member |
12-Jan-2017 15:50
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If everyone holds on, we will succeed. Like I mentioned in my previous post, there is limited downside to holding. Other O& G counters have already risen. You accept, you fail in your investment. If they hold 70-80%, they will be even more incentivised to make Vard work harder cos they have more money at stake! Stats Chipac was loss-making for some years and chip-making business is sunset for those inefficient players. |
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shadow
Veteran |
12-Jan-2017 14:16
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What to do, we are just a little red dot only.. LL only lor !
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TeoMark
Veteran |
12-Jan-2017 14:13
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Cannot let these companies come to our territory suka suka bully the investors here. We already kenna bullied jialat jialat already.
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sriramanv
Master |
12-Jan-2017 14:12
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yes, looks like it... i am still holding, but dont know will continue to hold..
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shadow
Veteran |
12-Jan-2017 14:08
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VARD Holdings said on Thursday that the voluntary conditional cash offer from Fincantieri Oil & Gas to buy out the remaining equity that it does not hold in Vard has been declared unconditional. Fincantieri has obtained consent from the Securities Industry Council to reduce the acceptance condition to a level of more than 50 per cent. The closing date for the offer, which will see Fincantieri take Vard (its Singapore-listed subsidiary) private, has also been extended from 5.30 pm on Thursday to 5.30 pm on Feb 2 or later as may be announced. |
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shadow
Veteran |
12-Jan-2017 14:04
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Good luck to those clinching & fighting on - including myself. Not sure how many of you here holding on will eventually throw in the towels to them!
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jimeong
Member |
12-Jan-2017 13:43
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this offer will not succeed at $0.24
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chongpin
Senior |
12-Jan-2017 13:33
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Take-overs and mergers in Singapore are subject to non-statutory rules in the Singapore Code on Take-overs and Mergers (Take-over Code), which is administered by the Securities Industry Council (SIC). SIC' s main function now is to administer and enforce the Take-over Code. It has powers under the law to investigate any dealing in securities that is connected with a take-over or merger transaction. SIC also reviews take-over rules and practices periodically, and recommends changes for promulgation by MAS. In addition, SIC issues guidance notes on the application of specific principles or rules. Administration of the Take-over CodeThe Take-over Code seeks to ensure that take-overs and mergers are conducted in accordance with good business practice for the fair and equal treatment of all shareholders. SIC does not concern itself with the commercial merits of take-overs and mergers. SIC is supported by a Secretariat staffed by MAS officers. The Secretariat handles applications for SIC' s rulings on a day-to-day basis, and provides confidential consultation on points of interpretation of the Take-over Code. Contact details are as follows:-
Please click here for more information on The Singapore Code of Take-overs and Mergers. http://www.mas.gov.sg/SIC.aspx
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sriramanv
Master |
12-Jan-2017 13:31
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world class exchange anything boleh..
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shyeo1223
Master |
12-Jan-2017 13:30
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Think this Fincantieri is a super ' chao kuan' company!! Cheapskate too. |
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sriramanv
Master |
12-Jan-2017 13:18
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possible, no BBs will be for short and long..
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investshare
Supreme |
12-Jan-2017 13:12
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the price will be supported till the offer expires. If they manage to get 70-80%, this counter will become very illiquid and soon forgotten.
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sriramanv
Master |
12-Jan-2017 13:04
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price may or may not fall. atleast the 24c floor will be there for sometime... in such case have to wait long long more for the price to go up or next offer...
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investshare
Supreme |
12-Jan-2017 11:58
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Another possibility is that they get say 70-80%. The share continue to list. But there will be very little volume because most in their hand already, and price will fall. Remember Stats Chippac when the offer failed.
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rabbitfoot
Master |
12-Jan-2017 11:41
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you are Absolutely Right !
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nooovva
Member |
12-Jan-2017 11:28
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The Offer is now unconditional, it means can theoretically go on for a long time. Curious why they have not disclosed current state of acceptances. The lack of info is concerning. To answer other questions: 1. If they managed to get 90% acceptances, the company will be delisted. HOWEVER, there will always be an exit offer for shareholders. NO NEED TO PANIC. 2. If they get ~95% acceptances, there will be compulosry acquisition (i.e. force buy your shares). You will still get your money! Conclusion: Do not like offer, DO NOT ACCEPT. THERE IS LITTLE DOWNSIDE TO NOT ACCEPTING! Let' s all make money on Vard together! |
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