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POSH breaking out?
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ahhuat08
Elite |
03-Jan-2017 09
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1 more company leave this pathetic place | ||||
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katak88
Master |
03-Jan-2020 09:38
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POSH suspends trading after close of Kuok group&rsquo s offerFRI, JAN 03, 2020 - 8:23 AMPACC Offshore Services Holdings (POSH) has requested the suspension of trading in its shares with effect from 9am on Friday. The mainboard-listed company lost its free float on Dec 11, and Quetzal Capital&rsquo s cash offer for its shares closed at 5.30pm on Thursday. The offeror has applied to the Singapore Exchange to delist POSH, and the result of the application will be announced in due course. The offeror and concert parties owned, controlled or agreed to acquire about 96.48 per cent of POSH shares as at the closing date, according to POSH&rsquo s bourse filing late Thursday night. The offeror will compulsorily acquire the remaining shares by Jan 28, 2020, at the same offer price of S$0.215 apiece. Quetzal Capital made a voluntary conditional cash offer on Nov 4 for the loss-making Asia-based international operator of offshore support vessels. It is the bid vehicle formed by certain members of the Kuok group of companies, namely Kuok (Singapore) or KSL Trendfield, a wholly-owned subsidiary of Kuok Brothers as well as Merry Voyage, a wholly-owned unit of Kerry Holdings. POSH shares ended trading at S$0.215 on Thursday, up S$0.005 or 2.4 per cent, before the close of the offer. https://www.businesstimes.com.sg/companies-markets/posh-suspends-trading-after-close-of-kuok-group%E2%80%99s-offer |
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katak88
Master |
25-Dec-2019 15:28
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Kuok Group to compulsorily acquire remaining shares of POSH shareholdersTUE, DEC 24, 2019 - 4:13 PMTHE Kuok Group, through offer vehicle Quetzal Capital, will exercise its right of compulsory acquisition to acquire all the remaining shares in mainboard-listed PACC Offshore Services Holdings (POSH) on or after Jan 28, 2020, it said on Tuesday. The shares will be acquired on the same terms as those tendered under the general offer, at the offer price of S$0.215 per share. Since the Kuoks had received valid acceptances of over 90 per cent on Dec 11, they can exercise the right of compulsory acquisition over all shares held by shareholders who have not accepted the offer by the final closing date of Jan 2. Provenance Capital, the independent financial adviser, had earlier advised the independent directors of POSH to recommend that shareholders accept the cash offer because it is " fair and reasonable" . https://www.businesstimes.com.sg/companies-markets/kuok-group-to-compulsorily-acquire-remaining-shares-of-posh-shareholders |
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ysh2006
Supreme |
12-Dec-2019 08:22
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Now 91% game ovee !...they will force buy back from we after 2 Jan ...
😣 😣
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katak88
Master |
11-Dec-2019 23:51
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S$0.215 cash offer for POSH turns unconditionalWED, DEC 11, 2019 - 11:15 PMTHE cash offer for mainboard-listed PACC Offshore Services Holdings (POSH) has turned unconditional, following the offeror having received valid acceptances which will result in the offeror holding not less than 90 per cent of the outstanding shares. Also, the closing date for the offer has been extended from 5.30pm on Dec 18 to 5.30pm on Jan 2, 2020 with no further extension, announced POSH in its filing to the bourse operator on Wednesday. The filing said the offeror, Quetzal Capital, together with its concert parties, saw their shares owned, controlled or agreed to be acquired by them reach 91.23 per cent of POSH' s issued shares as at 5pm on Wednesday. As the acceptance condition has been satisfied, the offer is declared to be unconditional in all respects, the statement added. As the offeror has received valid acceptances of over 90 per cent, it will exercise its right of compulsory acquisition over all shares held by shareholders who have not accepted the offer as at the close of the offer at the offer price of S$0.215 per share. Provenance Capital, the independent financial adviser, had earlier advised the recommending directors of POSH to recommend that shareholders accept the cash offer because it is " fair and reasonable" . The price represents a premium of about 97.2 per cent over the last traded price on Oct 30. It also represents a premium of about 35.3 per cent over the 12-month volume-weighted average price. Quetzal Capital made a voluntary conditional cash offer on Nov 4 for the loss-making Asia-based international operator of offshore support vessels, with a diversified fleet servicing offshore oil and gas exploration and production activities. It is the bid vehicle formed by certain members of the Kuok group of companies, namely Kuok (Singapore) or KSL, Trendfield Inc, a wholly-owned subsidiary of Kuok Brothers, as well as Merry Voyage, a wholly-owned unit of Kerry Holdings. POSH shares closed unchanged at S$0.215 on Wednesday before the announcement was made. https://www.businesstimes.com.sg/companies-markets/s0215-cash-offer-for-posh-turns-unconditional |
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cumulus
Member |
04-Dec-2019 18:56
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Oh yes, you are right. Thanks for pointing that out. Let' s hope they don' t cross 90%!
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Lauretta
Member |
04-Dec-2019 14:30
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You have to visit their company website announcement page. Take a look at the announcements dated 3 Dec and 29 Nov. 78% does not include the parties acting in concert with the Offerer. |
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cumulus
Member |
03-Dec-2019 23:56
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Hi Lauretta, both your links don?t seem to work. And may I know where did you get your figure of 87.76%? On the latest dealings disclosure announcement on SGX, I thought it was 78.93%, which is still quite far off from 90%
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Sgvale
Supreme |
03-Dec-2019 11:43
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Mermaid Maritime will be next.
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Lauretta
Member |
02-Dec-2019 16:17
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sorry this is the right link to the latest announcements. i am not tendering until it become 90% https://posh.com.sg/newsroom.html |
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Wind22i
Supreme |
02-Dec-2019 16:15
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this is almost done deal... any other R Kuok counter that he might take private? | ||||
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Lauretta
Member |
02-Dec-2019 16:06
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I want to fight this but how to fight when its already 87.76%? https://posh.listedcompany.com/newsroom/20191129_214637_U6C_83MW6DQ4LEI28623.1.PDF |
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katak88
Master |
29-Nov-2019 12:52
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Cash offer of S$0.215 per share for POSH &lsquo fair and reasonable&rsquo : IFATHU, NOV 28, 2019 - 10:47 PMPROVENANCE Capital, the independent financial adviser (IFA), has advised the recommending directors of PACC Offshore Services Holdings (POSH) to recommend shareholders accept the cash offer at S$0.215 per share because it is " fair and reasonable" . The IFA' s opinion was reported in the circular dated Nov 28 and despatched on the same day to shareholders. Quetzal Capital made a voluntary conditional cash offer on Nov 4 for the loss-making mainboard-listed company. The offeror does not intend to revise the offer price, which represents a premium of about 97.2 per cent over the last traded price on Oct 30, 2019. It also represents a premium of about 35.3 per cent over the 12-month volume-weighted average price. Quetzal Capital is the bid vehicle formed by certain members of the Kuok group of companies, namely Kuok (Singapore) or KSL in short, Trendfield Inc, a wholly-owned subsidiary of Kuok Brothers, and Merry Voyage, a wholly-owned unit of Kerry Holdings. The offeror has garnered irrevocable undertakings representing 77.6 per cent of the total number of shares outstanding from KSL and its wholly-owned subsidiary Camsward as at Nov 22. The offer is conditional on receiving valid acceptances of at least 90 per cent of outstanding shares at the close of the offer by 5.30pm on Dec 18. POSH shares closed unchanged at S$0.215 on Thursday before the announcement. |
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VoteDown
Member |
28-Nov-2019 23:14
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 Well said. Cumulus I support you all the way NOT to give up without a fight.
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cumulus
Member |
28-Nov-2019 17:06
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I would like to make an appeal to all POSH minority shareholders to NOT tender your shares. I' m sure many of you, like me, bought the shares at a much higher share price and have held on to it all this while in the hopes of seeing a recovery in the share price. This privatisation robs us of the opportunity of seeing a recovery in the share price, and is blatantly opportunistic and unfair for the many loyal minority shareholders like us. For those who are not aware, minority shareholders like us cannot be forced to sell our shares. We continue to have the right to hold on to our shares. There is actually little downside for us to NOT tender our shares for the following reasons: 1. The Offer is conditional on the Offeror being able to acquire 90% of the total shares outstanding. They currently have 78.67% as of 27 November. As long as they do not reach 90%, there is a chance they could let the Offer lapse and things go back to status quo. Of course, they also reserve the right to waive this acceptance condition or reduce the condition to a level between 50% and 90%. 2. As long as they have less than 90%, they cannot delist the shares, which means we can continue to hold on to the shares and wait for a recovery in the share price 3. Even if they were able to acquire > 90%, we will still be able to tender the shares to them at the same offer price of 21.5cts because by then, they will exercise their right to compulsorily acquire our shares, which they have said they intend to. And even if they change their mind about this, as a dissenting minority shareholder, we also have the right to force them to buy our shares at 21.5cts. (See pg 20 of offer document) Therefore, I urge all minority shareholders to refrain from tendering your shares. As long as we are united, we can block them from taking the company private, and POSH can still remain a listed company with publicly traded shares. For those of you who have already accepted the offer and wish to revoke your acceptance, it may still be possible. There is no harm in trying. Call OCBC and ask to speak to the bankers involved with this Offer and ask them how you can revoke your acceptance. And for those of you who own the shares under nominee accounts, please check with your stockbroker or private banker if you need to give them instructions not to accept the offer. If you do nothing, they may assume you wish to accept the offer and do it on your behalf. I really hope that we can all band together and fight this unfair offer. Remember that we do not need to be sitting ducks and assume we have no option but to tender our shares. We can exercise our right not to accept this unfair offer. |
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fatpanda
Supreme |
08-Nov-2019 16:30
Yells: "Another wonderful day!" |
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Businessman usually don' t do that. They squeeze others until dried and dead if they can do it, especially they are in control.
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blackcat03
Member |
08-Nov-2019 16:26
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Looks like someone interested to challenge the buy-out. Volume surged & buying became 21.5 instead of 21cts. Hope I am right | ||||
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vivacious
Supreme |
08-Nov-2019 14:17
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take private at 80c lah. Fairer value for shareholders.
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VoteDown
Member |
08-Nov-2019 11:28
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Base on POSH latest AR, there are more than 6,000 minority shareholders who could potentially VOTE against this crab Offer. Pls stand out to VOTE. |
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VoteDown
Member |
08-Nov-2019 10:15
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O& G business is now down but not out. Could be a turnaround coming with oil price up and banning of shale gas in the works hence taking minority shareholders out. |
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