Great Eastern    Last:15.79    +0.01

Great Eastern Holdings Limited

Happy to hear that more than 50% minorities did not blink.

 

It' s a bold move by Sungei Bagan and Kuchai given they are listed companies. 

 

And so, tomorrow, a Friday, will be the END of Great Eastern as a listed company: 70 + years, 3 generations+!... I have a Dec 1972 copy of the New Straits Times which shows a ' G.E. Life' with a year high & low of $50.00 & $20.20. That' s as far back as I can see but I' m sure it was listed back in the 1960s as well.  Well, at least I know that my investments in shareholders since inception Sungei Bagan & Kuchai will benefit from any improved offer in the coming months & I can hold tightly to those without worrying about my capital in G.E. Hlgs being trapped indefinitely, or at least for a year or more.

All in all, a very short stint here, earning a very satisfactory return yet far short of a perfect outcome for holders.

 

So like Boustead, Ocbc need a further 6 months to up the exit offer if they refused to restore the free float after tomorrow?

ongkk96      ( Date: 09-Jul-2024 18:38) Posted: Suspension looming If OCBC fails to get this 97.17 per cent total shareholding by the end of the offer, GEH is likely to be asked by SGX RegCo to restore its free float by way of a placement or other means. If no effort is made to restore the free float, GEH shares could remain suspended until a new offer &ndash one that is deemed &ldquo fair and reasonable&rdquo &ndash is made.  Some investors have raised the case of Boustead Projects, which faced a trading suspension and remained in limbo for a period of time following a contentious privatisation deal mounted by parent company Boustead Singapore last year.  Boustead Singapore  launched a voluntary unconditional offer  of S$0.90 per share for all the shares in Boustead Projects it does not own. The price was later  revised to a final offer of S$0.95, which was criticised for its discount to asset value that was  &ldquo too large to ignore&rdquo .  The IFA for the deal had also opined that the offer was &ldquo not fair but reasonable&rdquo as it was not within its final estimated valuation range of between S$1.17 and S$1.38 per share. Boustead Projects later lost its free float after the offer closed, and was caught between two sets of rules.  Boustead Projects was directed by SGX RegCo to restore its free float, but was not allowed to make another offer that was better than the first within a period of six months, based on the Singapore Code on Takeovers and Mergers. Six months later, an exit offer of S$1.18 per share was made. Boustead Projects was then delisted with no compulsory acquisition after Boustead Singapore failed to acquire 90 per cent of its non-controlled shares at the final close.

 

Haven' t heard anything from SIAS after OCBC' s reply to their queries. Wonder if they are doing anything behind the scene to help the minority shareholders. 

 

Suspension looming

If OCBC fails to get this 97.17 per cent total shareholding by the end of the offer, GEH is likely to be asked by SGX RegCo to restore its free float by way of a placement or other means.

If no effort is made to restore the free float, GEH shares could remain suspended until a new offer &ndash one that is deemed &ldquo fair and reasonable&rdquo &ndash is made. 

Some investors have raised the case of Boustead Projects, which faced a trading suspension and remained in limbo for a period of time following a contentious privatisation deal mounted by parent company Boustead Singapore last year. 

Boustead Singapore  launched a voluntary unconditional offer  of S$0.90 per share for all the shares in Boustead Projects it does not own. The price was later  revised to a final offer of S$0.95, which was criticised for its discount to asset value that was  &ldquo too large to ignore&rdquo . 

The IFA for the deal had also opined that the offer was &ldquo not fair but reasonable&rdquo as it was not within its final estimated valuation range of between S$1.17 and S$1.38 per share.

Boustead Projects later lost its free float after the offer closed, and was caught between two sets of rules. 

Boustead Projects was directed by SGX RegCo to restore its free float, but was not allowed to make another offer that was better than the first within a period of six months, based on the Singapore Code on Takeovers and Mergers.

Six months later, an exit offer of S$1.18 per share was made. Boustead Projects was then delisted with no compulsory acquisition after Boustead Singapore failed to acquire 90 per cent of its non-controlled shares at the final close. 

 

So there will be another exit offer before the share can be delisted? Current offer not counted?

 

Let see how SGX interpret their own rules..
I have very little faith but hopefully?

 

SGX rule 1309

 

If delisted, will not able to sell, can only sell back to OCBC. In view of that,   no choice to accept the offer

 

I suppose even with indefinite suspension, GE being not delisted still require to hold AGM, EGM etc, pay dividend if necessary to remaining shareholders.

Vested, DYODD.

 

Facts and figures all wrong. As of today, 9 July:
OCBC + Concert Parties : 92.174% control
Total Acceptance by Public : 14,784,394
Total Purchases from Open Market : 1,826,400
GEH will  definitely  be suspended after the close of Offer at 5.30pm, 12 July 2024.

Finally, to all the conspiracy theorists and SG MAGAs out there, the rules and regulatoins of MAS, SFA, Take-Over Code, SGX Mainboard Rulebook are all very clear and easily accessible. Read more, understand better and refrain from spewing ... you know what.  Would like to add that none of MAS, SGX, Temasek, GIC and even Ho Ching has aided, abetted or benefit from this OCBC GO.

Vested with $500k worth of GEH. Dyodd please. Till the next GO, Nano Nano

ongkk96      ( Date: 09-Jul-2024 11:26) Posted: 04:22 AM EDT, 06/25/2024 (MT Newswires) -- Oversea-Chinese Banking (SGX:O39) is nearing full control of Great Eastern (SGX:G07), having secured a 90.16% ownership stake, according to a Monday filing on the Singapore bourse. OCBC received valid acceptances totaling 5.6 million shares through its voluntary unconditional general offer, excluding those already owned or agreed to be acquired. This development signals progress in OCBC's acquisition strategy and may lead to a potential trading suspension of Great Eastern's shares on the SGX.

 

same here. Don' t give in to the predator

Luckygal      ( Date: 09-Jul-2024 11:38) Posted: IMO, suspension up to 6 months?  Holding on tight to my shares.  DYODD

 

IMO, suspension up to 6 months? 
Holding on tight to my shares. 
DYODD

 

The Last nail of SGX has not nailed into the coffin yet, have faith Bro

moonsun      ( Date: 09-Jul-2024 11:30) Posted: Sgx collecting fat commission and fee from investors.. Only 1 ipo catalist.. no time & resources to fight for retailers .. dyodd

 

Sgx collecting fat commission and fee from investors..
Only 1 ipo catalist.. no time & resources to fight for retailers .. dyodd

 

Will suspend indefinitely Arh?? where is SGX < Singapore become so lawless? since when?

bechaotic      ( Date: 09-Jul-2024 11:16) Posted: Seem like the trading volume has really dried up greatly. Will very likely accept their offer rather than risk suspension indefinitely. With the sale proceed, can then better shop for other opportunity.

 

04:22 AM EDT, 06/25/2024 (MT Newswires) -- Oversea-Chinese Banking (SGX:O39) is nearing full control of Great Eastern (SGX:G07), having secured a 90.16% ownership stake, according to a Monday filing on the Singapore bourse.

OCBC received valid acceptances totaling 5.6 million shares through its voluntary unconditional general offer, excluding those already owned or agreed to be acquired.

This development signals progress in OCBC's acquisition strategy and may lead to a potential trading suspension of Great Eastern's shares on the SGX.

 

Seem like the trading volume has really dried up greatly.

Will very likely accept their offer rather than risk suspension indefinitely.

With the sale proceed, can then better shop for other opportunity.
 

 

Counting down--- 3 days to suspension.