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SCI can give the shares to TH and if that causes TH to cross the 30% threshold, then TH has to make a GO. No whitewash. But of course it is meaningless since the offer price is too low. We just don't like that we will have to cough out more money for the rights. In this crisis, who has spare cash to throw? Why do we get the feeling that we are shortchanged and bailing out SCI shareholders?

investshare      ( Date: 29-Jun-2020 10:24) Posted: SC owns those SM shares. It is it?s absolute right to decide how it wants to dispose them, including giving it away to its shareholders.

 

By, going against the resolutions, so what do you think will the outcome be? So many are saying that? But what exactly will it turned out to be?

 

SC owns those SM shares. It is it?s absolute right to decide how it wants to dispose them, including giving it away to its shareholders.

 

I don' t have as many shares but I will definitely vote against the resolutions. Can' t help but wonder if the share price is deliberately shorted down so that any GO can be done at a steal. Substantial shareholders should do the right thing - look at Perennial GO. The premium is so attractive especially since the GO is a confirmed done deal.

TA_Expert      ( Date: 29-Jun-2020 02:03) Posted: Yes, veto the resolutions. Look at how many companies ripe off shareholders, just look at the recent take-over scheme of Darco. SGX is never interested in protecting minority shareholders. They only care about fees. better      ( Date: 28-Jun-2020 22:27) Posted: Temasek has no direct holding in SMM, so cannot vote for whitewash. SCI has to abstain based on the rights issue terms.  So it is totally up to minority shareholders of SMM to vote about the whitewash. If SMM minority shareholders veto the whitewash, rights issue is dead. That' s why smart money is accumulating SMM shares to veto the whitewash.  In fact, SMM' s cashflow is quite alright with SCI' s surbordinated loan. Another $500 million to tap if needed. It is SCI which Temasek is trying to get off the hook. I am an interested party with about 850,000 SMM shares. Going to veto the whitewash together with the rest of SMM minority/ institutional shareholders.

 

Waiting 380 to buy 😁

 

Yes, veto the resolutions.

Look at how many companies ripe off shareholders, just look at the recent take-over scheme of Darco.

SGX is never interested in protecting minority shareholders. They only care about fees.

better      ( Date: 28-Jun-2020 22:27) Posted: Temasek has no direct holding in SMM, so cannot vote for whitewash. SCI has to abstain based on the rights issue terms.  So it is totally up to minority shareholders of SMM to vote about the whitewash. If SMM minority shareholders veto the whitewash, rights issue is dead. That' s why smart money is accumulating SMM shares to veto the whitewash.  In fact, SMM' s cashflow is quite alright with SCI' s surbordinated loan. Another $500 million to tap if needed. It is SCI which Temasek is trying to get off the hook. I am an interested party with about 850,000 SMM shares. Going to veto the whitewash together with the rest of SMM minority/ institutional shareholders.

 

Temasek has no direct holding in SMM, so cannot vote for whitewash. SCI has to abstain based on the rights issue terms. 

So it is totally up to minority shareholders of SMM to vote about the whitewash. If SMM minority shareholders veto the whitewash, rights issue is dead.

That' s why smart money is accumulating SMM shares to veto the whitewash. 

In fact, SMM' s cashflow is quite alright with SCI' s surbordinated loan. Another $500 million to tap if needed. It is SCI which Temasek is trying to get off the hook.

I am an interested party with about 850,000 SMM shares. Going to veto the whitewash together with the rest of SMM minority/ institutional shareholders.

 

Looking at the math: SCI - 30% SSH (Sorry which group is this?) - 20% Public Retailers - 20% Who owns the other 30%? Temasek? Seems like it will come down to the wire....more exciting that GE2020? Lol

TheDuellist      ( Date: 26-Jun-2020 17:38) Posted: (I think) it is like this.... Temasek Holdings own about 50% of SCI. SCI owns 61% of SCM Temasek will not vote. That means if all the rest of SCI holders vote yes, it should be somewhere at 30% YES, the rest depends on the other SSH (20%), Public (20%) So, if you ask me, I think it will be 50-50, which may not look too good. For SCM holders, it is like deciding whether to jump out of the frying pan into the fire.. Whatever happens, be it merger or no merger with Keppel unit, and regardless backing of Temasek Holdings, the fundamental thing for SCM survival is business. Remember Temasek does not have the silver bullet. So, Good Luck guys, you all certainly needs lots of it. lailai      ( Date: 26-Jun-2020 16:17) Posted: U may be right, but am not too sure where SCI got said abstain, cos read an article got somewhere stated: " The rights issue resolution can be considered a PASS because SCI, with more than 50% stake in SCM, has stated clearly that they will vote in favour." Just opinion, no intention to offend, as many, incl me are sad to see price declining like non stop, wondering when it is going to end. Even SCI has declined from pumped up value of $2.23 on 9 Jun to current 1.85, as their loan will be paid with declining value in scm. Likewise SCM was pumped up to 85c on 3 Jun and decline to 45.5 now. Sad but whatodo.

 

May go below 0.40 next week..

machidrain      ( Date: 27-Jun-2020 11:21) Posted: short short short from 0.66 last 2 week to 0.48 now huat ah

 

so rights issue is confirmed, but demerger not confirmed due to vote on whitewash? is this how to interpret it? I think some ppl here thought voting no can reject the rights issue.

jlong0005      ( Date: 26-Jun-2020 17:53) Posted: The Rights issue of 5 for 1 is definietly go thru. SCI having 61% already said to vote in favour. The issue is with the WHITE WASH RESOLUTION exempting TH to made an offer to acquire the reminder shares if TH shareholdings exceed 30% threashold.This RESOLUTION, SCI and TH cannot vote. So, the 39% minority shareholders like you and me will decide. If 20% voted for, the white wash resolution is thru. I don' t think there will be a merger with Keppel O& G.

 

short short short from 0.66 last 2 week to 0.48 now huat ah

 

The low prices of SCM currently will probably have new investors buying and accumulating from those "old investors" whom are selling and cutting their positions from their previous buys at higher prices. This will means a possible switch of positions to more investors holding at lower share prices and willing to subscribe to the rights as it will be an advantage to them compared to those who bought at previous higher prices. Also, how many whom bought at previous high prices are actually still holding and actually didn't buy in more shares at current low prices to average down their positions? If you do not intend to vote for the resolution to pass, you probably will have chosen to exit your positions. You would not want to stay in your position and let your holdings be diluted when the resolution got pass through. In other words, those whom are holding, those whom average down their prices, and those buying in new position at below 50 cents, together with those also owing SCI shares and SCM shares, will want to vote for the resolution to pass through. It does not mean SCM will turnaround after the resolution pass through, but that is the better position for the company to have higher chances of survival as it will have the backing of Temasek as it's shareholders. Holding to SCM without a strong backing will be a "anything can happen" kind of scenario in the future. I doubt SCM shareholders will want to hold the shares with no clear visible paths ahead and no strong shareholders behind it to support it's future path of survival. Don't need speculate about SCM and Keppel, because that will be for Temasek to deal with it if they become the shareholders after that. We only need to choose our path in Sept. Right? That's my two cents opinions. Do share your views too. Have a nice weekends all, and be safe.

 

Thks jlong, think u hv made it clearer, yeah forgot about the whitewash.
Attached the 3rd condn:
" Lastly, there is a whitewash resolution since Temasek&rsquo s stake in Sembcorp marine could pass 30%, by SGX mandate, Temasek hence needs to offer a mandatory takeover. A whitewash resolution will need to be passed to absolve the need for Temasek to takeover Sembcorp Marine. In this instance, since Sembcorp Industries is abstaining from voting, there is a possibility that there will not be > 50% of the vote garnered."

Looks like if there is no whitewash, Temasek would hv to make an offer to acquire the remainder shares. 
If the price keeps going down, by that time the offer comes, may no more be attractive lah. Say by that time it is 40c, an offer of 25% premium may seem attractive but would only make it to 50c. 
Just opinion. Anyway, hv a nice weekend.

 

jlong0005      ( Date: 26-Jun-2020 17:53) Posted: The Rights issue of 5 for 1 is definietly go thru. SCI having 61% already said to vote in favour. The issue is with the WHITE WASH RESOLUTION exempting TH to made an offer to acquire the reminder shares if TH shareholdings exceed 30% threashold.This RESOLUTION, SCI and TH cannot vote. So, the 39% minority shareholders like you and me will decide. If 20% voted for, the white wash resolution is thru. I don' t think there will be a merger with Keppel O& G.

 

Thanks for your explanation.
Think if SCM did not have the loans from SCI, backed by Tmsk, it could have sunk faster like those well known but now suspended kongsis of the past sa Ezion, Ezra, Swiber, etc etc, when their biz were terribly and still are affected by the world slowdown activities in marine, offshore, oil and gas, rigs, etc etc. 
Anyway, just like others, sad to see SCM as well as SCI declining by the days, as if under shorties' spell.
Anyway, wish u and all others an enjoyable weekend in Ph 2.
 

TheDuellist      ( Date: 26-Jun-2020 17:38) Posted: (I think) it is like this.... Temasek Holdings own about 50% of SCI. SCI owns 61% of SCM Temasek will not vote. That means if all the rest of SCI holders vote yes, it should be somewhere at 30% YES, the rest depends on the other SSH (20%), Public (20%) So, if you ask me, I think it will be 50-50, which may not look too good. For SCM holders, it is like deciding whether to jump out of the frying pan into the fire.. Whatever happens, be it merger or no merger with Keppel unit, and regardless backing of Temasek Holdings, the fundamental thing for SCM survival is business. Remember Temasek does not have the silver bullet. So, Good Luck guys, you all certainly needs lots of it. lailai      ( Date: 26-Jun-2020 16:17) Posted: U may be right, but am not too sure where SCI got said abstain, cos read an article got somewhere stated: " The rights issue resolution can be considered a PASS because SCI, with more than 50% stake in SCM, has stated clearly that they will vote in favour." Just opinion, no intention to offend, as many, incl me are sad to see price declining like non stop, wondering when it is going to end. Even SCI has declined from pumped up value of $2.23 on 9 Jun to current 1.85, as their loan will be paid with declining value in scm. Likewise SCM was pumped up to 85c on 3 Jun and decline to 45.5 now. Sad but whatodo.

 

The Rights issue of 5 for 1 is definietly go thru. SCI having 61% already said to vote in favour. The issue is with the WHITE WASH RESOLUTION exempting TH to made an offer to acquire the
reminder shares if TH shareholdings exceed 30% threashold.This RESOLUTION, SCI and TH cannot vote. So, the 39% minority shareholders like you and me will decide. If 20% voted for, the white wash resolution is thru. I don' t think there will be a merger with Keppel O& G. 



















 

 

(I think) it is like this....

Temasek Holdings own about 50% of SCI. SCI owns 61% of SCM

Temasek will not vote. That means if all the rest of SCI holders vote yes, it should be somewhere at 30% YES,

the rest depends on the other SSH (20%), Public (20%)

So, if you ask me, I think it will be 50-50, which may not look too good.

For SCM holders, it is like deciding whether to jump out of the frying pan into the fire..

Whatever happens, be it merger or no merger with Keppel unit, and regardless backing of Temasek Holdings, the fundamental thing for SCM survival is business. Remember Temasek does not have the silver bullet. So, Good Luck guys, you all certainly needs lots of it.

lailai      ( Date: 26-Jun-2020 16:17) Posted: U may be right, but am not too sure where SCI got said abstain, cos read an article got somewhere stated: " The rights issue resolution can be considered a PASS because SCI, with more than 50% stake in SCM, has stated clearly that they will vote in favour." Just opinion, no intention to offend, as many, incl me are sad to see price declining like non stop, wondering when it is going to end. Even SCI has declined from pumped up value of $2.23 on 9 Jun to current 1.85, as their loan will be paid with declining value in scm. Likewise SCM was pumped up to 85c on 3 Jun and decline to 45.5 now. Sad but whatodo.   TA_Expert      ( Date: 26-Jun-2020 08:14) Posted: Yes. Both SCI and Temasek are abstain from voting. It is the rest of the shareholders call now. If the minority shareholders want to feed SCI fat, by all mean go ahead and vote yes

 

U may be right, but am not too sure where SCI got said abstain, cos read an article got somewhere stated:
" The rights issue resolution can be considered a PASS because SCI, with more than 50% stake in SCM, has stated clearly that they will vote in favour."
Just opinion, no intention to offend, as many, incl me are sad to see price declining like non stop, wondering when it is going to end.
Even SCI has declined from pumped up value of $2.23 on 9 Jun to current 1.85, as their loan will be paid with declining value in scm. Likewise SCM was pumped up to 85c on 3 Jun and decline to 45.5 now. Sad but whatodo.

 

TA_Expert      ( Date: 26-Jun-2020 08:14) Posted: Yes. Both SCI and Temasek are abstain from voting. It is the rest of the shareholders call now. If the minority shareholders want to feed SCI fat, by all mean go ahead and vote yes. simpleguy123      ( Date: 26-Jun-2020 08:01) Posted: Erh...you will need a majority of vote percentage. Question is....do retailers have enough %...

 

Yeah, we should vote against the deal. Cannot wait hoping for a merger and bail out SCI now so that they can restructure their business holdings and make SCI more attractive or like some analysts say, reduce the conglomerate discount. SCI should sink or swim together with us, This deal is too one-sided. #voteagainstSMMdemerger

TA_Expert      ( Date: 26-Jun-2020 08:14) Posted: Yes. Both SCI and Temasek are abstain from voting. It is the rest of the shareholders call now. If the minority shareholders want to feed SCI fat, by all mean go ahead and vote yes. simpleguy123      ( Date: 26-Jun-2020 08:01) Posted: Erh...you will need a majority of vote percentage. Question is....do retailers have enough %...

 

But how to short? Scripts not available

lailai      ( Date: 26-Jun-2020 08:50) Posted: Agreed to what u posted. Checking thru their historical P& L, the last 3 qtrs losses were accelerating. If not for this arrangement to pay their enormous debts in shares, they would cont to sink. How to move fwd with this heavy debt.  Think the shorties may pull it lower than current, so am waiting to buy, but not now. If it can merge with Keppel, its glory days of returning to being a blue chip is possible, otherwise like no hope. Just opinion. Daxtheman      ( Date: 26-Jun-2020 08:01) Posted: Depends on what you are playing for If you are simply trading, short term there might be a reversal upwards from here . If it does not reverse, cut loss at 0.44. If you are investing, as long as you have enough to hold and subscribe the rights, it should be alright as Temasek has plans and BBs and institutions will come in during announcements to play . Volatile times. Also, as per 1 for 5 rights announcement date Theoretical ex rights - $0.30 At current price, if you do the math. 1 share at $0.47 , 5 shares at $0.20 , total : $1.47 You cost per share : $0.25 If it opens close to $0.30 exrights, you are in the money. There will be noises around saying this and that but Temasek has money backing and will be the only one to be able to make this Keppel O&M and sembcorp Marine merger happen. Therefore , if you are able to hold. This should come off good

 

Tha ks for the advise. I think I will wait... Seem very unstable