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No time for me to keep.
I accepted the offer.
HugoLee ( Date: 08-Jun-2012 18:58) Posted:
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@rutheone, yes, it is quite bizzare! Why is this happening? Still falling!
Vested.
yes if non reply life goes on.
take a closer look at their strategy: they r not buying everything from the shareholder, they just buy 15% from each shareholder (this is how i interpret). n also if they dont meet certain take up rate from shareholders the offer falls thru.....to me this is like testing the mkt response for a bigger action.
somehow i got this funny feeling, look at the share price keep falling despite an offer of 1.39. imagine if i buy many lots at 1.25 n sold 15% of my holding at 1.39. it is quite a good profit if the price were to maintain at ard 1.25 rite. if so, then how come the volume is so low, it show mkt is not confident tat the price of 1.25 will hold.....my opinion only.
HugoLee ( Date: 08-Jun-2012 18:58) Posted:
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kenkenken ( Date: 29-May-2012 08:48) Posted:
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yes u may ignore if u dont want to sell them.
chyn_no ( Date: 28-May-2012 21:23) Posted:
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partial offer difference from privatisation (delist eventually).
1) Cheng can partial offer u at 1.39, it is up to u whether to accept or not. ofcos some still take up becos they blur blur mah. tat makes Cheng's holding % more liao, rite.
2) full privatisation, this one will need to follow certain SGX guidelines cannot anyhow offer, $1, n force everyone to sell to them.....it must be a SWEET price. so normally we turn around n look at where WT price come from in the past 1 yr or so. if the price in past 1 yr is $100, that means there r ppl holding at $100 (depend on how many lots there). then they need to work out a sure take over price like, let say $95, imagine lar.
3) so if u r at losing end now, @1.39, then dont sell, cos i expect privatisation may occur, hence if i alone think so wat u think the rest of the wolf pack think???? so the price may go up lor....aiyo simple hor no need to see TA. THIS IS CALLED EVENT LOR
Record date for entitlement is 7 June
Jackpot, how do you come to this conclusion? Wingtai is cash rich and its gross margin is over 40%, low gearing and high NTA. I think it is undervalued and waiting to be noticed!
Jackpot2010 ( Date: 12-May-2012 11:53) Posted:
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I received mine too.
Offer price of $1.39 is too cheap.
hi guys. i just recieve the offer document but got no intention or whatsoever as my vested price is higher than what they are offering.
can i just throw that document away?
my take is px will drop further b'cos this is not a privatisation exercise or delisting.
now trading @ $1.30, lower than offer px $1.39.
tea444u ( Date: 12-May-2012 00:44) Posted:
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Sporeguy ( Date: 10-May-2012 15:25) Posted:
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Another view from DMG
Partial offer by management. It was just announced that the Chairman of Wing Tai, Mr Cheng Wai Keung (through vehicle Ascend Capital) is launching a voluntary conditional cash partial offer to acquire 15% of the outstanding shares of Wing Tai not currently owned by the Cheng family or treasury shares, which translates to c.8.7% of Wing Tai’s share base. The offer price of the partial offer is S$1.39 per share, representing a premium of c.18.3% over the last closing price of S$1.175 before the trading halt. The controlling shareholders would own c.50.6% of Wing Tai subsequent to likely full take-up of the partial offer.
Corporate signalling. While the rationale of the partial offer stated in the offer documents articulate management motivations to gain statutory control of the company, we note that management have been acquiring shares of Wing Tai of late (c.8.5m shares acquired in June 10 in the price range of S$1.52-S$1.62) as well as 975,000 shares acquired in Sept 11 recently at an average price of S$1.366). We believe the management is of the view that the share price is currently under-valued, trading at 0.51*x P/B and is signalling to the market of this view. Management is not likely to seek a delisting or privatisation of the company moving forward.
Near term strength expected, but maintain NEUTRAL. While the share price performance may remain firm in the near term attributed to the partial offer, we are maintaining our TPS$1.16 based on 50% discount to RNAV. This is in view of the gradual moderation in private residential prices moving forward, 41% GAV exposure to the high-end segment in which we are less sanguine, as well as rising policy risks in which sustained share pricing re-rating is unlikely moving forward. However we see limited downside for the stock trading at 0.51*x P/B and 0.55*x P/RNAV. Maintain NEUTRAL.
From UOBKH
Wing Tai Holdings - Cash partial offer: Hold for higher returns.
(BUY/S$ 1.31/Target: S$1.50)
FY12F Dividend yield (%): 3.8 FY13F Dividend yield (%): 3.1
Cash partial offer for 8.7% of issued shares at S$1.39/share. Ascend Capital, owned by Mr.Cheng Wai Keung (Chairman & Managing director of Wing Tai Holdings) has made a cash partial offer for 8.7% of the total issued shares (or 15% of the company’s shares other than treasury shares and those already owned or controlled by the offeror). The offer price of S$1.39/share represents an 18.3% premium over its last traded price of S$1.175/share and a 9.6% premium over 3-month volume-weighted average price (VWAP).
Maintain BUY, target Price of S$1.50 pegged at 30% discount to our RNAV of S$2.16/share.The stock is currently trading at 48% discount to its NAV of S$2.51/share.
Disclaimer : Just sharing. I'm not vested.