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Great Eastern Holdings Limited

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Luckygal      ( Date: 15-Jun-2024 11:34) Posted: Looks like this is going to be a replay of the Boustead scenario. I am a CPF shareholder. Got lots of time to wait and see the drama unfold.

 

Looks like this is going to be a replay of the Boustead scenario.
I am a CPF shareholder. Got lots of time to wait and see the drama unfold.

 

Shuuuuuu. Should let those scared boomers sell first. Secret 

ihatebigbully      ( Date: 15-Jun-2024 10:54) Posted: Its corrrect. I just google on delisting condition and read an article by lawyer LEE & LEEthat the exit offer must be FAIR and REASONABLE. NOw the offer is UNFAIR but reasonable, NO GO

 

Its corrrect. I just google on delisting condition and read an article by lawyer LEE & LEEthat the exit offer must be FAIR and REASONABLE.

NOw the offer is UNFAIR but reasonable, NO GO
 

 

Now the game plan is to let OCBC acquire shares cross 90%. Those scared this scared that boomers should sell their shares right now. I Wait for SGX to step in. 

ysh2006      ( Date: 15-Jun-2024 05:01) Posted: If cross 90% during privatisation time it can force buy rest of GE lshares at take over price lah....like it or leave it. Godwinlow      ( Date: 15-Jun-2024 03:29) Posted: After OCBC cross 90%. SGX have to step in to ask OCBC to comply with fair and reasonable offer. If not OCBC have to relist great eastern back to SGX.

 

Wa lua. I first to share, then you all never see

Godwinlow      ( Date: 15-Jun-2024 03:29) Posted: After OCBC cross 90%. SGX have to step in to ask OCBC to comply with fair and reasonable offer. If not OCBC have to relist great eastern back to SGX.  Godwinlow      ( Date: 15-Jun-2024 03:22) Posted: Subsequently, SGX said: &ldquo If free float is lost during an offer, the offeree company&rsquo s securities will be suspended at the close of the offer. Thereafter, the company is obliged to restore free float, failing which SGX RegCo may direct the company to delist and provide an exit offer in compliance with the listing rules on delisting. The independent financial adviser must opine that the exit offer is both fair and reasonable.&rdquo In September 2023, SGX directed the boards of both companies to delist Boustead Projects but to also make an exit offer that was both fair and reasonable. Boustead Singapore made a new exit offer of  $1.18. However, the higher offer price was not extended to shareholders that accepted earlier.  So take note. Even if OCBC cross 90% mark. They can' t delist. They have to make an offer that is fair and reasonable. If not they have to relist the stock back to SGX.

 

Hi Small, Small,

Good information! Do you or anyone has an exact of the relevant delist rules from SGX fo confirm what you mentioned? That would be further help minority shareholders to understand it better. Thanks.

 

Very helpful contextualization and was also reading up on the Boustead e.g. as that is the most recent and best reference on what will unfold next. Thanks very much for sharing

SmallSmall      ( Date: 15-Jun-2024 08:46) Posted: For those who want to know what may happen next, you may want to flip back and read the sequent of events on Boustead Project Privatisation. Even though it crossed 90%, they were unable to delist the company. Eventually they were ordered by SGX to make an exit offer for the remaining shares at a Fair and Reasonable price which they did at about 23% higher. Do note 2 key points on Boustead Project case: 1. Those who accepted earlier at a lower price were not offered the higher price because the initial offer has lapsed. 2. For this to happen, the float float must fall below 10% which means the shares will be listed but suspended. The only hope for Great Eastern shareholders who are hoping for the same would be not to accept but hope the 90% is reached so GE will be suspended because of the loss of free float. And also for the dissenting shareholders to reject the offer and wait for SGX to come in to ask OCBC to make a Fair and Reasonable Offer Correct me if I am wrong. Worst scenario now would be not to cross 90% at lapse of offer. The price will then drop below offer price

 

For those who want to know what may happen next, you may want to flip back and read the sequent of events on Boustead Project Privatisation.
Even though it crossed 90%, they were unable to delist the company.
Eventually they were ordered by SGX to make an exit offer for the remaining shares at a Fair and Reasonable price which they did at about 23% higher.
Do note 2 key points on Boustead Project case:

1. Those who accepted earlier at a lower price were not offered the higher price because the initial offer has lapsed.
2. For this to happen, the float float must fall below 10% which means the shares will be listed but suspended.

The only hope for Great Eastern shareholders who are hoping for the same would be not to accept but hope the 90% is reached so GE will be suspended because of the loss of free float.
And also for the dissenting shareholders to reject the offer and wait for SGX to come in to ask OCBC to make a Fair and Reasonable Offer

Correct me if I am wrong.
Worst scenario now would be not to cross 90% at lapse of offer. The price will then drop below offer price

 

 

Not many company give fair and reasonable price when offer privatisation....

 

Not exit offer once when privatisation offer if the acceptance level cross 90 % lah....

 

Google this title:

SGX RegCo requires exit offers to be fair and reasonable, shareholder vote to exclude offeror and concert parties 

 

i think you have to read the sgx listing manual. 

 

The Sgx enpowered them once crossed 90% lah....last time Boustead project was that they don't want to force buy it eventhough they crossed 95% mark.

Zhlim123      ( Date: 15-Jun-2024 05:33) Posted: i think SGX only allow OCBC to delist GEH if offer is fair and reasonable and have received 75% of shareholder valid acceptance. ysh2006      ( Date: 15-Jun-2024 05:01) Posted: If cross 90% during privatisation time it can force buy rest of GE lshares at take over price lah....like it or leave it

 

Failing which, they can suspend the counter until this criteria is met. 

 

i think SGX only allow OCBC to delist GEH if offer is fair and reasonable and have received 75% of shareholder valid acceptance.

ysh2006      ( Date: 15-Jun-2024 05:01) Posted: If cross 90% during privatisation time it can force buy rest of GE lshares at take over price lah....like it or leave it. Godwinlow      ( Date: 15-Jun-2024 03:29) Posted: After OCBC cross 90%. SGX have to step in to ask OCBC to comply with fair and reasonable offer. If not OCBC have to relist great eastern back to SGX.

 

Interesting..... hope SGX or SIAS can shed more insight on this area so that minority shareholders can make an informed decisions ..... 🙏

Godwinlow      ( Date: 15-Jun-2024 03:22) Posted: Subsequently, SGX said: &ldquo If free float is lost during an offer, the offeree company&rsquo s securities will be suspended at the close of the offer. Thereafter, the company is obliged to restore free float, failing which SGX RegCo may direct the company to delist and provide an exit offer in compliance with the listing rules on delisting. The independent financial adviser must opine that the exit offer is both fair and reasonable.&rdquo In September 2023, SGX directed the boards of both companies to delist Boustead Projects but to also make an exit offer that was both fair and reasonable. Boustead Singapore made a new exit offer of  $1.18. However, the higher offer price was not extended to shareholders that accepted earlier.  So take note. Even if OCBC cross 90% mark. They can' t delist. They have to make an offer that is fair and reasonable. If not they have to relist the stock back to SGX.

 

If cross 90% during privatisation time it can force buy rest of GE lshares at take over price lah....like it or leave it.

Godwinlow      ( Date: 15-Jun-2024 03:29) Posted: After OCBC cross 90%. SGX have to step in to ask OCBC to comply with fair and reasonable offer. If not OCBC have to relist great eastern back to SGX.  Godwinlow      ( Date: 15-Jun-2024 03:22) Posted: Subsequently, SGX said: &ldquo If free float is lost during an offer, the offeree company&rsquo s securities will be suspended at the close of the offer. Thereafter, the company is obliged to restore free float, failing which SGX RegCo may direct the company to delist and provide an exit offer in compliance with the listing rules on delisting. The independent financial adviser must opine that the exit offer is both fair and reasonable.&rdquo In September 2023, SGX directed the boards of both companies to delist Boustead Projects but to also make an exit offer that was both fair and reasonable. Boustead Singapore made a new exit offer of  $1.18. However, the higher offer price was not extended to shareholders that accepted earlier.  So take note. Even if OCBC cross 90% mark. They can' t delist. They have to make an offer that is fair and reasonable. If not they have to relist the stock back to SGX.

 

After OCBC cross 90%. SGX have to step in to ask OCBC to comply with fair and reasonable offer. If not OCBC have to relist great eastern back to SGX. 

Godwinlow      ( Date: 15-Jun-2024 03:22) Posted: Subsequently, SGX said: &ldquo If free float is lost during an offer, the offeree company&rsquo s securities will be suspended at the close of the offer. Thereafter, the company is obliged to restore free float, failing which SGX RegCo may direct the company to delist and provide an exit offer in compliance with the listing rules on delisting. The independent financial adviser must opine that the exit offer is both fair and reasonable.&rdquo In September 2023, SGX directed the boards of both companies to delist Boustead Projects but to also make an exit offer that was both fair and reasonable. Boustead Singapore made a new exit offer of  $1.18. However, the higher offer price was not extended to shareholders that accepted earlier.  So take note. Even if OCBC cross 90% mark. They can' t delist. They have to make an offer that is fair and reasonable. If not they have to relist the stock back to SGX.

 

Subsequently, SGX said: &ldquo If free float is lost during an offer, the offeree company&rsquo s securities will be suspended at the close of the offer. Thereafter, the company is obliged to restore free float, failing which SGX RegCo may direct the company to delist and provide an exit offer in compliance with the listing rules on delisting. The independent financial adviser must opine that the exit offer is both fair and reasonable.&rdquo

In September 2023, SGX directed the boards of both companies to delist Boustead Projects but to also make an exit offer that was both fair and reasonable. Boustead Singapore made a new exit offer of  $1.18. However, the higher offer price was not extended to shareholders that accepted earlier. 
So take note. Even if OCBC cross 90% mark. They can' t delist. They have to make an offer that is fair and reasonable. If not they have to relist the stock back to SGX.