HPL    Last:4.6    -0.02

HPL

Reported in today' s Business Times:

Hotel Properties

On Sept 27, 68 Holdings Pte Ltd acquired 3 million shares of Hotel Properties for a consideration of S$10.35 million at S$3.45 per share. The acquisition increased the total interest of Hotel Properties managing director, Ong Beng Seng, in the listed company from 58.11 per cent to 58.69 per cent.

Mr Ong is the co-founder of Hotel Properties and has more than 30 years of experience in the hotel and property development, hotel management, real estate and retail industries. He is responsible for all aspects of strategic planning and business development activities of the Hotel Properties Limited Group.

On Sept 27, Hotel Properties non-executive and non-independent director David Fu Kuo Chen acquired 1.7 million shares of the listed company for a consideration of S$5,865,000, at S$3.45 per share. This took Mr Fu' s total interest in Hotel Properties from 4.67 per cent to 4.99 per cent. Mr Fu is a director of Avant Hotel (S) Pte Ltd and sits on the board of NSL.

 

OBS holds 60.5% of HPL. If I am not wrong , Wheelock holds 22.5%. so if they act in concert they will hold 83%.

If free float drops below 10%, they need to either restore the free float to above 10%, say by  A) doing a placement to non related parties, or B) offer to buy out the other shares they don' t already own , and delist the company.

What are the consequences if they don' t do A? Or if they do B but fail to get 100% acceptance? Then the stock exchange will suspend trading of the shares. But the company will still retain listing status. There will be NO compulsory acquisition if the  IFA deemed the offer in B as not fair or not reasonable.

Thats my understanding as a layman.

AttasBoss      ( Date: 05-Oct-2019 19:24) Posted: ?public? as defined in the Listing Manual of the SGX-ST refers to persons other than (a) directors, chief executive officer, substantial shareholders, or controlling shareholders of the Company or its subsidiaries, and (b) associates of the foregoing persons in (a). The key here is the 10% public float, who is the man behind initial to cross over the 90% threshold and trigger the immediate suspension. It must be happened when there is a general offer by the offeror, having said that it won't just happen like accidently losing 10% public float since the major shareholders r aware of this rules.

 

?public? as defined in the Listing Manual of the SGX-ST refers to persons other than (a) directors, chief executive officer, substantial shareholders, or controlling shareholders of the Company or its subsidiaries, and (b) associates of the foregoing persons in (a).

The key here is the 10% public float, who is the man behind initial to cross over the 90% threshold and trigger the immediate suspension.

It must be happened when there is a general offer by the offeror, having said that it won't just happen like accidently losing 10% public float since the major shareholders r aware of this rules.

 

Thanks Expert and Boss.

Just a final confirmation. If the  public free float fall below 10%,    AND  assuming the major shareholder(s) and company management will not do / decided not to do anything to increase the public free float. Will SGX DIRECT the major shareholder(s) to make an exit offer for the minor shareholders?

I have read the SGX listing rules, but the above is still unclear to me. 
Hope someone can guide me along, please.

Many thanks in advance.
 

 

The major shh can exercise their rights to compusalry acqn the balances shares which they don't own

superstartup      ( Date: 04-Oct-2019 23:48) Posted: I am researching into HPL. There is one thing I am trying to figure out, but not able to confirm the details. What will happen if the public free float fall below 10%,  AND assuming the major shareholder(s) and company management will not do / decided not to do anything to increase the public free float. I understand the company shares will be suspended from trading. What' s next? Thank you in advance for your advice and guidance.

 

You can refer to listing rule 723 and 724 for the answer.

superstartup      ( Date: 04-Oct-2019 23:48) Posted: I am researching into HPL. There is one thing I am trying to figure out, but not able to confirm the details. What will happen if the public free float fall below 10%,  AND assuming the major shareholder(s) and company management will not do / decided not to do anything to increase the public free float. I understand the company shares will be suspended from trading. What' s next? Thank you in advance for your advice and guidance.

 

I am researching into HPL.

There is one thing I am trying to figure out, but not able to confirm the details.

What will happen if the public free float fall below 10%,  AND assuming the major shareholder(s) and company management will not do / decided not to do anything to increase the public free float.
I understand the company shares will be suspended from trading.
What' s next?

Thank you in advance for your advice and guidance.

 

 

Yep.

AttasBoss      ( Date: 01-Oct-2019 19:42) Posted: Q again tomorrow and try :-) superstartup      ( Date: 01-Oct-2019 15:47) Posted: Angry. Bought some this morning and early afternoon. Then someone jumped Q. Nvm.

 

Q again tomorrow and try :-)

superstartup      ( Date: 01-Oct-2019 15:47) Posted: Angry. Bought some this morning and early afternoon. Then someone jumped Q. Nvm.

 

i believe in OBS as he revised twice in his last offered in 2014.

lifeisgood      ( Date: 01-Oct-2019 16:58) Posted: Me too. No harm dreaming. Christmas coming soon! AttasBoss      ( Date: 01-Oct-2019 16:23) Posted: i like your price as i hold substantially in this counter

 

Me too. No harm dreaming. Christmas coming soon!

AttasBoss      ( Date: 01-Oct-2019 16:23) Posted: i like your price as i hold substantially in this counter  lifeisgood      ( Date: 01-Oct-2019 16:10) Posted: Think probably $6 would be very nice

 

good point thx for the update the latest SGX' s revise rules on GO

ahberngh      ( Date: 01-Oct-2019 16:25) Posted: But remember, present rules he cannot vote with his majority shares. If minority shareholders cooperate, we can block and demand a fair price if he wants to privatise. AttasBoss      ( Date: 01-Oct-2019 16:08) Posted: that is how the tricky play by big boss trying to depresse the gem and privatise it with dirt cheap price like Wheeloc

 

But remember, present rules he cannot vote with his majority shares.
If minority shareholders cooperate, we can block and demand a fair price if he wants to privatise.

AttasBoss      ( Date: 01-Oct-2019 16:08) Posted: that is how the tricky play by big boss trying to depresse the gem and privatise it with dirt cheap price like Wheelock ahberngh      ( Date: 01-Oct-2019 15:46) Posted: Present NAV of $3+ is way underestimated. The assets, especially the hotels, are booked at cost price, from what I gather. They have appreciated by significant amounts now

 

i like your price as i hold substantially in this counter 

lifeisgood      ( Date: 01-Oct-2019 16:10) Posted: Think probably $6 would be very nice. AttasBoss      ( Date: 01-Oct-2019 16:08) Posted: that is how the tricky play by big boss trying to depresse the gem and privatise it with dirt cheap price like Wheeloc

 

Think probably $6 would be very nice.

AttasBoss      ( Date: 01-Oct-2019 16:08) Posted: that is how the tricky play by big boss trying to depresse the gem and privatise it with dirt cheap price like Wheelock ahberngh      ( Date: 01-Oct-2019 15:46) Posted: Present NAV of $3+ is way underestimated. The assets, especially the hotels, are booked at cost price, from what I gather. They have appreciated by significant amounts now

 

that is how the tricky play by big boss trying to depresse the gem and privatise it with dirt cheap price like Wheelock

ahberngh      ( Date: 01-Oct-2019 15:46) Posted: Present NAV of $3+ is way underestimated. The assets, especially the hotels, are booked at cost price, from what I gather. They have appreciated by significant amounts now. AttasBoss      ( Date: 01-Oct-2019 15:39) Posted: when OBS made an offer in 2014, the offered price was $4.05 when the NAV was $3.15 the latest NAV now is $3.73, so now offer price min should be $4.80

 

" The assets, especially the hotels, are booked at cost price, from what I gather."

And also less yearly depreciation.

ahberngh      ( Date: 01-Oct-2019 15:46) Posted: Present NAV of $3+ is way underestimated. The assets, especially the hotels, are booked at cost price, from what I gather. They have appreciated by significant amounts now. AttasBoss      ( Date: 01-Oct-2019 15:39) Posted: when OBS made an offer in 2014, the offered price was $4.05 when the NAV was $3.15 the latest NAV now is $3.73, so now offer price min should be $4.80

 

Angry.
Bought some this morning and early afternoon.
Then someone jumped Q.
Nvm.

 

 

Present NAV of $3+ is way underestimated.
The assets, especially the hotels, are booked at cost price, from what I gather.
They have appreciated by significant amounts now.

AttasBoss      ( Date: 01-Oct-2019 15:39) Posted: when OBS made an offer in 2014, the offered price was $4.05 when the NAV was $3.15 the latest NAV now is $3.73, so now offer price min should be $4.80? ahberngh      ( Date: 01-Oct-2019 14:01) Posted: I think HPL' s RNAV is more than $7. I would not be happy with anything less than $5

 

the recently few married deals by OBS shows his intention

lifeisgood      ( Date: 01-Oct-2019 13:24) Posted: Do u really think an offer is coming? I am hoping it will be so good that I cannot refuse.  AttasBoss      ( Date: 01-Oct-2019 10:31) Posted: anyone guessing the privatisation offer price?