Zagro Asia

[desmondxyz]

While I think the offer is a low ball offer, but With PBS' stake now at 69.77%, I really fear the worse.

Needs at least 7.75% of all minority shares to show up or it's game over without even having to vote.

Assume then 20%(for) and 80%(against) by minorities.
Minimum shares to be present= 69.77% + 9.97% = 79.74%

At 30/70, you need 69.77% + 11.64% = 81.41%
At 40/60, you need 69.77% + 13.96% = 83.73%
At 50/50, you need 69.77% + 17.45% = 87.22%
At 60/40, you need 69.77% + 23.28% = 93.05%

More importantly, daily volume since 25 Nov has been 7,885,200 shares.

PBS has bought 7.88 m of those shares, i.e 99.93% of all the shares traded. If that doesn't show that the minorities have given up, I don't know how else to intepret that.





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7.8.1. The Scheme has to be approved by a majority in number of Shareholders AND 75% in value of the Shares voted at the Scheme Meeting and is binding on all Shareholders The Scheme has to be approved by a majority in number of Shareholders present and voting, either in person or by proxy, at the Scheme Meeting, such majority holding not less than 75% in value of the Shares voted at the Scheme Meeting. Once approved, the Scheme will be binding on all the Shareholders, whether or not they were present in person or by proxy or voted at the Scheme Meeting.

Minority still very hopeful if they attend the meeting and vote against. They might lose out in term of share value, but they can outnumber PBS. Even u own only 1 share u also considered as 1 individual shareholder. A classic case is NERATEL during ST low ball offer.

Good luck!