SuperBowl Holdings

[opmi]

Likely to trade above offer price tomorrow....

Will it stay above the offer price?

My guess. Those risk arbs won't play coz it is a CONDITIONAL offer.

[CY09]

Lol 0.75 is roughly what I expected. Only an average deal! but guess due to the small float held by the public for these shares, the offer is likely to go through

[crabcrab]

analYSIS OF SHAREHOLDINGS
LIST OF 20 LARGEST SHAREHOLDERS AS AT 20 MARCH 2013
NO. / NAME / NO. OF SHARES / %

1) HIAP HOE HOLDINGS PTE LTD / 227,009,000 / 69.74%
2) MORPH INVESTMENTS LTD 9,137,000 2.81%
3) TAN WAN CHER GERALDINE 6,800,000 2.09%
4) ELINTON PTE LTD 5,000,000 1.54%
5) UOB KAY HIAN PTE LTD 4,274,000 1.31%
6) PANG HENG KWEE 3,670,000 1.13%
7) TEO HO BENG 2,841,000 0.68%
8) SIAH OOI CHOE @ SIAH OOI CHOE FRANCIS 2,200,000 0.68%
9) OCBC SECURITIES PRIVATE LTD 1,825,099 0.56%
10) PHILLIP SECURITIES PTE LTD 1,713,296 0.53%
11)UNITED OVERSEAS BANK NOMINEES 1,504,200 0.46%
12) HSBC (SINGAPORE) NOMS PTE LTD 1,491,000 0.46%
13) DBS NOMINEES PTE LTD 1,224,000 0.38%
14) ROLAND TEO HO KANG 1,000,000 0.31%
15) MAYBANK KIM ENG SECS PTE LTD 895,000 0.27%
16) MAH HUNG LING 871,000 0.25%
17) ENG KOON HOCK 810,000 0.25%
18) OCBC NOMINEES SINGAPORE 676,000 0.21%
19) CHIN KIAN FONG 637,000 0.20%
20) SIAH YANG WEN OLIVER 607,000 0.19%

TOTAL 273,577,595 84.05%

The percentage of issued ordinary shares is calculated based on 326,192,440 Shares in issue as at 20 March 2013 excluding
668,000 ordinary shares held as treasury shares.
SOURCE: ANNUAL REPORT 2012

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Lol 0.75 is roughly what I expected. Only an average deal! but guess due to the small float held by the public for these shares, the offer is likely to go through

Don't think many will be selling, another CK TANG saga in the making....

[Vseeker]

once the PReConditional get satisfied, it's as good as a done deal
the power brokers here will be minorities shrhldrs at listed HH, they collectively have the means to block the deal,
but minorities of SB will have little say, even if all of them opposes,
at best they get to maintain SB listing ala a "SingLand under UIC" situation (with SB being SingLand)
ofcoz in such a outcome ("SingLand under UIC"), for monies (future divestment $$) to flowup to parent HH, minorities of "still listed SB" will also get a bite of it.

[desmondxyz]

It's more like Guthrie case, big boss will win eventually....

[opmi]

It's more like Guthrie case, big boss will win eventually....

for minority shareholders not doing anything and hoping for a higher offer, see Einstein quote.

[Swinger]

once the PReConditional get satisfied, it's as good as a done deal
the power brokers here will be minorities shrhldrs at listed HH, they collectively have the means to block the deal,
but minorities of SB will have little say, even if all of them opposes,
at best they get to maintain SB listing ala a "SingLand under UIC" situation (with SB being SingLand)
ofcoz in such a outcome ("SingLand under UIC"), for monies (future divestment $$) to flowup to parent HH, minorities of "still listed SB" will also get a bite of it.

I don't see any reason minority Shareholders will stand in the was as the deal will benefit them as reflected in the share price today.

The deal could only be scuttled if less than 20% of minority shareholders of SB accept and SIC do not approve revision (which they intend to) of 90% acceptance. Does anyone has any knowledge on what are some of the conditions/situation that SIC consider to approve revision of acceptance level?

"The Offeror intends to reserve the right to revise the Minimum Acceptance Condition to a figure lower than 90% but above 50%, subject to approval from SIC . . ."

[CY09]

One party just brought his stake up to 5% of Superbowl (deemed + Direct interest). That's approx. 17% of the shares (excluding HH's) that will decide if the offer goes through. Wonder whose side he is on.

My personal view is that Superbowl will not be able to secure above 80% of the subject shares (excluding HH's) to vote yes. Thus the min acceptance condition will be set below 80% or they will raise their offer price
<still vested>

[mkmk]

One party just brought his stake up to 5% of Superbowl (deemed + Direct interest). That's approx. 17% of the shares (excluding HH's) that will decide if the offer goes through. Wonder whose side he is on.

My personal view is that Superbowl will not be able to secure above 80% of the subject shares (excluding HH's) to vote yes. Thus the min acceptance condition will be set below 80% or they will raise their offer price
<still vested>

Didn't the offer came with the clause "The Offeror intends to reserve the right to revise the Minimum Acceptance Condition to a figure lower than 90% but above 50%, subject to approval from SIC, and will ensure that the revised Offer, if approved by SIC,
remains open for another fourteen (14) days following any such revision"?

Would it be possible that if they can't hit 80%, they push it lower to say 75%?

[opmi]

the answer is Yes. Been done by other companies before.