Fraser & Neave (F & N)

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(27-08-2013, 02:46 PM)toiletsiao Wrote:
(27-08-2013, 02:35 PM)KopiKat Wrote:
(27-08-2013, 02:10 PM)toiletsiao Wrote: Trading Halt liao......

ThaiBev, FNM (Malaysia), FCT, FCOT no halt... Some F&N related matters? Can't possibly be expediting their Hospitality REIT with TCC, right?

Either the Strategic review is done.....

or

A clarification on the newspaper article yesterday on its Hospitality IPO (I seriously hope not)

Personally i think should be something to do with the strategic review.... FNN only halt trading for corporate actions it seems

IMO, likely due to announcement on the free float...
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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Might be the conclusion of the strategic review
http://www.businessweek.com/news/2013-08...-beverages

Fraser & Neave Ltd. (FNN), controlled by Thailand’s richest man, is planning to separate its property business from operations including beverages and publishing, said two people with knowledge of the matter.

The 130-year-old conglomerate will split into two separate listed entities, said the people, who asked not to be identified before an announcement expected today. The company said earlier today in a stock exchange statement it plans to announce “an important corporate development.”

F&N said in June it’s considering a property business spinoff to increase value, and is appointing advisers to study options. The move follows the S$13.8 billion ($10.7 billion) takeover by Thai billionaire Charoen Sirivadhanabhakdi of the company whose businesses range from selling dairy products to developing shopping malls.


“It’s a good move because historically, there has been a holding company discount on the group because of the combined businesses of property and non-property,” Goh Han Peng, an analyst at DMG & Partners Securities Pte in Singapore, said. “By separating them, the individual businesses can be valued separately and the food and beverage can obtain the full valuation that they deserve.”

F&N said in an e-mailed statement it declined to comment on the report. The stock has fallen 43 percent this year and last traded at about S$5.49 before the trading halt.

The company said earlier this month it’s considering setting up a real estate investment trust made up of its hospitality assets. It has received proposals from investment banks in relation to the IPO, though considerations are at a preliminary stage, F&N said.


Charoen, who acquired F&N through his company Thai Beverage Pcl (THBEV), has a net worth of $7.2 billion, according to the Bloomberg Billionaires Index.

To contact the reporters on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net; Pooja Thakur in Singapore at pthakur@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


http://www.straitstimes.com/breaking-new...s-20130827

every 1 lot of FNN we get 2 lots of FCL ...
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(27-08-2013, 04:24 PM)toiletsiao Wrote: http://www.straitstimes.com/breaking-new...s-20130827

every 1 lot of FNN we get 2 lots of FCL ...

Wah... faster than SGX Annc... I have to go stalk other websites for latest corporate developments from now...Rolleyes
Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------
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(27-08-2013, 04:42 PM)KopiKat Wrote:
(27-08-2013, 04:24 PM)toiletsiao Wrote: http://www.straitstimes.com/breaking-new...s-20130827

every 1 lot of FNN we get 2 lots of FCL ...

Wah... faster than SGX Annc... I have to go stalk other websites for latest corporate developments from now...Rolleyes

yes... i think FNN is having a press conference now...
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(27-08-2013, 04:43 PM)toiletsiao Wrote:
(27-08-2013, 04:42 PM)KopiKat Wrote:
(27-08-2013, 04:24 PM)toiletsiao Wrote: http://www.straitstimes.com/breaking-new...s-20130827

every 1 lot of FNN we get 2 lots of FCL ...

Wah... faster than SGX Annc... I have to go stalk other websites for latest corporate developments from now...Rolleyes

yes... i think FNN is having a press conference now...

Ok, thx! Will wait for the details...
Unless FCL also issue additional shares to non- F&N shareholders or solve the free float problem before that, our tycoon will end up with another listco problem of <10% free float. Tongue
Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------
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(27-08-2013, 04:47 PM)KopiKat Wrote:
(27-08-2013, 04:43 PM)toiletsiao Wrote:
(27-08-2013, 04:42 PM)KopiKat Wrote:
(27-08-2013, 04:24 PM)toiletsiao Wrote: http://www.straitstimes.com/breaking-new...s-20130827

every 1 lot of FNN we get 2 lots of FCL ...

Wah... faster than SGX Annc... I have to go stalk other websites for latest corporate developments from now...Rolleyes

yes... i think FNN is having a press conference now...

Ok, thx! Will wait for the details...
Unless FCL also issue additional shares to non- F&N shareholders or solve the free float problem before that, our tycoon will end up with another listco problem of <10% free float. Tongue

Timing around Nov-Dec this year, sound good...

It might be offering vendor shares in the IPO, to offload to corner stone investors, and solve the issue of free float. Looking forward for the offer price of FCL share...
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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Looks like it is going to be a spinoff and then FNN to participate in FCL placement. Means FNN give away FCL and then use S$1b to buy some back. Net net FNN is ATM but minorities will benefit as well, alas for the final time

Think solves a few issue: 1) free float of FCL & 2) I suspect Thai Bev will not participate in FCL placement. Might even sell it together with placement to raise cash and delever. Depending on price of FCL, intuitively should not be positive ThaiBev. They will be the main vehicle to hold FNN shares, and TCC will eventually get FCL directly.

REITS to not only recycle FCL capital but also TCC capital as it injects asset Smile Market was only expecting a $500m REIT announcement but this restructure is big money. TCC really milking it for all its worth Big Grin

*F&N SHAREHOLDERS TO RECEIVE 2 PROPERTY SHARES FOR EACH STOCK
*F&N TO LIST PROPERTY ARM FRASERS CENTREPOINT
*F&N EXPECTS PROPERTY LISTING IN NOVEMBER OR DECEMBER
*F&N SAYS CHAROEN'S COMPANY TO VOTE IN FAVOR OF SPINOFF
*F&N, FRASERS CENTREPOINT TO BE TRADED SEPARATELY ON SGX
*F&N SAYS SPINOFF TO ALLOW BOTH TO PURSUE GROWTH INDEPENDENTLY
*F&N CONSIDERING SETTING UP A HOSPITALITY REIT TO UNLOCK VALUE
*F&N WILL SUBSCRIBE FOR NEW FCL SHARES FOR S$1 Billion
*F&N PLANS TO EXPAND F&B INTO INDONESIA, THAILAND, INDO_CHINA
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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IIRC, a long time ago, CentrePoint Properties & Times Publishing were listed entities.. Now, it looks like it's going to come full circle, although different config... Not going to list / sell off Times Pub? Tongue
Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------
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It is an important step for ThaiBev to swap its shares in FCL for TCC's shares in F&N based on market valuation instead of a private transaction.
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Finally, the SGX Annc (5 nos.)


specuvestor Wrote:Looks like it is going to be a spinoff and then FNN to participate in FCL placement. Means FNN give away FCL and then use S$1b to buy some back.

The interesting thing is, F&N will subscribe for $1Bil of new FCL shares so that it can give out (all) as Dividend-in-Specie.. ie. F&N biz left with F&B + PP (Printing & Publishing)... no Properties! More details from pg12 of one of the SGX Annc.
Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------
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