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F&N

MetalTrader
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17-Nov-2013 20:04

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My prediction is that those who buy F& N, will gain sustain benefits once the spinoff of 2FCL begins.
1 F& N + 2 FCL 's value is certainly to be more than $6.

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MetalTrader
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17-Nov-2013 19:57

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Dear Teeth, your news is outdated. As UOE already been outbidded by Thai Billionaire $9.50 few months back.
If you keep concentrating on past news, and never update. Like 11 Nov news in which meeting is already over, and keep harping on it.
F& N- You need be clear of current situation, and what matters now (Spin off of 2 FCL, Bondholder can simply delay, but will not affect the outcome).

teeth53 ( Date: 17-Nov-2013 17:31) Posted:

Posted on - Jan 15, 2013.

Fraser and Neave (F& N) takeover battle fed speculation yesterday as a consortium led by Overseas Union Enterprise (OUE) extended its $9.08 per share offer to Jan 21.

MetalTrader ( Date: 16-Nov-2013 21:51) Posted:

If NAV is $8.80, why do largest shareholder buy at $9.50?
If largest shareholder do not have confident business in F& N's benefits will cover $9.50, he wouldn't be buying.
So at even the current price of $5.80, you are still buying lesser than the largest shareholder.
If largest shareholder have nothing to fear, why should minor shareholder fear?

The theory is simple, the largest shareholder combined percentage hit 90%. Do you think the remaining 10% will affect the outcome?
The profitability depends on largest shareholder's decision, and it will be imminent unlocking of value 2 FCL begins before public buying take place.
A piece of cake theory.

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MetalTrader
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17-Nov-2013 19:52

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BondHolder can delay the listing of 2 FCL, but cannot impact the outcome.
Ultimately, if bondholders disagree. BondHolder can sue, but F& N can buy back bonds at par value.
In the end, it won't do BondHolder good, as interest is missed out.

Currently, the stock of F& N is precious as only 9.7% is owned by public.
This determines only small % of people will benefit from this spinoff, however it is not impossible for those who have position in F& N.

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MetalTrader
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17-Nov-2013 19:44

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Fraser and Neave is looking to buy back or redeem S$808.25 million worth of bonds.
http://www.channelnewsasia.com/news/business/singapore/f-n-bondholders-face/884288.html

The consent exercise for F& N bondholders ends on Tuesday, and there are six bonds the company wants to redeem.
If bondholders fail to approve the spin-off and the company proceeds with it, this would trigger a technical default and allow creditors to demand immediate repayment of the bonds at par value. The situation is also complicated as there are six different tranches of bonds at stake

My Opinion: BondHolder issue can be resolved by $$$.
Whether or not BondHolder approve, F& N can proceed by redeeming back the bonds by payment back immediately.

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MetalTrader
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17-Nov-2013 19:40

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Mr. Charoen intends to reduce his stake to a range to 88%, from 90.3% currently.
To comply with SGX rule for listing FCL in which 12% must be obtained in the hands of public.
So situation now is
Public: 9.7%
Buyer-Charoen sold to: 2.3%
Mr Charoen: 88%

http://online.wsj.com/news/articles/SB10001424052702304799404579152810197413736

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teeth53
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17-Nov-2013 17:31

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Posted on - Jan 15, 2013.

Fraser and Neave (F& N) takeover battle fed speculation yesterday as a consortium led by Overseas Union Enterprise (OUE) extended its $9.08 per share offer to Jan 21.

MetalTrader ( Date: 16-Nov-2013 21:51) Posted:

teeth53 ( Date: 16-Nov-2013 20:49) Posted:

Based on April 2013 average trade....

Disposal of its entire interest in Asia Pacific Breweries (APB) in Nov 2012 for S$5.6 bil.

F& N announced to return approximately 84% of its proceeds (S$4.7B) back to shareholders. It translates to S$3.28 per share.

The remaining S$0.9 bil would be retained, bringing down F& N?s net gearing to 17.3%, compared to 27.4% (pre-APB sales)

The net asset value (NAV) of F& N would correspondingly be reduced from S$8.80 per share to S$5.52 per share.

teeth53 - Just promoting stk/shr trading interest in SJ. Last traded price is seem getting nearer to it orginal price.

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teeth53
Supreme

17-Nov-2013 17:18

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This is a general perception of -- " Between the bone n meat. Once the meat is delink, left oni the bone? (no meat left)."

Also on concern to Shares and bond holders, (range from the biggest 90% to retailers - vested players n would be players), the impending court case or there is none at all???.

teeth53 - I'm sharing my thot n hope players and would be players can decide better, for each-self. whatever decision is, oneself hav it in mind.

On sharing info about stk /shr interest in SJ. (nothing for or against)

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MetalTrader
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17-Nov-2013 14:00

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Fyi: This battle is not player vs player. As merely 10%
Its a battle Combined 2 Shareholders (90%) taking steps to improve their value, & unlocking further potential to benefit them (they are biggest beneficial),
thereby also benefiting the small shareholders (10%)

BondHolders are merely lending money, Shareholders got enough fund from retained earning to give them back. If you are not aware, Cash Earning is almost 1 billion a year. For 2014 dividend of 0.12, approximately 2 billion had been for forkout from retained earning to distribute to shareholder.

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MetalTrader
Senior

17-Nov-2013 13:54

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Teeth, as you refused the truth that giving of 2FCL, but it will be imminent.
I hope you give your own opinion, instead of keep bring out other people chart, bank say..., and keep copy and paste.
Estimate price, time, value, facts relevant.

Pls don't give a long paragraph... Thanks.

WanSiTong ( Date: 17-Nov-2013 11:01) Posted:

Estimated price for 1 FCL share is $ 2.00 to 2.10........ 2 FCL is 4.00 to 4.20

teeth53 ( Date: 16-Nov-2013 20:49) Posted:

The net asset value (NAV) of F& N would correspondingly be reduced from S$8.80 per share to S$5.52 per share.

teeth53 - Just promoting stk/shr trading interest in SJ. Last traded price is seem getting nearer to it orginal price.

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WanSiTong
Master

17-Nov-2013 11:01

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Estimated price for 1 FCL share is $ 2.00 to 2.10........ 2 FCL is 4.00 to 4.20

teeth53 ( Date: 16-Nov-2013 20:49) Posted:

The net asset value (NAV) of F& N would correspondingly be reduced from S$8.80 per share to S$5.52 per share.

teeth53 - Just promoting stk/shr trading interest in SJ. Last traded price is seem getting nearer to it orginal price.

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WanSiTong
Master

17-Nov-2013 10:49

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Is Oldbird his 2nd nic? Lol

Peter_Pan ( Date: 17-Nov-2013 10:40) Posted:

teeth53 is very laojiao, he is already 60 yr old, full of wisdom

WanSiTong ( Date: 17-Nov-2013 10:20) Posted:

Teeth, your calculation is quite accurate! If consider the earning subsequently............ you will get the NAV of $ 5.90........Huat arh

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Peter_Pan
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17-Nov-2013 10:40

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teeth53 is very laojiao, he is already 60 yr old, full of wisdom

WanSiTong ( Date: 17-Nov-2013 10:20) Posted:

Teeth, your calculation is quite accurate! If consider the earning subsequently............ you will get the NAV of $ 5.90........Huat arh!

WanSiTong ( Date: 16-Nov-2013 22:59) Posted:

NAV as at 30.9.13, according to the Full year announcement , is $ 5.9

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WanSiTong
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17-Nov-2013 10:20

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Teeth, your calculation is quite accurate! If consider the earning subsequently............ you will get the NAV of $ 5.90........Huat arh!

WanSiTong ( Date: 16-Nov-2013 22:59) Posted:

NAV as at 30.9.13, according to the Full year announcement , is $ 5.90

teeth53 ( Date: 16-Nov-2013 20:49) Posted:

The net asset value (NAV) of F& N would correspondingly be reduced from S$8.80 per share to S$5.52 per share.

teeth53 - Just promoting stk/shr trading interest in SJ. Last traded price is seem getting nearer to it orginal price.

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WanSiTong
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16-Nov-2013 22:59

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NAV as at 30.9.13, according to the Full year announcement , is $ 5.90

teeth53 ( Date: 16-Nov-2013 20:49) Posted:

The net asset value (NAV) of F& N would correspondingly be reduced from S$8.80 per share to S$5.52 per share.

teeth53 - Just promoting stk/shr trading interest in SJ. Last traded price is seem getting nearer to it orginal price.

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MetalTrader
Senior

16-Nov-2013 21:51

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teeth53 ( Date: 16-Nov-2013 20:49) Posted:

The net asset value (NAV) of F& N would correspondingly be reduced from S$8.80 per share to S$5.52 per share.

teeth53 - Just promoting stk/shr trading interest in SJ. Last traded price is seem getting nearer to it orginal price.

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teeth53
Supreme

16-Nov-2013 20:49

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The net asset value (NAV) of F& N would correspondingly be reduced from S$8.80 per share to S$5.52 per share.

teeth53 - Just promoting stk/shr trading interest in SJ. Last traded price is seem getting nearer to it orginal price.

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teeth53
Supreme

16-Nov-2013 16:37

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Nov 08, 2013.

http://www.tradingcentral.com/chart/FNNSGD131108004540.gif

Our pivot point stands@5.7. Our preference: upside prevails as long as 5.7 is support. Alternative scenario: below 5.7, expect 5.61 and 5.56.

Comment: RSI is above its neutrality area at 50. MACD is positive and above its signal line. Moreover, stock is above its 20 & 50 day MA (respectively at 5.7 and 5.62). Fraser & Neave is currently trading near its 52 week high reached at 6.13 on 21/01/13.

Supports and resistances:
6.13 *
6.07 **
6.02
5.79 Last Closed
5.74
5.7 **
5.61 *
-------------------------
TRADING CENTRAL is a commentary service specialising in technical analysis.

teeth53 ( Date: 06-Nov-2013 17:38) Posted:

Myanma Economic Holdings Ltd

(MEHL), a huge military-linked conglomerate in Myanmar, said it has launched arbitration proceedings against Singapore's Fraser and Neave Ltd over their joint-venture brewery.

Foreign investors have been flocking to Myanmar since the country started to open up after decades of isolation, but news of this dispute has led to a debate in the international press about a lack of legal protection for foreign investments.

MEHL, which rarely issues public statements, said the case is not about investment laws in Myanmar or how foreign investors are treated. " We know it will serve the interest of some parties to politicise the dispute, but doing so does no justice to the case or to anyone interested in investing in Myanmar," Myint Aung, deputy managing director of the company, said in a statement. " The fact is that we have a joint venture agreement that protects our rights in the event of a default by F& N. The arbitration speaks for our desire to adhere to proper and due process," he added.

Public relations officials representing F& N declined to comment when contacted on Wednesday. The company, a Singapore property and drinks conglomerate, had earlier said in August that there was no basis for MEHL's action and it intended to vigorously contest the claim.

MEHL, one of two vast holding companies linked to Myanmar's military, claimed a right under a joint venture agreement to buy F& N's 55% stake in Myanmar Brewery Ltd after F& N defaulted on a term in the agreement, it said in a statement on Wednesday.

MEHL declined to comment on the term on which it said F& N had defaulted, but sources with knowledge of the case said it was related to the change of shareholding structure of F& N, after F& N was taken over by companies linked to Thai billionaire Charoen Sirivadhanabhakdi earlier in the year.
MEHL is on the " Specially Designated Nationals List" of the U.S. Treasury. Assets of individuals and companies on the list are blocked and U.S. persons are generally prohibited from dealing with them, although the United States has waived virtually all of its economic sanctions on the country.

Myanmar Brewery Ltd was set up in 1995 by MEHL with Heineken NV through its Asian arm, Asia Pacific Breweries Ltd (APB), which transferred its 55 percent stake to F& N in 1997.

The arbitration proceeding could take months and is likely to be held in Singapore, a source familiar with the matter said.

Reuters - thomsonreuters.com@reuters.net))

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teeth53
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16-Nov-2013 16:14

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Noted: What Mano share with shareholders, " change of ownership"

" Mano asked about the Myanmar going to court to claim F& N's 55% stake worth > US $246mil because F& N change of ownership.

(Mgt seems confident Myanmar has no case although refused to disclosed.)

Courtesy of Rosesyrup, Thk Qs

" Investors are concerned..." (some highlight)

" F& N needs approval from holders of six series of bonds as spin-off"

" F& N will continue with demerger, whether or not it gets all the votes"

and in view of lastest EGM Resolution.

" F& N will consider their options in light of this result of the voting on the Extraordinary Resolutions in respect of the Series 009 Notes and the Series 010 Notes (has not been passed) and will make an announcement at the appropriate time."

teeth53 thot - This is yet to resolve@appropriate time

Rosesyrup ( Date: 11-Nov-2013 22:07) Posted:

* Bankers fear rare technical default in Singapore

* Hardball tactics draw attention of regulator

* At least one bondholder has filed a complaint

By Kit Yin Boey

SINGAPORE, Nov 11 (IFR) - A simmering battle between Singapore conglomerate Fraser & Neave and its bondholders related to the company's plans to spin off its property division has drawn the attention of the city state's central bank.

The Monetary Authority of Singapore has approached bankers and investors to gather information on a consent solicitation that F& N launched last week.

The discussions came after IFR reported that bondholders were unhappy with a consent solicitation process launched by F& N that will clear the way for the spin-off of Fraser Centrepoint, the group's core property asset, and the early repayment of around S$808.25m (US$652.7m) of outstanding Singapore dollar bonds.

F& N needs the approval from holders of six series of bonds as the spin-off will breach certain covenants of its debt. If bondholders fail to consent to the spin-off and the company proceeds with it, this would constitute an event of default and would allow creditors to demand immediate repayment of the bonds at par.

In addition, the company wants to include a call option by June 30 2014 in all the bond issues, indicating that it plans to redeem all the outstanding notes well ahead of maturity.

Investors are concerned that F& N will continue with the demerger, whether or not it gets all the votes, leading to a technical default. At least one investor has submitted a complaint to the MAS.

The spin-off plans follow the company's acquisition by Thailand tycoon Charoen Sirivadhanabhakdi in a US$11.2bn takeover earlier this year.

The central bank's interest underlines the significance of the case in Singapore, where events of default are extremely rare. Market participants fear that such an action from a blue-chip company with no cash-flow problems will have wider repercussions.

" If the MAS allows F& N to (get to an event of) default, despite its ability to pay up, then what will stop other issuers from adopting the same process?" said one investor. " That will undermine investor confidence."

The standoff prompted F& N to hold a meeting with investors early last week, while a group of bondholders and lawyers discussed their options at a private meeting on Wednesday.

" It is not a question of credit, really, it is a question of credibility, and in turn, Singapore's reputation and credibility," said one banker.

PRICE IS THE ISSUE

F& N believes the crux of the disagreement is over the price of the call, and not whether it will default, a company spokesman explained in an email.

The company spokesman said its proposal was fair and consistent, and adequately compensated bond investors, balancing the current market environment, future capital structure and interests of various stakeholders.

The company was " troubled that a group of sophisticated investors believe they can exert pressure on the MAS to intervene to fix prices between commercial parties...," the spokesman said.

The spokesman, however, did not rule out the possibility of allowing a technical default.

" If F& N does not obtain the requisite consents, it will consider its options and make an announcement at the appropriate time," he said.

SOurce: http://sg.finance.yahoo.com/news/mas-casts-eyes-f-ns-091354619.html

The company clarified that the disagreement over the price of the call option is with only some noteholders.

Indeed, bondholders are expected to agree to F& N's terms on the lower-coupon bonds, as the investors will not lose money on them. Bankers said at least four of the six bond series are likely to clear the process as the call option appears to be at a level equal or better than the current mark-to-market prices.

However, some investors may withhold their consent on the higher coupon-bearing notes, where F& N's proposed compensation would spell a substantial mark-to-market loss.

The row will come to a head on Tuesday, when the final deadline for consent is due. A bondholder meeting that F& N arranged is scheduled for Thursday, while shareholders are due to vote on the demerger on Wednesday. The property assets account for over 60% of F& N's profits.

(Reporting By Kit Yin Boey Editing by Christopher Langner and Abby Schultz)

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MetalTrader
Senior

16-Nov-2013 15:36

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Because the Combined % from largest amounted to 90.3%, the biggest beneficial will be ThaiBev and TCC Assets.
The next will be remaining 9.7% of market will still benefit. Strategic review is meant for future operating, and Unlocking value likely to happen in near-term.
All comes down to the biggest shareholder decision, but the unlocking value is firmly in place as announced in meeting of resolution passed.

teeth53 ( Date: 16-Nov-2013 15:00) Posted:

Deutsche Bank: It notes - " ThaiBev (Y92.SG) and TCC Assets, with a combined 90.3% (F& N stake), have until July 19 to restore the free float."

Longer term - " it expects synergies between F& N's consumer and property business and ThaiBev's and TCC's existing operations as well as a possible capital return after the APB divestment yielded S$5.6 billion, or around S$3.89/share, in proceeds, putting F& N in a net cash position."

" But views measures to unlock value, return capital and drive synergies as unlikely near-term as mgt only recently initiated a strategic review."

teeth53 thot - Will Deutsche Bank conduct further review?, in view of certain changes.

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teeth53
Supreme

16-Nov-2013 15:21

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Courtesy post of WanSiTong. Was looking@upside n downside, see chart, thk.

WanSiTong ( Date: 15-Nov-2013 23:09) Posted:

Fraser & Neave ST: as long as 5.7 is support look for 6.06

Trading Central | 2013-11-14 23:42:00

Our preference: as long as 5.7 is support look for 6.06.

5.7 is our pivot point.

Our preference: as long as 5.7 is support look for 6.06.

Alternative scenario: the downside breakout of 5.7 would call for 5.6 and 5.54.

Comment: the RSI is above 50. The MACD is below its signal line and positive. The stock could retrace in the short term. Moreover, the stock is trading above both its 20 and 50 day MA (respectively at 5.76 and 5.63). Fraser & Neave is currently trading near its 52 week high reached at 6.13 on 21/01/13.

Suppor

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