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Financial One
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soloman
Master |
25-Dec-2010 09:43
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INVESTORS STAND UP FOR YOUR RIGHTS |
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katak88
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24-Dec-2010 21:42
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Business Times - 24 Dec 2010 Is Andre Koo's exit offer for Financial One a fair deal? By LYNN KAN TAIWAN'S lender to small and medium businesses, Financial One Corp, might make Santa's naughty list this year. After a five-week trading suspension by the company for its management to mull over a voluntary delisting, executive chairman Andre Koo produced a 48.5 cents per share exit offer to show for the protracted pondering. Financial One has defended the trading suspension, saying it was to 'avoid speculation' and 'to protect the interest of shareholders'. As for the exit offer, the company and the offeror said in a joint announcement that the proffered value of 48.5 cents a share is a 19.9 per cent premium to the three-month trading average, and 15.5 per cent over the last traded price of 42 cents on Nov 15, the eve of the trading suspension. These claims seem to sit pretty on paper, but is the offer a fair one? On the count of valuations, the offer of 48.5 cents appears to be too low. Bloomberg data shows that Financial One's net tangible assets per share has been steady at about 53 cents per share for the past three quarters, making the exit price an 8.5 per cent discount to that valuation metric. It is also way less than its IPO price of $1.15. Furthermore, when Financial One's suspension was lifted, its shares opened on the Singapore Exchange (SGX) at 48 cents, just 0.5 cent below Mr Koo's offer. It grazed a high of 54.5 cents before settling at day's end at 50.5 cents, with volume to boot and easily pricing out Mr Koo's offer. Since the market has indicated that the company can breach the 48.5 cent mark offered, Mr Koo might want to revise his offer upwards, lest he leave shareholders embittered by a marked-down deal. Currently, the hurdle Mr Koo needs to surmount is to get shareholders holding 8.89 per cent of Financial One shares to agree to a delisting for it to happen. The proposed delisting and exit offer need the approval of voting shareholders holding at least 75 per cent of total issued share capital of the company. Mr Koo has already secured the approval for a delisting from a group of investors who own about 23.5 per cent of issued share capital. Add that to the nearly 43 per cent that is owned by Mr Koo and 'concert parties' (namely his wife, cousin and father) and that makes 66.11 per cent of total share capital in the bag, with only 8.89 per cent needed to hit 75 per cent. Perhaps Financial One needs to sweeten the deal to convince this crop of shareholders to give the green light to a delisting. The trading suspension also raised another issue: whether disclosure of the proposed delisting could have been done earlier. The company had said that the trading suspension was called on Nov 15 to avoid speculation that would distort the price of the stock prior to a delisting announcement, delivered on Nov 18. The question is whether the delisting information should have been made known earlier. Financial One's executive director Liao Ying-Chih told BT that in October, the company filed a document with the Securities Industry Council to clarify exemptions from an exit offer by Mr Koo. If it was already intended in October to delist the company from SGX, couldn't information on this be disclosed to its shareholders then or earlier? Instead, for about two months, the market and its investors had no knowledge about such material goings-on about a company they have or would have an interest in. If Financial One could have done things differently, it might have considered going the way of Kim Eng Holdings, says an active Financial One investor, Mano Sabnani. Kim Eng Holdings received a possible acquisition offer last Friday. It released the information publicly slightly before the end of the trading day although the acquisition was far from a done deal and let its shares continue trading. The company left it to investors to decide, who subsequently bid up the stock 25 cents from $1.99 to $2.24 the day the news broke, and 14 cents to $2.38 on Monday. It closed unchanged at $2.41 yesterday. Of course, the proposed Financial One delisting can still be rejected. There is still a chance that voting shareholders owning 10 per cent of the company would reject the offer, thereby preventing the delisting. But in the event of a delisting, Financial One presents a bit of a false choice to retail investors: they either take the certain path of cashing out on Mr Koo's exit offer (revised or not) with a loss, or a more uncertain one of hanging on to unlisted Financial One shares. The market will be the ultimate arbiter of the outcome. Financial One's soaring share price might sway Mr Koo into revising the deal upwards, or move investors to reject the delisting anyway because their returns from holding Financial One shares might outweigh selling them back to Mr Koo. The protracted trading suspension and the offering of an exit price that the market sees as unrealistic may be the reasons why Financial One might not be paid a visit by Santa this year. |
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gtwace
Member |
23-Dec-2010 17:17
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A big insult to investors I feel.Somemore being an financial company, its asset of $0.70 per share should mostly be in cash, why would $0.70 in cash be worth less than its value, unless they are making doubtful loans and poor cash management | |||||
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des_khor
Supreme |
23-Dec-2010 11:14
Yells: "Tell me who is the God or MFT from this forum??" |
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The boss very clever and smart !! Buy back more than 60% below IPO price !! Listed later delisted !! All listed companies should follow this trend ! well done !! | |||||
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katak88
Senior |
22-Dec-2010 21:32
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Business Times - 22 Dec 2010 FinancialOne to make exit offer of 48.5cts/shr, may seek relisting elsewhere By LYNN KAN SHIMIN TAIWANESE lender Financial One Corp will delist from the Singapore Exchange with an exit price of 48.5 cents per share and is planning to relist in either Hong Kong or Taiwan next year. Although the offer price is severely discounted from its IPO price of $1.15 in 2007, Financial One's executive director Kevin Liao told BT this is 'a fair price' as it represents a '20 per cent premium of the 3-month average trading price.' When Financial One called a trading suspension of its shares on Nov 15, its last traded price was 42 cents. |
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bsiong
Supreme |
19-Nov-2010 09:15
Yells: "The Greatest Wealth is Health" |
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Financial One Corp. informed the shareholders of the Company that Mr Andre J.L. Koo, a controlling shareholder of the Company has communicated to the Company that he is contemplating making a proposal to the Company to seek for a voluntary delisting of the Company from the Official List of the Main Board of the Singapore Exchange Securities Trading Limited and an exit offer to Shareholders in connection therewith. The Company has not received any delisting proposal or indication of any firm intention to make an offer for the shares of the Company from Mr Andre J.L. Koo. To avoid any speculation in the trading of the Shares, the Company has requested and intends to continue the suspension of the Shares pending confirmation from Mr Andre J.L. Koo of his intention with regard to the Contemplated Transaction. //ps |
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des_khor
Supreme |
05-Oct-2010 21:34
Yells: "Tell me who is the God or MFT from this forum??" |
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Laggard ?? | |||||
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tradersgx
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14-Nov-2009 00:35
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edcifer
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19-May-2008 19:40
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Any views for this counter. Fudemantally this counter is looking strong | |||||
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kkbkkb
Member |
12-May-2008 14:53
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Any updates on the dividend? | |||||
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Luckyme
Member |
01-May-2008 23:34
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This stock listed at above S$1 last yr & currently it is trading at 0.495Cts. According to SGX announcement, this company is proposing to pay a divident of US 3 cts per share, equivalent to about S$40 per lot. Any comments on the prospects of investing in this stock at this current price. Thank you. |
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zhuge_liang
Supreme |
18-Oct-2007 21:18
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Taiwan firms operating in China will sharply boost their leasing of equipment in the next few years as an alternative to outright buying, said the chairman of Financial One, which engages in lease financing. Financial One buys equipment that businesses need and then leases it back to them, providing companies with more flexibility in purchasing expensive machinery. It believes Taiwan firms operating in China will spend some 5% of their annual capital expenditures on equipment leasing in thecoming years, compared with just 1% now, said chairman Andre JL Koo. 'China and Vietnam are our growth opportunities in the future,' Mr Koo told reporters at the company's Taipei headquarters on 15/10. 'Our conservativeestimate is that China will account for more than half of our overseas-marketearnings years down the road.' The Taipei-based firm is not alone in its bullishness on the China market. China Construction Bank said last month itwould tie up with Bank of America to form a 4.5 billion yuan leasing joint venture on the mainland, though they would target different customer segments. Financial One planned to invest US$50 million in China out of theUS$160 million it had raised through its IPO, said president Albert FL Chen. |
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