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This is an article from The Edge.
Don’t chase SC Global (D2S.SG) beyond $2.00 or be in a hurry to accept the $1.80/share bid from its CEO Simon Cheong, says Lim & Tan Securities.
It notes the stock surged last week after major shareholder Wheelock Properties (M35.SG) acquired just over a million shares at $1.81/share, with Wheelock saying the stock was trading at a 40%-50% RNAV discount.
If Wheelock continues buying SC Global shares, it would further reduce the around 21% free float, while Cheong is unable to pick up more shares to increase his already more than 60% stake unless he raises his offer, L&T notes.
“It is fair to say foiling Simon Cheong’s current plan (he chose voluntary unconditional takeover, instead of voluntary delisting) would be lose-lose to all parties involved: i.e. SC Global will suffer the penalty for the many unsold luxury homes, thereby affecting the ability to pay a dividend,” it says, noting the stock would also become even more illiquid.
The stock is up 4.8% at $2.07.
Don’t chase SC Global (D2S.SG) beyond $2.00 or be in a hurry to accept the $1.80/share bid from its CEO Simon Cheong, says Lim & Tan Securities.
It notes the stock surged last week after major shareholder Wheelock Properties (M35.SG) acquired just over a million shares at $1.81/share, with Wheelock saying the stock was trading at a 40%-50% RNAV discount.
If Wheelock continues buying SC Global shares, it would further reduce the around 21% free float, while Cheong is unable to pick up more shares to increase his already more than 60% stake unless he raises his offer, L&T notes.
“It is fair to say foiling Simon Cheong’s current plan (he chose voluntary unconditional takeover, instead of voluntary delisting) would be lose-lose to all parties involved: i.e. SC Global will suffer the penalty for the many unsold luxury homes, thereby affecting the ability to pay a dividend,” it says, noting the stock would also become even more illiquid.
The stock is up 4.8% at $2.07.
tonylim ( Date: 17-Dec-2012 20:54) Posted:
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From what I understand Simon Cheong of SC Global attempts to own properties at a cheap price through this privatisation at a very low price offer far below its RNAV. According to analyst (and Wheelock is aware) that one cannot buy properties (not forgetting SC Global own quite a number of landbanks) at such cheap price in the open market at this offer price of $1.80. So on the surface, the offer price appears to be 40 % above the last month's traded price of $1.20.
xin9999 ( Date: 17-Dec-2012 18:53) Posted:
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Sifu, why say so? Can share? Thanks
tonylim ( Date: 17-Dec-2012 11:03) Posted:
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Wheelock a major shareholder will force it to make an offer above the NAV of 2.80 in its bid to privatise the company
chris168 ( Date: 14-Dec-2012 17:24) Posted:
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Ahhh sold early didn't foresee this coming...then again I always sell immediately after the news..
Pretty happy though...and move on to the next big thing... GLE??
chris168 ( Date: 06-Dec-2012 09:54) Posted:
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tx kelvin, for your advise
kelvinLim123 ( Date: 14-Dec-2012 09:36) Posted:
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The px may collapse fast.If the deal cannot go thro. and if stock px keep rising.
suggest take profit.
today SC Global, flying very high!
| Bid | Bid Vol | Un Bid Vol | Ask | Ask Vol | Un Ask Vol |
| 1.985 | 14,000 | 1.990 | 15,000 | -- | |
| 1.980 | 20,000 | -- | 1.995 | 28,000 | -- |
| 1.975 | 13,000 | -- | 2.000 | 199,000 | -- |
| 1.970 | 31,000 | -- | 2.010 | 95,000 | -- |
| 1.965 | 20,000 | -- | 2.020 | 19,000 | -- |
| 1.960 | 5,000 | -- | 2.030 | 15,000 | -- |
yewhuan ( Date: 14-Dec-2012 09:31) Posted:
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today SC Global, frying very high!
| Bid | Bid Vol | Un Bid Vol | Ask | Ask Vol | Un Ask Vol |
| 1.985 | 14,000 | 1.990 | 15,000 | -- | |
| 1.980 | 20,000 | -- | 1.995 | 28,000 | -- |
| 1.975 | 13,000 | -- | 2.000 | 199,000 | -- |
| 1.970 | 31,000 | -- | 2.010 | 95,000 | -- |
| 1.965 | 20,000 | -- | 2.020 | 19,000 | -- |
| 1.960 | 5,000 | -- | 2.030 | 15,000 | -- |
| 1.950 | 22,000 | -- | 2.040 | 15,000 | -- |
| 1.940 | 1,000 | -- | 2.050 | 37,000 | -- |
| 1.930 | 5,000 | -- | 2.060 | 14,000 | -- |
| 1.920 | 12,000 | -- | 2.080 | 7,000 | -- |
| 1.915 | 21,000 | -- | 2.100 | 50,000 | -- |
| 1.910 | 31,000 | -- | 2.110 | 10,000 | -- |
| 1.900 | 29,000 | -- | 2.200 | 5,000 |
dragonhart ( Date: 06-Dec-2012 16:25) Posted:
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this stock was so neglected....(seems like i am the only one seeing value in it)that's why Simon cheong want to take it private...Anyway, huat huat for those still holding...during the halt, people even quene 1.145....me holding also scare scare....now strike 4D!!!
dragonhart ( Date: 02-Oct-2012 13:55) Posted:
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WOW this is like hitting jackpot!! almost 80% profits.
Wheelock is one of the major shareholder of this undervalued stock
bishan22 ( Date: 06-Dec-2012 06:02) Posted:
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Delist at 1.80. 
xierwang ( Date: 03-Oct-2012 11:01) Posted:
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Trading Halt
quietly, this bugger went up to 1.31 now! up 30% fr 0.985 where it woke up.
cheers,
jason.
dragonhart ( Date: 17-Sep-2012 18:49) Posted:
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ya...already cheong liao!!!...Simon Cheong bought 4.68M shares on 13th Sept.
NAV at 1.48....still a discount to NAV. vol is thin one....any Tou kay, pls help to push some more. look at the chart, very scary...straight line cheong last few days....
http://millionaire-investors.blogspot.sg/
cheers,
jason.
expertinvestor ( Date: 13-Sep-2012 21:17) Posted:
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have not been moving for years... this few days rising... sth gd coming?