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surprised that no one gives update on this counter... anyway, here it is:
".......
The Board of Directors (the “Directors”) of Unisteel Holdings Limited (the “Company” or
“Unisteel”) refers to the announcement on 14 July 2008 of the despatch of the scheme
document dated 11 July 2008 (the “Scheme Document”) to shareholders of the Company
(“Unisteel Shareholders”) in relation to the proposed acquisition of the Company by Latch
Holding (Labuan) Limited (the “Acquiror”) by way of a scheme of arrangement under Section
210 of the Companies Act, Chapter 50 of Singapore (the “Scheme”).
All capitalised terms and references used in this Announcement shall, unless otherwise
defined herein, have the same meaning and construction as defined in the Scheme
Document.
The Directors are pleased to announce that at the Court Meeting convened by an order of the
Court and held today, Unisteel Shareholders have, by the requisite majority, voted in favour of
the Scheme.
Subject to the Scheme being sanctioned by the Court and the satisfaction (or, where
applicable, waiver) of all the Scheme Conditions, the Scheme shall become effective and
binding upon the lodgment of a copy of the order of the Court with the Accounting and
Corporate Regulatory Authority.
KEY EVENTS AND INDICATIVE DATES1
As set out in the Scheme Document, Unisteel Shareholders should note the following events
and their expected dates:
Last day for trading of the Unisteel Shares : 8 September 2008
Books Closure Date : 11 September 2008, 5.00 p.m.
Effective Date of the Scheme : 12 September 2008
Expected date for the payment of the Scheme Consideration : By 22 September 2008
Expected date for the delisting of the Unisteel Shares : After payment of the Scheme Consideration
I am not free to attend the meeting, but I want to vote to give my approval for the takeover. How can I do that? I do not have anyone to represent as proxy. Can I do by emails, faxing, etc anything like that?
few questions regarding the takeover......
1) will the stock be delisted when takeover complete?
2) if i buy the stock at 1.90 now, will my share be bought over at 1.95 after takeover is completed
newbie here..
hi anyone knows when is the takeover going to complete?
Is there any chance of higher counter-offer by some 3rd party consortium?
Well, you know the Jade story. Some shareholders bought at $0.22, hoping for a $0.005 profit. Then the offer is off.
nickyng ( Date: 09-Jun-2008 10:04) Posted:
|
Unisteel: Accept the S$1.95 offer
By Carey Wong - OCBC
Tue, 10 Jun 2008, 09:21:19 SGT
Unisteel Technology Limited (UTL) has announced that it has received a takeover offer worth S$785m from Kohlberg Kravis Roberts & Co (KKR) to acquire UTL by a scheme of arrangement. The S$1.95 cash offer translates to a premium of 11.4% over our fair value of S$1.75. However, in our earlier report, we mentioned that if we had not factored in the privatization possibility, our fair value would have fallen to S$1.39 due to our reduced FY08F estimates following its dismal 1Q08 performance. Furthermore, we do not expect to see a competing bid or KKR raising the offer as it already prices the UTL at a historical EV/EBITDA of 10.9x, which is very close to KKR’s 10.8x offer for MMI, bearing in mind that the economic outlook is slightly more uncertain as well. As such, we recommend that investors accept the offer.
My thought is that cos owner only owns 20+ % of shareholdings. So, there is a chance/risk that that it may not materialise if the sales is not supported by other big shareholders. Until they cross the 90% acceptance, the counter cannot be delisted.
hmm...MASNET reports that cash offer is $1.95...but it is trading at 1.88-1.89 now....hmm...does it mean i still hv at least 5cts for profit if i enter at
$1.89 ?!?!
how come the GAP har???? :P
beautiful! When the whole market is crap, this one is making holders smile. Yeah ! Congrats and lets unload!
hmmm..... a bit disappointed it did not bargain for more than $2 but well at least the wait is over now.
can sleep tonight liao...
Acquisition Details
Unisteel and LHL have today entered into an agreement to implement a scheme of arrangement (“Scheme”) under the Companies Act , Chapter 50 of Singapore and in accordance with the Singapore Code on Take-overs and Mergers.
Under the Scheme, all issued ordinary shares in Unisteel (“Unisteel Shares”) held by the shareholders of Unisteel (“Unisteel Shareholders”) as at a books closure date to be announced will be transferred to LHL. Each Unisteel Share will be acquired by LHL for a cash consideration of S$1.95 per share, which values the whole of Unisteel at approximately S$785 million1.
Once the Scheme becomes effective, the Unisteel Shares will be transferred to LHL together with all rights including the right to receive and retain all dividends announced, declared, made or paid by the Company on or after the date of the Announcement.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_F91919F3AB39FF3048257461003CA000/$file/PressRelease_7Jun08.pdf?openelement
Acquisition Details
Unisteel and LHL have today entered into an agreement to implement a scheme of arrangement ("
Under the Scheme, all issued ordinary shares in Unisteel ("
Once the Scheme becomes effective, the Unisteel Shares will be transferred to LHL together with all rights including the right to receive and retain all dividends announced, declared, made or paid by the Company on or after the date of the Announcement.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_F91919F3AB39FF3048257461003CA000/$file/PressRelease_7Jun08.pdf?openelement
a bit of worry... after knowing it is KKR whom Unisteel is talking to...
looking back at history, KKR was the one taking over MMI and they purchased it at lower price compared to the trading px MMI was at the time...
will history repeat itself again??? hopefully not! since there are more suitors lining up on the queue, so Unisteel should play hard ball!
vested...
Suspect is good news, too. Suspension means no trading on longer period. Advanced stage of transaction needs more time for discussion, right.
Suspension usually means already in advance stage of negotiation. Should be good news!
oh no, did the deal fall apart????
"the company announced that the transaction may or may not materialise." .......
Trading suspension liao.
Only time will tell guys. Don't count your chickens before they are hatched. I saw the recent sgx ann. Capital Group of Co's a subtantial shareholders have sold quite a bit of their shares on 3rd of this month. Wonder why the sale @ this point of time. Strange, has set me thinking.