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Its an mandatory offer, should rcv 6.25 x no of lots holding liao, within 10 days after 28 Aug 09. If not, get your TR to assist via CDP loh.
genetan14 ( Date: 12-Sep-2009 10:50) Posted:
Hi, help me to understand what the implication since the offer I sent in, was said not to be received on 4th Sept. Although I posted on 2nd Sept morning in Singapore ..=( Anyway, what can I do now, or should do ?
Thanks for the advice.
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Hi, help me to understand what the implication since the offer I sent in, was said not to be received on 4th Sept. Although I posted on 2nd Sept morning in Singapore ..=( Anyway, what can I do now, or should do ?
Thanks for the advice.
Ha ha, once upon a time, esp in 06 n 07, its AK favourite baby. Joke a side, within 2 weeks, 2 contra, cashes in 20k n one cash's Sell 80k in pocket. Thats wat d 100k earning hot story about in d forum. No return on such wonderful story liao, even not near future loh.
But sad to say,it gone with d wind when d decade history,"Black Monday" strike DJ in 19 Nov 07.
Must pay tribute to ds burger liao. Cheers.
Singapore Petroleum Corp (FULLY VALUED; S$6.23; Price Target: 12-Month S$6.25; SPC SP)
Final extension of the mandatory cash offer
As at 27 Aug 2009, Petrochina’s stake in SPC has amounted to 95.01% and the final closing date of the mandatory cash offer
has been extended to the closing of 4 Sep 2009 (the Final Closing Date). And in accordance with the listing rules of the
SGX, trading of the SPC shares will be suspended at the close of the Offer.
Petrochina stated that it has no intention to extend the offer beyond the Final Closing Date and it intends to exercise its
right to compulsorily acquire all the remaining shares and proceed to delist SPC.
We recommend investors to accept the offer and maintain our Fully Valued rating with S$6.25 target price based on the offer price.
DBS Group Research . Equity 31 August 2009
| Updated: 28th August 2009, 0800 hrs |
| PetroChina extends SPC offer |
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Chinese oil giant PetroChina’s offer to acquire Singapore Petroleum Company's (SPC) shares will be extended by another week.
In a regulatory filing out today, PetroChina says its offer, originally slated to close by the end of trade today, will be extended till September 4th.
It says the offer will not be extended further.
As of yesterday, PetroChina received 49.7 percent of acceptances for its offer.
Combined with the 45.5 percent of SPC shares that it acquired from Keppel Corp, PetroChina now holds 95.04 percent of SPC’s shares.
At that level, PetroChina can compulsorily acquire all the shares at its offer price of 6 dollars and 25 cents per SPC share.
Under Singapore Exchange (SGX) rules, the listing of SPC shares may also be suspended.
The suspension may take place until SGX is satisfied that at least 10 percent of the shares are held by at least 500 shareholders who are members of the public.
If the requirement for public float is not satisfied, SPC shares may be delisted
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This is extracted from SGX latest announcement dated 21 July. PetrolChina has already secured 67.30% of all of SPC shares while waiting for other shareholders to respond.
"Accordingly, as at 5.00 p.m. on 21 July 2009, the total number of (a) Shares owned,
controlled or agreed to be acquired by the Offeror and parties acting in concert
with it, and (b) valid acceptances of the Offer, amount to an aggregate of
348,354,510 Shares, representing approximately 67.30% of the total issued Shares
as at 21 July 2009."
Ha ha, still got chance to fight mah. As at last Tue, PetrolChina only hold 53% stake of SPC??? Can play d game of CK Tong loh. But not sure d pros n cons of d game liao. Any advice fr sifu???
SPC posts 75.8% drop in Q2 earnings
Factors include weak demand and exports from rival refineries
Earnings per share for Q2 dropped a corresponding 75.8 per cent to 8.45 cents.
SPC is not paying out any interim dividend for H1, unlike last year's 20 cents per share interim payout.
With weak demand and excess supplies in the market, the integrated oil company said that its average refining margin in Q2 fell to US$3 a barrel from US$13 a barrel a year ago. It was also down from the US$4.50 a barrel in Q1.
For H1, SPC's average realisation of US$56.08 per barrel was lower than the US$110.56 achieved in H1 2008.
On prospects ahead, SPC said that 'the global economy is beginning to show signs of recovery and demand for refined petroleum products may improve', adding that it will continue to exercise stringent cost controls and that it is financially well-positioned to capitalise on growth opportunities.
An unconditional cash offer by PetroChina - which bought over Keppel Corp's 45.51 per cent stake - for the rest of SPC's shares is currently in progress. As at last Tuesday, the Chinese oil giant owns 53 per cent of SPC.
Cant win. Give them all of mine too even though was hopoing for 8+
dividend declared: none.
compared to last year: 20c.
Anyone knows whether SPC has declared any CD when announcing 2Q results; and whether those who have already signed and returned the acceptance forms are entitled to this CD, if there is?
nobody talking about spc 2q results. everybody must have either sold or signed and sent the purple form already.
From sgx announcement:
Accordingly, as at 5.00 p.m. on 21 July 2009, the total number of (a) Shares owned,
controlled or agreed to be acquired by the Offeror and parties acting in concert
with it, and (b) valid acceptances of the Offer, amount to an aggregate of
348,354,510 Shares, representing approximately 67.30% of the total issued Shares
as at 21 July 2009.
Ha ha, indirectly means Tarmasick n KepDorp cock up loh!!! Nonetheless, I hv posted the option form liao. As can't win d game one mah.
richtan ( Date: 16-Jul-2009 17:44) Posted:
Read this in CNA forum, just fyi, dyodd.
Florida
Joined: 27 Feb 2004
Posts: 2034
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 Posted: Thu Jul 16, 2009 12:43 pm Post subject: |
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I have spoken to my broker. She said if PetroChina has 90% and delist SPC, she has to pay $6.25 to remaining shareholders that did not sell.
However, $6.25 is the minimum. Can be above but not less so is between buyer and seller.
I am not for selling now for oil is expects to go up. SPC is a good company that's why PetroChina buys it and also in line with her business. |
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That maybe the reason why SPC stock price keeps staying around there, not much change.
Those that buy cheaply at around $2..... bi-tang liao loh ....
Read this in CNA forum, just fyi, dyodd.
Florida
Joined: 27 Feb 2004
Posts: 2034
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| Posted: Thu Jul 16, 2009 12:43 pm Post subject: |
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I have spoken to my broker. She said if PetroChina has 90% and delist SPC, she has to pay $6.25 to remaining shareholders that did not sell.
However, $6.25 is the minimum. Can be above but not less so is between buyer and seller.
I am not for selling now for oil is expects to go up. SPC is a good company that's why PetroChina buys it and also in line with her business. |
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| Date of notice to issuer * |
15-07-2009 |
| 2. |
Name of Substantial Shareholder * |
China National Petroleum Corporation |
| Date of change of Interest |
14-07-2009 |
| 2. |
The change in the percentage level |
From 53.12 % To 57.12 % |
| 3. |
Circumstance(s) giving rise to the interest or change in interest |
# Others |
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# Please specify details |
The change of interest is a result of the receipt of acceptances tendered pursuant to the mandatory conditional cash offer (the “Offer”) by Deutsche Bank AG, Singapore Branch, for and on behalf of PetroChina International (Singapore) Pte. Ltd. (the “Offeror”), to acquire all of the issued and fully paid-up ordinary shares (excluding treasury shares) (“Shares”) in the share capital of Singapore Petroleum Company Limited other than those already owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it, on the terms and conditions set out in the Offer Document dated 7 July 2009 and the accompanying FAA/FAT.
China National Petroleum Corporation is deemed to be interested in the Shares held by the Offeror, its indirect wholly-owned subsidiary.
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Agreed, really catch no ball? Now, vol only 76lts. QB 6.23 with 10k lts whereas QS 6.24 at 6.24??? Wat happen if it hit 6.25??? any buyer? If hv d chap must be crazy loh, at least b4 offer closed.
It is interesting...to know of a take over...and at such an appealing price...a lot of rumours have it that the price will collapse...I think otherwise...reason is...would you sell your house at a 50% loss?...another point to take note...why SPC in the first place...is there any potential interest which is unknown? Could it be the acquisitor's first step to go international like Shell and etc?
Thank you, Francis.
Senior - Not sure but you have 25 days to ponder. If the stock is delisted, your money is stuck as there is no market value (because no trading). You will be at the whims and fancies of the major shareholder (PetChina). Then again, you are not alone. There are around 17000 shareholders who are going through what you are going through too.
The market price will not fluctuate much leading up to the closing date, since the Offer price has been announced.
However, I felt that PetChina could have offered more if they want to mop up the rest of the shares. It seem to me a "take it or leave it" proposition. It could be a formality that they are going through according to takeover regulations. Like I mentioned earlier, it is their intention to maintain listing status. Very much depends on the bank nominees and securities firms too, who holds quite substantial percentage of the shares...
erh
