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What am I supposed to do? Holding 8 lots with -$5500?
Pls advise.
Bro, tks for d insight details. Now, sky is clearer liao. Well done, cheers.
azzuri19 ( Date: 12-Jul-2009 17:37) Posted:
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Hi,
I went through the Offer and according to Listing Manual, SGX may suspend the listing unless it is satisfied that at least 10% of the total shares are held by at least 500 shareholders who are members of the Public. 10% is equal to 51,532,147 shares.
Refer to weblink for shareholdings of SPC as of 9 Mar 09: http://www.spc.com.sg/resources/file/annualreports/2008/Shareholdings_Statistics.pdf
It seems that a significant percentage 33.57% is held by bank nominees (e.g. fund managers) and securities firms. This group may cash out for the Offer or arrange for private sale. Then, we are left with private investors and members of public at 20.96%, assuming the composition doesn't change much since 9 Mar 09.
The Net Asset Value (NAV) is S$3.31 per share, meaning to say those that bought below this price has not much to lose.
I am not sure how it will play out on 7 August 09 (Closing date), but it is certainly worth noting that if PetChina gets 90% and the stock continues to list, the trading volume will be thin and there won't be much capital gain, perhaps dividend, if any.
The Offer also states "it is the present intention of the Offeror to maintain the listing status of the Company...".
To answer Chunster's last question, shareholders who have not accepted the Offer have a right to require the Offeror to acquire their Shares at the Offer Price. However, be prepared to seek professional's advice and incur a fee.
From the look of things, if the economy recovers, hopefully by next year, the money will keep rolling in for the O & G industry. After all, crude oil prices will rise again amid speculation and rising demands. S$6.25 is definitely a good price for wholesale investors, but certainly not for retail investors.
erh..
Hi, new to this...does this mean that if Petrochina does not get to 90%, the stock will continue to be listed? but then, will only be very low amount % of stock in open market rite? How is the impact of this?
If they get to 90%, they MUST buy the remaining at the same price? i.e. $6.25, even if the shareowners did not agree to sell previously?
Can someone advise? Thanks...
I heard that when Keppel bought over SPC previously and tried a mandatory takeover, they had little success.
Perhaps, there is a repeat of history?
Officially, PetroChina has 45.51%, while Temasek has 0.04%, not sure how much PetroChina has mopped up the remaining on the secondary market.
If PetroChina reaches the 90% mark, then there will be a compulsory acquisition. Of course, the minority has the right to apply to court to stop this acquisition. Then again, why bother to fight if you are holding to a couple of lots like I do?
By the way, does anyone know what is the percentage threshold for delisting a stock? 100%
Above is d latest letter issued on 10 Jul 09, as pertaining to d letter for the mandatory buying d remaining SPC shares beside those 45.51% accq fr KepCorp dated 21 Jun 09. Proposed buying back the remainder shares with the same px as $6.25 / sh.
U will rcv d cash fr CDP within 10 days once u submitted your option letter before 7 Aug 09. Ha ha, of course, u can deny d offer by signing d oppose option in d letter of offer, sent to you in due course, latest 24 Jul 09. KepCorp had surrendered, alamah, save breath, forgo wat u hv liao.
AK will take d case soonest possible loh, ha ha save d transaction commission also. Best, if got div given. Last yr 20cts yeh. Cheers.
aircraft ( Date: 11-Jul-2009 21:17) Posted:
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If the oil price continues to decline...SPC might get to stay....
received the offer from petrol china, who selling to them ? Can anyone advise if they got 90% of all shares and wanna delist SPC, will they need to pay the last 10% $6.25 ? Thanks.
Ha ha, CO breaks 70, ds burger also no rasa one. Strange, I think not many locals will buy it now. Dun know how long it will hover ard ds px?
KepCorp ho she loh, its 1H announcement will be in end Jul. This time rd, d record book must be good enough to table out loh.
Either PetroChina or someone else is picking up SPC shares One-By-One, Day-By-Day at cheap bargain prices from S$6.13 to S$6.15 which is cheaper than S$6.25. Actually no one should sell below S$6.25. Take it or Leave it! Why waste time selling and incure brokerage?
CO moves up or down, ds burger numb alrdy. As wat d MFTs claimed that as d China Oil now hv 45% stake over SPC, they hv d right to exercise mandatory buy over d remaining shares. Now, d doubt is eventually wat exercise px they will fix? AK wild guess that , LL watever px they fix, d small investors ought to follow liao. Pse comments.
CHECK OUT the daily TRADE transanctions since Monday, 3 JUNE 2009.
BiG Fish buying up SPC at S$6.11 to S$6.14.
One investor paid S$3 Million to buy up some SPC lots.
He or she must have consulted some SiFu to throw this type of money at this LATE TIME.
Due Diligence must have been done by this investor and other big fishes.
At the same time especially today, someone kept Throwing 1,000 shares at lower price to the Buying Queue to dampen the PRICE.
Analyst who does NOT SELL when telling investors to Sell and does NOT BUY when telling investors to Buy is NOT SERIOUS because it is Other People's Money (OPM).
Most of all, analyst is getting a Salary for the writing.
It is LIKE a JOKE man and woman!
PS: I try to PASTE the Daily Trade Transactions Screen Print but it canNOT PASTE.
n 6.25 is d minimum....mayb more.
no sweat, how u also get 6.25 abt 2 to 3 mths from now.
ha ha, could be closed at 6.09 2morow, to make a jackpot heng alrdy as now CO down 32 cts.
lookcc ( Date: 02-Jun-2009 22:32) Posted:
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of course d trade off is opportunity cost of 6k per lot 4 two mths
not bad 4 u....in 2 months make 15 cts per share = [15/609/2] % = 2.46% for 2 mths = return rate is 15% p.a.
it is winwin 4 u.....in 2 mths time u get 6.25, mayb more.
AK_Francis ( Date: 02-Jun-2009 15:33) Posted:
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Will u sell now?
Will u sell at 6.25?