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Lets assume Itochu agree to sell their stake away and Glencore wants to delist, will the minority shareholders be forced to sell by CDP (or whoever is the authority party) to Glencore at 35.5cents? How does it work?
What happen to those minority shareholders now who didn't sell their shares to Petrochina during the takeover since it has been delisted?
Hi, grandmaster89.
Thank you for your clear and sharp analysis fo he chemoil issue.
True, small fish like us has no say and can only wait for the giant to decide...
Let see how thing will turn up.
Hi LongSM,
There are only 2 options left for Chemoil - go private with Glencore or remain listed with Glencore as controlling shareholder.
Every minority shareholder will wished the second option would come true as it would place your company in the arms of the largest supply chain manager in the world with revenues exceeding US$150BILLION. Such a relationship will bring the value out of Chemoil's assets hence benefiting all shareholders.
But just like the PRC who bought SPC recently, I doubt Glencore is interested in the SGX listing but rather chemoil's asset. By privatizing it, Glencore can easily strip or restructure chemoil into Glencore business without needing to report to sgx about it ! Their compulsory share buy back suggests that they are interested in taking it private.
Minority shareholder got to hope that the Jap fund would reject the offer and lead a counter-attack. But somehow I doubt they will do that as there are little parties will to offer such a sum of money to buy Chemoil in the current climate, Who knows what carrots Glencore might have offered the fund - shares? links with other companies?
Companies like Glencore didn't become huge while having a turnover equivalent to our Nation's reserves by being NICE. They are real businessman who smell blood and came in swiftly. If they have to stab the minority shareholders in the back to shave off a few million dollars, they will gladly do it. This is the business world. If you want someone to blame - the original shareholder comes into mind for selling it out at a low price!
Hi, grandmaster89.
What do you mean as " Chemoil has no chance"?
What will happen to the minority shareholder and Itochu (37.5%) holder? Will the price go down further and even lower than offer price (35.52 cents)...
please kindly enlighten. Thanks
Glencore is not a small fry. It is a huge company that is taking advantage of the economic crisis to get things cheap.
Glencore is a supply chain manager (like Noble and Olam) but a far more established player in the field. Something which both SGX coy are striving to achieve in the next decade.
Glencore -
Revenue: US$152bil
Net Profit: US$4.74bil
Equity: US$15.4bil
Its a giant company. Chemoil has no chance! It can eat SGX for breakfast also haha!!!
looking at the things going on will it still be good to take up some at this moment? biz seems to be not doing so well anymore. seems like going to test 200ma next week. any supporters for this stock?
Nobody will step in la...they hv nothing to lose from this one...afterall the 50.8% was sold at the offer price.. the issues here are whether Glencore really wants to take this private and what is Itochu's response. Nothing has been announced...quite an interesting saga to watch and lessons to learn.
We need MAS , SIAS and SGX !! pls step in ASAP !!
greendino ( Date: 16-Dec-2009 15:16) Posted:
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Yea I agree with pharoah88 . This is massive fraud..cornering minority shareholders to sell at discount. I guess it's just the Chandran Trust short-changing all the shareholders who have been holding on with the company even with all its recent profit warnings. we need SIAS !!!
Hey ! SGX ... is time for you to review take over rules now !! How can offer under water price and create a false panic selling ??
Comrade, well said, right to d point where d small retailers would appreciate.
AK hold ds stock before but dump it when Robert Chandran got killed in air accident next day.
For this instance, jangan tension, as Itochu, a Japanese coy also holding 37.5% stake. Janpanese is not stupid n they cash rich. This under water offer dun attract them. And market analyst also claimed that Itochu will not sell theirs to benefit d Swiss, ZaoBao said.
Though SGX rule stated that if any coy stake more than 30%, they can offer buying back d remaining shares. However, only they hv more than 90% stake, then they can execute an mandatory acquiring of d remaing shares fr all share holders. A typical example is d last SPC episode, AK also kena, though make some kopi money. D latest failure of such acquisition was d tug-of-war between UOL n Philippine tycoon fighting over UIC, if not mistaken.
Cheers, tomorrow still a bright day for d small retailers. Cheers.
pharoah88 ( Date: 16-Dec-2009 10:59) Posted:
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This is the Critical Crossroad.
Glencore is doing what Maxis did years ago.
This tactic is known as the SHORTING THE MINORITY SHAREHOLDERS.
SELL the price down and Accumulate the shares a lower and lower prices.
And make a General Offer below market price to SHOCK the Minority Shareholders into a SELL mode.
It is an equivalent of MASSIVE SHORTING the counter which is Technically Illegal in Singapore.
As bank financing is cheap, they hope to buy up all the shares and RELIST at HUGE PROFITS years later.
MAXIS was recently RE-LISTED at a MULTIPLIE of its DELISTED PRICE.
EXISTING SHAREHOLDERS must refer to the MAXIS CASE to gain the CONFIDENCE to fend OFF this attack.
There is NO NEED for Minority Shareholders to be CORNERED into SELLING at a LOSS.
HOLD ON to your Shares as CHEMOIL is a Good Counter with Prosperous Future on the RECOVERY PATH.
All Minority Shareholders MUST STAND UP TOGETHER to REJECT the underWATER OFFER.
WHERE on earth there is such thing as SELLING below Market Price?
Even the CK TANG Initial Offer was REVISED UPWARD TWICE.
The SGX must rectify such UNfair pratice to PROTECT the MINORITY SHAREHOLDERS.
This is SHORTING THE MINORITY which is UNFair.
No succession planning - a classic example. However, it can be a good time to pick up this stock.
nokia2iphone ( Date: 16-Dec-2009 10:21) Posted:
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I feel Glencore will add value to Chemoil. Doubt Glencore will allow the share price to drop further.
soloman ( Date: 16-Dec-2009 09:45) Posted:
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WHAT A SHAME ........................
wah short the bugger man! What can i say..Robert Chandran's family basically destroyed the value he's built into Chemoil...
good for u..i unloaded some too..fertilisers fare better
Ouch... Lucky I unloaded at 0.535
Is chemoil going down crashing to 35cts? what a blah offer for its shareholders....POS...what value are they creating for the shareholders???
Went up today, closed at 55.5.