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If one look at Kim Eng's financial report u may wonder why they are paying so much for expenses. $157 million for :
a) Higher commission and trade expenses due to increase trading volumes.
b) Higher employee benefits & bonuses
c) Higher finance cost due to increased borrowings
With a cash of about $1billion, why increased borrowing ? why so much for employee benefits
Looks no future for share holders ???????????
anyone care to share your analysis?
why the share price is not at 2.70?
then 20% or 30% or even 100%
Japanese are odd people but do not expect them to offer to buy 13%. They dont like 13.
Each Relevant Shareholder will be entitled to accept the Partial
Offer in respect of Eleven per cent. (11%) of the Relevant Shares
(for example, 110 Shares for every 1,000 Shares) held by him as at
the Record Date, fractional entitlements to be disregarded (the
?Relevant Percentage Offer Shares?). A Relevant Shareholder
may accept the Partial Offer in respect of all or any part of his
Relevant Percentage Offer Shares.
Each Relevant Shareholder may, in addition, tender Shares
that are in excess of the number of his Relevant Percentage
Offer Shares (the ?Excess Shares?) for acceptance under the
Partial Offer in the event that any one or more Relevant
Shareholders do not accept their full entitlement of their
respective Relevant Percentage Offer Shares.
Offer in respect of Eleven per cent. (11%) of the Relevant Shares
(for example, 110 Shares for every 1,000 Shares) held by him as at
the Record Date, fractional entitlements to be disregarded (the
?Relevant Percentage Offer Shares?). A Relevant Shareholder
may accept the Partial Offer in respect of all or any part of his
Relevant Percentage Offer Shares.
Each Relevant Shareholder may, in addition, tender Shares
that are in excess of the number of his Relevant Percentage
Offer Shares (the ?Excess Shares?) for acceptance under the
Partial Offer in the event that any one or more Relevant
Shareholders do not accept their full entitlement of their
respective Relevant Percentage Offer Shares.
interesting. why not offer for all shares?
oh... so partial offer also to us just that only want 11% of our shares only.
Waht if i got 10 lots and 11% means 1100 shares. Isn't that cause me to have 8900 shares? how to trade after that?
0402 GMT [Dow Jones] Kim Eng (K50.SG) up sharply on news Mitsubishi UFJ Financial Group (8306.TO) to make offer to raise its stake; shares last +10.4% at S$2.23 but off earlier session high of S$2.42. Mitsubishi seeking to buy 11% of shares outstanding at S$2.70/share; currently has 4% stake, if bid succeeds stake will increase to 15%. Offer made to all shareholders, allowing each shareholder to sell 11% of their holding at S$2.70. Offer looks attractively priced at modest premium to 52-week high of S$2.46; allows investors to lock in profit on part of their holding, suggests acquirer thinks there''s value in company. Shares likely to be supported by offer near term; but order book suggests stock may settle back to around S$2.20. (KIG
......not for shareholders....hmmm......thats why price came down again
Why are people pushing the price so high so fast if the partial offer of $2.7 not for retail investors?
Kim Eng is recommending a final cash dividend, tax-exempt, of eight (8) cents per share. This will be payable on May 2008. Just FYI only.
The partial offer of $2.7 is not for us right?
its just a deal between Kim Eng and Mitsubishi UFJ Securities?
1. INTRODUCTION
Morgan Stanley Asia (Singapore) Pte. and Mitsubishi UFJ Securities (Singapore), Limited wish to
announce, for and on behalf of Mitsubishi UFJ Securities Co., Ltd. (the ?Offeror? or ?MUS?), a
wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (?MUFG?), that the Offeror will
make a voluntary conditional cash partial offer for Eleven per cent. (11%) of issued ordinary shares
(the ?Shares?) in the share capital of Kim Eng Holdings Limited (the ?Offeree?), other than those
held in treasury and those already owned, controlled or agreed to be acquired by the Offeror or
any party acting in concert with it (the ?Partial Offer?).
2. THE PARTIAL OFFER TERMS
2.1 The Offeror will make the Partial Offer in accordance with Rule 16.2 of the Singapore Code on
Take-overs and Mergers (the ?Code?), on the following basis:
(i) Partial Offer Price : S$2.70 in cash.
KIM ENG
MUFG
Mitsubishi UFJ Securities
MUFG
Mitsubishi UFJ Securities (Singapore)
1
(ii) Offer Shares : The Partial Offer will be extended to all shareholders of the Offeree
(other than the Offeror and parties acting in concert with it) (the
?Relevant Shareholders?) on the record date to be determined,
which will fall on the 14th day before the first closing date of the
Partial Offer (or if such day falls on a non-business day, on the
immediately following business day) (the ?Record Date?).
The Offer Shares comprise 61,558,194 Shares (the ?Offer
Shares?), representing Eleven per cent. (11%) of 559,619,954
Shares (the ?Relevant Shares?), being the 600,082,954 Shares in
issue, less the 16,671,000 Shares held in treasury and the
23,792,000 Shares already owned, controlled or agreed to be
acquired by the Offeror or its concert parties as at the date of this
Announcement.
Each Relevant Shareholder will be entitled to accept the Partial
Offer in respect of Eleven per cent. (11%) of the Relevant Shares
(for example, 110 Shares for every 1,000 Shares) held by him as at
the Record Date, fractional entitlements to be disregarded (the
?Relevant Percentage Offer Shares?). A Relevant Shareholder
may accept the Partial Offer in respect of all or any part of his
Relevant Percentage Offer Shares.
Each Relevant Shareholder may, in addition, tender Shares
that are in excess of the number of his Relevant Percentage
Offer Shares (the ?Excess Shares?) for acceptance under the
Partial Offer in the event that any one or more Relevant
Shareholders do not accept their full entitlement of their
respective Relevant Percentage Offer Shares.
Under the terms of the Partial Offer, the Offeror is permitted to
acquire only the Offer Shares and is not permitted to acquire any
additional Shares which may be tendered for acceptance under the
Partial Offer. Where the aggregate number of the Shares accepted
and the Excess Shares tendered by the Relevant Shareholders
exceeds the number of the Offer Shares, the Excess Shares
tendered will be accepted up to the number of Offer Shares on a
pro-rata basis (but in a manner which minimises the number of new
odd-lot shareholdings as the Offeror may in its absolute discretion
deem fit in the interest of the Offeror), provided that the Partial
Offer becomes unconditional in all respects from such acceptance.
(iii) Offeror?s Resultant : Assuming that the Partial Offer is successful, the aggregate
Shareholding shareholding of the Offeror will amount to 85,350,194 Shares
representing approximately 14.63% of the issued share capital of
the Offeree (without taking into account the Shares held in
treasury), comprising (i) the 23,792,000 Shares already owned,
controlled or agreed to be acquired by the Offeror or its concert
parties; and (ii) the 61,558,194 Offer Shares that are accepted
and/or tendered under the Partial Offer.
Morgan Stanley Asia (Singapore) Pte. and Mitsubishi UFJ Securities (Singapore), Limited wish to
announce, for and on behalf of Mitsubishi UFJ Securities Co., Ltd. (the ?Offeror? or ?MUS?), a
wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (?MUFG?), that the Offeror will
make a voluntary conditional cash partial offer for Eleven per cent. (11%) of issued ordinary shares
(the ?Shares?) in the share capital of Kim Eng Holdings Limited (the ?Offeree?), other than those
held in treasury and those already owned, controlled or agreed to be acquired by the Offeror or
any party acting in concert with it (the ?Partial Offer?).
2. THE PARTIAL OFFER TERMS
2.1 The Offeror will make the Partial Offer in accordance with Rule 16.2 of the Singapore Code on
Take-overs and Mergers (the ?Code?), on the following basis:
(i) Partial Offer Price : S$2.70 in cash.
KIM ENG
MUFG
Mitsubishi UFJ Securities
MUFG
Mitsubishi UFJ Securities (Singapore)
1
(ii) Offer Shares : The Partial Offer will be extended to all shareholders of the Offeree
(other than the Offeror and parties acting in concert with it) (the
?Relevant Shareholders?) on the record date to be determined,
which will fall on the 14th day before the first closing date of the
Partial Offer (or if such day falls on a non-business day, on the
immediately following business day) (the ?Record Date?).
The Offer Shares comprise 61,558,194 Shares (the ?Offer
Shares?), representing Eleven per cent. (11%) of 559,619,954
Shares (the ?Relevant Shares?), being the 600,082,954 Shares in
issue, less the 16,671,000 Shares held in treasury and the
23,792,000 Shares already owned, controlled or agreed to be
acquired by the Offeror or its concert parties as at the date of this
Announcement.
Each Relevant Shareholder will be entitled to accept the Partial
Offer in respect of Eleven per cent. (11%) of the Relevant Shares
(for example, 110 Shares for every 1,000 Shares) held by him as at
the Record Date, fractional entitlements to be disregarded (the
?Relevant Percentage Offer Shares?). A Relevant Shareholder
may accept the Partial Offer in respect of all or any part of his
Relevant Percentage Offer Shares.
Each Relevant Shareholder may, in addition, tender Shares
that are in excess of the number of his Relevant Percentage
Offer Shares (the ?Excess Shares?) for acceptance under the
Partial Offer in the event that any one or more Relevant
Shareholders do not accept their full entitlement of their
respective Relevant Percentage Offer Shares.
Under the terms of the Partial Offer, the Offeror is permitted to
acquire only the Offer Shares and is not permitted to acquire any
additional Shares which may be tendered for acceptance under the
Partial Offer. Where the aggregate number of the Shares accepted
and the Excess Shares tendered by the Relevant Shareholders
exceeds the number of the Offer Shares, the Excess Shares
tendered will be accepted up to the number of Offer Shares on a
pro-rata basis (but in a manner which minimises the number of new
odd-lot shareholdings as the Offeror may in its absolute discretion
deem fit in the interest of the Offeror), provided that the Partial
Offer becomes unconditional in all respects from such acceptance.
(iii) Offeror?s Resultant : Assuming that the Partial Offer is successful, the aggregate
Shareholding shareholding of the Offeror will amount to 85,350,194 Shares
representing approximately 14.63% of the issued share capital of
the Offeree (without taking into account the Shares held in
treasury), comprising (i) the 23,792,000 Shares already owned,
controlled or agreed to be acquired by the Offeror or its concert
parties; and (ii) the 61,558,194 Offer Shares that are accepted
and/or tendered under the Partial Offer.
REVIEW OF GROUP PERFORMANCE
Operating Profit & Expenses
FY 2007 vs. FY 2006
Group operating income increased by 69% to $579.6 million in 2007 as compared to $342.5
million in 2006 as a result of strong trade volumes across the region. Other gains/(losses)
has also increased by 35% to $15.5 million in 2007 due mainly to the higher gain on disposal
of available-for-sale financial assets as well as a lower foreign currency exchange loss in
2007. However, there was a net loss of $9 million (2006: net gain of $3.7 million) resulting
from the marked-to-market of financial assets held for trading.
In line with the increase in revenue, total expenses for 2007 rose 63% compared to 2006.
The increase of $157 million was mainly attributable to:
a) Higher commission and trade related expenses in line with the increase in trading
volumes;
b) Higher employee benefit costs due to an increase in bonus provision;
c) Higher finance cost due to increased borrowings; and
d) A provision for impairment of trade & other debts and available-for-sale financial
assets of $4.5 million (2006: net write-back of $5 million).
Share of associates? profit was also higher at $8.4 million (2006: $6.1 million) for the financial
year ended 31 December 2007.
The Group posted a significantly higher profit after tax of $160.9 million for 2007 which is a
47% increase compared to 2006. This was despite a write-back of deferred income tax of
$19.2 million in 2006 relating to unremitted offshore income.
Basic EPS increased 49% from 17.02 cents per share to 25.41 cents per share in 2007.
Operating Profit & Expenses
FY 2007 vs. FY 2006
Group operating income increased by 69% to $579.6 million in 2007 as compared to $342.5
million in 2006 as a result of strong trade volumes across the region. Other gains/(losses)
has also increased by 35% to $15.5 million in 2007 due mainly to the higher gain on disposal
of available-for-sale financial assets as well as a lower foreign currency exchange loss in
2007. However, there was a net loss of $9 million (2006: net gain of $3.7 million) resulting
from the marked-to-market of financial assets held for trading.
In line with the increase in revenue, total expenses for 2007 rose 63% compared to 2006.
The increase of $157 million was mainly attributable to:
a) Higher commission and trade related expenses in line with the increase in trading
volumes;
b) Higher employee benefit costs due to an increase in bonus provision;
c) Higher finance cost due to increased borrowings; and
d) A provision for impairment of trade & other debts and available-for-sale financial
assets of $4.5 million (2006: net write-back of $5 million).
Share of associates? profit was also higher at $8.4 million (2006: $6.1 million) for the financial
year ended 31 December 2007.
The Group posted a significantly higher profit after tax of $160.9 million for 2007 which is a
47% increase compared to 2006. This was despite a write-back of deferred income tax of
$19.2 million in 2006 relating to unremitted offshore income.
Basic EPS increased 49% from 17.02 cents per share to 25.41 cents per share in 2007.
DIVIDEND
(a) Current Financial Period Reported On
The directors are pleased to recommend the following Final Dividend of 8 cents per
ordinary share (tax-exempt one-tier) for the financial year ended 31 December 2007.
The payment of the Final Dividend is subject to shareholders' approval at the Annual
General Meeting to be held on 24 April 2008.
Name of Dividend Final
Dividend Type Cash
Dividend Amount per share
(in cents) 8 cents per ordinary share
Tax Rate Tax exempt (one-tier)
(b) Corresponding Period of the Immediately Preceding Financial Year
The following dividends were declared on 20 April 2007 and paid on 11 May 2007.
Name of Dividend First & Final
Dividend Type Cash
Dividend Amount per share
(in cents) 9 cents per ordinary share
Tax Rate Tax exempt (one-tier)
(c) Date payable
Subject to shareholders? approval at the Annual General Meeting to be held on 24
April 2008, the proposed Final (tax-exempt one-tier) Dividend for 2007 will be
payable on 26 May 2008.
(d) Books closure date
NOTICE IS HEREBY GIVEN that subject to the shareholders? approval of the
payment of a Final (tax-exempt one-tier) Dividend of 8 cents per ordinary share in
respect of the financial year ended 31 December 2007 at the Annual General
Meeting to be held on 24 April 2008, the Share Transfer Books and Register of
Members of Kim Eng Holdings Limited (the "Company") will be closed on 8 May 2008
for the preparation of dividend warrants.
Duly completed registrable transfers received by the Company's Share
Registrar, Tricor Barbinder Share Registration Services, 8 Cross Street #11-00,
PWC Building, Singapore 048424 up to 5.00 p.m. on 7 May 2008 will be
registered to determine shareholders' entitlements to the said proposed Final
Dividend. Members whose Securities Accounts with The Central Depository (Pte)
Limited are credited with shares at 5.00 p.m. on 7 May 2008 will be entitled to the
abovementioned proposed dividend.
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