SC Global

Re: SC Global

Postby winston » Thu Jan 10, 2013 8:24 pm

Vested

Yes, that could be one scenario, although a very "dangerous" one.

What happens if Simon Cheong does not accept Wheelock's offer, after the company has been delisted ?

If Wheelock is really interested in the company, then they should bid for it before the expiry of the GO. That would also prevent Simon Cheong from delisting the company.

And would Simon Cheong be really in an advantageous position, if the company is delisted but not privatized ?

This exercise has already cost him around Sin$68m till date. If the company is really delisted, how would the banks be valuing his shares, say for any borrowing, financing, margin calls etc ?
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Re: SC Global

Postby winston » Thu Jan 10, 2013 8:42 pm

Vested

Simon Cheong obtained about 2m shares today.

Wheelock bought 2.3m shares out of 6.7m shares traded.

Who are the buyers of the other 4.4m shares today ? Why would you be buying when there's a high risk that the company will be delisted ?

I keep on asking this question because I'm definitely missing something ...
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Re: SC Global

Postby tonylim » Thu Jan 10, 2013 8:56 pm

One of the reasons we can explain is those who bought were betting wheelock would counter offer SC for his stake and take control.
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Re: SC Global

Postby winston » Thu Jan 10, 2013 9:59 pm

Vested

So why would you be buying today, so late in the game, with a very high risk of delisting and with Simon Cheong's Final Offer on the table ( ie. no change in price, no change in date etc. ) ?

I would bet that the majority of the 4.4m Non-Wheelock shares that are traded today, do know what they are doing ...
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Re: SC Global

Postby winston » Fri Jan 11, 2013 5:15 am

vested

SC Global bids for sales extension at The Marq
Jan 10, 2013

by Cheryl Tay:

SC Global Developments has revealed that it needs to fork out S$5.5 million to obtain a six-month extension to sell all units at The Marq on Paterson Hill (pictured).

In a statement, the developer said it has received a letter from the Singapore Land Authority (SLA) indicating that it should pay the said amount to continue sales beyond the normally permitted seven years.

SLA indicated that in principle, the Controller of Residential Property is prepared to approve the limited qualifying certificate extension if SC Global pays the S$5.5 million by 1 February, reported The Straits Times.

As provided in the Residential Property Act, a qualifying certificate to buy residential property for development should be obtained by developers if their shareholders and directors are not all Singaporeans.

This certificate gives developers up to five years to develop the project and two years to sell the units. If this deadline is not met, developers may face a pro-rated extension charge, depending on the number of unsold units.

Currently, 34 of the 66 units at The Marq are still unsold.

Meanwhile, SC Global did not comment on other qualifying certificate charges that it may have to pay.

http://www.propertyguru.com.sg/property ... t-the-marq
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Re: SC Global

Postby winston » Sat Jan 12, 2013 10:27 am

Vested

6.5m shares traded on Friday.

How many did Wheelock buy ? No annnouncement from them yet. Normally, they are very punctual in reporting such numbers.
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Re: SC Global

Postby ngcheeki » Sat Jan 12, 2013 11:17 am

winston wrote:Vested

6.5m shares traded on Friday.

How many did Wheelock buy ? No annnouncement from them yet. Normally, they are very punctual in reporting such numbers.


Based on the following "Public Float annoucement", Wheelock does not seem to buy any shares since there share holdings of SC Global remains at 17.9%

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

Vested in Wheelock but not SC Global
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Re: SC Global

Postby winston » Mon Jan 14, 2013 5:11 pm

Investment Actions?

We recommend shareholders to either accept the current offer at $1.80 per share or sell shares in the open market if a higher price could be achieved after deducting the relevant transaction costs.

http://www.remisiers.org/cms_images/res ... 130114.pdf
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Re: SC Global

Postby winston » Mon Jan 14, 2013 6:03 pm

TOL:-

I still dont understand why Simon Cheong had to come out with a statement that his offer was final.

What was he trying to achieve ? And what did he actually achieved ?

Do you really think that Wheelock can be "motivated" by such a statement ?

If I've not mistaken, the "final offer" statement, drove the price down from Sin$1.90 to Sin$1.81.

So if you lost money because of that statement, dont feel too bad. Simon Cheong himself has lost more than Sin$20m from that statement.

So what did he achieved by blowing away Sin$20m of his own money ?
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Re: SC Global

Postby winston » Tue Jan 15, 2013 5:22 am

It is interesting to note Simon Cheong’s open market purchase of 4.837 mln shares at $1.80 (73% of total 6.582 mln shares traded between $1.80 and $1.805 on Friday) while Wheelock Prop did not pick up any shares after its last purchase of 2.282 mln shares on Thursday at $1.805 each.

We expect SC to extend the closing date from the current Wednesday Jan 16th.
Winston's Comments: Isn't the offer final and cannot be changed ?

Source: Lim & Tan
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