On 16th Nov, Pisa Pacific has proposed a delisting notice.
Offer price is S$0.44 ( Exit offer )
Conditions :
1) EGM to approve delisting proposal
2) At least 75% of nominal value of shares voted for the proposal
3) Delisting is not voted against by 10% of nominal value of shares.
Recommendations:
1) As this counter is highly illiquid, i would advice shareholders to accept the proposal.
2) Pisa SPA has 89.80 % stake in the company, therefore it is highly unlikely that more than 10% of shareholder will vote against the proposal.
3) Upon EGM, Pisa SPA will vote for the proposal as it was them who proposed the delisting offer. Condition 1 & 2 will go through, leaving remaining shareholder to vote for condition 3.
Current price of PISA PAC is $0.42, exit offer represent a 2cts profit or 2/42 = 4.76% return.
The exit offer is expected to be completed by June 08. Therefore annualise return is 19%
Offer price is S$0.44 ( Exit offer )
Conditions :
1) EGM to approve delisting proposal
2) At least 75% of nominal value of shares voted for the proposal
3) Delisting is not voted against by 10% of nominal value of shares.
Recommendations:
1) As this counter is highly illiquid, i would advice shareholders to accept the proposal.
2) Pisa SPA has 89.80 % stake in the company, therefore it is highly unlikely that more than 10% of shareholder will vote against the proposal.
3) Upon EGM, Pisa SPA will vote for the proposal as it was them who proposed the delisting offer. Condition 1 & 2 will go through, leaving remaining shareholder to vote for condition 3.
Current price of PISA PAC is $0.42, exit offer represent a 2cts profit or 2/42 = 4.76% return.
The exit offer is expected to be completed by June 08. Therefore annualise return is 19%
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