The Board of Directors (the “Board”) of Dukang Distillers Holdings Limited (the “Company” and
together with its subsidiaries “the Group”) refers to the article “
回
A
股
杜康擬海外退市
” (Return to “A”
Shares, suspects Dukang to delist overseas*) published in Taiwanese Press, Commercial Times, on
26 November 2012 (the “Article”). A copy of the Article is attached.
In the Article, it was reported that the Company which has the intention to withdraw its listings from
both the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the Taiwan Stock Exchange
Corporation (“TSE”) is contemplating, among other factors, the option to list its shares on the
Shanghai Stock Exchange in view of its low market liquidity and constraints in fund raising options in
both Singapore and Taiwan.
The Board wishes to clarify that such reports are baseless and unsubstantiated. The Company has so
far no plans to delist from SGX-ST, withdraw the listing of its Trade Depository Receipts from TSE or
list on the Shanghai Stock Exchange.

thank you for the information & the interesting links.... but me dont think they will delist. and what's the connection with synear boss anyway. ?

Morning Forummers,

I would be travelling up to mainland China with a few good buddies to visit 4 companies, 3 listed in SG and 1 listed in HK.

Weather will be chilling and I think we will drink some baijiu.

Tell you more if I come across anything interesting.

For now, it is reading up their ipo prospectus and annual reports for more better understanding.

Low valuation alone is not a strong reason for us to predict that a company will be privatised. Otherwise, we might as well expect that 95% of S-chips will be privatised since they are at very low valuation.  Eratat Lifestyle is 1.5X PE, strong cashflow, net cash, cash is way above stockprice,etc. Will it privatise? I don't think any privatisation attempt will succeed unless its offer price is at least at cash level of 16 cents compared to stockprice now of 9.5 cents. Even at cash level, the indept financial adviser will get shot if it recommends that minorities accept the offer. How can? Financially speaking, how can no value be ascribed to the business itself and the brand? So can Eratat offer 20 cents ? Who exactly is Eratat? Is the chairman! The chairman currently owns under 30%. Where is he goingg to get the $ to buy up the remaining 70%? Lots of questions, no easy answers. 

Tis is interesting. thank you but may I ask: is Synear boss invested in Dukang? I don't see his name on the top list. How can he be the one pushing for privatisation (even if the PE is real cheap)?

With the profit from Synear, I will be looking for an apartment in District 9,10 and 11 to buy for investment purposes.

The profit should be more than enough to pay for the first 20% of the loan, while the rental income will pay off the monthly mortgage.

This is the first time that I will be buying 2 properties in a year. Phew, what a year.

Dear Forummers,

You cannot blame the management.

Singapore investors gave them low PE, so they decide to go away.

It is similar to you being offered a better pay package elsewhere. Will you go? Will you have loyalty to your existing employer?

I have disposed of my holdings in Synear which I bought at a much cheaper price. I was hoping for a better return but given the shorter time frame, I have no complaints. The capital can be used for other investments while I put the profit into properties.

I have been promoting this stock since it was 12 cents. But nobody cares. Everybody just want to make the easy money.

Take care my friends.

After the GO offer goes away, I suspect the profit of this Company will continue to decline.

Well said by retired@52 from Valuebuddies.com:


Synear Food was listed on 18th Aug 2006 at $0.54 and went all the way up to $2.48 on 2nd Oct 2007.

I bought her shares over the years for its fundamental looked great.

I also believed that her food products had great potential for the large Chinese population.

But now they are offering to delist at $0.186 (BIG LOST for me).

I’m definitely going to vote against the delisting and hope that many minority shareholders do likewise.

I voted against the Offer by ST Engineering to delist NeraTel at $0.45 in June 2012 and I’m glad the minority shareholders had won.

ST Engineering failed to delist NeraTel at $0.45 and we later received a Dividend of $0.04 on 3rd Aug 2012 and its share price now stands at $0.530 as on 17th Oct 2012.

It's being sustained -- the buy Q is 18.7 cents, just above the Exit Offer price of 18.6 cents.

Greenwood is the one at work, collecting shares with the aim to prevent a delisting at such a cheap price.

As you may know, the Offeror (ie the boss of Synear & his people) cannot Q at anything above 18.6 cents, the Offer price. They will be out of the game by next week, KO-ed by Greenwood.

Sharing a solid posting by my friend 'behappyalways' @ Valuebuddies.com

There was a delisting by Full Apex a few years back. The delisting was prevented and what the mgmt did after that was to sold off part of the biz to 'uninterested parties' and stop dividend (no dividend for 'misbehaving'?) The delisting price was 0.18 if i remember correctly....now after a few years, with no dividend, share price is 0.10. If I remember correctly, it resulted in a legal suit between the mgmt and a US fund which owns a significant stake...around 10%....(1st part of the story is quite similar to Synear now.....how about 2nd part? It's anyone guess ).The biz sold is now sold back to the company due to the legal suit.....quite messy and I did not update on the company so those interested can dig on the company. I think they hold their AGM outside Singapore too so for a minority shareholder it is 'expensive' if you do not own a lot of shares and had to fly overseas to question the mgmt during AGM.

Minority shareholders got F big time......whether delisting succeeds or not...the mgmt can decide not to distribute dividend from then on......in order to 'preserve' cash for future business operation.....while they continue to get paid....

For delisted company like General Magnetics, minority shareholders also got F big time but then as a consolation, they can still see that the main asset which is the building is still around and they can still interact with the mgmt during the AGM held in Singapore while for those foreign companies, you need to depend much more on goodwill on the mgmt that their assets are not sold while they are still recorded on book. For a country which 'eliminates' religion during the cultural revolution and getting rich is glorious......this goodwill is 'fleeting'......

To get to 10%, Greenwood needs another S$13.5 million to buy at 18.8 cents. Effectively, it will kill the privatisation offer. However, it is not nec for Greenwood to reach 10% because there are enough smart shareholders around who will vote against the Offer.

It's Day 3 and Synear's Offeror really are out of the game. Managed to get only 150,000 shares all at 18.6 cents. Total  holding now is a pathetic  57.74%. How to reach 90% when the BB  is queuing to buy at 18.8 cents ?

This BB Greenwood is going to hit past 10% by next week, I think, and then it's Game Over for Synear Offeror.

Ladies & gentlemen, the BB's identity is now revealed : Greenwoods Asset Management Limited.

It has just crossed over the 5% threshold and become a SS. It is obvious to me that Greenwoods is going to mop up a lot of shares in the days & weeks ahead  in order to effectively kill the privatisation offer.

(Greenwoods Asset Management is an investment management company specializing in managing investments into mainland China companies.)

The stock is at 18.8 - 18.9 cents. Of course, it is a strong sign the privatisation attempt will fail. Some BBs are indeed pissed off with the 18.6 cent offer and are simply collecting at above 18.6 cents, preventing the Offeror from accumulating beyond their current weak position of 57%.

The Offeror cannot buy at anything above 18.6 cents, in case u dont know the rule.