World Precision Machinery

At this juncture, do you believe the US side will honour the take-over? Some food for thoughts?

Oct 28 analyst report: Summary: Following the pre-conditional voluntary cash offer by China Holdings Acquisition Corp (CHAC) in July 2008, Bright World (BWPM) had announced that the CHAC has entered into a deed amending the Deed of Undertaking with its major shareholders, namely BWPM\'s non-executive chairman Mr Wang Wei Yao and CEO Mr Shao Jian Jun, to change the terms of the major shareholders\' investment in CHAC and their entitlement to receive additional new CHAC shares. The offer terms, on the other hand, remained unchanged; the offer price shall be S$0.70 in the event that CHAC receives acceptances less than 90% of the issued share capital of BWPM; and S$0.75 if it obtains acceptances equal to or over 90% of the shares. We view this development as an important milestone to the deal, as it signifies CHAC\'s continued interest in the group despite the uncertain global economic conditions. With the market volatility weighing down on its share price lately, the offer price now represents an upside potential of 154.6 - 172.7%. As such, we retain our BUY rating on BWPM, but as the volatility is likely to increase the beta of the stock, we now put our DCF-based fair value under review until its 3Q08 results are due in the coming weeks. (Kevin Tan)

oh-oh, the outlook looks different now. (XFN-ASIA) - Lim & Tan Securities said Singapore-listed Bright > World Precision Machinery faces another hurdle for its takeover by > CHAC after being notified about a possible breach in disclosure rules > by the Monetary Authority of Singapore. > The brokerage said in a note that the chances of the takeover by > the US-listed special purpose acquisition vehicle have slimmed with > Bright World\'s share price tumbling since the offer was made in July. > Since that time the economy has soured and the level of uncertainty > has risen as a result of possible regulatory action. > Yesterday, the stamping machine maker said it received a letter > from MAS about a possible breach of disclosure rules. It said it was > cooperating with the investigation but gave no more information. > In July, CHAC made an offer for Bright World that valued the > company between 0.70 sgd and 0.75 sgd a share, but the company\'s stock > has since plunged to around 0.255 sgd. > The new share price values the company at less than 110 mln usd, > well short of the minimum potential offer prices of 395 mln sgd. > \"The market\'s verdict on the potential takeover offer is slanted > towards the negative side, especially with the stock trading at such a > huge discount to the potential takeover prices,\" Lim & Tan said in a > note to clients. > It said the market\'s skepticism also likely indicates that some > of the terms of the deal are unlikely to be met, including approval by > a majority of CHAC shareholders, less than 33.3 pct of CHAC\'s public > shareholders redeeming their shares for cash, net profit for the first > half, nine months and full year net profit not falling 10 pct from a > year earlier. > Bright World\'s net profit grew 19 pct from a year earlier in > first nine months and it will have to make at least 16.9 mln yuan in > the fourth quarter to meet the last condition. It made a 35 mln yuan > net profit in the third quarter. Its fourth quarter net profit last > year was 50 mln yuan . > Shares of Bright World were down 0.020 sgd or 7.3 pct at 0.255 > sgd in thin afternoon trade. > (1 usd = 1.52 sgd, 6.83 yuan) > shburo@xfn.com[1] >

The truth will be known in 3 months\' time :laugh:

the comment by the board gives some confidence that the takeover offer is for real.... right? The Board of Directors (the \"Board\") of Bright World Precision Machinery Limited (the \"Company\") refers to (i) the takeover offer made by China Holdings Acquisition Corporation (“CHAC”) as announced by the Company on 22 July 2008 and 28 October 2008 (the \"Takeover Offer\"), and (ii) the newspaper article \"Transparency Is Key\" that was published in the TODAY newspaper on 1 December 2008 (the “Article”). It was stated in the Article that there was “speculation that the Takeover Offer might fall through.’ In this regard, the Board wishes to announce that the only information that the Company has received from CHAC in relation to the Takeover Offer are comprised in the offer announcement made by CHAC on 21 July 2008 (“Offer Announcement”) and the supplemental announcement made by CHAC on 24 October 2008 in relation to the Takeover Offer (“Supplemental Offer Announcement”). Accordingly, the Company does not currently possess and is not aware of any information that would give it reason to believe that the investigation of the Company by the MAS (as announced on 25 November 2008) would adversely affect the Takeover Offer. The Directors of the Company (including those who have delegated detailed supervision of this announcement) have taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate and that no material facts have been omitted from this announcement, and they jointly and severally accept responsibility accordingly. Where any information has been extracted from published or otherwise publicly available sources (including the Offer Announcement and the Supplemental Offer Announcement), the sole responsibility of the Directors of the Company has been to ensure through reasonable enquiries that such information has been accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this announcement. BY ORDER OF THE BOARD Oh Eng Bin/Teo Yi Jing Company Secretaries 2 December 2008

er... old rice re-cooked again. What is new? I bet you that the board of directors knows as much as you and me. Have the board actually met up with the US party before???? What do you think?? :woohoo: :woohoo: