Day 2 after 40-c offer: There is a big buying block of 35 m shares at 40.5 cents worth about $12 m. Effectively, this prevents the Offeror from mopping up shares ! Interpret that to mean, there will be a higher offer.... Perhaps 60 cents>>>???
The Court Appeal Hearing is over. I wonder KB will provide timely progress update on this important development. Based on past experience, the management is reticent on this legal case.
For the sake of proper and fair disclosure, I hope SGX should compel KB to do so as it matters to all Minority shareholders.
It was just announced by KB that the decisions of the Court Appeal hearing will be released on 24 March or later. This is good news as the decisions of the Court will have a bearing on the current buyout offer.
In an unusual twist of events, the Bermuda Court of Appeal Judgement will be released prior to the Offeree Circular (containing, inter alia, the IFA advice and the recommendations of the Independent Directors) from KBC.
The current Buyout exercise may be “dead in the water”. This latest development may land a potential huge victory for Minority Shareholders.
In view of the importance of the Court Appeal judgement and for the sake of transparency, the whole judgement, when in hand, should be released by KBC in SGX for the reference of its entire shareholders.
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