Shares of Gul Technologies Singapore Ltd jumped 18.8 percent yesterday ......to a five-year high, after it said a party may be exploring the possibility of making an offer for the electronics manufacturing company.
Good sense has prevailed among minority shareholders by refusing to accept a cheapskate offer.
Official announcement says: Accordingly, as at 5.30 p.m. on 14 September 2012, the total number of (a) Shares owned, controlled or agreed to be acquired by the Offeror and its Concert Parties, and (b) Shares comprised in valid acceptances to the Offer, amount to an aggregate of 1,680,862,338 Offer Shares, representing approximately 77.62% of the total number of issued Shares."
77.62% only!
Take away the 62.44% owned by the Offeror and its concert parties, and you get 15.18% of shares owned by minorities which accepted the offer. If only the Offeror had offered a more decent figure like 20 cents!!!
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[Nightfall 31-08-2012]:
The k1 Venture privatisation attempt is all but certain to fail, based on the pathetically low 76.09% acceptance level at this point. They are struggling to notch it up.
The final final deadline arrives on Sept 14, and the offer will fail if it garners less than 90% acceptance.
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