6 Comments

thanks for the article but I need to make a very important correction. Even if you vote No, the Exit Offer will be open for a period of 14 days once all Exit Offer conditions have been fulfilled, for ALL shareholders (even those who vote no) to accept the terms. see pages 13-14 here: http://investor.gear.com.sg/newsroom/20221109_021819_AUE_B599T1IV2BCR696W.1.pdf

In other words, the barrier to voting no here is really much lower than you portray. this is quite a crucial point given the amount of value being extracted here. even if you vote No to try to block the deal - as I obviously am, on these heinous terms - you can still take the Exit Offer in the end if it ends up getting voted through.

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How do you hedge against the possibility of IDR weakening further against SGD in the interim

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Thank you for this article. I have no faith in the Activist community of investors in Singapore and as you said - there is a deep fear of getting to hold an illiquid private company. The offer terms are daylight robbery and I hope the IFA will assess independently. It wld be great if there are arb funds keen to take a chunk of this and hopefully they come around to acquiring this.

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