F&N?

[xmen_2003]

Hi, Can anybody kindly give advice for F& N minority investor who is still vested. What will probably happen to F& N share price? Will it drop down heavily?

 

[knightdreamer]

Hi, Can anybody kindly give advice for F& N minority investor who is still vested. What will probably happen to F& N share price? Will it drop down heavily?

Haha just about to post and ask who vested.

F & N going to start trading on Monday 22 April 2013 after 3 months of trading halt. Wondering how would it affect the price?

 

[chensing]

<10% in public hands and this minority is unlikley to sell otherwise they would have sold earlier,than wait till now,a good chance for major shareholder to push higher than place out to ensure the public float remain intact adn F&N remain listed..the Thai guy may not want to take losses since he last offered about $9.55(net of dividend is $1.43)

My personal opinion only..I may be wrong

 

[lzydata]

If they are determined to keep F&N listed - and it looks like they are - I believe the price will not do well long-term. Anyone who is still holding on to F&N or anyone who is considering buying F&N knows that he/she is definitely going to remain a (very small) minority shareholder, and they cannot even sell to the majority shareholder because he cannot exceed a 90% shareholding. So why insist on keeping it listed, especially when ThaiBev already has a listing here?

 

[Departure81]

Sure drop. Cause they have more than 90%. To keep F&N listed they need the public float to be more than 10%. So they either need to sell shares or do issue. Either way, the price will drop.

 

[chensing]

With about 90%,the Thai guy unlikley to sell in open mkt..may push higher since no seller other than the minority sellers left price,may remain unchanged,but I think they may try to push up then do a pte placement...they hve up to Juky to do so

 

[Paul Lee]

It's not a straightforward exercise for F&N. Its not just restoring the 10% float. There is a requirement for the 10% to be in the hands of 500 public shareholders. Of cos if the current number of minority exceed that number, then this become a non-issue.

But share placement to institutional investors may also not be straightforward; unless TCC clarify their strategic intent and the corporate direction for F&N. What is it going to do with its property and food business? Will it dispose of the food business and concentrate on property? Will ThaiBev assets be injected into F&N? Will TCC's properties assets be injected into F&N?

Until all these questions are answered and clarified, its unlikely that instructional investors will buy into F&N - especially at the price TCC paid for. Dun forget that F&N no longer has its lucrative beer business. Would you pay $9.55 for a F&N without APB?

So I think its very likely it would drop below $9. (Not vested)

 

[Dividends Warrior]

Such a messy takeover......

 

[Carnage]

I thought ThaiBev valued F&N at $9.55 / share post APB sale.

That's was what the FA advised the board initially as well.

 

[koxinga]

Sell down!

 

[supertanweekiat]

Once the pride of our nation...that bugger must sell everything away...

 

[Some-one]

I thought ThaiBev valued F&N at $9.55 / share post APB sale.

That's was what the FA advised the board initially as well.

The price that FA advised would be different from what the market prices it. Do you believe more in the Mr. Market or the FA?

 

[Garlic & Butter]

is the Thai selling his own shares into the open market?

think everyone must think he's such a fool to offer $9.55 and now its worth less than $8

 

[tangoraven]

$9.55 includes the value of control, now that he has control, the remaining 10%-ish shares are not worth as much as those shares does not grant control.

Case in point, he can appoint his own people as key executives of F&N and pay them obscene salaries, say $5-10m each, but regular shareholders can't.

 

[supertanweekiat]

With F&N Situation. Would they pay out dividend??

 

[nicky3931]

With F&N Situation. Would they pay out dividend??

Sell now and you get your dividend.

 

[koxinga]

I look at it from a fair value perspective of how much is F&N worth, regardless of what that Siam Kia paid for.

JP Morgan and F&N's independent directors said anything between $8.80 - $11.22[1]. Based on existing data[2], the PE is 3 while it is trading below book value.

Anyway, decided to go long on F&N on the above 2 factors.

Ref
[1]http://www.asiaone.com/print/A1Business/News/Story/A1Story20121220-390674.html
[2]http://sg.finance.yahoo.com/q/ks?s=F99.SI

 

[Leftie]

1st time posting in money mind thread.

How come fnn is "re-listed" back again?
Is it just for existing holders to sell their holdings, otherwise become toilet paper or is it back for good?

Thought taken over by thbev and float less than 10%?

 

[koxinga]

1st time posting in money mind thread.

How come fnn is "re-listed" back again?
Is it just for existing holders to sell their holdings, otherwise become toilet paper or is it back for good?

Thought taken over by thbev and float less than 10%?

It is not 'relisted'. F&N was halted due to the GO. With TCC saying they want F&N to continue to be traded, SGX has agreed and gave them until 19 July to restore the 10% float.

And no, regardless of the price which F&N is being traded at, it is not going to be toilet paper. NAV is around $8.7, and a huge chunk is cash (remember, they sold APB to Heineken at USD 4.6 billion).

I definitely interested to buy your toilet paper.

 

[supertanweekiat]

One more question...with new boss...are they liable to pay out dividend?