Under this plan, Dadongfang will issue up to 473.319,069 bonus shares to all shareholders in a stock exchange manner, and shareholders can choose to receive ordinary bonus shares or Class C shares without voting rights. OCBC will choose to collect C...
Under this plan, Dadongfang will issue up to 473.319,069 bonus shares to all shareholders in a stock exchange manner, and shareholders can choose to receive ordinary bonus shares or Class C shares without voting rights. OCBC will choose to collect Class C shares and vote for the proposal to help Big East restore free circulation. If all minority shareholders choose ordinary bonus shares, the shareholding ratio of Dadongfang Public will rebound to 11.76%.
OCBC said the price of this exit offer is the final price. It has no intention of making another offer for the foreseeable future.
Dadongfang Stock has been suspended for nearly 11 months since its public shareholding ratio was less than 10% since July 15 last year. OCBC said in a statement that the delisting and exit proposal provides a "fair and reasonable" exit mechanism for small shareholders who cannot trade stocks. Independent financial advisor EY Corporate Finance also believes that the financial terms of this proposal are "fair and reasonable".
The delisting storm of Great Eastern Holdings, which has been turbulent for a long time, finally showed its dawn. OCBC (OCBC) issued a statement before the market opening on Friday (June 6) announcing that at the request of Great Oriental, it would support the latter's privatization and voluntary delisting proposals, and issued a conditional withdrawal proposal worth approximately RMB 900 million to small shareholders holding the remaining 6.28% of the shares at a price of RMB 30.15 per share.
If the delisting proposal is not passed, Dadongfang will resume public holdings and restart transactionsOCBC Bank closed at 16.23 yuan the previous trading day, with no change.
The statement pointed out that if the withdrawal of the offer is approved by the shareholders, Dadongfang will be delisted from the main board of the Singapore Exchange, and the minority shareholders who accept the offer will receive cash, and those who do not accept the offer will continue to hold shares in a non-listed company. If the delisting proposal is not approved, Dadongfang will launch another alternative plan, namely, conduct "bonus stock allocation" and restore the public shareholding ratio to restart transactions.
Huang Bijuan, CEO of OCBC Group, said: "We have never wavered our strategic intention to delist Dadong. This offer is to give Dadong shareholders the opportunity to withdraw after 11 months of stock suspension. After careful consideration, we have made a fair and reasonable offer, abide by the listing rules, and support the delisting proposal. While we achieve the ambitious goal of building a comprehensive financial service group in the regional wealth management industry, we can continue to protect the interests of our own shareholders."
The statement pointed out that if the withdrawal offer receives at least 75% of the independent shareholders' support at the upcoming special shareholders' meeting of Greater East, it will be open for shareholders to accept for 14 days after delisting. If it is not approved, the withdrawal proposal will expire and the company will instead promote the plan to resume transactions. The withdrawal proposal documents and related circulars will be released on the Singapore Exchange website on June 9.
The price of the withdrawal offer this time was 30.15 yuan, 17.8% higher than the 25.6 yuan offer price proposed by OCBC last year, and nearly 17% higher than the 25.8 yuan stock price before the suspension in July last year. The new proposed price corresponds to the price/net asset value (P/NAV) in fiscal year 2024, and the price-to-earning ratio (P/E) is 14.3 times, which is higher than the median market peers.
