Cos many 154th Leeporters are still holding on to Chao Tar's tampon-like shares bought at $20?
<TABLE border=0 cellSpacing=0 cellPadding=0 width=593><TBODY><TR vAlign=top><TD><TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR vAlign=top><TD>Singapore Companies
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Published September 18, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>SIC mum on Chartered bid disclosure
By JAMIE LEE
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THE Securities Industry Council (SIC) is keeping silent on whether Chartered Semiconductor Manufacturing's disclosure involving talks between Advanced Technology Investment Company (ATIC) and the company or major shareholder Temasek Holdings was appropriate.
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</TD></TR><TR class=caption><TD>Chartered's stand: It says that, as at May 29, it had received no bid from ATIC </TD></TR></TBODY></TABLE>ATIC made a $2.5 billion offer for Chartered last week, confirming an earlier BT report carried four months ago.
The news came on the back of the shares soaring as much as 9 per cent the day before BT reported that a deal with ATIC could be in the works.
In response to the report, Chartered said then that it had not received such a bid from ATIC and made the disclaimer that from time to time, the company engages various parties in discussions to pursue business opportunities to maximise shareholder value. There was no reference to any talks with ATIC.
In queries to the SIC, BT asked whether the clarification given by Chartered was in accordance with the Takeover Code, whether Temasek should have publicly commented if it was in talks with ATIC, and if Temasek had consulted SIC on whether it should have made an announcement.
It also asked if the disclaimer given by Chartered - that it engages various parties in discussions from time to time to pursue business opportunities - was enough to demonstrate that the company or its majority shareholder had been holding talks with ATIC.
Under the Takeover Code governed by SIC, the company must make an announcement once it becomes a subject of speculation.
This is regardless of whether there is a firm offer as SIC only requires the company to say that talks are taking place, without naming the potential offerer.
As for majority shareholders, they must comment if the company is a subject of rumour and there is reason to believe that the actions of the shareholder, such as a security lapse, contributed to the situation.
'The Securities Industry Council does not comment on specific cases or on its dealings with individual parties,' a spokesman told BT yesterday.
In response to a BT commentary this week calling for more clarity on the matter, Chartered reiterated that it had not, as at May 29, received a bid from ATIC.
'The company also wishes to add that Singapore Technologies Semiconductors Pte Ltd (STS), a 62.28 per cent shareholder of the company, has confirmed to the company that neither STS nor its parent Temasek had on or prior to May 29 received any bid from ATIC for the acquisition of the company.'
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<TABLE border=0 cellSpacing=0 cellPadding=0 width=593><TBODY><TR vAlign=top><TD><TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR vAlign=top><TD>Singapore Companies
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Published September 18, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>SIC mum on Chartered bid disclosure
By JAMIE LEE
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>THE Securities Industry Council (SIC) is keeping silent on whether Chartered Semiconductor Manufacturing's disclosure involving talks between Advanced Technology Investment Company (ATIC) and the company or major shareholder Temasek Holdings was appropriate.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Chartered's stand: It says that, as at May 29, it had received no bid from ATIC </TD></TR></TBODY></TABLE>ATIC made a $2.5 billion offer for Chartered last week, confirming an earlier BT report carried four months ago.The news came on the back of the shares soaring as much as 9 per cent the day before BT reported that a deal with ATIC could be in the works.
In response to the report, Chartered said then that it had not received such a bid from ATIC and made the disclaimer that from time to time, the company engages various parties in discussions to pursue business opportunities to maximise shareholder value. There was no reference to any talks with ATIC.
In queries to the SIC, BT asked whether the clarification given by Chartered was in accordance with the Takeover Code, whether Temasek should have publicly commented if it was in talks with ATIC, and if Temasek had consulted SIC on whether it should have made an announcement.
It also asked if the disclaimer given by Chartered - that it engages various parties in discussions from time to time to pursue business opportunities - was enough to demonstrate that the company or its majority shareholder had been holding talks with ATIC.
Under the Takeover Code governed by SIC, the company must make an announcement once it becomes a subject of speculation.
This is regardless of whether there is a firm offer as SIC only requires the company to say that talks are taking place, without naming the potential offerer.
As for majority shareholders, they must comment if the company is a subject of rumour and there is reason to believe that the actions of the shareholder, such as a security lapse, contributed to the situation.
'The Securities Industry Council does not comment on specific cases or on its dealings with individual parties,' a spokesman told BT yesterday.
In response to a BT commentary this week calling for more clarity on the matter, Chartered reiterated that it had not, as at May 29, received a bid from ATIC.
'The company also wishes to add that Singapore Technologies Semiconductors Pte Ltd (STS), a 62.28 per cent shareholder of the company, has confirmed to the company that neither STS nor its parent Temasek had on or prior to May 29 received any bid from ATIC for the acquisition of the company.'
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