Fatfuck needs to have his incompetent corpse whipped too.
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Umbrage Ng don't know who his new boss is
- Thread starter LITTLEREDDOT
- Start date
glad we agree that saf generals are useless and over rated.
pap will not demote its yes men. It is up to singaporeans to vote out useless deadwood like the pap. PAP spends so much of our reserves on covid and look at what they achieved?
Isn't he a boss upon himself ?
How about leading the way instead of trying to inflame others to do the job for you? Cunning bitch.
Fatty should express umbrage for messing tossing him around on the matter of his
future. Oh, forgot he got no balls, generally speaking.
future. Oh, forgot he got no balls, generally speaking.
Singapore Press to terminate Keppel's offer, moves ahead with rival bid
Thu, 10 February 2022
SINGAPORE, Feb 10 (Reuters) - Singapore Press Holdings (SPH) said it had decided to exercise its right to terminate bidder Keppel Corp's offer and will allow SPH shareholders to vote on a rival S$3.9 billion ($2.9 billion) bid from a tycoon-backed group.
"The board would like to update shareholders that, following consultation by the company with the Securities Industry Council(SIC) regarding the termination right, the SIC has ruled that it has no objections to the company's exercise of the termination right," SPH said in a statement late on Wednesday.
Conglomerate Keppel, which counts state investor Temasek Holdings as a major shareholder, said its fully-owned unit did not agree with SPH's move and it filed an arbitration notice with the Singapore International Arbitration Centre.
Keppel made an offer in August to buy SPH's global portfolio of property assets, student accommodation and elderly care homes.
But Cuscaden - a consortium of billionaire property tycoon Ong Beng Seng's Hotel Properties and two independently managed portfolio companies of Temasek - came up with a rival offer.
The rare bidding war between two groups linked to Temasek then resulted in Cuscaden making a higher offer that was backed by SPH's independent directors in November.
"With the latest SIC ruling, SPH and Cuscaden can move forward expeditiously to table the Cuscaden Offer for SPH shareholders to vote," Christopher Lim, Group Executive Director of Hotel Properties Limited and spokesperson for Cuscaden, said in a statement.
Cuscaden had offered around S$2.40 per share, or S$3.9 billion, while Keppel offered S$2.351 per share, or S$3.74 billion.
Umbrage Ng caused two government-linked companies to sue each other. Both parties want a piece of Umbrage Ng.
Keppel Corp said it "does not agree with SPH's attempted purported termination of the Keppel implementation agreement". ST PHOTOS: KUA CHEE SIONG, LIM YAOHUI
Prisca Ang
Feb 10, 2022
SINGAPORE - A Keppel Corp unit has started arbitration proceedings against Singapore Press Holdings (SPH) over a dispute stemming from a hard-fought battle for the company, which has shed its media business.
SPH had told the unit - Keppel Pegasus - that it intended to consult the Securities Industry Council (SIC) about terminating an agreement struck between the two firms on Aug 2 last year related to the acquisition bid, which values SPH at $3.8 billion.
Keppel Corp said in a Singapore Exchange filing on Wednesday (Feb 9) that it "does not agree with SPH's attempted purported termination of the Keppel implementation agreement".
This agreement sets out the terms and conditions for how Keppel's proposed bid for SPH will be implemented.
In a separate filing on Wednesday night, SPH said the Keppel scheme's cut-off date of Feb 2 has "come and passed, and not all of the scheme conditions set out... in the Keppel implementation agreement have been satisfied, nor has the Keppel scheme become effective in accordance with its terms".
It noted that the SIC - the regulator for takeovers and mergers - has ruled that it has no objections to SPH exercising the termination right.
"The company will vigorously defend its position in the appropriate forum," said SPH.
The events are the latest development in a keen battle for SPH by Keppel and Cuscaden Peak, a consortium comprising Hotel Properties, businessman Ong Beng Seng and two Temasek-linked entities - CLA and Mapletree.
Keppel announced its proposed acquisition of SPH on Aug 2, but Cuscaden made a surprise rival bid on Oct 29.
Keppel improved its terms on Nov 9 with its final offer of $2.351, comprising 86.8 cents per SPH share plus 0.596 of a Keppel Reit unit and 0.782 of an SPH Reit unit.
Cuscaden made a revised offer, also in November. This came with two options: $2.40 a share for SPH, comprising $1.602 cash and 0.782 of an SPH Reit unit through a distribution-in-specie by SPH; or an all-cash deal of $2.36 a share.
SPH said in its filing on Wednesday that the implied value of the Cuscaden scheme consideration has remained superior to that of the Keppel scheme consideration.
It noted that, as at Feb 9, the implied valuation of the Cuscaden scheme consideration is $2.36 for the all-cash deal and $2.361 for the combination of cash and SPH Reit units.
In contrast, the implied valuation of the Keppel scheme consideration is $2.318, which is below SPH's last trading price of $2.33 per share.
"Due to there being two parallel competing schemes, the company, together with Keppel Pegasus and Cuscaden, have been engaged in substantial discussions among themselves and the regulators," said SPH.
It noted, however, that there has been no consensus on which scheme would be submitted to court for approval in the event that both schemes achieve majority votes.
The termination of the Keppel scheme will allow shareholders to vote at the Cuscaden scheme meeting "as soon as practicable", said SPH.
It added: "The company will continue with its preparations to allow shareholders to consider and vote on the Cuscaden scheme."
"Shareholders will have to await the decision of the arbitrator on whether the Keppel offer is on or not," said Securities Investors Association Singapore president David Gerald.
Keppel Corp said that Keppel Pegasus filed a notice of arbitration on Feb 9 with the Singapore International Arbitration Centre (SIAC) to commence proceedings against SPH and to seek various reliefs, including that SPH meet specific obligations.
Keppel said this was in accordance with the terms of the Keppel implementation agreement, which provides for disputes to be resolved by the SIAC.
"The company does not expect the arbitration to have a material adverse effect on its operations and the financial performance of the Group," Keppel added.
Keppel starts arbitration proceedings against SPH over dispute linked to acquisition bid
Keppel Corp said it "does not agree with SPH's attempted purported termination of the Keppel implementation agreement". ST PHOTOS: KUA CHEE SIONG, LIM YAOHUI
Prisca Ang
Feb 10, 2022
SINGAPORE - A Keppel Corp unit has started arbitration proceedings against Singapore Press Holdings (SPH) over a dispute stemming from a hard-fought battle for the company, which has shed its media business.
SPH had told the unit - Keppel Pegasus - that it intended to consult the Securities Industry Council (SIC) about terminating an agreement struck between the two firms on Aug 2 last year related to the acquisition bid, which values SPH at $3.8 billion.
Keppel Corp said in a Singapore Exchange filing on Wednesday (Feb 9) that it "does not agree with SPH's attempted purported termination of the Keppel implementation agreement".
This agreement sets out the terms and conditions for how Keppel's proposed bid for SPH will be implemented.
In a separate filing on Wednesday night, SPH said the Keppel scheme's cut-off date of Feb 2 has "come and passed, and not all of the scheme conditions set out... in the Keppel implementation agreement have been satisfied, nor has the Keppel scheme become effective in accordance with its terms".
It noted that the SIC - the regulator for takeovers and mergers - has ruled that it has no objections to SPH exercising the termination right.
"The company will vigorously defend its position in the appropriate forum," said SPH.
The events are the latest development in a keen battle for SPH by Keppel and Cuscaden Peak, a consortium comprising Hotel Properties, businessman Ong Beng Seng and two Temasek-linked entities - CLA and Mapletree.
Keppel announced its proposed acquisition of SPH on Aug 2, but Cuscaden made a surprise rival bid on Oct 29.
Keppel improved its terms on Nov 9 with its final offer of $2.351, comprising 86.8 cents per SPH share plus 0.596 of a Keppel Reit unit and 0.782 of an SPH Reit unit.
Cuscaden made a revised offer, also in November. This came with two options: $2.40 a share for SPH, comprising $1.602 cash and 0.782 of an SPH Reit unit through a distribution-in-specie by SPH; or an all-cash deal of $2.36 a share.
SPH said in its filing on Wednesday that the implied value of the Cuscaden scheme consideration has remained superior to that of the Keppel scheme consideration.
It noted that, as at Feb 9, the implied valuation of the Cuscaden scheme consideration is $2.36 for the all-cash deal and $2.361 for the combination of cash and SPH Reit units.
In contrast, the implied valuation of the Keppel scheme consideration is $2.318, which is below SPH's last trading price of $2.33 per share.
"Due to there being two parallel competing schemes, the company, together with Keppel Pegasus and Cuscaden, have been engaged in substantial discussions among themselves and the regulators," said SPH.
It noted, however, that there has been no consensus on which scheme would be submitted to court for approval in the event that both schemes achieve majority votes.
The termination of the Keppel scheme will allow shareholders to vote at the Cuscaden scheme meeting "as soon as practicable", said SPH.
It added: "The company will continue with its preparations to allow shareholders to consider and vote on the Cuscaden scheme."
"Shareholders will have to await the decision of the arbitrator on whether the Keppel offer is on or not," said Securities Investors Association Singapore president David Gerald.
Keppel Corp said that Keppel Pegasus filed a notice of arbitration on Feb 9 with the Singapore International Arbitration Centre (SIAC) to commence proceedings against SPH and to seek various reliefs, including that SPH meet specific obligations.
Keppel said this was in accordance with the terms of the Keppel implementation agreement, which provides for disputes to be resolved by the SIAC.
"The company does not expect the arbitration to have a material adverse effect on its operations and the financial performance of the Group," Keppel added.
Waiting for Pinky Lee / Mdm Ho to step in and ask both government-linked companies to end the dispute.
This comes after SPH filed notice to terminate Keppel's takeover offer and let its shareholders vote on a rival bid from Cuscaden Peak. ST PHOTOS: KUA CHEE SIONG, LIM YAOHUI
Ann Williams
Feb 10, 2022
SINGAPORE - Keppel Corp on Thursday morning (Feb 10) said it will continue with its arbitration proceedings against Singapore Press Holdings (SPH), after SPH filed notice to terminate Keppel's takeover offer and let its shareholders vote on a rival bid from Cuscaden Peak.
On the same morning, Cuscaden said any action that delays the vote on its bid would go against the interest of SPH shareholders.
Keppel in a filing with the Singapore Exchange on Thursday said it had received a termination notice from SPH after it filed notice to start arbitration proceedings against SPH.
The termination notice, among others, stated that the Securities Industry Council (SIC) - the regulator for takeovers and mergers - had no objections to SPH's exercise of its right to terminate the implementation agreement with Keppel, and that not all the conditions of the Keppel scheme had been satisfied on or before the Feb 2 cut-off date.
Mr Christopher Lim, group executive director of Hotel Properties (HPL) and spokesman for Cuscaden, said in the statement on Thursday: “With the latest SIC ruling, SPH and Cuscaden can move forward expeditiously to table the Cuscaden offer for SPH shareholders to vote."
But Keppel's unit for the takeover bid, Keppel Pegasus, said SPH should not have consulted with SIC on the termination, "given the prevailing circumstances where the Keppel scheme should have been put to shareholders of SPH for their consideration".
Keppel also said the SIC ruling does not affect Keppel Pegasus' rights under the Keppel implementation agreement, which sets out the terms and conditions for how the offer for SPH, which has shed its media business, would be carried out.
Keppel said it would continue with the arbitration proceedings to enforce its rights and seek various reliefs against SPH, including specific performance of SPH's obligations.
Mr Lim in his statement said: "Any attempt to delay the Cuscaden scheme process goes against the interest of SPH shareholders and deprives them of the opportunity to vote in favour of the Cuscaden scheme and receiving value in their investments promptly.
"We are aligned with SPH shareholders' interests and will continue to work closely with SPH to ensure that our offer can be tabled to SPH shareholders as soon as possible."
In its filing on Wednesday, SPH noted that the implied value of Cuscaden's offer is superior to that of Keppel's.
Cuscaden - a consortium backed by HPL, billionaire businessman Ong Beng Seng, and two Temasek-linked entities, CLA and Mapletree - had raised its offer for SPH to $2.40 a share, comprising $1.602 cash and 0.782 of an SPH Reit unit. This was after Keppel made a final offer of $2.351 per share, consisting of $0.868 per share in cash, 0.596 of a Keppel Reit unit and 0.782 of an SPH Reit unit.
As at Wednesday, the implied valuation of Cuscaden's offer is $2.36 for an all-cash consideration and $2.361 for a combination of cash and SPH Reit units. This is higher than the implied valuation of the Keppel offer at $2.318, which is also below SPH's closing price of $2.33 on Wednesday.
"The Cuscaden scheme, which offers the optionality of an all-cash consideration or a cash and units consideration, provides an opportunity for SPH shareholders to crystallise their investment in SPH at superior value," Cuscaden's Mr Lim said in his statement.
"We have been steadfast in our commitment to deliver a compelling offer to SPH shareholders and our implementation agreement with SPH remains in full force," he added.
Keppel to proceed with arbitration action against SPH, Cuscaden calls for no delay on rival offer
This comes after SPH filed notice to terminate Keppel's takeover offer and let its shareholders vote on a rival bid from Cuscaden Peak. ST PHOTOS: KUA CHEE SIONG, LIM YAOHUI
Ann Williams
Feb 10, 2022
SINGAPORE - Keppel Corp on Thursday morning (Feb 10) said it will continue with its arbitration proceedings against Singapore Press Holdings (SPH), after SPH filed notice to terminate Keppel's takeover offer and let its shareholders vote on a rival bid from Cuscaden Peak.
On the same morning, Cuscaden said any action that delays the vote on its bid would go against the interest of SPH shareholders.
Keppel in a filing with the Singapore Exchange on Thursday said it had received a termination notice from SPH after it filed notice to start arbitration proceedings against SPH.
The termination notice, among others, stated that the Securities Industry Council (SIC) - the regulator for takeovers and mergers - had no objections to SPH's exercise of its right to terminate the implementation agreement with Keppel, and that not all the conditions of the Keppel scheme had been satisfied on or before the Feb 2 cut-off date.
Mr Christopher Lim, group executive director of Hotel Properties (HPL) and spokesman for Cuscaden, said in the statement on Thursday: “With the latest SIC ruling, SPH and Cuscaden can move forward expeditiously to table the Cuscaden offer for SPH shareholders to vote."
But Keppel's unit for the takeover bid, Keppel Pegasus, said SPH should not have consulted with SIC on the termination, "given the prevailing circumstances where the Keppel scheme should have been put to shareholders of SPH for their consideration".
Keppel also said the SIC ruling does not affect Keppel Pegasus' rights under the Keppel implementation agreement, which sets out the terms and conditions for how the offer for SPH, which has shed its media business, would be carried out.
Keppel said it would continue with the arbitration proceedings to enforce its rights and seek various reliefs against SPH, including specific performance of SPH's obligations.
Mr Lim in his statement said: "Any attempt to delay the Cuscaden scheme process goes against the interest of SPH shareholders and deprives them of the opportunity to vote in favour of the Cuscaden scheme and receiving value in their investments promptly.
"We are aligned with SPH shareholders' interests and will continue to work closely with SPH to ensure that our offer can be tabled to SPH shareholders as soon as possible."
In its filing on Wednesday, SPH noted that the implied value of Cuscaden's offer is superior to that of Keppel's.
Cuscaden - a consortium backed by HPL, billionaire businessman Ong Beng Seng, and two Temasek-linked entities, CLA and Mapletree - had raised its offer for SPH to $2.40 a share, comprising $1.602 cash and 0.782 of an SPH Reit unit. This was after Keppel made a final offer of $2.351 per share, consisting of $0.868 per share in cash, 0.596 of a Keppel Reit unit and 0.782 of an SPH Reit unit.
As at Wednesday, the implied valuation of Cuscaden's offer is $2.36 for an all-cash consideration and $2.361 for a combination of cash and SPH Reit units. This is higher than the implied valuation of the Keppel offer at $2.318, which is also below SPH's closing price of $2.33 on Wednesday.
"The Cuscaden scheme, which offers the optionality of an all-cash consideration or a cash and units consideration, provides an opportunity for SPH shareholders to crystallise their investment in SPH at superior value," Cuscaden's Mr Lim said in his statement.
"We have been steadfast in our commitment to deliver a compelling offer to SPH shareholders and our implementation agreement with SPH remains in full force," he added.
Th linked fight with Th associated. Stupid sinki
SPH shareholders vote overwhelmingly for Cuscaden offer to buy the company
SPH shareholders voted to sell the assets of the company to Cuscaden Peak at an EGM on March 22, 2022. ST PHOTO: KUA CHEE SIONG
Ven Sreenivasan
Associate Editor
MAR 22, 2022
SINGAPORE - The long and fierce battle for SPH's non-media assets has come to an end with shareholders giving the thumbs up to an offer from an Ong Beng Seng-led consortium to buy the company.
At an extraordinary general meeting (EGM) held on Tuesday (March 22), SPH shareholders voted to sell the assets of the company to Cuscaden Peak, whose shareholders include Hotel Properties (HPL), its co-founder and managing director Ong Beng Seng, and two Temasek-linked companies - Mapletree and CapitaLand.
SPH obtained 89.19 per cent of shareholders, representing 96.55 per cent of the number of shares, voting to approve the scheme resolution for the sale of SPH's assets to Cuscaden. The resolution required more than 50 per cent the number of shareholders, and at least 75 per cent in the value of votes cast.
SPH shareholders also approved the distribution of in-specie of SPH Reits (real estate investment trusts) for those opting for the cash-plus-Reits option.
This could potentially trigger a chain offer for SPH Reits if Cuscaden accumulates 30 per cent or more of the Reits. If that happens, Cuscaden will make a takeover offer at 96.4 cents per SPH Reit unit.
As the voting was done electronically, shareholders had to cast their votes via proxy to SPH board member Tracey Woon by March 19, who chaired the virtual EGM meeting and then unveiled their votes.
HPL group executive director Christopher Lim welcomed the results: "We would like to thank SPH shareholders for their support of the scheme and the distribution in-specie resolution. Next we will work towards facilitating the election by shareholders of their preferred option of either all cash consideration or the cash and SPH Reit units consideration."
All this comes after - in a battle with Keppel Corp for SPH - Cuscaden sweetened its first bid with an all-cash offer of $2.36 per SPH share, or an alternative of $2.40 per share comprising $1.602 in cash and 0.782 of an SPH Reit unit per share.
Tuesday's decider on Cuscaden's offer came after SPH obtained court approval to reject Keppel's final offer of $2.351 per SPH share, consisting of 86.8 cents in cash, 0.596 of a Keppel Reit unit and and 0.782 of an SPH Reit unit.
Keppel had contested the rejection and sought arbitration.
But SPH's independent directors had backed the Cuscaden bid, saying that its implied value was superior to that of Keppel's.
A key feature of the Cuscaden scheme is that it provides flexibility for SPH shareholders, with two consideration options for each SPH shareholder to choose from: either all cash, or cash and SPH Reit units.
Observers said this could have been the clincher.
Shareholders will now have to indicate or "elect" the payment scheme they want: cash or cash-plus-SPH Reits.
Cuscaden is expected to dispatch the "election forms" to shareholders by mid-April, with a possible two-week deadline for submissions.
SPH Reit units will be credited to shareholders who opted for the cash-plus-Reits by the second week of May.
SPH is then expected to be delisted within days after that.
Six months ago, 97.55 per cent of SPH shareholders voted in favour of transferring its media business to the company limited by guarantee (CLG) for a nominal sum of $1, leaving SPH a predominantly property company.
Its assets include Paragon and several other malls in Singapore and Sydney, as well as purpose-built student accommodation (PBSA) in Britain and Germany.
SPH reported a 70 per cent increase in operating profit to $206.7 million for its non-media operations for the year ended Aug 31, 2021, on the back of improved revenue of $475.1 million, thanks to higher rental income from its malls and PBSA.
Both SPH and SPH Reits shares were halted from trading at the end of Monday's market session. SPH closed at $2.34, while SPH Reit ended at 96 cents.
Tussle over. Time to share the spoils. Watch of the
sale of assets, cash to be partly returned to (new) shareholders.
sale of assets, cash to be partly returned to (new) shareholders.
Singapore Press Holdings officially delisted, Gerald Yong to take over as CEO from Ng Yat Chung
CapitaLand CEO (Special Projects) Gerald Yong will be appointed as CEO of SPH from May 16, 2022. PHOTO: LIANHE ZAOBAO
Lim Yan Liang
Assistant Political Editor
May 14, 2022
SINGAPORE - After 38 years on the Singapore Exchange, Singapore Press Holdings (SPH) was officially delisted on Friday (May 13) to become wholly owned by investment vehicle Cuscaden Peak.
SPH chief executive officer Ng Yat Chung will step down from his post on Monday (May 16), together with the current directors of SPH. A new board will then be constituted.
In an e-mail to SPH staff on Friday that was seen by The Straits Times, Mr Ng said that CapitaLand CEO (Special Projects) Gerald Yong will be appointed as CEO of SPH from Monday.
"The new SPH board will be chaired by Mr Christopher Lim, who is also the chairman of Cuscaden Peak," said Mr Ng.
Mr Ng said he will remain as senior adviser to SPH to ensure a smooth transition for the new board and CEO.
On Thursday, Cuscaden announced in a bourse filing that the payment of the Cuscaden scheme consideration to take over SPH had been effected.
Cuscaden is a consortium comprising tycoon Ong Beng Seng's Hotel Properties (HPL) and Temasek-linked CLA Real Estate Holdings and Mapletree.
SPH consists of non-media assets such as retail and aged care properties, after it restructured its media business - which includes titles such as The Straits Times and Lianhe Zaobao - into not-for-profit entity SPH Media Trust last December.
In his e-mail, Mr Ng thanked SPH chairman Lee Boon Yang and the directors for their guidance and support over the years. Mr Ng has been CEO of SPH since September 2017.
He also welcomed Mr Lim and the new board members of SPH to guide the company forward, and said he was pleased to be succeeded by Mr Yong.
"Gerald has a stellar record and is well qualified to lead SPH Limited in the next lap," he said.
The contest to acquire SPH's non-media assets came to an end in March, when SPH shareholders voted overwhelmingly for Cuscaden Peak's offer. The other suitor was Keppel Corp.
SPH Limited was incorporated on Aug 4, 1984, as a holding company to effect the merger of The Straits Times Press (1975) Limited, Singapore News and Publications Limited, Times Publishing Berhad and Singapore Newspaper Services.
Last month, Cuscaden offered to acquire SPH real estate investment trust (Reit) at 93.72 cents per unit, the minimum offer price required after adjusting for recent SPH Reit distributions.
The offer by Cuscaden is required by the Singapore Code on Take-overs and Mergers, as it now owns 47.2 per cent of SPH Reit having completed its scheme to take SPH private.
FAT FUCK NG YAT CHUNG CAN GO HOME FUCK HIS MOTHER'S LAOCHEEBYE.
"Mr Ng said he will remain as senior adviser to SPH to ensure a smooth transition for the new board and CEO."
Sounds like ownself promote ownself to keep job.
"Senior" adviser? How many advisers are there?
Why pay someone who sunk the company he is now to be adviser to?
Sounds like ownself promote ownself to keep job.
"Senior" adviser? How many advisers are there?
Why pay someone who sunk the company he is now to be adviser to?
Agree with you. using public funds to reward useless deadwoods.
Senior Ministers, Senior Ministers of State, Senior Adviser to expired deadwoods. what a waste of good public money. No wonder got to increase taxes and GST.
The irony is pap uses good money to employ the CEO who sank SPH
Senior Ministers, Senior Ministers of State, Senior Adviser to expired deadwoods. what a waste of good public money. No wonder got to increase taxes and GST.
The irony is pap uses good money to employ the CEO who sank SPH
The irony is pap uses good money to employ the CEO who sank SPH
...AND throwing more money down the drain to feed him.
Agree with you totally.
PAP throws a lot of good money at useless ministers who do nothing for singaporeans except raise taxes to fund its overspending. Now pap is spending $180m on SPH media which spouts pap propaganda. Using $180m of public funds a yr to promotes its own agenda
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