the Offeror in fact at the time of annoucement, already have
about 50% of the whole share structure .
Kimtrans Singapore Pte Ltd sold (or agree to sell) to them at S$0.7 about
22.17% of the total shares
Tan Choon Hock (Tan Chin Hock??) sold or agree to sell 8.96% at S$0.7 about the total shares.
After Toll take over all the shares, sure, Semb Kim will be taken down, because the SGX rule requires at lease xxx percentage are held in open market. (23% ?) cannot remember.
Big share holders sell their shares at such a discount,
sorry, should be 10%Free Float
723 An issuer must ensure that at least 10% of equity securities (excluding preference shares
and convertible equity securities) in a class that is listed is at all times held by the public.
724 If the percentage of securities held in public hands falls below 10%: -
(1) The issuer must, as soon as practicable, announce that fact; and
(2) The Exchange may suspend trading of the class, or all the securities of the issuer.
725 The Exchange may allow the issuer a period of 3 months, or such longer period as the
Exchange may agree, to raise the percentage of securities in public hands to at least 10%.
The issuer may be delisted if it fails to restore the percentage of securities in public hands
to at least 10% after the period.
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http://info.sgx.com/SGXRuleb.nsf/VwCPForm_LISTING_MANUAL_Download/LM%20Chapter%2007%20(060901).pdf/$File/LM%20Chapter%2007%20(060901).pdf