Haw Par says no takeover by Wee CY but ....

Haw Par Corporation Limited (the “Company”) refers to the article in The Straits Times today titled “Wee Cho Yaw raises Haw Par stake above 30%”. The article suggests that Mr Wee is obliged to make a mandatory takeover offer for the Company’s shares as his stake in the Company has just crossed the key 30% threshold. The Company is not aware of a takeover exercise of the said nature. The Company would like to highlight that Rule 14.1 of the Singapore Code on Take-overs and Mergers (the “Code”) requires that where a person acquires shares which (taken together with shares held or acquired by persons acting in concert with him) carry 30% of more of the voting rights of a company, the person must make a mandatory offer. Note 1 to Rule 14.1 also clarifies that the combined shareholdings of the persons acting in concert is used in determining whether a mandatory offer must be made. Shareholders may wish to note that Mr Wee and persons acting in concert with him, as notified to the Company, already collectively hold and have for some time held, in aggregate, more than 30% of the shares of the Company. By Order of the Board Zann Lim Company Secretary 17 December 2008

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ok, so no takeover excercise, but the announcement doesn\'t explain why, why. it states that for some time Wee & parties in concert have held more than 30% - but doesnt explain why there has not been a takeover excerise. the announcement leaves the question \'why\' dangling.

it happened a long time ago. when HP did a rights issue, WCY managed to apply to MAS or SGX (not sure who) and exempt them from needing to do a GO if they cross 30% because they had to mop up some of the excess rights (underwriting for them)...

UIC and Singland trading halt!!! The Phillipines big boss coming back to mount another take-over for Singland? A batle on hand for Wee Cho Yaw. :laugh: :laugh:

DJ MARKET TALK: UIC, SingLand Halted; M&A Eyed - Analysts 0202 GMT [Dow Jones] Trading halt of United Industrial Corp. (U06.SG), unit Singapore Land (S30.SG) fueling speculation that former\'s deputy chairman John Gokongwei may make another takeover bid for property group; note, UIC owns 72.5% of Singapore Land. According to latest SGX filing, Gokongwei\'s JG Summit last week raised its stake in UIC to 35.098% from 35.054% through open market purchase. \"We believe corporate M&A activities could be afoot,\" says Kim Eng Securities analyst Goh Han Peng; notes Singapore Land \"a much-coveted asset\" as it\'s second largest office landlord in city-state, with bulk of its assets in grade A office space. \"We do not rule out the possibility of an offer for SingLand coming along,\" says CIMB analyst Donald Chua. JG Summit launched takeover offer for UIC in 2005 but failed. UIC, Singapore Land could not be immediately reached for comment. UIC last ends at S$1.10, Singapore Land at S$3.42.(FKH)

forget about it... not likely they wld go headon one another at this juncture.. another of those low price formality GO because crossing of 30% threshold and both side sit tight do nothing till the cow comes home.