The Securities Investment Association issued a statement saying that the final decision of this new proposal is in the hands of shareholders. If the proposal is rejected, Big East will adopt an alternative plan, including issuing bonus shares to shareholders to restore public shareholding ratios and issuing Class C shares without voting rights to OCBC Bank to comply with the SGX listing rules and allow the company to resume transactions.
Singapore Securities Investors Association (SIAS) said that the voluntary delisting proposal proposed by Great Eastern Holdings is higher than last year's proposal and is expected to be welcomed by shareholders. However, the association noted that shareholders who had accepted the old offer last year would not be able to benefit from the higher new offer. It was deeply disappointed by this.
SFC noted that this creates long-term uncertainty for shareholders and also limits their ability to make investment decisions, reconfigure portfolios or leave their hands. “In the 11-month waiting period, shareholders have never obtained a clear resolution framework or timetable.”
Dadongfang Co., Ltd. has suspended trading since July last year.
However, the Securities and Investment Commission pointed out that last year's general voluntary proposal ended at RMB 25.60 per share on July 12. At that time, the independent financial adviser evaluated the offer as "unfair but reasonable", but shareholders who had accepted the offer would not be able to receive additional compensation. "We are disappointed with this result."
The Securities Investment Association calls on the regulatory authorities to review relevant regulations and provide stronger protection to shareholders in similar circumstances. It also hopes to meet with Big Orient Holdings and shareholders to further explain the impact of the new proposals and related proposals.
Da Oriental Holdings and its major shareholder OCBC issued a joint statement on Friday (June 6), proposing a new delisting proposal of RMB 30.15 per share, an increase of about 18% from last year's quotation of RMB 25.60 last year.
Independent financial advisor believes that the new proposal is "fair and reasonable".