F & N    Last:1.25    -0.01

F&N

Deutsche notes the 15% fall in stock price since the counter resumed trading Monday, likely driven by concerns on removal of FNN from key indices (i.e. MSCI DM index and FSSTI) and concerns over plans to restore the free float. Longer term, the house believes, i) there could be synergies btwn FNN’s consumer and property business and Thai Bev/ TCC’s existing operations, and ii) potential return of capital following the divestment of APB last yr which yielded $5.6b in proceeds (~$3.89/sh) which put FNN in a net cash position. Deutsche maintains its Hold rating with TP $9.72 (15% discount to SOTP), pending greater clarity over the shareholders’ strategic review and plans to restore the free float, but notes the sharp correction has taken FNN to nearly 30% discount to its SOTP of $11.43.

 

Almost 6 mil shr (sold short n bot back), the remain sold down? (think so)

Shot position - 2,923,000 million shr value at S$24,121,580

F & N  Last:8.2  Volume - 15,360,000 mil shr changed hands  -$0.800c

 

I agreed with your view.

FYI, today the shortist shorted almost 3 million FNN stock at average $ 8.2523.  This is the group that also contributed to the down movement of  FNN which close at 8.20 . Hence not much of meat for the shortist , they will try shorting again tmr if mkt is weak.    

oldflyingfox      ( Date: 23-Apr-2013 21:29) Posted: He will be more concern in running the business than the share price movement, anyway, he just need to unload less than 1% to remain listed in SGX. I guess he got his plan to remain listed, maybe he will just want to use F& N to takeover Thaibev. Nobody really know what is in his mind. Now in the market is only traders via traders until the big movement taken from him. So whatever share price now is only temporary.

 

He will be more concern in running the business than the share price movement, anyway, he just need to unload less than 1% to remain listed in SGX. I guess he got his plan to remain listed, maybe he will just want to use F& N to takeover Thaibev. Nobody really know what is in his mind.

Now in the market is only traders via traders until the big movement taken from him. So whatever share price now is only temporary.

 

After read so many comments,  I am still puzzle by Mr Charoen decision for keeping this F& N listed in SGX.

If this counter continue to fall tomorrow, isnt this hurt him more than anyone else.


Puzzle! Puzzle! 

 

Don`t listen to rumour of Mr. Chareon selling. He did not as ,if he did, he needs to make corporate announcement on SGX   . This selling is expexted from the confused/panic weak  retail holders and index fund manager who hadnt sold earlier.  The question you shall ask is who is buying and collecting now...these must be smart investor with inside info about the future of FNN. I am convince FNN will be much higher as it get closer to its restructure deadline. 

 

jomini      ( Date: 23-Apr-2013 18:45) Posted: so Mr Charoen and gang started selling? kinda hard to understand why they would want to maintain a listed status if they think its undervalued

 

so Mr Charoen and gang started selling? kinda hard to understand why they would want to maintain a listed status if they think its undervalued

 

Look like battle line is drawn...players verses players.

This trading period maybe volatile in play, a chance to let go, a chance to shot at, a chance to maintain vested interest by BBs (esp the owner) and a chance for contra player's changing hands.

Just sharing my thot n stk/shr trading interest in SJ.

F& N

Op-8.700

Cls-8.200

-0.800c

-8.9%

Vol-15,360,000

722,000

8.200

8.220

16,000

Hi-8.720

Lo-7.950

 

 

After battle down to S$8/- or one dollar down -11.1%. It battle to force players buying at $8.20c....over last fifteen minutes... or down about -8.8%

 

It reminded me, as well as players

teeth53      ( Date: 20-Apr-2013 22:57) Posted: Thk for sharing, it's thought to be going for, at least three months  as agree upon to open for windows trading period with SGX enknowledge. This trading period maybe volatile in play, a chance to let go, a chance to shot at, a chance to maintain vested interest  by BBs (esp the owner) and a chance for contra player's changing hands. Just sharing my thot n stk/shr trading interest in SJ. starlene      ( Date: 20-Apr-2013 15:41) Posted: < 10% in public hands and this minority is unlikley to sell otherwise they would have sold earlier,than wait till now,a good chance for major shareholder to push higher than place out to ensure the public float remain intact adn F& N remain listed..the Thai guy may not want to take losses since he last offered about $9.55(net of dividend is $1.43) My personal opinion only..I may be wron

 

...Last Done: $8.07.... next support level: $7.60 based on gap-turn-support...next strong support is $7.00-7.15...

 

FNN has a period of 3 mths to Friday, 19 Jul 2013 to restore its public float to the minimum 10% requirement. Thai tycoon and FNN chairman Charoen Sirivadhanabhakdi, currently controls ~90.3% of FNN shares. In order to restore the free float, Mr Charoen will have to sell some of the shares that he owns or FNN will have to place out new shares. Market watches note there may not be buyers for FNN shares at $9.43 (Mr Charoen’s offer price adjusted for the $0.12/sh dividend paid), given that the purchase price includes a premium for control. FNN will be relisted with a completely revamped board of directors after the previous slate resigned following the takeover. Mr Charoen's family members on the new board comprise his wife, Wanna Sirivadhanabhakdi, who is now vice-chairman of F& N his son and ThaiBev CEO Thapana Sirivadhanabhakdi and his son-in-law Chotiphat Bijananda, both of whom are now non-executive directors of F& N. High-profile board appointments include former Singapore finance minister Richard Hu, who will be a senior adviser to the board and former F& N food and beverage chief Koh Poh Tiong, who will be a non-executive director.

 

Meaty profit for those daring shortists.Wonder  it will drop to $6+ again

 

The fall is steep, the risk of holding stock at its peak. 

 

Like muddy water, debt n profit have to show transparency, while the new won F&N owner is mulling his next strategy. Players' is not taking any chances, likely to buy back cheaper after of loading.
Just sharing my thot n promoting stk/shr interest in SJ

 

The decision to keep F& N listed on SGX essentially turns ThaiBev into a holding company with three main units, F& N, Oishi and Sermsuk, says Jonathan Foster, director of special situations at Religare. He notes the Thai group has a slight history of having listed subsidiaries “it’s part of a long-term empire building. They seem to like the idea of having a Singapore-listed subsidiary, especially a blue-chip name.” He expects F& N to become the main property-based listing vehicle for the family, allowing it to inject assets and raise equity. He’s not surprised by the recent volatility in ThaiBev’s shares, noting the market had built in expectations for a private-equity-type transaction of taking F& N private and then redistributing the assets. Foster says synergies and asset redistribution will be more difficult when minority shareholder approval is needed.

 

The day before opening for trade again, yesterday it's happen. Player's took the opportunities to sell...just sharing my thot, for today trading, bear mode is stronger then bull mode.

teeth53      ( Date: 20-Apr-2013 22:57) Posted: Thk for sharing, it's thought to be going for, at least three months  as agree upon to open for windows trading period with SGX enknowledge. This trading period maybe volatile in play, a chance to let go, a chance to shot at, a chance to maintain vested interest  by BBs (esp the owner) and a chance for contra player's changing hands. Just sharing my thot n stk/shr trading interest in SJ. starlene      ( Date: 20-Apr-2013 15:41) Posted: < 10% in public hands and this minority is unlikley to sell otherwise they would have sold earlier,than wait till now,a good chance for major shareholder to push higher than place out to ensure the public float remain intact adn F& N remain listed..the Thai guy may not want to take losses since he last offered about $9.55(net of dividend is $1.43) My personal opinion only..I may be wron

 

Channel News Asia:

Shares of Fraser and Neave (F& N) slumped to a six-month low on the Singapore Exchange after the company resumed trading following a two-month halt.

Analysts attribute the drop to shareholders selling out of the property and drinks company, following the end of the takeover saga by TCC Assets and Thai Beverage.

Liu Jinshu, deputy lead analyst at SIAS Research, said: " The likelihood of new bidders coming is actually close to very low. Another reason is because it is now a very illiquid counter with less than 10 percent of its shares publicly held. So being a relatively illiquid counter, there're not many bids in the market therefore its share price succumbs to selling pressure relatively easily.”

F& N said it has until July 19 to restore its public float.

Analysts note that shareholders will await details of how TCC plans to maintain the conglomerate's listing status.

Mr Liu said: " The more common way is to issue more shares through a share issuance exercise which of course, has negative connotations to its share price, so this possibility supports this share price movement for F& N. Another strategy could be for F& N to subdivide its shares but it does not change the number of shareholders out there that it has."

Thai billionaire Charoen Sirivadhanabhakdi had emerged victorious in an intense takeover battle for F& N in February - acquiring over 90 percent of the company.

He bought shares in the firm through his TCC Assets and Thai Beverage units, and after the Singapore-listed Overseas Union Enterprise declined to match the offer by the Thais.

Shares of F& N ended Monday's session with a loss of 4.2 percent, closing at S$9.04 per share. They had traded as low as S$8.88.

Shares of Thai Beverage, which holds some 30 percent of F& N stock, rose about 6 percent to $0.60.

 

They don't want to share the 5 billion from the APB sale. They accumulated ~ 30% to vote against the former F& N board who wanted to give out some of the cash to the shareholders   as capital distribution. That's why cannot understand why they did not privatise to take the cash out now.

 

When will they share the 5 Billion...?