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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Dhammika’s and Royal Ceramics’ offer for Hayleys below market

Dhammika’s and Royal Ceramics’ offer for Hayleys below market

4 posters

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ruwa925


Manager - Equity Analytics
Manager - Equity Analytics

The mandatory offer for Hayleys PLC by Royal Ceramics Lanka PLC and Mr. Dhammika Perera has now reached shareholders of the blue chip conglomerate in which Perera is a major shareholder. According to the Offer Document, Royal Ceramics, Perera and LB Finance acting in concert held slightly under 30% of Hayleys on Jan. 26. On Jan. 27, Royal Ceramics had purchased 161,272 Hayleys shares at a price of Rs.380 per share comprising approximately 0.2% of the company, thus triggering the Companies Takeovers and Mergers Code of the SEC.



As a result, the offerors are required to offer all other shareholders the Rs.380 price, the highest price paid per share in the preceding 12 months, and the offer document has now been mailed to all shareholders.



Hayleys closed at Rs. 390 per share on the CSE on Friday with 12,600 shares traded between Rs. 386.50 and Rs. 390. Given that the secondary market price is currently above the offer price, analysts are watching the outcome of the offer.



The Offer Document has said that each of the offerors have arranged financial facilities with the Pan Asia Banking Corporation and the Commercial Bank of Ceylon to meet full acceptance of the offer amounting to slightly over Rs.19.9 billion.



The Offer Document indicates that Royal Ceramics has been buying into Hayleys from April last year paying a low of Rs.280 (on Apr. 30, 2010) and a high of Rs.380 (on Jan. 27) to acquire its present holding of nearly 2.8 million Hayleys.



Perera had bought into Hayleys at prices ranging from Rs.300 to Rs.340 between May 24 and Dec. 10, 2010 paying Rs.305 for three large parcels of shares amounting to nearly 0.8 million, over 0.4 million and nearly 0.2 million. Thereafter, he paid Rs.340 for a parcel of nearly 0.3 million.



Perera is a member of the Hayleys board, Deputy Chairman of Royal Ceramics and Chairman of LB Finance which are associated with him in the offer.



His business interests include hydro power generation, manufacturing, hospitality, entertainment and banking & finance. He is also the Secretary to the Ministry of Transport and a member of the Board of Directors of Strategic Enterprise Management Agency (SEMA).



The Offer Document indicates that LB Finance held slightly over 0.7% of Hayleys on the date that the mandatory offer was triggered.



It is also said that the offerors will continue the business activities of Hayleys as an on-going entity and have made no decision to terminate the services of the employees of Hayleys or any of its subsidiaries or associate companies.


Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

As per the requirements of the Mandatory offer, the buyer has to offer the highest price paid by him in the last 12 months, normally when the news come to the market the prices started to move up, and due to this the offer price is lower than the market price, Reef also another example

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics

Hayleys would goes up after the competion of the offer. They will go for first splits and the will ahve right issues.... through which they will obtain controlling stake. This is my prediction!

ShareShares


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

salt wrote:Hayleys would goes up after the competion of the offer. They will go for first splits and the will ahve right issues.... through which they will obtain controlling stake. This is my prediction!

LFIN also reached above 300 and came down, HAYL also went above 400 and now going at a bargain price, I think both LFIN and HAYL can perform well from next week onwards. LFIN financials are very good. COMB, HNB and SAMP also came out with good financials, dividend etc. Al these shares are fundamentally strong.

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