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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Public float is not realistic?

Public float is not realistic?

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1Public float is not realistic? Empty Public float is not realistic? Fri Jan 03, 2014 9:26 am

mark

mark
Expert
Expert
Are you guys sure those companies would increase the public float as per SEC new regulation?

isnt this is a joke?

Many shares would be stagnant or they may delist ne. (specially family owned companies)

Feel so much negative about this Sad we may not going to have good returns in 2014 Sad


2Public float is not realistic? Empty Re: Public float is not realistic? Fri Jan 03, 2014 9:41 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Things alwasy will nto be what they say MArk. There will be loopholes .

SEC won;t like to get blame for crashing CSE again would they?

@mark wrote:Are you guys sure those companies would increase the public float as per SEC new regulation?

isnt this is a joke?

Many shares would be stagnant or they may delist ne. (specially family owned companies)

Feel so much negative about this :(we may not going to have good returns in 2014 Sad


3Public float is not realistic? Empty Re: Public float is not realistic? Fri Jan 03, 2014 10:02 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Nowadays PLC may become Private Limited companies and they will be the major share holders of the newly created holding companies, retailers can see more IPO on the holding companies and those shares will be classified in our forum as a penny shares in future discussions.

4Public float is not realistic? Empty Re: Public float is not realistic? Fri Jan 03, 2014 10:43 am

Jana

Jana
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@mark wrote:Are you guys sure those companies would increase the public float as per SEC new regulation?

isnt this is a joke?

Many shares would be stagnant or they may delist ne. (specially family owned companies)

Feel so much negative about this :(we may not going to have good returns in 2014 Sad



Which one you have Mark ?/ HUEJ ..etc...

Eg: if they want to delsit HUEJ then they will call mandatory offer for nothing (NAV negative) ..even RIGHTS not worth it ..will see

5Public float is not realistic? Empty Re: Public float is not realistic? Fri Jan 03, 2014 11:05 am

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Overall this is a very good move. How all the high cap illiquid counters will react to this is still unknown.

We may see a deviation to this new rule in coming months to avoid worse case scenarios such unnecessary delistings of companies (EX: CTC, NEST).

Carson group will have some busy time. However they already planned to delist most of their oil farm companies.

In UK, standard minimum free float is 25%.

6Public float is not realistic? Empty Re: Public float is not realistic? Sat Jan 04, 2014 6:19 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Good move by SEC. But how it becomes a reality is still questionable.
By the way what is the normal procedure for a de-list?

7Public float is not realistic? Empty Re: Public float is not realistic? Sat Jan 04, 2014 6:36 pm

sriranga

sriranga
Co-Admin
@Leon wrote: By the way what is the normal procedure for a de-list?

http://www.cds.lk/service/delisting-shares.html


Delisting of shares
Procedure to be adopted by CSE/CDS regarding delisting of companies

On receipt of written information from the company regarding a decision to de-list the CSE will immediately suspend trading of the security/securities.

On receiving the decision of the SEC regarding the delisting of the company the CSE will lift the suspension and trading of the security/securities will commence.

If approval is given by the SEC to delist the company shall take steps to arrange for the purchase of the shares from the shareholders who wish to sell their shares.

The company must follow the following procedure in the purchase of shares from shareholders:-

1. The company will send a circular (offer letter) to all shareholders informing the name of the entity/person who is willing to buy the shares and the price (which has been approved by an EGM). The company must decide on a time frame for the offer i.e. how long the offer will be open. The transfer of securities upon the sale will take place as a private transfer.

2. The shareholders who are willing to accept the offer may subscribe to the offer by duly completing the relevant document indicating his/her acceptance to the offer and forwarding same to the company. If the shares are held in CDS the acceptance form shall be forwarded to CDS through the respective stockbroker/Participant.

3. The CDS will transfer the shares of shareholders in CDS who subscribed to the offer to the "Participant Share Reserve Account". Thereafter the CDS will send the relevant acceptance document to the company on a daily basis, for the company to update its records.

4. The company should ensure that the offer letter is sent to all shareholders who are eligible to receive such notice during the offer period. Therefore, the company must monitor the trades of the company's shares on a daily basis and send the circular to all new buyers. If acceptance is received from a shareholder who has subsequently sold his/her shares the company should disregard such acceptance.

5. At the close of the offer the company must take payment to all shareholders who accepted the offer (directly to the company and through CDS).

6. The company shall make a private transfer application to SEC along with a list containing the names of shareholders to whom payment has been made by the company.

7. The company must send to CDS the original private transfer approval, and confirmation of payment to shareholders (in CDS) who accepted the offer.

8. On receipt of the documents referred to in 7 above, the CDS will transfer the shares from the respective "Participant Share Reserve Account" to the buyers' CDS account by internal CDS transfers. For this purpose the company is required to forward the duly completed CDS Inter/Intra Account Transfer forms to CDS.

9.The CDS will confirm to the company in writing the transfer of shares from the "Participant Share Reserve Accounts" to the buyer's Account.

*  The company is required to confirm to the surveillance division regarding the successful completion of the purchase of shares from the shareholders who wished to sell their shares. Upon receipt of this confirmation from the company the CSE will inform the SEC and obtain its approval to de-list the company from the official list of the CSE.

*  Upon receipt of the approval from SEC the CSE will de-list the company from the official list of the CSE and advise the company accordingly.

*  The CDS will submit a list of shareholders (entitlement schedule) to the company and advice the company to dispatch share certificates to all shareholders who held their shareholdings in CDS at the time of delisting the company.

*  The company is required to confirm to CDS that the share certificates have been dispatched to all shareholders who held shares in CDS and advice the CDS to delete the CDS shareholdings.

*  The CDS will delete the company's shareholdings in CDS and confirm same to the company.

http://sharemarket-srilanka.blogspot.co.uk/

8Public float is not realistic? Empty Re: Public float is not realistic? Sat Jan 04, 2014 6:41 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@sriranga wrote:
@Leon wrote: By the way what is the normal procedure for a de-list?

http://www.cds.lk/service/delisting-shares.html


Delisting of shares
Procedure to be adopted by CSE/CDS regarding delisting of companies

On receipt of written information from the company regarding a decision to de-list the CSE will immediately suspend trading of the security/securities.

On receiving the decision of the SEC regarding the delisting of the company the CSE will lift the suspension and trading of the security/securities will commence.

If approval is given by the SEC to delist the company shall take steps to arrange for the purchase of the shares from the shareholders who wish to sell their shares.

The company must follow the following procedure in the purchase of shares from shareholders:-

1. The company will send a circular (offer letter) to all shareholders informing the name of the entity/person who is willing to buy the shares and the price (which has been approved by an EGM). The company must decide on a time frame for the offer i.e. how long the offer will be open. The transfer of securities upon the sale will take place as a private transfer.

2. The shareholders who are willing to accept the offer may subscribe to the offer by duly completing the relevant document indicating his/her acceptance to the offer and forwarding same to the company. If the shares are held in CDS the acceptance form shall be forwarded to CDS through the respective stockbroker/Participant.

3. The CDS will transfer the shares of shareholders in CDS who subscribed to the offer to the "Participant Share Reserve Account". Thereafter the CDS will send the relevant acceptance document to the company on a daily basis, for the company to update its records.

4. The company should ensure that the offer letter is sent to all shareholders who are eligible to receive such notice during the offer period. Therefore, the company must monitor the trades of the company's shares on a daily basis and send the circular to all new buyers. If acceptance is received from a shareholder who has subsequently sold his/her shares the company should disregard such acceptance.

5. At the close of the offer the company must take payment to all shareholders who accepted the offer (directly to the company and through CDS).

6. The company shall make a private transfer application to SEC along with a list containing the names of shareholders to whom payment has been made by the company.

7. The company must send to CDS the original private transfer approval, and confirmation of payment to shareholders (in CDS) who accepted the offer.

8. On receipt of the documents referred to in 7 above, the CDS will transfer the shares from the respective "Participant Share Reserve Account" to the buyers' CDS account by internal CDS transfers. For this purpose the company is required to forward the duly completed CDS Inter/Intra Account Transfer forms to CDS.

9.The CDS will confirm to the company in writing the transfer of shares from the "Participant Share Reserve Accounts" to the buyer's Account.

*  The company is required to confirm to the surveillance division regarding the successful completion of the purchase of shares from the shareholders who wished to sell their shares. Upon receipt of this confirmation from the company the CSE will inform the SEC and obtain its approval to de-list the company from the official list of the CSE.

*  Upon receipt of the approval from SEC the CSE will de-list the company from the official list of the CSE and advise the company accordingly.

*  The CDS will submit a list of shareholders (entitlement schedule) to the company and advice the company to dispatch share certificates to all shareholders who held their shareholdings in CDS at the time of delisting the company.

*  The company is required to confirm to CDS that the share certificates have been dispatched to all shareholders who held shares in CDS and advice the CDS to delete the CDS shareholdings.

*  The CDS will delete the company's shareholdings in CDS and confirm same to the company.

Thanks for the quick response.

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