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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Jumping off the sinking (Glass) Ship ?

Jumping off the sinking (Glass) Ship ?

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1Jumping off the sinking (Glass) Ship ?  Empty Jumping off the sinking (Glass) Ship ? Tue Feb 11, 2014 5:39 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Will GLAS delist here soon ? Shocked 
Experts to enlighten the lesser mortals in this forum here , the consequence of such a action please
This massive selling seen was a clear sign of Rats jumping off the sinking ship?  Very Happy

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Total shares 950m
minority shares 414m
Traded shares today 3m

read figures and try to understand..

Aubrey Perera


Vice President - Equity Analytics
Vice President - Equity Analytics
They might look at delisting we don't know for sure. In India they are delisting and have offered a few rupeees more than the existing trading price.

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
They are not going to delist In SL I checked with the management.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Can Indians be trusted and will they disclose their future plans just like that over the phone ?  Very Happy 
@balapas wrote:They are not going to delist In SL I checked with the management.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
In fact, I am trying to decipher.
How do you see it ?
Are the numbers that matter or who unloaded the lump is important?
@malanp wrote:
Total shares 950m
minority shares 414m
Traded shares today 3m
read figures and try to understand..

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Kithsiri wrote:In fact, I am trying to decipher.
How do you see it ?
Are the numbers that matter or who unloaded the lump is important?
@malanp wrote:
Total shares 950m
minority shares 414m
Traded shares today 3m
read figures and try to understand..

what is more important is numbers,, 3m out of 414m is just less than 1%.

I dont know why people go panic and think GLAS will be delisted based on less than 1% transactions.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
In India desisting news push Piramal 52 weeks High.
http://www.business-standard.com/article/news-cm/piramal-glass-hits-52-week-high-114021100279_1.html

Here 52 weeks Low.

pushpakumara


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Whether Glass is delisted or not, curious to know whether anything call "delisting rules" as there are listing rules. If so where can we find it.

In case of a delisting what is the best cause of action for an existing share holder? Hold or sell your shares immediately?(By the time the company announces a delisting, share prices could have come down or people who knew about it before the event would have sold their stake). Of course a unrealistic reduction in price may lead to a take over bid.

After a delisting there could be a offer from company delisted, to buy shares from existing share holders. In this case who decides on the offer price? If it is determine by the company and the final offer price is unreasonable, can SEC or any other authority intervened?

This is just to get an idea in case something goes wrong.




Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Excellent and hope experts with knowledge will post their answers here soon.
I need to add one more, can a share holder refuses the offered price and hold on to the shares and what are the financial and legal implications of such an act?
I am sure, there must be historical experiences of such acts in other parts of the worlds.
Awaits responses from the experts.
@pushpakumara wrote:Whether Glass is delisted or not, curious to know whether anything call "delisting rules" as there are listing rules. If so where can we find it.
In case of a delisting what is the best cause of action for an existing share holder? Hold or sell your shares immediately?(By the time the company announces a delisting, share prices could have come down or people who knew about it before the event would have sold their stake). Of course a unrealistic reduction in price may lead to a take over bid.
After a delisting there could be a offer from company delisted, to buy shares from existing share holders. In this case who decides on the offer price? If it is determine by the company and the final offer price is unreasonable, can SEC or any other authority intervened?
This is just to get an idea in case something goes wrong.  

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@pushpakumara wrote:Whether Glass is delisted or not, curious to know whether anything call "delisting rules" as there are listing rules. If so where can we find it.

In case of a delisting what is the best cause of action for an existing share holder? Hold or sell your shares immediately?(By the time the company announces a delisting, share prices could have come down or people who knew about it before the event would have sold their stake). Of course a unrealistic reduction in price may lead to a take over bid.

After a delisting there could be a offer from company delisted, to buy shares from existing share holders. In this case who decides on the offer price? If it is determine by the company and the final offer price is unreasonable, can SEC or any other authority intervened?

This is just to get an idea in case something goes wrong.




 

Pushapakumara

Delisting of company shares is a wrong term, it is delisting of company name.

Delisting of company name from CSE is two step process.

First, the company has to buy its minority shares from the open market- the rules for this process is governed by the section 64 of the companies act 2007.

Secondly after buying all minority shares, the company has to apply from CSE for delisting of its name. CSE or CDS does not delist individual shares they delist the company name.

the rights are obligations of minority shareholders are stipulated in the section 64.

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Tgt destination Rs 2.20.

puliyanam

puliyanam
Manager - Equity Analytics
Manager - Equity Analytics
Please read the following before making your buy or sell decisions on Piramal

Piramal Glass had after market hours on Friday, 7 February 2014 said that the company has received a proposal dated 7 February 2014 from Sri Hari Trust acting through its corporate trustee PEL Management Services (proposed acquirer), to acquire the fully paid-up equity shares of Piramal Glass held by public shareholders in accordance and compliance with Sebi (Securities and Exchange Board of India).

As per the delisting proposal, the objective of the proposed acquirer in making the delisting offer is to give flexibility to the promoter group to provide the desired financial support to the company including modifying the existing capital structure, infusing additional capital and adequately supporting the company's strategic growth initiatives, the company said in a statement.

The company needs capital infusion to correct its gearing and liquidity issues, which the promoter is willing to provide. However, with the promoter group shareholding being almost 75%, capital infusion options in the company are limited due to the current state of capital markets. Thus, the delisting proposal would give the company flexibility to deleverage itself and recognize its operations to improve its performance. Additionally, given the trading volume of the company's shares, the promoter group believes that the delisting proposal is in the best interests of the public shareholders as it comes with an opportunity to exit, Piramal Glass added.

The promoters have fixed an indicative offer price of Rs 100 per share for public shareholders, Piramal Glass said in a statement.

Piramal Glass' consolidated net profit jumped 156.8% to Rs 12.12 crore on 15.8% growth in total income to Rs 462.02 crore in Q3 December 2013 over Q3 December 2012. The result was announced during market hours on Monday, 10 February 2014

Piramal Glass is engaged in the manufacturing of flacconage glass for the pharmaceuticals and perfumery businesses. The company's end-to-end flacconage solutions include full bottle design capabilities, in-house mould design, CNC machines for mould manufacturing, high quality glass manufacturing and dedicated ancillaries for decoration and accessories like caps, cartons and brushes.
http://www.business-standard.com/article/news-cm/piramal-glass-hits-52-week-high-114021100279_1.html

puliyanam

puliyanam
Manager - Equity Analytics
Manager - Equity Analytics
Piramal Glass Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 10, 2014, has noted and taken on record the Delisting Proposal and decided that the said proposal be communicated, along with the favorable recommendation of the Board, to the shareholders of the Company in terms of the Delisting Regulations and in this regard, intends to seek the approval of shareholders, through Postal Ballot for such Voluntary Delisting of the equity shares of the Company from the Stock Exchanges.

http://www.bseindia.com/xml-data/corpfiling/AttachLive/Piramal_Glass_Ltd_100214.pdf

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
The above news in for India...

And if de-listing is the buzz word here, how much company will pay for share holders to buy back shares? It cant be less than 4 rite?

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@smallville wrote:The above news in for India...

And if de-listing is the buzz word here, how much company will pay for share holders to buy back shares? It cant be less than 4 rite?

NAV. 3.67
I guess between 3.70 to 4.00
Y nt 4.20????
Let c
 monkey 

yaka

yaka
Manager - Equity Analytics
Manager - Equity Analytics
can someone explain me is it mandatory to delist here in SriLanka as well since delisting in india? coz what I think why they can't sell here and exit if they want...

pushpakumara


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@malanp wrote:
@pushpakumara wrote:Whether Glass is delisted or not, curious to know whether anything call "delisting rules" as there are listing rules. If so where can we find it.

In case of a delisting what is the best cause of action for an existing share holder? Hold or sell your shares immediately?(By the time the company announces a delisting, share prices could have come down or people who knew about it before the event would have sold their stake). Of course a unrealistic reduction in price may lead to a take over bid.

After a delisting there could be a offer from company delisted, to buy shares from existing share holders. In this case who decides on the offer price? If it is determine by the company and the final offer price is unreasonable, can SEC or any other authority intervened?

This is just to get an idea in case something goes wrong.



 

Pushapakumara

Delisting of company shares is a wrong term, it is delisting of company name.

Delisting of company name from CSE is two step process.

First, the company has to buy its minority shares from the open market- the rules for this process is governed by the section 64 of the companies act 2007.

Secondly after buying all minority shares, the company has to apply from CSE for delisting of its name.  CSE or CDS does not delist individual shares they delist the company name.

the rights are obligations of minority shareholders are stipulated in the section 64.

Many thanks malanp for the useful information provided. As per the act company will determine the price based on the opinion of the company’s auditors on a " fair value". It further says company should not withhold any information which is detrimental to the decision of shareholders. whether to accept the offer or not. Presume I interpreted the meaning of the para in the section 64 correctly in relation to the matter.

Apart from the above, if a company wants its name be delisted, will it be based on sole discretion of board or should they seek majority vote of the shareholders? What I understood is, .its only sole discretion of the board, am I right?


Dileepa


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@pushpakumara wrote:
its only sole discretion of the board, am I right?
Generally Yes. But in this case they can not because BOI agreement is there.
Long story short, GLAS can not de-list till 2015.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
OK, that is clear now.
What would happened if shareholder does not agree to the offered price and wanted to hold on to his / her share/s ?
@Dileepa wrote:
@pushpakumara wrote:
its only sole discretion of the board, am I right?
Generally Yes. But in this case they can not because BOI agreement is there.
Long story short, GLAS can not de-list till 2015.

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