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
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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?
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.
Generally Yes. But in this case they can not because BOI agreement is there.pushpakumara wrote:
its only sole discretion of the board, am I right?
Dileepa wrote:Generally Yes. But in this case they can not because BOI agreement is there.pushpakumara wrote:
its only sole discretion of the board, am I right?
Long story short, GLAS can not de-list till 2015.
Last edited by pushpakumara on Fri Feb 14, 2014 5:22 am; edited 1 time in total (Reason for editing : addition)
slstock wrote:Don;t know about chances of GLAS delisting here so soon as Dileepa pointing out.
But a very good ( common) discussion came out of it.
As Malanp pointed out, I believe company can make an offer ( to their discretion based on some formula which I am sure takes the market price and assets into consideation ) and if share holder does not accept before deadline that person can be held high and dry
Need to read further the document/act and maybe Marlanp can disclore the share price determining part.
Also my observations on GLAS below
http://forum.srilankaequity.com/t32308p75-cse-in-2014-and-fundamental-shares-that-have-underperformed#193636
slstock wrote:Don;t know about chances of GLAS delisting here so soon as Dileepa pointing out.
But a very good ( common) discussion came out of it.
As Malanp pointed out, I believe company can make an offer ( to their discretion based on some formula which I am sure takes the market price and assets into consideation ) and if share holder does not accept before deadline that person can be held high and dry
Need to read further the document/act and maybe Marlanp can disclore the share price determining part.
Also my observations on GLAS below
http://forum.srilankaequity.com/t32308p75-cse-in-2014-and-fundamental-shares-that-have-underperformed#193636
malanp wrote:slstock wrote:Don;t know about chances of GLAS delisting here so soon as Dileepa pointing out.
But a very good ( common) discussion came out of it.
As Malanp pointed out, I believe company can make an offer ( to their discretion based on some formula which I am sure takes the market price and assets into consideation ) and if share holder does not accept before deadline that person can be held high and dry
Need to read further the document/act and maybe Marlanp can disclore the share price determining part.
Also my observations on GLAS below
http://forum.srilankaequity.com/t32308p75-cse-in-2014-and-fundamental-shares-that-have-underperformed#193636
Sls
There is no specific price formula mentioned in the law but the section 66 says how to arrive at the share price.
..." for a consideration that is SPECIDIED or TO BE CALCULATED BY REFERENECE TO A FORMULA or REQUIRED TO BE FIXED BY A SUITABLY QUALIFIED PERSON who is not associated with or interested in the company"
then section 64 says the procedure to be followed..
...."the consideration to be paid for the shares is in the opinion of the company’s auditors a fair value"
That means after deciding the share price under section 66, the auditors has to certify that it is a fair value.
After that the company can notice the public along with the auditors certificate that they are going to buy back shares at XXX price, on this date.. and after that date share holders will become creditors and company will pay the value to the shareholder.
In a share buying back case shareholders have very limited options.
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