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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Ernst & Young offers Bid to buy Free Lanka Capital 51% at Rs.3.70 per share

Ernst & Young offers Bid to buy Free Lanka Capital 51% at Rs.3.70 per share

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Business Basil


Manager - Equity Analytics
Manager - Equity Analytics
Ernst & Young behalf of their client has offered a bid at Rs.3.70  per share to takeover 51% stake of Free Lanka Capital Holdings (FLCH).

However sellers are said to be expecting Rs.4.50 per share. It is anticipated that the deal will proceed on the market at Rs.4 per share.

At the moment there is a flock of over 38 million buying on the board.



Last edited by Business Basil on Fri Jul 11, 2014 12:23 pm; edited 2 times in total

suja


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
May we know the source please?

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Dear BB

Do you have the source

Business Basil


Manager - Equity Analytics
Manager - Equity Analytics
it is exclusive information close to the deal...coming from Ernest & Young.I am pretty sure even news papers you have seen in reports that they stick to the correct source which you guys may not come across.

bakapandithaya

bakapandithaya
Vice President - Equity Analytics
Vice President - Equity Analytics
Something happening to FLCH Very Happy 

SHARK aka TAH

SHARK aka TAH
Expert
Expert
@Business Basil wrote:it is exclusive information close to the deal...coming from Earnest & Young.I am pretty sure even news papers you have seen in reports that they stick to the correct source which you guys may not come across.
Thanks

nirowat


Manager - Equity Analytics
Manager - Equity Analytics
Why no announment ?

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Why cant they collect in the Market at a discounted price? Any restrictions?

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
HPFL jumped over 90 cents today, is there a connection to this or Famous DR. buying again, last time he bought HPFL even at Rs. 21.

lux2014

lux2014
Manager - Equity Analytics
Manager - Equity Analytics
Free Lanka Capital Holdings, do they own W M Mendis?

mark

mark
Expert
Expert
yes he is right, isnt it standstorm? marketsira? avinash?Razz

econ

econ
Global Moderator
is this a reliable insider information??

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
If this is true, considering the current NAV of FLCH being 4.7, Changing the controlling stake below it's NAV is a rotten deal for current shareholders.

After re-valuating with already completed office complex building in Borrella, It's NAV might further improve a bit.

With the rising tea price trend FLCH future will be better than this.
Interesting to know who the buyer is.

nirowat


Manager - Equity Analytics
Manager - Equity Analytics
Whats happening here ?

Big trades today

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@nirowat wrote:Whats happening here ?

Big trades today

BTW Where is the Basil.

nirowat


Manager - Equity Analytics
Manager - Equity Analytics
Think Basil sold out today

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Both FLCH and HPFL down, FLCH traded over 10 million shares

Top Trader


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Business Basil wrote:it is exclusive information close to the deal...coming from Ernest & Young.I am pretty sure even news papers you have seen in reports that they stick to the correct source which you guys may not come across.

If this news is true, How to deal with the E & Y in the future, because i feel there is a serious breach of Confidentiality, also what happen to the CODE OF ETHICS REQUIREMENTS OF THE CA Sri Lanka?

indi009

indi009
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@lux2014 wrote:Free Lanka Capital Holdings, do they own W M Mendis?

yes they bought about 60% stake in W M Mendis about 2-3 years ago  Very Happy Very Happy Very Happy 

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@indi009 wrote:
@lux2014 wrote:Free Lanka Capital Holdings, do they own W M Mendis?

yes they bought about 60% stake in W M Mendis about 2-3 years ago  Very Happy Very Happy Very Happy 

http://www.sundaytimes.lk/120930/business-times/perpetual-capital-holdings-to-go-public-with-w-m-mendis-and-company-13919.html

Yes they bought Mendis couple of years back.
KDDP likes to follow the path of Harry J?

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