Tuesday, September 10, 2013

Sound Global make Offer!


Any of you got Sound Global following my blog in July 13?
Finally my wait has come to fruition, the billionaire Wen Yibo submitted Tender offer today.
So offer $0.70 is set, subject to 2 conditions; (1) acceptance of no less than 75% & (2) no more than 10% objections during EGM, both are subject to 2 weeks timeline wef dispatch of offer tender documents which company is preparing…
As expected, share price run up to $0.695 at closing.

If any of you have shares, you could either sell in market & take profit or accept offer & take full proceeds of $0.70 per share (no fees, coz no brokerage involved).
Sadly I bought this using CPFIS, OCBC charged me twice brokerage (1 brokerage & 1 handling fee), so any proceeds go back to CPF OA.
How I miss the old days when I see my CPF monies at age 55, now with CPF Life I just hope that the income wont be reduced to nothing by inflation or money printing…
With reference to page 19 of 10 Sept 13 Joint Announcement, the gross return is 8.5%, assuming offer accepted and credited in 1 month time, total 4 months of wait since July, SO annualised profit will be 25.5%.
Good luck trading!

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