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(Post 1 of 1951) 05/28/1999.19:19:00 |
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Will the current beauty queen - marrige partner be merging shortly? How long can Peter Seah be CEO and also Vice Chairman of SembCorp? It looks like the Govt may be more than nudging a merger here |
| (Post 2 of 1951) 07/01/1999.20:14:00 |
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Been studying technicals for the last couple of weeks. Have been amazed at the historically proven predictive value of short and long term moving averages (MA). I use 7 and 21 days respectively, although sometimes I use 28 days, depending on which had more historical predictive accuracy for the stock in question. Well, guys, OUB local just hit a sell signal.  I shall be putting my money where my mouth is and selling my OUB tomorrow. |
| (Post 3 of 1951) 07/01/1999.20:24:00 |
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The image is at http://www.magix.com.sg/users/ahbeng/oub.gif |
| (Post 4 of 1951) 07/02/1999.07:28:00 |
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And.... whaddaya know... OUB just got downgraded (as reported in this morning's Straits Times). Oh well, I was holding on in hopes of some takeover play, but looks like that's not happening anytime soon. |
| (Post 5 of 1951) 07/02/1999.21:33:00 |
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Just announced: PROPOSED REORGANISATION OF THE SHARE CAPITAL OF OVERSEAS UNION BANK LIMITED INVOLVING A SPECIAL BONUS ISSUE (THE "BONUS ISSUE") OF NEW SHARES FOR THE PURPOSE OF REMOVING THE RESTRICTIONS ON FOREIGN OWNERSHIP OF ITS SHARES PURSUANT TO A SCHEME OF ARRANGEMENT (THE "SCHEME") The Board of Directors of Overseas Union Bank Limited (the "Bank") is pleased to announce that approval in-principle has been obtained from the Stock Exchange of Singapore Limited ("SES") for the Bonus Issue and for the listing and quotation on the SES for between a minimum of 78,279,025 and a maximum of 78,825,892 new ordinary shares of $1.00 each in the capital of the Bank to be issued pursuant to the Bonus Issue.A document will be issued by the Bank in due course containing, inter alia, details of the Scheme and convening the requisite court meetings and extraordinary general meeting of the Bank to seek Shareholders' approval for the Scheme. |
| (Post 6 of 1951) 07/03/1999.16:08:00 |
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OUB drop in share price was not significant and was just a knee jerk reaction. I'll keep my 2 lots. If there is a further drop, I'll increase my holding of this counter. Loan quality can only go up. S&P review can be considered as outdated. Not to mention the possibility of consolidation moves involving OUB. |
| (Post 7 of 1951) 07/03/1999.23:04:00 |
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Vickers Ballas in a report dated July 2 maintained an OUTPERFORM rating on the stock in response to S&P's credit downgrading. Quote: "We viewed the downgrade backward looking rather than forward oriented. It comes at a time when the outlook for the bank is improving; loan growth is stabilising, NPLs are expected to peak by end-99, while interest margin is healthy. The bank's lower provision cover is partly due to a substantial percentage (87%) of NPLs in the "substandard" category (lower risk compared to "doubtful" and "loss"), which require only 10% provision. Assuming that specific provisions are sufficient (reviewed by MAS), we look at the general provision cover to ascertain adequacy of provisions. In this respect, OUB's 2.7% is not much lower than OCBC (3%) and UOB (2.9%), and higher than DBS (2.1%). We remain positive about the bank's prospect as it is positioning itself for the regional recovery in year 2000, by putting aside additional provisions to build its buffer in 1998. With lower provisions in 1999, net profits could leap 63%. Our optimistic scenario 12-month target is S$11.60 on 20X year 2000 earnings. Maintain OUTPERFORM." Unquote Note: I have vested interest of 2 lots of OUB(L). |
| (Post 8 of 1951) 10/13/1999.21:55:00 |
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Vickers Ballas in a report dated July 2 maintained an OUTPERFORM rating on the stock in response to S&P's credit downgrading. Quote: "We viewed the downgrade backward looking rather than forward oriented. It comes at a time when the outlook for the bank is improving; loan growth is stabilising, NPLs are expected to peak by end-99, while interest margin is healthy. The bank's lower provision cover is partly due to a substantial percentage (87%) of NPLs in the "substandard" category (lower risk compared to "doubtful" and "loss"), which require only 10% provision. Assuming that specific provisions are sufficient (reviewed by MAS), we look at the general provision cover to ascertain adequacy of provisions. In this respect, OUB's 2.7% is not much lower than OCBC (3%) and UOB (2.9%), and higher than DBS (2.1%). We remain positive about the bank's prospect as it is positioning itself for the regional recovery in year 2000, by putting aside additional provisions to build its buffer in 1998. With lower provisions in 1999, net profits could leap 63%. Our optimistic scenario 12-month target is S$11.60 on 20X year 2000 earnings. Maintain OUTPERFORM." Unquote Note: I have vested interest of 2 lots of OUB(L). |
| (Post 9 of 1951) 07/17/1999.18:50:00 |
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OUB - Currently testing to sustain above 50 days MA. [1] Hav since traded within narrow range between $7.30 - $8.15 [2] 9 & 18 days WMA yet to show clear signs of 'dead' or 'golden' cross. [3] Uptrend line drawn way back towards end-Mar 99 was still intact. Therefore, suspect a close below $7.30 will further dip to 1st objective of (minus 90 cents). On the other hand, a close above $8.15 , however, will perhaps brought further towards another new year high of $9.05 Rdgs |
| (Post 10 of 1951) 08/04/1999.00:44:00 |
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OUB to review bank acquisition strategy Singapore, Aug 3 -- Overseas Union Bank will be reviewing its need to make regional bank acquisitions in light of Internet banking and electronic commerce developments, President and chief executive Peter Seah told Reuters on Tuesday. "We are reviewing the strategy. We don't want to rush into it. Although the economies are generally recovering, you can see many of the banks around the region are far from out of the woods," Seah said. "There are lots of due diligence you have to do before you buy a bank," he said. "Secondly, we also want to review in the longer term, with the advent of developments in Internet and e-commerce, whether there is really the absolute necessity to own a bank," he said. Seah said this was especially if they were going to be used mainly to reach the consumer retail market. "With the current development in electronic banking, particularly in areas of Internet and e-commerce, I think it is quite dangerous to derive decisions through very conventional thinking." "In 10 years time, the basis for banking competition may be quite different from what it is today," he said. OUB's main thrust abroad was to focus on higher value-added financial service areas and substantially fee-based operations. OUB, among Singapore's Big Four banks, has the largest overseas contribution at 40 percent of group revenue. The bank has diversified its earnings beyond Asia in markets such as Malaysia, Hong Kong, Australia, New Zealand and the United States. Source: Reuters |
| (Post 11 of 1951) 08/12/1999.00:36:00 |
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OUB – Another GAP problem ! (Correction, it’s $6.85 on closing) 1. Is it gonna cover-up ? Yes ! If BLUE support line brks ! 2. A rebound will face double resist – approx. $7.40 & $7.70 3. Trading range being narrowed ! Bottomline – There could be a brk-out b4 Sep ’99. (result expected on 13/8)  |
| (Post 12 of 1951) 08/13/1999.23:21:00 |
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OUB first-half profit rises 68 percent on lower bad-loan provisions Singapore, Aug. 13 - Overseas Union Bank Ltd., the fourth largest bank in Singapore, said first-half profit rose a better-than-expected 68 percent, helped by lower bad-loan provisions and increased fees and commissions. Profit rose to S$217 million ($161 million), or 24.92 cents a share, from S$129 million, or 14.88 cents, in the year-earlier period. "What is significant for us is that this figure of S$217 million represents 20 percent growth over the full-year 1998 results,'' said Peter Seah, the bank's chief executive officer. OUB was expected to earn S$166 million, or 19.14 cents a share, according to the average estimate of six banking analysts polled by Bloomberg News. Seah said OUB may post record profit this year, helped by a recovery in Singapore's economy and a continuing expansion of its fee and commission income. The bank earned S$312 million in 1996, it's highest profit so far. In the latest period, OUB said net interest income, a barometer of its core lending business, fell 4.7 percent to S$415 million, from S$436 million a year earlier. The dip stemmed from slimmer profit margins on lending. The bank's provision for bad loans fell 46 percent to S$98 million from S$182 million a year earlier. Analysts had expected provisions to decline to S$161.4 million. Fees and commissions in the first-half rose 45 percent to S$112 million.OUB, which expanded its return on equity at an annualized rate of 9.7 percent in the first half, aims to raise it to 10 percent by next year and to 15 percent within five years, Seah said. The bank said it will pay an interim dividend of 5 cents a shares, unchanged from a year-ago. OUB's foreign shares fell 5 cents to S$7.60, while its local shares fell 10 cents to S$7.00. The bank's results were released after the close of trading. Source: Bloomberg |
| (Post 13 of 1951) 08/13/1999.23:26:00 |
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Actually, the results were out just before 5 pm. I had this wonderful broker who called me, and asked me if I'd wanted to buy. When I hesitated, I knew that I really don't want to commit more to the market than I already had. Did I pass up a great opportunity? (I already have good exposure to the OU group OUB, OUT, OUE.) |
| (Post 14 of 1951) 08/16/1999.22:04:00 |
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ING raises OUB to Buy Singapore, Aug 16 -- ING Barings has revised up its forecast for Overseas Union Bank's net profit for FY99 to $447.8mln and raised its recommendation on the stock to a Buy (previously Hold). OUB's recent 12.7 percent rise in interim profits were ahead of ING's earlier forecast of $369.2mln due to stronger net interest and non-interest income. The bank's NPLs have also stabilised, says the brokerage, with an increase of 4.3 percent to $3.0bln. The revision in its profit projection is based on stronger-than-expected margins as well as anticipated lower loan loss provisions. ING has a price target of $10.50 on the stock. |
| (Post 15 of 1951) 08/20/1999.20:05:00 |
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Singapore's OUB to offer Online securities trading from end-Aug Singapore, Aug. 20 -- Overseas Union Bank Ltd., Singapore's fourth-largest bank, said it'll offer a new service at the end of the month that will allow its customers to buy and sell stocks electronically. The move makes it the first bank-backed securities unit in the island state to offer such a service. OUB, as the bank is known, set aside S$300 million ($178.7 million) for the three years up to 2000 to develop its information technology capabilities. Also, starting from the end of the month, the bank said it will provide a mobile phone service to alert customers on its services. It didn't give details. ``These efforts are aimed at differentiating OUB from our competitors, pitching us to compete with the best in the world,'' said Peter Seah, OUB's chief executive. ``We aim to service the most sophisticated of the customer base in Singapore.'' OUB's emphasis on technology comes as the island's banks try to cut costs and reach out to more customers. Singapore banks may lose as much as 15 percent of their business after the government further opens the domestic industry to foreign competition, according to analysts. The bank said that its Internet banking service, started in February this year, does about 1,000 transactions a day to date, while its phone banking service gets an average of 8,000 calls a day. In June, Seah had said that OUB expects 80 percent of its business to be conducted over the telephone or Internet in the next 10 years. Qualitative However, OUB said it will not see a real return from this investment on information technology. ``I don't think we can put a (return on investment) on the IT spending because a lot of the contributions from IT is qualitative, so you cannot quantify,'' said Seah. However, if ``you look at our half-year result, they do contribute to our ability to improve our bottom-line,'' Seah said, without giving real figures. Last week, OUB said first-half profit rose a better-than-expected 68 percent, to S$217 million, or 24.92 cents a share, from S$129 million, or 14.88 cents, in the year-earlier period, helped by lower bad-loan provisions and increased fees and commissions. Source: Bloomberg |
| (Post 16 of 1951) 08/23/1999.16:34:00 |
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OUB granted branch licence in Shanghai Singapore, Aug 23 -- Overseas Union Bank Ltd (OUB) said on Monday it had received approval from the People's Bank of China to set up a branch office in Shanghai. OUB said in a statement that the branch would offer a wide range of services, including foreign currency loans and deposits, trade financing, bills and remittances and foreign exchange. It said the Shanghai branch would be opened early next year. OUB has two branches in Hong Kong, one in Shenzhen and representative offices in Beijing and Chengdu. Source: Reuters |
| (Post 17 of 1951) 09/06/1999.16:38:00 |
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Dear oldman, I find it strange that oub DB cwrts is up 8.5c today. Buy px is 86c Sell px is 87.5c last done as of 4.30 is at 87.5c Mother share is down. Do u have any info about this? Also noticed other bankCwarrants is up. thanks |
| (Post 18 of 1951) 09/15/1999.15:11:00 |
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CL issuing covered warrants on OUB, check out offer at poems |
| (Post 19 of 1951) 09/16/1999.22:33:00 |
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OUB to buy 25 percent of Singapore Telecom's internet unit Singapore, Sept. 16 - Overseas Union Bank Ltd., Singapore's fourth-largest bank, said it will pay more than S$11 million ($6.5 million) for one-quarter of a new electronic commerce company, to expand its Internet business. The company, called Sesami.com Pte., was formed this month by Singapore Telecommunications Ltd. to handle business transactions on the Internet. OUB, as the bank is called, expects up to 80 percent of its corporate customers to use Sesami's services when the sale transaction is completed in early 2000. "We are looking at new sources of revenue,'' said Gracy Choo, an executive vice president at OUB. ``The growth in e-commerce is exponential.'' OUB and other Singapore banks are seeking new avenues to boost revenue because they face more competition as the island state opens its banking industry to foreign players. Singapore's Internet commerce is expected to more than triple to S$4 billion by 2003 as more companies tap the World Wide Web for business, according to the government's computer unit. OUB shares fell 30 cents, or 3.7 percent, to S$7.75. SingTel, as the island's dominant phone company is called, fell 8 cents, or 2.6 percent, to S$3.00. Source: Reuters |
| (Post 20 of 1951) 09/20/1999.21:47:00 |
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Did anyone hear anything about a merger??? *sniff* *sniff* N/B: I have no interest in this counter |
| (Post 21 of 1951) 09/20/1999.22:02:00 |
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Something seems to be driving OUB price today. Just don't know what. Peter Seah had always talked down merger plans. On the other hand, some people read into Peter Seah's appointment as Dy Chairman of SCI, with rumours of him leaving OUB to take over from Philip Yeo. One good fit for Peter Seah would be at V Ballas or V Cap. Speculation only, ok? |
| (Post 22 of 1951) 09/20/1999.22:44:00 |
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Heard from CNA that Credit Lyonnis would be issuing call warrants for OUB. The price may be pushed up just to facilitate price fixing for the CW. I don't rule out other reasons though. |
| (Post 23 of 1951) 09/21/1999.09:17:00 |
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Amongst people in the banking circles, OUB will be merged with Bank Paribas. Don't hold me to this, though. Fixing the px for the covered warrant sounds more probable. |
| (Post 24 of 1951) 09/21/1999.23:31:00 |
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New Covered Warrant Issue Credit Lyonnais is issuing covered warrant on OUB shares Expected closing date : 5:00pm on Wednesday 15.09.1999. Term of Issue Indicative terms of issue is provided below for you perusal. Final terms will only be provided after 6:30pm on "Closing Date", which is expected to be on Wednesday 15.09.1999 . Listing Date Expected to be 2 weeks after launch. Closing Date for Accepting Order The closing date of application is 15 Sep 99 (5pm sharp) and the maximum application quantity is 500,000 warrants per client. Allocation depends on the availability of warrants. The company reserves the right to allocate the warrants at its own discretion. Payment Date Expected to be 1 week after listing (3 weeks after launch) Confirmation of Orders Confirmation will be given to you either through email or phone after 6:30pm on or after Wednesday, 15.09.1999 . CL CREDIT LYONNAIS Equity Derivatives ISSUE OF CALL WARRANTS ON THE ORDINARY SHARES OF S$1.00 EACH IN THE CAPITAL OF OVERSEAS UNION BANK LIMITED Final Indicative terms and conditions ISSUER : Credit Lyonnais Products (Guernsey) Ltd. GUARANTOR : Credit Lyonnais SPONSOR : Credit Lyonnais Securities (Singapore) Pte Ltd MANAGER : Credit Lyonnais Securities (Singapore) Pte Ltd WARRANT AGENT : Credit Lyonnais Securities (Singapore) Pte Ltd TYPE : European Call UNDERLYING SHARE : Ordinary shares in the capital of Overseas Union Bank Limited ISSUE SIZE : 24,000,000 warrants ISSUE DATE : October 4, 1999 EXPIRY DATE : December 15, 2000 EXERCISE PERIOD : On the Expiry Date PAYMENT DATE : September 30, 1999 LISTING DATE : October 5, 1999 REFERENCE PRICE : SGD 8.05 EXERCISE PRICE : SGD 6.279 ISSUE PRICE (FOR 1 WARRANT) : SGD 0.3067 PREMIUM : 16.10% GEARING : 2.62X VOLATILITY : 60% LISTING : Application will be made for the listing of, and permission to deal in, the Warrants on the Stock Exchange of Singapore Limited. SETTLEMENT : Cash or Physical Settlement at the option of the Issuer in its sole discretion. CASH SETTLEMENT AMMOUNT : Max {0, (Cash Settlement Price - Exercise Price for the Entitlement)} CASH SETTLEMENT PRICE : An amount equal to the Entitlement multiplied by the average closing prices of the Underlying Shares for the five market days prior to and including the market day immediately before Expiry Date ENTITLEMENT : Initially one Share for every 10 Warrants. BOARD LOT / MINIMUM EXERCISE : 1,000 Warrants FORM : The Warrants will be represented by a global Warrant, which will be deposited with The Cetral Depository (Pte) Limited. No definitive Warrants will be issued. GOVERNING LAW : Singapore Law FURTHER ISSUES : The Issuer has the right to issuer a further 55,000,000 Warrants at such such time and in such tranches as it determines in its sole discretion. The terms set out herein are a summary of, and are subject to, the terms and conditions (the "Terms and Conditions") of the European Style Physical Delivery Call Warrants which are set out in the Base Listing Document date 4th October, 1999 (the "Base Listing Document"), as supplemented by the terms and conditions contained in the Supplemental Listing Document relating to the Warrants (the "Supplemental Listing Document"). Caution : The information set out in this Terms Sheet("TS") is prepared for information purposes only and is based on or derived from sources which are available to the public. No representation is made to the accuracy or completeness of the contents of this TS. In particular, prices and other quotations may change without any prior notice. No representations is made as to the merits or risks of buying or selling the warrants or the underlying securities described in this TS("securities") and the recipient must make his own assessment of the material in this TS and conduct such investigations as he thinks fit for such purpose. The Issuer, Guarantor and Sponsor do not assume any responsibility for the contents of this TS and expressly disclaim any liability whatsoever for any loss howsoever arising in relation to this TS. This TS is not, and shall not be taken as, an offer or invitation to subscribe, purchase or acquire any securities. The TS may not be distributed or circulated by you to any person other than in a manner which complies with the restrictions set out in the section entitled "Placing and Sale" in the Base Listing Document. The Issuer, Guarantor and Sponsor disclose that they or any of their associated companies may deal in, or may participate or have an interest in the performance of, either of the securities, and may offer financial services of whatsoever kind to the company which has issued the underlying securities described. |
| (Post 25 of 1951) 09/21/1999.23:33:00 |
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oops...sorry all..something I did not do right with the cut and paste...for further info,please check it out on poem website. |
| (Post 26 of 1951) 09/22/1999.07:40:00 |
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Will now put all warrants under the mother share in a new subsection. Makes more sense. Characteristics of warrant Expiry : 15 April 2002 Exercise price : S$0.05450 Conversion Ratio : 1000 warrants = 115.5 shares Yesterday the warrant closed at 96cts and the mother at $8.40. At $8.40, 115.5 shares is worth $970. Divide this by 1000 and you get 97cts. Now add in the exercise price to the warrant price and you get $1.01. Premium for this warrant is therefore 101-97/97 = 4%. |
| (Post 27 of 1951) 09/22/1999.07:47:00 |
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Characteristics of warrant Expiry : 26 April 2001 Exercise price : S$0.07 Conversion Ratio : 1000 warrants = 115.5 shares Yesterday the warrant was not traded but there was a seller at 91cts and the mother at $8.40. At $8.40, 115.5 shares is worth $970. Divide this by 1000 and you get 97cts. Now add in the exercise price to the warrant price and you get 98cts. Premium for this warrant is therefore 98-97/97 = 1%. Is this cheap? I frankly do not think so. If one has the capital, it is better to buy the mother share. At least you can then have the large dividends that banks are well known for. |
| (Post 28 of 1951) 09/25/1999.02:16:00 |
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OVERSEAS UNION BANK LIMITED Café Holdings Ltd - Conditional Voluntary Cash Offer for Delifrance Asia Ltd CAFÉ HOLDINGS LTD (Incorporated in the British Virgin Islands) ANNOUNCEMENT CONDITIONAL VOLUNTARY CASH OFFER FOR DELIFRANCE ASIA LTD (Incorporated in the Republic of Singapore) Background On 22 September 1999, the Board of Directors of Café Holdings Ltd ("Café" or the "Offeror") announced that it had entered into the following agreements:- (a) a call option agreement dated 21 September 1999 between Mr Alexandre Ernest Vilgrain ("AV") and Alexandre Vilgrain Holding S.A. ("AVH") and the Offeror (the "AV/AVH Option Agreement"). Pursuant to the AV/AVH Option Agreement, both AV and AVH have granted the Offeror a call option to purchase from AV and AVH, for cash, in aggregate 33,879,930 issued and fully paid-up shares of S$0.10 each (the "Shares") in the capital of Delifrance Asia Ltd ("Delifrance"), representing approximately 18.8% of the issued and fully paid-up ordinary share capital of Delifrance, held collectively by AV and AVH at S$1.00 per Share. The above Shares, when acquired by the Offeror, will be free of any charges, encumbrances and with all rights and benefits attaching thereto as at the date of the completion of the AV/AVH Option Agreement; (b) a put and call option agreement dated 22 September 1999 between Sembawang Corporation Limited ("SembCorp") and the Offeror (the "SembCorp Option Agreement"). Pursuant to the SembCorp Option Agreement, SembCorp has granted the Offeror a call option to purchase from SembCorp, and the Offeror has granted to SembCorp a put option to require the Offeror to purchase from SembCorp, for cash, the 137,488,052 Shares held by SembCorp, representing approximately 76.1% of the issued and paid-up ordinary share capital of Delifrance, at S$1.15 per Share. The above Shares, when acquired by the Offeror, will be free of any charges, encumbrances and with all rights and benefits attaching thereto as at the date of completion of the SembCorp Option Agreement; and (c) a put and call option agreement dated 22 September 1999 between SembCorp and the Offeror (the "Coleford Option Agreement"). Pursuant to the Coleford Option Agreement, SembCorp has granted the Offeror a call option to purchase from SembCorp, and the Offeror has granted to SembCorp a put option to require the Offeror to purchase from SembCorp, for cash, the entire share capital of Coleford Pte Ltd ("Coleford"), for a total consideration of S$2.00. Coleford is presently a wholly-owned subsidiary of SembCorp. Coleford has the right to require AV and AVH to maintain their respective shareholding interests in Delifrance and to waive such restriction. The Offer On behalf of the Board of Directors of the Offeror, Overseas Union Bank Limited ("OUB") wishes to announce that the Offeror intends to make a conditional voluntary cash offer (the "Offer") for all the Shares other than those already owned, controlled or agreed to be acquired by the Offeror or any party acting in concert with it (the "Offer Shares") in accordance with the Singapore Code on Take-overs and Mergers (the "Code"), and Section 213 of the Companies Act, Chapter 50 of Singapore (the "Act"). The Offeror also intends to make an appropriate offer or proposal to holders of options granted, if any, pursuant to the Delifrance Executives' Share Option Scheme. The Offer, when made, will be on the following basis:- For each Offer Share : S$1.15 in cash The Offer Shares will be acquired free from all charges, liens, pledges and other encumbrances and together with all rights and benefits attaching thereto as at 24 September 1999 and thereafter attaching thereto, including the right to all dividends, rights and other distributions (if any) declared, made or paid thereon thereafter. Pursuant to the AV/AVH Option Agreement, AV and AVH have undertaken to, inter alia, waive any additional consideration which they may be entitled to receive should the offer price (including any revised offer prices) under the Offer exceed S$1.00 per Share. Pursuant to the SembCorp Option Agreement, SembCorp has undertaken to, inter alia, waive any additional consideration which they may be entitled to receive should the offer price (including any revised offer prices) under the Offer exceed S$1.15 per Share. In addition, pursuant to the AV/AVH Option Agreeement, AV and AVH have undertaken to accept (within 4 business days of commencement) the Offer in respect of their entire holdings of the Shares, at the price of S$1.00 per Share. Similarly, pursuant to the SembCorp Option Agreement, SembCorp has undertaken to accept (within 3 business days of commencement) the Offer in respect of its entire holding of the Shares, at the price of S$1.15 per Share. The exercise of the put option and of the call option of the Coleford Option Agreement is conditional upon any of the following events taking place:- (a) the exercise of the call option by the Offeror under the SembCorp Option Agreement; (b) the exercise of the put option by SembCorp under the SembCorp Option Agreement; or (c) the acceptances, pursuant to the SembCorp Option Agreement, of the Offer by SembCorp in respect of its entire holding of the Shares. Subject to the conditions under the Coleford Option Agreement being fulfilled, the Offeror intends to exercise the call option under the Coleford Option Agreement and thereafter procure Coleford to waive the restriction imposed on AV and AVH to maintain their shareholdings in Delifrance. The exercise of the call option and the waiver of the restriction will enable AV and AVH to complete the sale of their Shares to the Offeror pursuant to the AV/AVH Option Agreement. Condition to the Offer The Offer will be conditional upon the Offeror having received, by the close of the Offer, valid acceptances in respect of such number of Offer Shares which will result in the Offeror holding such number of Shares carrying more than 50% of the voting rights attributable to the issued share capital of Delifrance as at the close of the Offer. In view of the undertaking by SembCorp pursuant to the SembCorp Option Agreement to accept the Offer in respect of its entire holding of 137,488,052 Shares, representing 76.1% of the issued share capital of Delifrance, the Offer will become or be capable of being declared unconditional at any time after the acceptance of the Offer by SembCorp. Compulsory Acquisition and Delisting from the SES It is the intention of the Offeror to make Delifrance its wholly-owned subsidiary. It is therefore not the intention of the Offeror to preserve the listing status of Delifrance. In view of the respective undertakings given by SembCorp, AV and AVH to accept the Offer in respect of their aggregate holdings of 171,367,982 Shares, the Offeror will own or control 94.9% of the issued share capital of Delifrance pursuant to the Offer. As a result of the Offeror owning more than 90% of the issued share capital of Delifrance, the Stock Exchange of Singapore Limited ("SES") will suspend the listing of the Shares on the Main Board of the SES until such time as it is satisfied that at least 10% of the Shares are held by at least 1,000 shareholders who are members of the public. In such an event, the Offeror does not intend to undertake any placement of Shares to comply with the SES shareholding spread requirement. Further, under the above circumstances when the Offeror receives acceptances representing more than 90% of the issued share capital of Delifrance, the Offeror will be entitled to, and it intends to, exercise the right of compulsory acquisition under Section 215(1) of the Act following the close of the Offer. Background Information of the Offeror The Offeror, a company incorporated in the British Virgin Islands, is a special purpose company established by Prudential Asset Management Asia Limited ("PAMA") in its capacity as general partner of certain funds managed by PAMA, for the proposed investment in Delifrance. The Offeror presently has an issued and paid-up share capital of US$2 divided into two ordinary shares of US$1 each. PAMA is a wholly-owned subsidiary of Prudential Asia Investments Ltd ("PAIL"), the Asian investment and institutional fund management arm of The Prudential Insurance Company of America ("PICA"), one of the largest life insurance companies in North America. PAMA is one of the largest and most established private equity investment management companies in Asia and manages on a discretionary basis a number of equity investment funds, including Prudential Asia Private Equity Limited Partnership II ("PAPE II"), and its two parallel funds, PICA Limited Partnership ("PICA L.P.") and Dutch Parallel Fund C.V. ("Dutch C.V.") (collectively the "Funds"). Each of the Funds is an equity investment fund in the form of a limited partnership. PAMA is the general partner of PAPE II, PICA L.P. and Dutch C.V.. PICA is a limited partner of PICA L.P. All other investors of PAPE II and Dutch C.V. are limited partners unrelated to PICA and/or PAMA. All decisions relating to the investments of the Funds are effected by PAMA as the general partner. It is the intention of PAMA on behalf of the Funds to invest in Delifrance indirectly through Café Investors (PAPE II) Limited ("Café Investors") which in turn will own 100% shareholding interest in the Offeror. Café Investors is also a special purpose company formed by PAMA on behalf of the Funds to invest in Delifrance. Café Investors presently has an issued and paid-up share capital of US$100 divided into 100 ordinary shares of US$1 each. The capitalisation of the Offeror will be increased to finance in full the proposed acquisition of Delifrance. Confirmation of Financial Resources OUB, as financial adviser to the Offeror, confirms that sufficient financial resources are available to the Offeror to satisfy full acceptance of the Offer. Offer Document A formal document (the "Offer Document") containing the terms and conditions of the Offer and enclosing a Form of Acceptance and Transfer and/or a Form of Acceptance and Authorisation will be despatched to the shareholders of Delifrance within 28 days from the date of this Announcement. Disclosure of Shareholdings As at the date of this Announcement, save as disclosed in this Announcement, none of the Offeror or its parties presumed to be acting in concert with it owns, controls or has agreed to acquire any Shares. Further, none of the Offeror or its parties presumed to be acting in concert with it has dealt for value in any Shares during the last 12-month period immediately preceding the date of this Announcement. Responsibility Statement The Directors of the Offeror (including those who may have delegated detailed supervision of this Announcement) have taken all reasonable care to ensure that the facts stated herein are fair and accurate and no material facts have been omitted in this Announcement and they jointly and severally accept responsibility accordingly. Issued by OVERSEAS UNION BANK LIMITED For and on behalf of CAFÉ HOLDINGS LTD 24 September 1999 Submitted by Wong Bee Eng, Vice President on 24 September 1999 to the SES |
| (Post 29 of 1951) 09/17/2000.22:33:40 |
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OUB not eyeing foreign banks -- chief Singapore, Oct 27 -- Overseas Union Bank Ltd (OUB) is not looking to acquire beleaguered foreign banks, contrary to market speculation, President Peter Seah said on Wednesday. "We are not looking at any banks in the region. I do not see the purchase of small troubled banks adding to our bottomline in the next 24 months," Seah said. OUB, the smallest of Singapore's Big Four banks, was recently said to be eyeing a 30 percent stake in a Philippine bank. Seah, who was speaking to reporters after the launch of a new investment product from the bank, also said OUB aimed to achieve a higher return-on-equity of 15 percent in the next three years. "At the moment we are concentrating on building up the bank here. We are working on some tactical joint ventures to strengthen various aspects of our business, particularly in the investment banking area," he said. Seah added that OUB was in talks with "very large financial institutions" or "specialist players in various aspects of the business," but declined to give further details. He said that discussions with one such institution were already in final stages, and one or two more would be finalised within the next few months. Asked if OUB was looking at mergers to strengthen its position, Seah said OUB would "only do things that create value for shareholders and the bank". "Based on the soundness of our balance sheet and our profitability, we perceive we have the right to choose our strategy in areas of mergers and consolidation," he added. He said the next hurdle for OUB for now was to achieve ROE of 15 percent over the next three years. "If we can work our capital well and if we can move into the Internet arena and lower our costs, and increase our market share and bottomline, then our 15 percent ROE target is quite easily achievable," he said. "We also have to look at the future formula of capital adequacy that Singapore banks live by. If we have much more room to move in terms of our Tier 2 capital, it will give us a greater opportunity to move up our ROE by using debt to gear up our capital," he added. Tier 1 capital comprises liquid core assets whereas Tier 2 comprises less liquid assets like equities. Seah was speaking on the sidelines of OUB's launch of its S$1 billion asset-backed commercial papers. These papers, a form of short term debt security, represented a repackaging of a variety of long term bonds into short term fixed income securities, with tenors ranging from seven days to a year. Yields from the papers would be spread over Singapore interbank fixed deposit rates, and the papers were aimed at fund managers, companies, organisations and cash-rich individuals. Seah said there would be sustained demand for the papers as long as interest rates in Singapore continued to stay low, adding that he expected rates to be low for the next 12 months. He added that the S$1 billion target could be fulfilled within the next 18 months. Source: Reuters |
| (Post 30 of 1951) 11/05/1999.12:28:00 |
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IMO, a good proxy for OUB. It has higher volume compared to any other OUB warrants, but it expire in Dec 2000. Reasons for buying, - merger rumours, since BG Lee said only 2 big local banks in Singapore - warrants has higher % returns, though higher risk too - possibility of getting into the MSCI index (just guessing) High risk, so trade at your own risk. I have position in this counter. |
| (Post 31 of 1951) 11/09/1999.15:24:00 |
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OUB CL cw0012 - another warrant related to the "blues". CDL cw01 currently back in favour. How about this one ? |
| (Post 32 of 1951) 11/16/1999.16:42:00 |
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Starchild, joined you 20lots @ 0.265. Good luck to us. Cheers!!! |
| (Post 33 of 1951) 11/16/1999.17:14:00 |
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could anybody post the conversion details for this wrt? thanks |
| (Post 34 of 1951) 11/16/1999.17:38:00 |
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Skysobig, great ! I hav partners in this warrants. Thought I'm lone ranger to collect at 24.5c(x3) when seeing nobody making comments. Ok, may we enjoy little profits if possible. Rdgs (mama too expensive, way way out of budget, so aiming the son, waiting for the son of CDL to dip a bit too) |
| (Post 35 of 1951) 11/16/1999.17:53:00 |
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Kopisi Please go to SES Homepage, Cos Announcements OUB dated 16/9/99. Good luck! Cheers!!! Ps. It's a Pdf File |
| (Post 36 of 1951) 11/16/1999.18:00:00 |
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Lion, You're great too! In fact you convinced me to take a look after I read Starchild's posting earlier. Ride just started, hopefully mama stays above 8.00. Good luck to 3 of us! Cheers!!! |
| (Post 37 of 1951) 11/16/1999.18:53:00 |
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thanks, found it. issue $ : 0.3067 10 wrts for 1 share + exer $6.279 |
| (Post 38 of 1951) 11/17/1999.08:54:00 |
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Alamak this counter... sigh well finally my fren can make some $$ well both of us had this warrants at one stage i had 20 lots.. I think he has around 40lots already. Well i sold...took a loss but fren of mine continued to buy at 24c. We both sort of applied that time during the launch. Just on monday he told me, u noe all counters went up except one counter.... OUB CLwrts... then finally yesterday it went up... |
| (Post 39 of 1951) 11/17/1999.18:09:00 |
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Skysobig, given up positions on OUB Cl wt00 at 29c due to sudden change in mkt condition. Guess nothing wrong to take profit. Try to venture for other opportunities Rdgs |
| (Post 40 of 1951) 11/17/1999.20:46:00 |
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Lion, Good luck to your other venture. For me still hanging on. Cheers!!! |
| (Post 41 of 1951) 11/18/1999.09:04:00 |
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SkySoBig, Still hanging on too, intend to hold on until it expired or something is going to happen to OUB. |
| (Post 42 of 1951) 11/18/1999.09:42:00 |
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among 5 banks, DBS Sec note OUB as Outperform |
| (Post 43 of 1951) 11/20/1999.15:39:00 |
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OUB - Calling All BIF FISH ...... Ring Ring Ring ???  1. Risng prices along with rising volume for past 3 wks. 2. From a low of $7.00 to a high of $8.40 - 20% appreciation within 4 wks. 3. 10/20days ma has trended upwards fiercely. - BUY on weakness approx. $7.60 ~ $7.70 Support - $7.60 ~ $7.70 (very strong) Resist - $8.30 ~ $8.40 (immediate) |
| (Post 44 of 1951) 12/02/1999.22:38:00 |
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Overseas Union Bank has launched two new online banking services, as part of its $300 million technology investment. The services are contained in a website called oub2000.com.sg. OUB says the site will allow customers to perform banking transactions, and get information on financial products and services. They can also make use of financial tools such as online financial calculators to figure out loan sums and repayment periods. Customers of the so-called "e-Rewards programme" will be able to exchange e-points for rewards such as movie tickets and personal consumer products. The bank aims to attract 20,000 to 30,000 new internet banking customers with this new website. |
| (Post 45 of 1951) 12/13/1999.17:45:00 |
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Singapore OUB Chief Sees No Pressure For Acquisition Peter Seah, president of Singapore's Overseas Union Bank Ltd, said Monday he sees "no pressing need" for the bank to make any regional acquisitions or to merge with another local bank. He said many banks in the region are saddled with troubled assets and that any such acquisition wouldn't contribute quickly to OUB's bottomline. On the subject of merging with another bank, he said OUB is enjoying a strong year and has no need to join forces with another local lender. "We are a strong and profitable bank," Seah said. "I don't see a need to go around offering ourselves." As Singapore's banking market is opened to greater foreign competition, analysts expect local banks to merge or make regional acquisitions in order to compete. Analysts have said that OUB in particular is likely to merge with Oversea-Chinese Banking Corp., Singapore's second largest lender. Seah spoke to reporters following a news conference to announce a EUR100 million collateralized bond issue by its fund management unit. |
| (Post 46 of 1951) 12/14/1999.17:09:00 |
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OUB, ING Investment to form joint venture Singapore, Dec 14 - Overseas Union Bank announced on Tuesday plans to inject its unit trust business into a new joint venture to be set up with ING Investment Management. The move would allow OUB Asset Management, the investment arm of OUB, to focus on institutional clients who contributed largely to its S$3.7 billion funds under management. Unit trusts accounted for less than three percent of the total fund size of OUBAM's business. Peter Seah, president and chief executive officer of OUB, said OUBAM would inject about S$100 million of its unit trust business into the new joint venture called OUB Optimix Funds Management Ltd, held equally by OUB and ING. Arguing the rational for the joint venture to be headed by Garry Pieters of ING, Seah said: "Fifty percent of a big pie is better than 100 percent of nothing." Goh Mui Hong, executive director and chief executive officer of OUBAM, said the target for OUB Optimix was to capture a 10 percent market share in three years. In Singapore, the unit trust market is about S$5.25 billion. Goh said ING Investment, the main asset management arm of the ING Group, would be putting in its in-house systems, including client registration and servicing. "We will definitely launch new unit trusts. We presently have very few. We will sell through various networks that ING and OUB have," she told a news conference for the launch. On Monday, OUBAM launched a 100 million euro collateralised bond obligation, the first euro-denominated bond substantially backed by sovereign emerging market bonds. Source: Reuters |
| (Post 47 of 1951) 12/20/1999.11:53:00 |
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Emailed to me by my broker: Rumours and speculation on a possible merger of OCBC and OUB have resurfaced several times over the past 1-year, and market has been disappointed time and again. While the disheartened skeptics may now call the latest talks of a merger between the two giants as cry wolf, new developments have led us to believe that an impending merger is possible by next year. Little birds from both banks are whispering that some discussions at the top levels are definitely underway. First, it is heard that OUB's Peter Seah has been asking his subordinates to buck up just in case there could be redundancies in the near fuure. The remarks have definitely raised some eyebrows and left many to conclude that a merger is imminent. Thereafter, management from OCBC seems fairly confident that the long awaited and due divestment of non-core assets is set to gain momentum in the millenium. Accordingly, the divestments will be intended to raise cash for acquisition. Should all the non-core assets were to go, OCBC could easily add close to S$3bn to its war chest and coupled with share swap, be ready to take on OUB to form another regional giant to rival DBS. Besides, one also heard that management from OCBC has commented that the group is currently exploring with a domestic bank on possible merger/acquisition, with intention of realizing up to 30% of cost savings. BINGO! Tell tale signs from both sides seem to point towards an imminent merger, in line with government's call. Even from the prospective of management and shareholding structure, there should not be too many hurdles to overcome. While OCBC is closely held and controlled by the Lee family, OUB's founder family has long relinquished management control and remained as passive investors, particularly given that Lien Yin Chow is no longer young. Hence, little objection is expected from OUB's major shareholder should Lee's family emerge as the largest shareholder in the newly merged bank. Peter Seah, OUB's dynamic CEO, will be instrumental in cementing the deal, given his "fairly similar vision" and of course close working relation with the government as seen from its recent appointment as the new Chairman of Sembawang Corp. So let say merger is right on track, one should next look at potential upside going from here. Aside from economies of scale and cost savings, OUB's agressive and successful credit card and corporate finance activities should complement OCBC's pure lending business. The merger between the two banks could put them on par with DBS in terms of assets, shareholder funds and loan book. Yet market cap of DBS is some 26% higher than the combined OCBC and OUB. And if one were to consider the hidden assets of OCBC, then potential upside could easily be more. In terms of Price to Book, OCBC's 1.7x and OUB's 1.3x are attractive compare to DBS's 2.4x and UOB's 1.8x. To recap, Allied Irish Bank paid close to 1.8x book for a 20% stake in Keppel TatLee Bank, which is much smaller and narrow in business scope. Assuming 15% and 25% discounts to DBS' Price to Book as fair, OCBC and OUB could worth S$17.80 and S$10.20 , representing some 19% and 24% upside respectively. Alternatively, for aggressive players, covered warrants issued by Deutsche Bank and Credit Lyonaise on OCBC and OUB respectively provide good gearing plays at close to 3x gearing and trading at only 11-13% premium, with expiry date still a year ahead. By then, any merger could already well be sealed. Assuming valuation of S$17.80 and S$10.20 for OCBC and OUB as fair, and premium were to contract to 5%, the OCBC and OUB covered calls should trade up to S$0.74 and S$0.51, some hefty 41% and 67% respectively. Merger aside, prospects for the banking sector remains bright with the recovery in both domestic and regional economies expected to gain momentum. Already, on our home front, loan growth has finally picked up MoM in October following more than 12 months of contraction. Besides, given government's aim to promote Singapore as a key financial centre in the region, further liberalisation is expected. This include the easing of CAR requirement by another 2% and relaxation of S$ loan to non-residents. These measures will enhance margins and boost loan demand. So, all in all, watch the space and stay OVERWEIGHT in the sestor with both OCBC AND OUB offereing the best value. |
| (Post 48 of 1951) 12/23/1999.10:05:00 |
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Starchild, Sold all @ 0.445. Will reenter when dip. Still like your wedding story. Hope to get invited. :):) Also watching Singtel Clwrt. Good luck to you. Cheers!!! |
| (Post 49 of 1951) 12/23/1999.23:46:00 |
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skysobig, just come back today and saw the good run up. Decided to follow your footstep and sell off all my OUB CW at your price :) Don like SingTel warrants, as I am not sure how StarHub is going to affect SingTel's business. And I'm biased against their management. Currently looking at CityDev and SIA CW. Like you, I will pick up the banks covered warrants again when it comes down. Good luck too. |
| (Post 50 of 1951) 12/26/1999.17:48:00 |
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hi honestguy, read your mail 2-late to go into the oub wrt. will wait til it settles to sub-40 b4 enter. i think a merger will take sometime to materialize for both as each has to speedup their restructuring first. A takeover will definitely speed up the process and also benefit to the minority. a merger appears as a no show event..just swapping each other holdings..same as what happen to gk goh and vb. so if you expect some big jump in their wrts, has to wait to see is a merger or takeover(at what price). |
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