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INVESTOR lobby group Securities Investors Association (Singapore), or SIAS, has appealed to takeover regulator Securities Industry Council (SIC) to further examine OSIM International founder Ron Sim's unintentional purchases last Tuesday of shares above his final offer price.
David Gerald, SIAS president, wrote a letter to SIC chairman JY Pillay on Tuesday, appealing for SIC to investigate:
If a false market had been created for OSIM shares that day as a result of Credit Suisse, which acted on behalf of Mr Sim, purchasing shares at S$1.38 to S$1.39 above the ex-dividend offer price of S$1.37;
Whether shareholders who sold their shares at prices below S$1.39 that day suffered losses; and
Whether shareholders who suffered trading losses could be properly compensated, given a principle in the takeover code that all shareholders must be treated equally.
The OSIM offer price has since been revised to S$1.39, excluding a two-cent dividend.
OSIM closed trading at S$1.395 with 1.4 million shares traded.