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Chip Eng Seng IFA’s ‘fair and reasonable’ finding needs to consider factors that matter most

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Raphael Lim

Raphael Lim

Published Thu, Jan 19, 2023 · 05:50 AM
    • The offer of S$0.75 per share represented a steep 43.9 per cent discount to CES’s revalued net asset value (RNAV) per share. But the IFA, Xandar Capital, deemed the offer to be “fair and reasonable” – and recommended shareholders accept it.
    • The offer of S$0.75 per share represented a steep 43.9 per cent discount to CES’s revalued net asset value (RNAV) per share. But the IFA, Xandar Capital, deemed the offer to be “fair and reasonable” – and recommended shareholders accept it. PHOTO: PIXABAY

    WHEN Chip Eng Seng Corporation (CES) last month issued a circular in relation to the privatisation offer from its major shareholders, it was interesting to note the independent financial adviser’s (IFA) opinion on the deal.

    The offer of S$0.75 per share represented a steep 43.9 per cent discount to CES’s revalued net asset value (RNAV) per share.

    But the IFA, Xandar Capital, deemed the offer to be “fair and reasonable” – and recommended shareholders accept it.

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