IFAs should hew to thinking of the market
Excessively discounting plainly visible value within a target company, and making spurious comparisons, may erode confidence in their independence and objectivity
[SINGAPORE] This column suggested last week that shareholders of Singapore Paincare think twice about accepting the recently announced offer at S$0.16 per share, and hold out for a better deal.
The privatisation offer by way of scheme of arrangement comes only five years after the company sold shares to investors at S$0.22 each, and listed on the Catalist board of the Singapore Exchange (SGX).
Earlier this week, however, any hope of improved terms were dashed. On Jun 10, the offeror said it did not intend to increase the scheme consideration.
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