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4 posters
Delisting - Beruwala Walk Inn
Sriranga- Veteran
- Posts : 3226
Join date : 2014-02-23
Location : Colombo
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"Investing is easy to learn, but it takes a lifetime to master."
Sriranga- Veteran
- Posts : 3226
Join date : 2014-02-23
Location : Colombo
Mar 10, 2014 (LBO) - Banyan Tree Holdings Limited said it will take its Sri Lanka unit private which was in need of fresh capital and was hit by a newly introduced minimum public float restriction.
Banyan Tree controls 79.8 percent of Beruwala Walk Inn, a hotel that was hit by a tsunami in 2004.
The firm said it needed a fresh capital infusion to rebuild the hotel. But if some minority shareholders do not take up their entitlements of shares, the company will not be able to meet a requirement for a 20 percent minimum public float.
The firm said in a stock exchange filing that the majority shareholder would offer 120 rupees per share. The stock last traded at 104 rupees.
Beruwala Walk Inn is one of the early victims of the minimum public float rule.
The rule was brought by authorities after being egged on by interventionists shortly after stock manipulations during a stock market bubble fired by low interest rates and margin credit.
www.lbo.lk
Banyan Tree controls 79.8 percent of Beruwala Walk Inn, a hotel that was hit by a tsunami in 2004.
The firm said it needed a fresh capital infusion to rebuild the hotel. But if some minority shareholders do not take up their entitlements of shares, the company will not be able to meet a requirement for a 20 percent minimum public float.
The firm said in a stock exchange filing that the majority shareholder would offer 120 rupees per share. The stock last traded at 104 rupees.
Beruwala Walk Inn is one of the early victims of the minimum public float rule.
The rule was brought by authorities after being egged on by interventionists shortly after stock manipulations during a stock market bubble fired by low interest rates and margin credit.
www.lbo.lk
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"Investing is easy to learn, but it takes a lifetime to master."
Investor- Posts : 21
Join date : 2014-02-23
BINN is one of the crap share. now shareholder are very lucky who hold this. Very low NAV I think minus. but trading price was 104. but they pay 120/= very uncommon.
then more than 70 stocks in this market under minimum float rule. so those are good to buy if they delist.
then more than 70 stocks in this market under minimum float rule. so those are good to buy if they delist.
Sriranga- Veteran
- Posts : 3226
Join date : 2014-02-23
Location : Colombo
BINN land extend 4 Acres 3 Root and 23.34 Perches current value may be more than 310Million+?
Banyan Tree Holdings Limited needs to pay around 181,366 x 120 = 21,763,920 to acquire the balance shares held by public.(which is around 20.04%)
I think its a win - win move for Banyan Tree Holdings Limited.
Banyan Tree Holdings Limited needs to pay around 181,366 x 120 = 21,763,920 to acquire the balance shares held by public.(which is around 20.04%)
I think its a win - win move for Banyan Tree Holdings Limited.
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"Investing is easy to learn, but it takes a lifetime to master."
First Guy- Posts : 2599
Join date : 2014-02-22
Redbulls wrote:BINN land extend 4 Acres 3 Root and 23.34 Perches current value may be more than 310Million+?
Banyan Tree Holdings Limited needs to pay around 181,366 x 120 = 21,763,920 to acquire the balance shares held by public.(which is around 20.04%)
I think its a win - win move for Banyan Tree Holdings Limited.
So you say that the fair value of the land is not reflected in the books is it?
Anyhow, with all the hopeful listing spree, now we might see more de-listings because of the new rule. In any case, there would be more 'tradeable' stocks on the CSE
First Guy- Posts : 2599
Join date : 2014-02-22
Btw, what would have been the consequence of say BINN offered a price lower than the current trading price despite being higher than the Book value?
serene- Top contributor
- Posts : 4850
Join date : 2014-02-26
First Guy wrote:Btw, what would have been the consequence of say BINN offered a price lower than the current trading price despite being higher than the Book value?
Do anyone here holds this share? Any notification?
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