In today’s briefing:
- Korea FSC Official: New Rule to Block “Treasury Stock Magic” Takes Effect on 31st
- Suntec REIT (SUN SP): Tang’s Offer Now Open
Korea FSC Official: New Rule to Block “Treasury Stock Magic” Takes Effect on 31st
- Korea FSC announced on the 24th that the updated Capital Markets Act rules, approved by the Cabinet, will take effect on the 31st.
- Banning new shares to treasury stocks during spin-offs could shift board focus in Korea, reducing big shareholder influence and prioritizing the broader shareholder base.
- The capital markets law change could shift shareholder returns from buybacks to dividends, marking a key inflection point for traders, especially in Korea’s preferred stock market.
Suntec REIT (SUN SP): Tang’s Offer Now Open
- On the 5th December, Gordan Tang (& his wife Celine) acquired 2.14% in Suntec REIT (SUN SP), lifting their stake to 31.45% from 29.31%, triggering a MGO.
- This is appears to be a technical Offer. The Offer price is S$1.16/share against a S$1.17/share undisturbed price. Timing, however, IS curious after ESR Group (1821 HK)‘s recent Offer.
- The Offer Doc is now out and shareholders can tender. At S$1.18/share as I type, zero tendering should occur. The Offer closes on the 20 January, unless extended.
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