In today’s briefing:
- Singapore Medical’s VGO: IFA Says It Is Not Fair but Reasonable
Singapore Medical’s VGO: IFA Says It Is Not Fair but Reasonable
- The IFA has declared the Singapore Medical (SMG SP) VGO (S$0.37 cash or one new share in the offeror) from management (chairman, CEO, exec director) is “not fair but reasonable.”
- The offer is light, and hitting the 90% minimum acceptance condition will be challenging. There is a remote chance of a bump as the offer has not been declared final.
- Irrevocables remain at 51.67% of outstanding shares. The current gross spread of 1.4% is not an attractive risk/reward profile. Take profits and head for the exit.
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