Previously, he served as chairman of Hospital Authority from 1995 to 2000, council chairman of Hong Kong Polytechnic University from 1993 to 1997 and chairman of Hong Kong Trade Development Council from 2000 to 2007. • Wheelock Properties, now wholly-owned, will spearhead the Group's development projects in Hong Kong with the full backing of the Group's capital base and starting with a current Woo), was interested in 33,879,000 Shares (representing approximately 1.65% of the issued share capital of the Company). Found inside – Page 301Wheelock, D. and P. Wilson (1995) “Explaining Bank Failures: Deposit Insurance, ... A. (1997) 'A Background Note to the Workshop on Privatisation in the OIC ... Found inside – Page 286'European Pension Privatisation', Social Policy and Society, 3(2): 123–34. ... 'Insecurity and Social Security', in J. Vail, J. Wheelock, and M. Hill (eds.) ... Collective Sale Company Analysis Cooling measures Enbloc IPO Kimly Lian Beng Merger & Acquisition New Launches News News Analysis OUE OUE Ltd Privatisation Sector Analysis Singapore Property Singapore Property Developer SLB Development URA Data Wheelock Properties The Offeror reserves the right to waive any of the Scheme Conditions (7) to (11), either in whole or in respect of any particular matter. • Wheelock Properties, now wholly-owned, will spearhead the Group's development projects in Hong Kong with the full backing of the Group's capital base and starting with a current Any Shareholder residing outside Hong Kong is responsible for fully observing and complying with the laws of the relevant country, jurisdiction or territory, including obtaining any government or other consents that may be required and observing any other formalities in such country, jurisdiction or territory. accounting standards applicable in Hong Kong and thus may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States. Found inside – Page 437... in a Transition Economy: the Case of Newly Privatised Romanian Companies, ... zuletzt abgerufen am: 25.05.2006 Wheelock, David C. (1992): Deposit ... These factors include, but are not limited to, the satisfaction of the conditions to the Proposal and Option Offer, as well as additional factors, such as general, social, economic and political conditions in the countries in which the Offeror and/or the Group operate or other countries which have an impact on the Offeror and/or the Group's business activities or investments, interest rates, the monetary and interest rate policies of the countries in which the Offeror and/or the Group operate, inflation or deflation, foreign exchange rates, the performance of the financial markets in the countries in which the Offeror and/or Group operate and globally, changes in domestic and foreign laws, regulations and taxes, changes in competition and the pricing environments in the countries in which the Offeror and/or Group operate and regional or general changes in asset valuations and disruptions or reductions in travel and operations due to natural or man-made disasters, pandemics, epidemics or outbreak of infections or contagious diseases such as novel coronavirus. Mrs. Mignonne Cheng, a non-executive Director, is also the chairman of BNP Paribas Wealth Management for Asia-Pacific, which provides financial services to Mr. Upon such cancellation, the issued share capital of the Company will be restored to its former number by the issuance to the Offeror, credited as fully paid, of the same number of Shares as the number of Scheme Shares cancelled. The Woo family, Wheelock's largest shareholder . The Scheme Document, which will be despatched to Shareholders in due course, will contain details of the Distribution, including the arrangements regarding the payment of the Distribution and overseas Shareholders' entitlements thereto and the expected timetable of the Distribution. Such Shares will form part of the Scheme Shares but will not be voted at the Court Meeting and such Option will be subject to the Option Offer. Accordingly, the Proposal is subject to the disclosure requirements and practices applicable in Hong Kong to schemes of arrangement which differ from the disclosure requirements of the US tender offer rules. The move ends Wheelock's . In respect of the Scheme Conditions (7) to (11), except for the Executive's ruling as set out in Scheme Condition (5), the Offeror is not currently aware of any Authorisations or consents which are required, and any other matter that would constitute a breach of Scheme Conditions (7) to (11). Limited, the trustee of the Trust, US dollar(s), the lawful currency of the US, ordinary share(s) in the share capital of Wharf, Wharf Real Estate Investment Company Limited, a, company incorporated in the Cayman Islands with, limited liability, whose shares are listed on the Main, Board of the Stock Exchange (stock code:1997), ordinary share(s) in the share capital of Wharf REIC. Under the Proposal, Scheme Shareholders will receive by way of the Distribution one Wharf REIC Share and one Wharf Share in respect of each Share they hold at the Record Date. Found inside – Page 137... half 1993 includes $ 4.3m provided for cost of privatisation proposals . ... Wilson W.S. Chan Auditors Price Waterhouse Registrar Wheelock Marden & Co ... The Aggregate Amount per Scheme Share at the Last Trading Day, being (i) the Scheme Consideration of HK$12.00 per Scheme Share in cash (without taking into account the effect of any Dividend Adjustment) payable to, and (ii) the value (based on their closing prices on the Last Trading Day) of one Wharf REIC Share and one Wharf Share to be distributed to, Scheme Shareholders in respect of each Share they hold at the Record Date, represents a premium of 52.2%, or HK$24.65 (or HK$16.5 billion in aggregate based on the total number of Scheme. The listing of the Shares on the Stock Exchange will not be withdrawn if the Scheme does not become effective or the Proposal otherwise lapses. Details of the Option Offer will be set out in the Scheme Document. Directors' Responsibilities for the Pro Forma Financial Information. The Option Offer will be made in respect of all Share Options in issue on the date on which the Option Offer is made. Since inception, Wheelock has raised $4 billion in . Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Found inside – Page 100Development, Restructuring and Privatisation. BIATEC 9(8–10):38–40. Tsantis, Andreas. 1997. Developments in the Romanian Banking Sector. On the assumption that there is no change in shareholding of the Company before completion of the Proposal, the table below sets out the shareholding structure of the Company as at the Announcement Date and immediately upon completion of the Proposal: Trustee, in its capacity as trustee of the. From the perspective of the Scheme Shareholders, the effect of the Proposal is a demerger of the Company by way of distributing Wharf REIC Shares and Wharf Shares under the Distribution alongside a privatisation offer for the remaining assets held by the Company. The Offeror's directors and Mr. Peter Woo Kwong Ching jointly and severally accept full responsibility for the accuracy of the information contained in this Announcement (other than that relating to the Group) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this Announcement (other than those expressed by the Directors) have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statements in this Announcement misleading. The pro forma financial information has been compiled by the Directors to illustrate the impact of the distribution to all the Company's shareholders of one share of Wharf Real Estate Investment Company Limited and one share of The Wharf (Holdings) Limited in respect of each share of the Company they hold ("Distribution") on the Group's financial position as at 30 June 2019 as if the Distribution had taken place at 30 June 2019. In addition, if the Scheme becomes effective, each Scheme Shareholder will receive the Scheme Consideration in cash. Woo Entities and the Trustee (in its capacity as the, registered holders of the Scheme Shares as at the, Record Date excluding Mr. However these ratios will vary if the number of Shares in issue, and/or the number of Wharf REIC Shares or Wharf Shares held by the Company through its wholly-owned subsidiaries, changes between the Announcement Date and the Effective Date. Let’s take a closer look. Woo and Mr. 3. An application has been made by the Company to the Stock Exchange for the resumption of trading in Shares on the Stock Exchange with effect from 1:00 p.m. on 27 February 2020. Wheelock has traded at a discount to its holdings in Wharf and Wharf REIC. The effect of the Proposal, from the perspective of the Wheelock scheme shareholders, is a demerger of Wheelock by way of distributing Wharf and Wharf REIC shares, alongside a privatisation offer from Mr. Peter Woo for the remaining assets held by Wheelock. As at 31 December 2019, the number of Wharf Shares held by the Group was in excess of the number of issued Shares by 69,940,321 shares. End-of-day quote Shanghai - Hong Kong Stock Connect - 06/18, PROPOSAL FOR THE PRIVATISATION OF WHEELOCK AND COMPANY LIMITED, Unlocking shareholder value through the elimination of the historical holding company discount of the Company's stake in Wharf REIC and Wharf, Higher dividend income from Wharf REIC Shares and Wharf Shares in addition to return on cash, Enhanced choice for Scheme Shareholders through separate and direct ownership of Wharf REIC Shares and Wharf Shares with higher trading liquidity. Wharf is incorporated in Hong Kong with limited liability, and its shares are listed on the Main Board of the Stock Exchange. As at the Announcement Date there were 2,052,849,287 Shares in issue while the Company is interested through its wholly-owned subsidiaries in 1,952,860,608 Wharf REIC Shares and 2,129,691,608 Wharf Shares representing a ratio of Shares to Wharf REIC Shares of 0.95 and a ratio of Shares to Wharf Shares of 1.04. Billionaire Peter Woo Kwong-ching intends to take its flagship property empire Wheelock & Co (00020.HK) private . Ms. Jennifer Woo, the daughter of Mr. If any such waiver is granted by the Executive, the Offeror reserves the right to make arrangements in respect of Scheme Shareholders not resident in Hong Kong in relation to the terms of the Proposal. Such Shares will form part of the Scheme Shares but will not be voted at the Court Meeting. Wheelock Place is partnering with ShopPass to provide a seamless and secured shopping experience, without NRIC as identifier. Woo Entities upon the completion of the Proposal. Found inside – Page 1934... Privatisation, and Productivity Growth in UK Electricity Distribution, ... 1197 Wheelock, Jane, Working for Each Other, 1466 Wheelwright, Steven C., ... The Distribution will be made by the Company. Forward-looking statements include, without limitation, statements typically containing words such as "intends", "expects" and words of similar import. WPL will spearhead the Group's property development in Hong Kong, building from its current attributable land bank of 1.7 million square feet. The Proposal is being made to cancel the securities of a Hong Kong company by means of a scheme of arrangement provided for under the Companies Ordinance. Wharf (Holdings) Ltd (HKSE: 0004.HK) recently saw its share price tumble nearly 22% to HK$15.40 per share (data as of 10 Mar) after Wheelock and Company Limited (HKSE: 0020.HK) announced a proposal to privatise the company on 24th Feb 2020. Found inside – Page 85Jane Wheelock, Åge Mariussen ... Today, deregulation, privatisation and market-led restructuring policies are central to the Norwegian agenda. The Proposal aims to eliminate the historical holding company discount of the Company under the current holding structure and, in this way, unlock value for the Company's shareholders as detailed below. The Scheme Consideration will not be increased and the Offeror does not reserve the right to do so. Singapore-listed Wheelock Properties saw its shares jump as much as 24.1 per cent after the luxury developer's Hong Kong-based parent company made an all-cash privatisation offer. Such amount was derived from the closing price of Wharf Shares as quoted on the Stock Exchange of HK$20.70 per share as at 30 June 2019 multiplied by the shortfall of 24,184,679 in the number of Wharf Shares held by the Group as at 30 June 2019. the cash amount of HK$12.00 per Scheme Share, less the Dividend Adjustment (if any), which Scheme, Shareholders will receive for the cancellation of their, the composite document to be despatched to the, Shareholders containing details of the Scheme, the, Share(s) in issue on the Record Date held by the. This news resulted in Wharf Holdings' share price tumbling 18.1% from HK$19.70 to HK$16.14 at the lowest closing. Such Shares will not form part of the Scheme Shares. incorporated in Hong Kong with limited liability, whose shares are listed on the Main Board of the, Hong Kong dollars, the lawful currency of Hong Kong, the Hong Kong Special Administrative Region of the, Corporation Limited, being the financial adviser to the, Offeror in relation to the Proposal, a registered, institution under the SFO, registered to carry on Type, 1 (dealing in securities), Type 2 (dealing in futures, contracts), Type 4 (advising on securities), Type 5, (advising on futures contracts), Type 6 (advising on, corporate finance) and Type 9 (asset management), regulated activities under the SFO and a licensed, bank under the Banking Ordinance (Chapter 155 of, means HSBC and persons controlling, controlled by, the independent board committee of the Company, established by the Board to make a recommendation, Optionholders in respect of the Proposal, the, Scheme and the Option Offer, which comprises all, Non-executive Directors and Independent Non-, executive Directors (other than Mrs. Mignonne, Cheng) pursuant to Rule 2.8 of the Takeovers Code, all Shareholders, other than the Offeror, the Offeror, 21 February 2020, being the last trading day of, Shares immediately before the suspension of trading, Announcement, being the last full trading day prior to, the Rules Governing the Listing of Securities on the, 31 December 2020, or such later date the Offeror, may determine, subject to the consent of the financial, adviser of the Offeror (whose consent shall not be, Mr. The Scheme will lapse if any of the Scheme Conditions has not been fulfilled or waived, as applicable, on or before the Long Stop Date. The Company does not intend to grant any further Share Options between the Announcement Date and the Effective Date. Found inside – Page 217Living with Insecurity in Modern Society Michael Hill, John Vail, Jane Wheelock. Bainham, A. (1990) 'The privatisation of the public interest in children', ... Woo's family and an Offeror Concert Party, and 19.01% by other Offeror Concert Parties (being Mr. What is prompting the Wheelock privatization move? The notice will be deemed to have been sufficiently given, despite any failure by such Shareholders to receive or see that notice. Found inside – Page 223... or nationalised almost half of all arable land (Wheelock, 1990). ... programmes when they entailed the privatisation of previously state-held land ... We conducted our engagement in accordance with Hong Kong Standard on Assurance Engagements ("HKSAE") 3420 "Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus" issued by the HKICPA. A detailed expected timetable will be included in the Scheme Document. The brokerage initiated coverage with a "buy" call and a $2.28 target price. The Excluded Shares comprise 1,385,416,330 Shares in total, representing 67.49% of the issued share capital of the Company as at the Announcement Date. In granting the waiver, the Executive will be concerned to see that all material information in the Scheme Document is made available to such overseas Scheme Shareholders and overseas Optionholders, as the case may be. Get more stock updates on our Facebook page or Telegram. Wing tai could be another privatisation counter. Wharf Hotels said it closed the Prince Hotel for renovations, making use of the business lull created by months of anti-government protests and the coronavirus outbreak for refurbishments, amid . Please also read our Ethics Statement. Wheelock Properties (Singapore) (WPSG), formerly known as Marco Polo Developments Limited, was listed on SGX-ST in 1981. Found inside – Page 570... Goucoland, and Wheelock, who were delisted or were considering listing in ... the privatisation wave could also be that listed companies are no longer ... At the Oct. 2 final closing date of the S$2.10-per-unit privatization offer, Wheelock Properties' public float also went below the required 10% minimum of the Singapore stock exchange and the company requested for a trading halt of its shares. the related pro forma adjustments give appropriate effect to those criteria; and. NO. the pro forma financial information has been properly compiled on the basis stated; such basis is consistent with the accounting policies of the Group, and. Woo's Admiral Power Holdings will finance the HK$8.15 billion privatisation bid with cash and debt, the company said. Woo has 100% control of Newotto Limited, which in turn controls 100% of this controlled corporation. Wheelock said the privatisation would unlock shareholder value through the elimination of the historical holding company discount of the company's stake in Wharf REIC and Wharf Holdings, and . The Trustee (in respect of the Shares held by it in its capacity as the trustee of the Trust), an Offeror Concert Party, has also (i) agreed that the Shares (being "Excluded Shares") it holds in its capacity as the trustee of the Trust will be excluded from the Proposal and will not form part of the Scheme Shares, (ii) irrevocably and unconditionally agreed not to receive its entitlements to the Wharf REIC Shares and Wharf Shares under the Distribution, and (iii) it will exercise or procure the exercise of all voting rights attached to the Excluded Shares held by it in its capacity. interest, title retention, trust arrangement, subordination arrangement, contractual right of set-, off or any other agreement or arrangement the effect, of which is the creation of security, or any other, interest, equity or other right of any person (including, any right to acquire, option, right of first refusal or, right of pre-emption), or any agreement, arrangement, has the meaning given to that term in the "Exclusion, of the Shares of Mr. In particular, Wharf REIC, owner of Harbour City in Tsim Sha Tsui and Times Square in Causeway Bay, saw shares slump more than 38 percent from the peak level of HK$60.90 last May as the social unrest and Covid-19 took a toll on the local retail market. For example, a Scheme Shareholder would have received an average of HK176 cents annual dividend income by holding one Wharf REIC Share and one Wharf Share combined, 88% higher than the average of HK93 cents annual dividend income he would have received by holding one Share during the 10-year period from 2009 to 2018. This Announcement is not for release, publication or distribution in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Any vote, acceptance or other response to the Proposal should be made only on the basis of information in the Scheme Document or any other document by which the Proposal is made. Wheelock is the flagship company a prominent family based in Hong Kong with a net worth of over USD10 billion. Woo (through his wholly owned company) purchased 2,047,578 Shares from a company. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward- looking statements. Found inside – Page 49... or " privatised apartheid " ? Communities , minority group rights and the politics of recognition D. T. Young London , SOAS PhD 1994 G. WHEELOCK A model ... The Shareholders will be notified by way of a press announcement of the exact dates of the last day of dealing in Shares and on which the Scheme and the withdrawal of the listing of the Shares will become effective. (HKSE: 0020.HK) announced a proposal to privatise the company on 24th Feb 2020. An earlier version of this article first appeared on InvestingNook. The Proposal is conditional upon the satisfaction or waiver (as applicable) of the conditions described in the sections headed "Scheme Conditions" and "Distribution Conditions". In the second step, the 73-year old tycoon will make a cash offer of HK$12 each to some Wheelock shareholders to take the company off the stock exchange. Currently, Wheelock receives approximately HK$5 billion to HK$6 billion a year in dividends from Wharf Holdings and Wharf REIC, but only distributes approximately HK$3 billion to HK$4 billion in dividends a year.Â, Now, let’s take one step back and think through this rationally. Â. Back in June 2017, Phillip analyst Peter Ng had called Wheelock Properties a "prime privatisation candidate", as the house initiated coverage with a "buy" call and a S$2.28 target price. Woo and Mrs. In addition, Scheme Shareholders will receive the Scheme Consideration in cash of HK$12.00 per Scheme Share, less the Dividend Adjustment (if any). Wheelock and Wharf (0004) said Admiral Power, backed by Peter Woo Kwong-Ching, chairman of . Save as disclosed below, neither the Offeror nor any of the Offeror Concert Parties had any dealings for value in the Shares during the period commencing six months prior to the Announcement Date. Shareholders who accept the offer will be paid within seven business days of their valid acceptances being received, said the offer announcement on Thursday. The following is the text of a report received from the reporting accountants, KPMG, Certified Public Accountants, Hong Kong, in respect of the Group's pro forma financial information for the purpose of incorporation in this announcement. Found inside – Page 259Vail , J. , Wheelock , J. and Hill , M. ( eds ) ( 1999 ) Insecurity Times ... Walker , C. ( 2000 ) ' The forms of privatisation of social security in ... Wheelock shares surged as much as 50.3 percent to HK$71 when trading resumed yesterday afternoon, before closing up 39.7 percent higher at HK$66, the highest since its launch in 1980. After the privatization, Wheelock's stake in Wharf REIC will lower to 42.34 percent from 66.51 percent, while their shares in Wharf will fall to 47.95 percent from 70.71 percent, according to the two subsidiaries' announcements. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes and a desire to get back to hands-on investing. Woo, Mr. The Board is of the view that she is regarded as being interested in the Proposal and the Option Offer for the purpose of Rule 2.8 of the Takeovers Code and is accordingly excluded from being a member of the Independent Board Committee. The arguments or benefits of privatization maybe be as: 1. Woo, Mrs. If the Scheme is not approved or the Proposal otherwise lapses, there are restrictions under the Takeovers Code on making subsequent offers, to the effect that neither the Offeror nor any person who acted in concert with it in the course of the Proposal (nor any person who is subsequently acting in concert with it) may within 12 months from the date on which the Scheme is not approved or the Proposal otherwise lapses announce an offer or possible offer for the Company, except with the consent of the Executive.
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