OSIM International - OCBC Research 2016-03-07: Ron Sim makes unconditional offer of S$1.32

OSIM International - OCBC Research 2016-03-07: Ron Sim makes unconditional offer of S$1.32 OSIM INTERNATIONAL LTD O23.SI 

OSIM International: Ron Sim makes unconditional offer of S$1.32 

  • OSIM International's Chairman and CEO, Mr Ron Sim has made a voluntary unconditional cash offer of S$1.32 for all shares in the company, via his private investment vehicle, Vision Three Pte Ltd. 
  • Mr. Sim currently owns 68.31% stake in the company. 
  • The offer price represents a 31.8% and 33.5% premium to the volume weighted average price for the corresponding one-month and three-month periods respectively. 
  • The offer price also represents a significant premium of 61% to our 12-month fair value estimate of S$0.82. 
  • Mr. Sim intends to make the offer with a view to delist and privatise OSIM. 
  • Given the tough environment ahead and the lack of strong drivers for earnings, we view this offer to be reasonable and recommend shareholders to accept the offer
  • The offer document will be despatched to Shareholders and Bondholders not earlier than 14 days and not later than 21 days from the date of the Offer Announcement Date (7 March 2016). 




Jodie Foo OCBC Securities | http://www.ocbcresearch.com/ 2016-03-07
OCBC Securities SGX Stock Analyst Report ACCEPT OFFER Upgrade SELL 0.82 Same 0.82


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