Proposal
Tang brothers, now called themselves, Tang UnityThree LLP, are offering to buy all shares they do not own at 83cts. (They offered 65cts per share back in Dec 2006)
Background
This is the 3rd effort to privatise the company.
First time was Oct 2003 at the then offer price of 42cts was voted down.
Second time was in Dec 2006 when they offered 65cts.
Question
Still the same question - Is the current price a fair offer for a stake in a very very very prime real estate albeit in a competitive retail business and rapidly improving hotel business? Why the Tangs want to buy back the shares so badly? What does C K Tang actually own?
If the shareholders had accepted the offer in 2003, a shareholder would have missed on about 7.86% per annum rate of capital appreciation.
Read my previous posting on sum of parts could be worth a lot more.
P/S - I have no C K Tang shares as of today.
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