BIL whatsup!!!

[whatsup]

Bil heading to $1.00 for the first time in ages - end game may be?

[fish]

I wonder why?
No anoucements today to mexplain

[rmbbrave]

Any ideas what this is all about?

BIL shares in trading halt ahead of announcement


13.07.05 3.40pm


Shares in Singapore-based BIL International Ltd have been placed in a trading halt pending an announcement which it says will be before the start of trade tomorrow.

BIL's main listing is on the Singapore stock exchange. On the New Zealand market BIL shares last traded at $1.04 before the announcement, close to their year high of $1.07. Their lowest point in the last 12 months has been 65c.

[whatsup]

BIL/BRY: whatsup takeover?!!!!! end of that mastermind Paul Collins!!!

[rmbbrave]

Found this...

Wednesday July 13, 7:19 AM

Guoco Expected To Tighten Grip On BIL With Offer
SINGAPORE (Dow Jones)--Hong Kong-listed Guoco Group Ltd. (0053.HK) is likely to offer up to S$1.30 a share for BIL International Ltd. (B16.SG) as Malaysian businessman Quek Leng Chan moves to tighten his grip on the Singapore listed investment company, broking sources say.

Shares of BIL, which is already 29.5% owned by Quek through companies including Guoco, weresuspended in Singapore earlier Wednesday. Hong Kong trade in the Quek-controlled Guoco has also been halted.

The relatively small premium of the likely takeover offer, which values BIL at up to S$1.78 billion, indicates Quek may just want to increase his stake rather than take BIL private, said a trader with a local brokerage who didn't want to be named.

"With a bigger stake, Quek can tighten his grip on the company and exercise greater control," he said.

BIL shares were up 2 cents at S$1.24 before being suspended.

The low profile Guoco has been sitting on a pile of cash after selling its 71% stake in Hong Kong-based Dao Heng Bank to DBS Group Holdings Ltd. (D05.SG) for S$10 billion in 2001.

Some 138.5 million BIL shares changed hands at S$1.24 each just before trading was suspended, with broking sources saying the seller was fund manager Longleaf Partners International and the buyer Guoco.

Longleaf held a 9.3% stake, comprising 127 million shares, in BIL at September 2004, according to BIL's latest annual report.

Indonesia-born businessman Oei Hong Leong also owns a 9.0% stake comprising 123 million shares but it wasn't clear if he had agreed to sell, the broking sources said.

BIL expects to issue a statement before the start of trading Thursday, Chief Executive Arun Amarsi said, but declined further comment. Guoco officials were not immediately available for comment.

For its fiscal second quarter to Dec. 31, BIL's net profit grew to US$22.1 million from US$7.3 million a year earlier while revenue rose 30.9% to US$96.5 million from US$73.7 million.

[Westie]

Mason Hawkins of Longleaf is quite famous in value investing circles & is considered to be a smart investor ala Buffett. Longleaf going is interesting. Third Ave, run by Martin Whitman is another famous value fund still on the register, albeit with a small position. If they sell, then the smart money is gone. However, they might just hang around & pick up a blocking stake like they did with Toll rail....

[Binklebonk]

BRY15/07/2005TAKEOVER REL: 0838 HRS BIL International Limited TAKEOVER: BRY: Mandatory Conditional Cash Offer MANDATORY CONDITIONAL CASH OFFER BY HIGH GLORY INVESTMENTS LIMITED FOR BILINTERNATIONAL LIMITED The Board of Directors of BIL International Limited (Company) wishes toinform shareholders of the Company (Shareholders) that G.K.Goh StockbrokersPte Ltd (GK Goh), acting for and on behalf of High Glory Investments Limited,a company incorporated in the Cayman Islands (Offeror), a wholly ownedsubsidiary of Guoco Group Limited (Guoco Group), a company listed on TheStock Exchange of Hong Kong Limited, has announced on 14 July 2005 (OfferorAnnouncement) that the Offeror has acquired 138,475,000 ordinary shares ofUS$0.20 each in the capital of the Company (Shares), representing 10.12% ofthe issued share capital of the Company as at 15 May 2005 (Acquisition). Asa result of the Acquisition, the Offeror has stated in the OfferorAnnouncement that subject to further enquiries, the Offeror and partiesacting in concert with it (as described in the Offeror Announcement) own orcontrol 545,903,324 Shares, representing approximately 39.90% of the issuedand paid-up share capital of the Company. Accordingly, in accordance with Rule 14 of The Singapore Code on Take-oversand Mergers (Code), the Offeror is required to make a mandatory conditionalcash offer (Offer) for all the Shares not already owned, controlled or agreedto be acquired by the Offeror or any party acting in concert with it (OfferShares). The Offer will be extended to all new Shares issued (i) under the BILInternational Share Option Plan (Options) and (ii) pursuant to the validconversion of the capital notes issued by the Company's wholly-ownedsubsidiary BIL Finance Limited (Capital Notes). The Capital Notes are listedon the New Zealand Stock Exchange and the noteholders may elect on certainelection dates (ranging from 15 October 2004 to 15 October 2007) to convertthem into Shares at a price equal to 98% of the weighted average sale priceof the Shares sold on the New Zealand Stock Exchange on each of the five (5)business days prior to the relevant election date, or where no Shares havebeen sold on each of those days, the weighted average sale price of theShares on each of the five (5) business days having the highest tradingvolumes in the last 14 days prior to the relevant election date. The Companyhas an option to purchase for cash all or any or any part of any CapitalNotes on an election date at a purchase price equal to the aggregate of theprincipal amount of the Capital Note and all accrued and unpaid interest inrespect of any Capital Note at the date of payment of the purchase price. As at the date of this announcement, no Options have been exercised orCapital Notes converted. The Offer will be conditional upon the Offeror having received validacceptances in respect of the Offer Shares which, when taken together withthe Shares owned, controlled or agreed to be acquired by the Offeror or anyparty acting in concert with it (either before or during the Offer), willresult in the Offeror and parties acting in concert with it holding more than50% of the voting rights attributable to the issued share capital of theCompany as at the close of the Offer (including voting rights attributable toShares issued or to be issued pursuant to the valid exercise of theoutstanding Options and valid conversion of Capital Notes prior to the closeof the Offer). Therefore, the Offer will not become or be capable of beingdeclared unconditional as to acceptances unless at any time prior to theclose of the Offer, the Offeror has received valid acceptances in respect ofsuch number of Offer Shares, which together with Shares acquired (eitherbefore or during the Offer) results in the Offeror and parties acting inconcert with it holding such number of Shares carrying more than 50% of themaximum potential issued share capital of the Company. For this purpose"maximum potential issued share capital" means the total number of Shareswhich would be in issued had all the Options been validly exercised and a

[CJ]

Just read this on Stuff.

"Earnings per share rose to US6.3c from US4.6 c. The company will pay a dividend of S35c (NZ30.6c). "

Are they returning cash or is this a typo! amounts to about 30% of share value!

EDIT: Just read the actual announcement and Stuff had a type. Dividend is S0.035 so about NZ3c per share.

EDIT 2: Is anyone going to sell in the takeover offer. NO premium offered so I assume they are being foreced to make a takeover due to hitting a threshold? I have an un marketable parcel so would be good to offload (with no brokerage) but need a premium for it to be worth it.

[Snoopy]

quote:Originally posted by CJ

Just read this on Stuff.

"Earnings per share rose to US6.3c from US4.6 c. The company will pay a dividend of S35c (NZ30.6c). "

Are they returning cash or is this a typo! amounts to about 30% of share value!

EDIT: Just read the actual announcement and Stuff had a type. Dividend is S0.035 so about NZ3c per share.


Ah thanks for that. I thought it must have been a misprint of some kind!


quote:
EDIT 2: Is anyone going to sell in the takeover offer. NO premium offered so I assume they are being foreced to make a takeover due to hitting a threshold? I have an un marketable parcel so would be good to offload (with no brokerage) but need a premium for it to be worth it.


Yes. It is a requirement of the Singapore Stock Exchange that when any shareholder hits a 30% holding threshold, then they must make a bid for the whole company. This is a forced bid.

IMO, the bid is not designed to succeed. However, in your instance, if you have an unmarketable parcel for shares this *is* an opportunity to get out at about asset backing. The offer is derisory so I wouldn't be rushing to sell into it myself.

However, unlike past offers for BIL securites by 'Ross Investments'- that I regard as fraudulent and worthy of criminal prosecution- this offer is a least legally legitimate.

SNOOPY

discl: hold BRY, will not be selling.

[fish]

Thanks for your comments snoopy-

The P/E ratio is very attractive .

I have no plans to sell either

[Snoopy]

quote:Originally posted by fish

Thanks for your comments snoopy-

The P/E ratio is very attractive .

I have no plans to sell either


Independent directors recommendation in the mail today. Don't Sell into the offer. If you must sell do it on market and get a better price.

A significant breakthrough has occurred at the Molokai property. The locals are now 'on BIL's side' and planning approvals in the pipeline should mean accelerating development returns from here on in (+80% for FY2005).

BIL has applied for a casino licence in the UK! The plan is to run casinos as adjuncts to some of the Thistle Hotels.

Interesting developments indeed!

Needless to say , I won't be selling.

SNOOPY

[dinosaur]

Some advice please as I have not been following BIL.

A elderly friend of mine accepted the High Glory offer about 6 weeks ago, as they only had a small parcel of shares. Now they now have received the Supplementary Offer Doc and are quite confused.

I see from it the offer period has been extended.

Will High Glory have to take up all shares offered, and if so when will payment be made?

As this friend didn't have a broker, they went to quite some trouble give the information required on the Offer Form.

TIA

[Snoopy]

quote:Originally posted by dinosaur

Some advice please as I have not been following BIL.

A elderly friend of mine accepted the High Glory offer about 6 weeks ago, as they only had a small parcel of shares. Now they now have received the Supplementary Offer Doc and are quite confused.

I see from it the offer period has been extended.

Will High Glory have to take up all shares offered, and if so when will payment be made?


Tell your elderly friend not to worry. Yes, High Glory do intend to take up all the shares offered.

The offer has been extended, and the new price offered is marginally higher ($S1.25 vs $S1.20). At the end of the extension she/he should still get their money. The only reason your friend was sent a second form was to inform them of the new (higher) offer price, and the fact that the payout date has been delayed until 21 October 2005, the new closing date of the revised offer . There should be no need to send the acceptance form in again.

SNOOPY

discl: hold BIL, have received all the correspondence, but am not personally accepting the offer. But YMMV. If your friend is elderly it could make sense to accept the offer and invest the money in something that gives a higher dividend yield.

[dinosaur]

Thanks Snoopy.

Yes I saw the 'Don't Sell' advice although I think you are right about them getting as out they are elderly. Unfortunately the money will probably end up on Term Deposit. They have a very small parcel of about 2500 BIL shares which they have held for nearly 20 years and this way they save brokerage, and they are the only shares they have left now.

Their previous other share holdings were in Equity Corp which they sold in Sept 87 for about 60k. Of course a few weeks later they would have been worthless so I think that scared them off the share market. Brought back memories of the depression I think.

[fish]

snoopy
SP is the highest it has been for many years
A lot of its assets are in stirling and doesnt really make sense to me with the high nz dollar-unless the predicted fall in the kiwi is being factored in
I trust like me you are still holding
What sp would you consider selling at ?
Thanks

[Snoopy]

quote:Originally posted by fish

snoopy
SP is the highest it has been for many years
A lot of its assets are in stirling and doesnt really make sense to me with the high nz dollar-unless the predicted fall in the kiwi is being factored in
I trust like me you are still holding
What sp would you consider selling at ?
Thanks


A fairly bullish 'rest of year' outlook has been released fish. Debt is right down due to recent hotel sales. There is the possibility of improving profitability by starting casinos in some of the hotels.

The weak sellers are now out of the company as a result of the just closed takeover offer.

I haven't considered what price I would sell at, because it is a long way north of what is in the market now. I wouldn't be surprised to see these shares trading at $1.50 within 12 months. Our patience could be about to be rewarded fish! Even Sir Ron himself has popped up again in the top twenty shareholders.

SNOOPY

discl: hold BRY

[fish]

snoopy-many thanks for that tip .Great advice which stopped me selling too soon-i will stay for the ride now . Yet again patience pays off .
Looks like casinos are the reason for the big rise today

[fish]

GENERAL: BRY: Certificate of Approval obtained from The Gambling Commission 08:32am
BRY
07/02/2006
GENERAL

REL: 0832 HRS BIL International Limited

GENERAL: BRY: Certificate of Approval obtained from The Gambling Commission

The Gambling Commission of Great Britain ("Gambling Commission") on 2nd
February 2006 informed BIL Gaming Operations UK Ltd ("BIL Gaming"), a
wholly-owned subsidiary, that it has been approved to be a licensed operator
of casinos under The Gaming Act 1968. Additionally, the Gambling Commission
has approved Certificates of Consent for 16 specific casino license
applications.

As a result of these approvals, BIL Gaming will work towards fulfilling all
necessary regulatory requirements including making formal applications to the
relevant licensing jurisdictions for each of these 16 casino locations.

BIL will make further announcements as and when any development arises which
requires disclosure.

[Snoopy]

quote:Originally posted by aspex


While this is nit the line of BRY, they may be thinking of linking casinos to their hotels etc
Roll on the good times.:D


Having Casinos in the Thistle Hotel chain is exactly what BRY are up to. From p5 of the 2005 annual report:

"In March 2005, Paul Collis joined BIL to investigate and commence casino operations in the United Kingdom. Paul brought with him significant industry expertise and experience. Since then a subsidiary of BIL has applied for numerous casino licences in the United Kingdom. If successful we intend to open casinos in selected Thistle Hotels as well as other strategic sites. The hotel casinos will provide additional entertainment facilities to our hotel guests and additional revenues to our hotels."

SNOOPY

discl: hold BRY

[Snoopy]

quote:Originally posted by Snoopy


Originally posted by fish

snoopy
SP is the highest it has been for many years

I trust like me you are still holding
What sp would you consider selling at ?
Thanks

----------

I haven't considered what price I would sell at, because it is a long way north of what is in the market now. I wouldn't be surprised to see these shares trading at $1.50 within 12 months. Our patience could be about to be rewarded fish!

SNOOPY

discl: hold BRY


Ladies and Gentlemen. We have our $1.50 and I am now out of BRY. Actually I didn't quite get my $1.50 (sold at $1.48). Actually I am not sure I really wanted to sell! But Cullen with the imminent new overseas tax regime has forced my hand.

BRY is now trading well above net asset backing as it changes itself from a hotel holding company to a player in the UK casino market. I have experience of the casino industry through my holding in Sky City and I have been enjoying the ride in BRY. I most recently bought shares in BRY in October 1999 at 44c. The shares consolidated to become the equivalent of 88c shares and I have had 12cps total dividends since. That makes a compounding rate of return of 9% per year (after tax). Not bad at all. Just don't ask about what happened *before* 1999 ;-( !

It is hard to know where BRY will go to from here. I think it is fair to suggest that the Thistle Hotel Casinos will not be as successful as Sky City in Auckland. Given the uncertainty of developments going forward and the share price reached, I think now is an appropriate time to bow out of BRY. If I wasn't going to be entangled in the international tax web, I think I might be tempted to hold on for the London Olympics and see what happens.

What is perhaps my longest legacy investment has ended, but good luck to those who remain.

SNOOPY

discl: ex BRY holder, as of today!