FNN

FNN has a period of 3 mths to Friday, 19 Jul 2013 to restore its public float to the minimum 10% requirement. Thai tycoon and FNN chairman Charoen Sirivadhanabhakdi, currently controls ~90.3% of FNN shares. In order to restore the free float, Mr Charoen will have to sell some of the shares that he owns or FNN will have to place out new shares. Market watches note there may not be buyers for FNN shares at $9.43 (Mr Charoen’s offer price adjusted for the $0.12/sh dividend paid), given that the purchase price includes a premium for control. FNN will be relisted with a completely revamped board of directors after the previous slate resigned following the takeover. Mr Charoen's family members on the new board comprise his wife, Wanna Sirivadhanabhakdi, who is now vice-chairman of F&N; his son and ThaiBev CEO Thapana Sirivadhanabhakdi and his son-in-law Chotiphat Bijananda, both of whom are now non-executive directors of F&N. High-profile board appointments include former Singapore finance minister Richard Hu, who will be a senior adviser to the board; and former F&N food and beverage chief Koh Poh Tiong, who will be a non-executive director.