LCD Global

LCD Global: Substantial shareholder, Koh Wee Seng, continue to acquire 2.7m shares at $0.2636/share on 10 Jun and 2.8m shares at $0.265 apiece on 11 Jun, raising his stake from 13.68% to 14.2% over the two days. Recall yesterday's posting: In the midst of a voluntary conditional offer of $0.17/share by controlling shareholders, Raymond Lum and David Lum, Aspial CEO Koh Wee Seng acquired 5.7m shares at $0.2587/share (52% above offer price) on 9 Jun, raising his stake from 13.13% to 13.68%. This is a clear indication that Koh would not be in favour of the low-ball offer by the Lum brothers, which will close on 23 Jun. As at 9 Jun, the brothers own 35.8% stake in the property developer. At the current price of $0.265, LCD Global is valued at 17% discount to its NAV. In comparison, the recent takeover offers for Singapore Land, Hotel Properties and CapitaMalls Asia were priced at book multiples of 0.72x, 1.12x, and 1.21x respectively. Unless the Lum brothers come back with a better offer price, it appears that shareholders are unlikely to bite for now.