Kian Ann

Kian Ann: recall the cash offer by Invicta to acquire all Kian Ann shares at $0.44/sh. Following the acq, Kian Ann would be delisted. DMG believes this is a good opportunity for investors to exit their invmt and should Accept Offer. Notes Kian Ann’s share price has historically been trading at 6 – 7 x P/E, while Invicta’s offer price translates into an FY12 P/E of 9.3x. Also Kian Ann’s share price has never crossed the $0.40 mark. Highlights, the offer price represents a 42% premium over the last done price prior to the date when Kian Ann announced it was approached for possible M&A. Hence this allows investors a good exit.