CMZ BVI is still in discussions regarding the funding arrangement(s) for the Proposed Acquisition and the mandatory general offer for all the shares in the capital of the Company (other than those held by CMZ BVI and parties acting in concert with it), and has not entered into any Definitive Agreement with PT Indofood Sukses Makmur Tbk in respect of the Proposed Acquisition.
Just 21 days more to go before FY15 ends on June 30, and guess what -- Minzhong declares a dividend of 6.43 Singapore cents per share. 1 day before the FY ends, ie on June 29, the dividend would have been credited to shareholders' accounts.
Minzhong is doing things in a rather unusual way. What could be a rational explanation for this?
Last year also, a dividend was declared in an unusual way - declared 2 days after FY ended, ie declared on 2 July. That means it didn't have to wait for the FY results in late July 2014.
Takeover offer @ $1.20 looks set to become a reality, with a MOU signed.
The $40m that purchaser has committed to pay by end-2015 is no peanuts and will be seen as a concrete step to the final goal.
"In consideration of PT Indofood entering into the MOU,CMZ BVI has agreed to pay PT
Indofood certain earnest sums amounting to S$40,000,000 no later than 30December 2015,
which amount shall be treated as part of the consideration payable to PT Indofood for the
Proposed Acquisition upon the consummation of the transaction."
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