I V Global Securities Public Company Limited (“Independent Financial Advisor”, or “IFA”), one of the Securities and Exchange Commission (the “SEC”) approved financial advisors, is appointed as an independent financial advisor to MK, to provide opinion to MK’s shareholders on SPALI’s Tender Offer.
The IFA opined that MK’s fair value is between ฿7.45 – ฿10.07, which is higher than the Tender Offer price at ฿4.10/share, the Board of Directors of MK unanimously resolved to recommend the shareholders to reject the Tender Offer since the Tender Offer price is inappropriate and lower than the fair value calculated by Adjusted Book Value Approach and Discount Cash Flow Approach.
The Company’s fair value calculated by Adjusted Book Value Approach
The Company’s fair value calculated by Adjusted Book Value Approach is ฿10.07/share and higher than ฿4.10/share of Tender Offer price by ฿5.97/share or 145.49 percent
The Company’s fair value calculated by Discount Cash Flow Approach
The Company’s fair value calculated by Discount Cash Flow Approach is ฿7.45 – 8.35/share and higher than the Tender Offer price by ฿3.35 – 4.25/share or 81.60 – 103.72 percent.
According to the article from Kaohoon Online: SPALI Clearly Insists ฿4.1 for MK’s Share is the Final! Despite Higher Market Price, which referred to the announcement on August 15, 2018 from SPALI that the company still insisted on the price at ฿4.10/share and would like to extend the duration of the Tender Offer to September 5, 2018. But after the IFA shared its opinion on the fair value of MK, would ฿4.10/share really be SPALI final price?