Straits Trading: OCBC's white flagl!!!

Following the Lees and GEH's decision to sell their stake in STCL to Tecity, it is no surprise to MYOB when OCBC also gave up their stake in the company, citing the loss of the added value of being part of the combined stake in 33.4% held by OCBC Bank, Great Eastern Holdings Group, Knowledge Two and Lee Family Companies.

Just for the records, MYOB did not think that the Lees would give it up so easily. MYOB has assumed that the status quo would remain, based on the state of the affairs after Tecity's declaration that $6.70 would be their last offer.
Having received valid acceptances of more than 50%, Tecity has on 4 Mar made their offer unconditional. Accordingly, as at 5.00pm on 4 Mar 2008, Tecity has 74.37% of the issued share capital of STCL. The Closing Date of the Offer will be extended to 3 April 2008.

MYOB hopes and expects that Tecity keeps the listed status of STCL. Once again, MYOB does not think that it might not be such a bad idea to hang on for your shares.