Just received a circular for Saizen unit holders, telling us a lot of finalized details about the upcoming disposal of their entire portfolio to Trangle TMK. Of note here is the special distribution of $1.056 per unit to unit holders. I bought and sold a few rounds already, but after they made the announcement near Nov in 2015, I bought it again at $1.0938 (inclusive of comms), hoping to arbitrage on this, which I blogged about it here. Let's see how it goes.
About 30.3 million SGD is to be paid out as special distribution, representing $1.056 per unit. From here, I worked out the number of outstanding units to be 287,026,515. Another 25.7 million SGD ($0.0895 per unit), amounting to 5% of the purchase price is to be kept in an escrow account for up to 4 months after the completion of this ......