Many of you reading this article would be aware that The Fifth Person has been following ARA Asset Management (ARA) very closely as we have a vested interest in the company since 2012. I am writing this article since quite a few of you wanted to know whether we will be taking up the recent privatization offer made by a consortium led by founder John Lim. The short answer is: “No, we are voting against it.” The Offer Price of S$1.78 is a price we think is not fair enough. Let me explain why. In 2013, ARA was trading above S$1.80 and we could have sold it then for a handsome profit within a year. Obviously, we did not do that since we thought the market was not valuing the company adequately enough. In 2011, ARA was managing around S$20 billion in assets under management (AUM). Today, ......