Challenger Technologies, a well-known brand in Singapore is looking to delist with a 56 cents share offer.

Longtime readers and attendees of my previous courses held in conjunction with the Fifth Person will know that I cite Challenger frequently in when introducing students to financial statement analysis for the first time.

It has been incredibly frustrating over the years given the quality of the business and the persistent undervaluation. The offer is quite a low-ball in my books given the substantial amounts of cash on the balance sheet and their earnings quality of the business.

I am pretty disappointed, to say the least.

I no longer own a position in Challenger as we re-deployed the capital to other opportunities during the 2018 sell-down (months before the offer announcement).

Fortunately for minority shareholders, Pangolin Investment Management which owns a 2.94% stake in the company through its Pangolin Asia Fund is leading