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Sri Lanka Equity Forum » Stock Market Talk » Majority of OGL shareholders say ‘no’ to PCH mandatory offer

Majority of OGL shareholders say ‘no’ to PCH mandatory offer

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Shareholders representing 34 percent of Orient Garments PLC’s (OGL) stated capital have rejected to sell their holdings in the company in accordance to the mandatory offer presented by PCH’s S.H.M Rishan and PCH Holdings Private Limited.

The shareholders of OGL have communicated this to the Securities and Exchange Commission (SEC) ‘irrevocably confirming that they will not accept the mandatory offer at Rs.28 per each share’.

Those who have rejected the mandatory offer were Dr.T Senthilve (8, 666, 700 shares or 15.78 percent), Finco Holdigns Private Limited (5, 132, 425 shares or 9.35 percent), Finco Private Limited (3, 168, 000)shares or 5.77 percent, Swaruparanee Weerasooriya (551, 048 shares or 1 percent), Nishan Eshandra Weerasooriya (551, 048 or shares 1 percent), Nikan Private Limited (346, 400 shares or 0.63 percent) and Sarath Chandra Weerasooriya (234, 008 shares of 0.43 percent).

Even though PCH’s Rishan bought 29.95 percent or 16, 450, 000 shares at Rs.21.50, he had to come up with a mandatory offer at Rs.28, as he had been buying OGL shares earlier around Rs.28.

PCH Holdings, which is acting in concert with Rishan has 21.05 percent or 11, 557, 000 shares or OGL.


Senior Equity Analytic
Senior Equity Analytic
Did cross selling happen recently at PCH.Is it what you mentioned in the thread.Pl explain. Many thanks Smile


Nope this is not the PCH crossing. This is OGL deal, where PCH’s Rishan bought 29.95 shares of the company. He bought at Rs.21.50 and declared a mandatory offer for other remaining shares but it has been rejected by other major share holders of OGL. PCH crossing is a separate one, where Mr.Nihal bought 10% or 20% and sold them few days later.


Equity Analytic
Equity Analytic
can any body explain how this will impact on OGL price? is it worth to hold?


Stock Analytic
Stock Analytic
OGL has following advantages to run soon.

1.comparatively low no of shares in the market. Only 15% out of that also we can assume only 10% will be trading.That means that around 6 million out of 54 million changing hand.
2.It went up till 48 and came back to 35 level and in between around 5-6 million has been traded.Around 4 million traded around 33 -35 level.If another 2 -3 million traded around same price,no body will be there who bought it above 35 level.So it is the time to run and it is the time to buy.if 100k or more traded for another 15 days,that will be the time for OGL
3.Mandatory offer is 28 and it is now trading @ 33.So it has less risk as it will not drop below 28.
4.Mandatory offer is over end of this months(26th sep).After that share holder understand that no body accepted the offer worth to hold.So will be the best time for OGL.If you have OGL just hold till 27th sep and see.
5.EPS for 2011 is 2.04 and NAV per share is 11.27.ODEL also in same sector
which has EPS 1.37 and NEV per share is 11.20.So as far as earnings concerned,OGL is 30% higher than ODEL.So fundermental wise also OGL is worth than ODEL.
6.point no 2 and point no 4 both will be coincide around 26th sep.So i am waiting till 26th September to buy more,sell or hold dicision.

This is jut my observations and view.Please fo your own studies...thanks.


Manager - Equity Analytics
Manager - Equity Analytics
Mr.Possitive, your comments are acceptable.I also have the same feeling abt OGL,

Reason to run soon.

1.AAIC went up after the Mandatory offer,from 121 to 202 . the time to buy,30-31 range is good buy.
3.Most of Traders bought over 33
4.Monday -26th Sep will be last date of the offer.
5.Independent Auditors(BR de Silva) report which is issued to Mandatory offer ,is positive.
6.Went up to 48 & came down to 30,trading at good price now.
7.only 6 mn shares in the makt.
8.Major SHs not accepted the offer.
9.Still Finco Group is involving in the mgt activities.
10.Finco has the technology,PCh has the money.
11.Expectation to expand the operation.

just to watch and keep in touch with OGL.

Happy trading.............

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