Ann: Becoming a substantial holder , page-3

It would appear that they are opportunistic.

The worry for all punters that opt in is that as I recall Liongold has a market cap of around SG$650M that is supported by almost nothing in the way of real assets.

However from what I could tell from the bid documents the (former) directors and some substantial shareholders that have tendered their shares and are supporting the offer have not had their shares converted to LG shares yet and that this will happen at the same time as for all other SBL shareholders that accept the offer. So they are in the same boat.

So you could be converting 34 shares in SBL to one share in a whole lot of nothing, especially with increased selling pressure on Liongolld shares immediately after the conversion.