Tears in my eyes
Be warned. This is an emotional post. I have never been so emotional with my stock holdings, but when I sealed the envelope and walked to the nearest SingPost letterbox to post my acceptance form for my Robinsons shares, tears flow through my eyes. Yes, Al-Futtaim have secured more than 90% acceptance for their offer to buy out the remaining shareholders in Robinsons & Company. It is all over as they have already said that they will exercise their rights to acquire the remaining shares out there and delist the company. The final offer price - $7.20 per share. Al-Futtaim had been gracious enough to let us have the final dividend payout of 10cts per share before delisting and did not adjust the offer price, which they are obviously entitled to do so.
Once Lippo Group and OCBC thrown in their towel, I guess it was an uphill battle to avoid delisting for S'pore's largest retailer. I have been a shareholder of Robinsons for more than 5 years, and have received their various dividend payouts and special dividends throughout the years. It is very sad to let it go, and really, I would hesitate to sell even at $7.20 per share, though deep in my heart, I know that it is a fair offer and most investors would bite.
It will take sometime for me to get over this. I know, one should not be too emotional on their stock holdings. But Robinsons have a special place in my heart, having shopped at their stores before and good experience with their staff there. I will miss the sale worth waiting for and giving you more reasons to smile.