Fraser & Neave (F99.SG) drops 10.9% to $8.02, extending Monday’s 4.7% drop. “There’s uncertainty on the strategy going forward, but more importantly is the passive shareholder that has to get out,” says Jonathan Foster, director of special situations for Religare Capital. “They will be removed from the MSCI index tomorrow night; there’s going to be quite a lot of index selling.” He also notes there simply aren’t many F&N shares left to trade. With slightly more than 90% of shareholders selling out after TCC Assets’ $9.55/share takeover bid, the remaining holders were either passive or index funds or small retail investors, he notes; “that’s where all the selling is.”
Source : The Edge – 23 Apr 2013
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