Mergers and Acquisitions

Date: July 3, 2001

SIAS would like to highlight the concerns of small investors, our members, on the difficulties they feel they would face when allocated odd lots as part of M&A transactions currently in process.

The Management Committee of SIAS would like to appeal to companies that are involved in M&A exercises to take into consideration the interests of small investors. Especially in cash plus share offers, the formulae should, where possible, minimize awkward odd lots, which will benefit shareholders as well as the company.

Mr David Gerald J.
President & CEO
Securities Investors Association (Singapore)