SIA laughs to the bank
From the Tiger Airways Prospectus:
Substantial Shareholders and their Associates:
Singapore Airlines
Number of Shares Acquired 179,009,250
Total Consideration (S$) S$11,933,950
Effective Cash Cost per Share (S$) S$0.0667
Indigo
Number of Shares Acquired 87,678,000
Total Consideration (S$) S$5,845,200
Effective Cash Cost per Share (S$) S$0.0667
Ryanasia
Number of Shares Acquired 58,452,000
Total Consideration (S$) S$3,896,800
Effective Cash Cost per Share (S$) S$0.0667
Dahlia (Temasek Holdings)
Number of Shares Acquired 40,185,750
Total Consideration (S$) S$2,679,050
Effective Cash Cost per Share (S$) S$0.0667
Investors in the Offering
Number of Shares Acquired ●165,155,000
Total Consideration (S$) ●S$272,505,750
Effective Cash Cost per Share (S$) ●S$1.65
So SIA makes = 179 million * (1.5 – 0.0667) = SGD 256 million from this exercise.
Perhaps SIA will have the last laugh! They might even be able to declare a FY profit!