In my previous posting about Masterskill I wrote:
"Why would anyone not exercise a put option to sell ones shares for RM 1.10 per share, and then less than 4 months later accept an offer for RM 0.60 per share, a whopping 45% lower? For Siva Kumar the difference between the two offers is close to RM 60 Million cash...."
That is exactly what Focus Malaysia in their January 17-23, 2015 issue asked Siva Kumar, his answer:
"On this matter, Siva says though the deal was very attractive, he decided to sell his stakes to Creador and SMRT considering the uncertainty of the buyer being able to exercise the option on time. As such, he felt that selling his stake to Creador, which was already accumulating MEGB [Masterskill] shares then, would be the best choice."
Regarding "being able to exercise the option on time", it should be noted that Gary How entered in the option agreement on March 19, 2014. In other words, How had about nine months to actively arrange the money, not counting the time before the option was signed which probably also adds a few more months.