In the new year spirit and in spite of possible adverse dragonslayer comment, I wish to repeat my theory

In 2 months time, the Thong group will convert 100m warrants and trigger a conditional mgo at RM1

It presently owns nearly 33% of Insas and this will increase to just under 42% on warrant conversion

During the mgo, Insas will do full share buyback totalling 49m shares - it has bought 30.3m shares and can buy a total of 79.3m shares being 10% of the enlarged share capital

This will further indirectly increase the Thong group interest, and it only needs acceptances for about 40m shares for mgo success

Please hang on to your shares for an almost 25% return in 2 months

Dragonslayer

Unlike you, I use this forum to share information which will hopefully help everybody make some money

That is after all what this forum is for

Who will bother to mislead anyone for 20 sen?

I have been burnt elsewhere too many times to count but honestly think that there is almost zero risk in buying Insas at this price

It is a fundamentally good share but more importantly there is a catalyst - the mgo in February

Dragonslayer

I am not promoter but value investor

There is nothing to promote except RM1

However I cannot understand why there are still sellers at this level

Everyone should be patient and just hold on to their shares until February when they can sell for RM1 (and hopefully more)

Please don’t be frightened by the down movement from the high 80s which is probably masterminded by the chongker

This is just noise - ignore them

deMusangking

Conversion is what is known as a loss leader

You lose a bit when you convert but will gain a lot more after you control the company and unlock value

We can always hope ha ha

If chongker is generous he can buy the 10% block during the mgo at higher than RM1 which will immediately make that the mgo price also

Noted

Another difference is that KPOWER only has 76m shares

We need to set our expectations at a realistic level

We will only get RM1 in February but that is also ok for those of us who bought in the 70s and 80s

Our only hope is that the price will go above RM1 during the mgo and we can then sell in the open market (as happened in KPOWER)

Not only that - chongker also spent nearly RM1m to buy (and burn) the bulk of the rest of the wb to ensure that he will be the only significant warrant converter

Any doctor in the house?

I think we need to record time of death of Insas wb

Noted but either way whoever buys now will benefit

Sctan is right

Chongker in his quest to suppress the price has unintentionally provided a golden opportunity for us to make almost 25% in two months

I would buy more but have no more bullets

I would also do the same if I were the chongker

Like you said, it’s only human

Agreed

Warrant conversion will increase chongker’s stake from just under 33% to about 40% and trigger a conditional MGO

He needs another 10% to make the MGO unconditional and I am sure his proxies have this (and can either cross this to him or accept the MGO)

Once he has 50%, he is free to buy at will to further increase his stake until his greed level is satisfied to unlock the value

There will be light soon - in the form of a RM1 mgo in February

All become toliet paper except for chongker who will convert and become 40% shareholder

It makes a mockery of the sum-of-the-parts investment methodology

The Insas board destroy value and should be summarily sacked

How can the directors defend a situation where the value of one of the parts is more than the value of the whole?

They should just distribute the inari shares to the Insas shareholders, and exile themselves to a Tibetan temple and learn to do a better job in their next life

Never forget that the chongker will be paying us only RM1 for something worth at least RM3

Anyone will beg borrow and steal to have a once in a lifetime opportunity like this

The chongker has full control of the share price - which will remain depressed until February irrespective of inari performance

Someone spent nearly RM1m to buy about 150m wb in early December

I suspect it was the chongker and that he will burn them-as insurance to ensure that nobody else will convert

1,000% guarantee therefore that there will be a RM1 mgo in February

Some poor sod finally managed to sell 3,000 wb for a gross .......... RM15

We must be mindful of the rights and duties of the company as opposed to the major shareholder which may sometimes conflict

SSLee

I am afraid Dato Wong is leading you up the garden path - to sad disappointment

There is no avenue or necessity for Insas to seek waiver - the onus is on the chongker

The only clarity that will emerge in February is the RM1 MGO

FYI the chongker has to apply for MGO waiver not Insas

Even if return is 11% a month?

DS Thong is very lucky as far as the stock market and the Takeover Code are concerned

While he will be crucified for making a VGO at a miserably low RM1, nobody can accuse him of daylight robbery when making a MGO at the same price (as it is by virtue of warrant conversion)

He will also claim that he is required to do it (whilst secretly rejoicing in his ability) and will furthermore recommend non-acceptance (whilst secretly ensuring its unconditionality)

Lastly, if the price remains below RM1 in February, he will claim that he is converting his warrants at a loss - what a martyr!

A classic example of the perfect crime

A 22% return in 2 months is a very good crumb

I was replying to musangking but he disappeared

He has not bought any shares in the past 5 years

Btw he can’t even buy 1 share without triggering the mgo

The chongker has 83m warrants - he cannot buy so many shares without affecting the price

In any event, the price is controlled by him and he can push it to RM1 tomorrow if he wants to

He is suppressing the price remember?

I am a big holder but I am not greedy

RM1 is more than acceptable to me as there is also almost no risk

With all due respect to SS Lee, his choice of Insas as 2020 top pick will be way off the mark

I repeat, the chongker will convert his warrants in February to trigger the RM1 mgo and once unconditional, he will slowly collect in the market until his greed level is reached before he unlocks the value in Insas

All we can hope for after the mgo is that the price will inch up as he collects more shares and we can sell to him at more than RM1

Our only hope is that after the mgo, the price will inch up as the chongker collects more shares and we can sell for more than RM1

I just read SS Lee’s blog article

Firstly, the mgo waiver has to be done by the chongker, not the company

Secondly, the waiver must be approved by both the SC and us as shareholders

Thirdly, he is dreaming if he thinks the chongker will let the warrants expire without conversion especially as he already owns some of the preference shares which can be used for payment

I repeat, the chongker will convert his warrants and trigger the RM1 and once unconditional, he will slowly buy more shares in the market until his greed level is reached before he unlocks the value in Insas

That was my complaint to Mr Quah of the MSWG and I asked him to raise the matter at the AGM

And we all know why the directors will not do so - as they are answerable to the chongker

The multi page buyback statement in the annual report is a mockery

After saying that the buyback is good for shareholders blah blah blah, the directors go on to say that they will not do it as it will trigger the mgo requirement even though they also say that the chongker can ask for a waiver if the buyback triggers the mgo

The directors should be sued for making this statement as it is clearly detrimental to us minotity shareholders

The directors should instead tell the chongker that they wish to do the buyback and ask him to apply for a waiver

In fact, as soon as the chongker announces his RM1 MGO, I am sure the company will do maximum buyback which will help to indirectly increase his 40% stake by another 2 to 3%

It is scandalous that the company refused to do anything for the past 5 years to help us shareholders but will be ever ready to help the chongker to screw us

888next

Noted but I think he has proxies who already own 10% who will accept the MGO and make it unconditional at the first time of asking

The 2% creeping rule will not be necessary

deMusangking what do you think will happen in the next two months?

There are many others

It all depends on the price of the mother share, and whether it’s worth it to convert

I

One main reason Insas has so badly underperformed all these years is the reputation of the chongker (I shall be generous here and just say it’s not good)

A lot of the participants here think that he will do something to enhance the share price but they will be sadly mistaken in February when they are offered a measly RM1

The chongker could easily have declared a 50 sen dividend which could have made warrant conversion attractive but he refused to do so even when the company has so much idle cash

So if he can kill potential shareholders without a second thought, what makes you think he will treat existing shareholders differently?

Should be I have bad news for you