Since AAV is listed in Thai and IAA in Indonesia respecting Thai and Indonesia SC will governed their listing requirement.
PAA is unlisted and most likely in deep financial trouble and the AAAGL net liabilities of RM 1,801 million most likely majority come from PAA.

So is AAX BOD out of their mind or Stony arm twisting them to accept the deal of paying RM 3 billion in new isssues of Newco shares and at the sametime taking over the AAAGL net liabilities of RM 1,801 billion?

AAAGL:
• 20.95% equity interest in IAA
• 40.71% equity interest in AAV
• 100.00% equity interest in AA Com (60% AAI)
• 40.00% equity interest in AAI
AAI 99.66% equity interest in PAA
• Investment in convertible bond issued by AAI USD 25 million
• 46.25% equity interest in AAID (with 57.25% equity interest in IAA)

AAV is listed in Thai and hold 100% Thai AA
IAA listed in Indonesia and hold 100% AA indonesia
PAA is unlisted Philippine AA where someone abuse his power to acquired the 60% from JV partner for undisclosed sum and is now 100% owed by AAAGL.

Auditor of PAA has this to say about PAA:
Tony Fernandes literally loses his shirt! Isla Lipana red flags Air Asia Philippines after hemorrhaging P14B in last 2 years
BILYONARYO.COM
October 23, 2023
Things are getting turbulent in Tony Fernandes’ Air Asia Philippines (AirAsia) adventure as the budget carrier has taken a nosedive, racking up a jaw-dropping P14 billion in losses over the past two years.

Isla Lipana & Co., the auditing firm, isn’t pulling any punches and is openly questioning whether Fernandes can navigate AirAsia through financial storm clouds.

In the firm’s latest annual report, Isla Lipana said AirAsia’s massive losses -P7.9 billion in in 2022 and P6.4 billion in 2021 – which have pushed its capital deficiency to P39.9 billion or 60 times its original capital.

Beyond these losses, AirAsia is grappling with unpaid obligations to creditors and aircraft lessors.

As of 2022, AirAsia is mired in a liability quagmire, with P11 billion in dues and demandable payments and another P24 billion due within a year.

The airline’s struggle to meet its obligations predates the pandemic. In 2018, it failed to meet financial commitments related to a P1.78 billion loan from BDO Unibank. The carrier managed to postpone payments to BDO as well as restructure its lease contracts with aircraft suppliers.

Isla Lipana said these figures indicate that a “material uncertainty” exists on its ability to continue as a going concern.

Based on the Company’s audited consolidated financial statements for the financial
year ended (“FYE”) 31 December 2022, the Proposed AAAGL Disposal is expected to
result in a pro forma gain arising from the remeasurement of the remaining interest in
AAAGL upon completion of the Proposed AAAGL Disposal of approximately
RM4,691.0 million. The details of the pro forma gain arising from the Proposed
Disposals is set out below:
RM’ million
AAAGL Disposal Consideration 3,000.00
Add: Net liabilities of AAAGL as at 31 December 2022 1,801.00
Less: Derecognition of goodwill in IAA and AAAGL in the Company (45.70)
Less: Transaction costs for the Proposed AAAGL Disposal (4.30)
Less: Estimated capital gains tax (60.00)
Net gain arising from the remeasurement of the remaining interest in AAAGL 4,691.00

Nestle show you the real earning money and do you know how much dividend Nestle give to shareholder yearly without fall?

AirAsia Brand Value is $1,343m. What the used of your brand value when you cannot demand higher price for your products and had to come up with promotion zero/discount fare to filled the planes?

I have not decided yet whether should I buy 500 shares and email the IR my prepared hard/probing questions for the AGM/EGM?

52 Weeks Range: 0.64 - 1.12

The question: defying the odds , i have been here more than a year and I beat them in estimates, dont be too stubborn and only accept traditional view , its OK

So how many times you managed to buy at 0.64 and sell at 1.12.

Meanwhile I already earned my multibagger in trading Insas-WC

So will Ajib Gor stay long along in jail to welcome his new cellmate Stony?

Do anyone know what is Stony talking about below on what will happen to AAX?
Has Stony already get investors for the RM 1 billion PP?
What do it mean because we're doing a dividend in specie, we have to get the court's approval for a capital reduction?

AirAsia X told Bursa Malaysia on Thursday that it will first create a new entity — called AirAsia Group Sdn Bhd — to take over the listing status, raise RM1 billion through private placement, before taking over the airline businesses from Capital A.

“So the first thing is get the circulars done for this transaction, which I hope will be done in two weeks,” said Fernandes on Friday.

“Then we have to submit it to Bursa Malaysia for approvals of the circulars, which I hope can be done quite quickly. Then we have 21 days to call the EGMs (extraordinary general meetings) from both companies to approve this transaction.

“Once that's done, because we're doing a dividend in specie, we have to get the court's approval for a capital reduction. And then we can list [AirAsia Group]. So the timing of the formation of the aviation group, our present timeline is about September,” he added.

Merger of airlines alone enough to reverse all of Capital A's negative equity, says Fernandes

The divestment of AirAsia Aviation Group Ltd (AAAGL) is expected to give rise to a pro forma gain of RM4.69 billion to Capital A, while the disposal of AirAsia Bhd (AAB) would result in a gain of RM6.07 billion.

Do you believe in fairly tale? That debts, lease payment, trade and other payables just disapear into thin air?
Or is this a scam of zero sum gain? What is gain by capitalA will be a lose to Newco. So what will be Newco balance sheet look like?

Just think can money just fall from the sky.

If Stony is not careful then he himself, the BOD and all will be losers if the deal end up against the Company Act 2016, whereby after the merged the Newco(AAG) default on debts, lease, trade or other payables.

Wrongful Trading
In the CA 2016, an offence of wrongful trading is captured in section 539(3) that:

“…an officer of the company who knowingly was a party to the contracting of a debt had, at the time the debt was contracted, no reasonable or probable ground of expectation, after taking into consideration the other liabilities, if any, of the company at the time, of the company being able to pay the debt, commits an offence…”

Fraudulent Trading
Whereas section 540(1) of the CA 2016 stipulates an offence of fraudulent trading as below:

“If it appears…that any business of the company has been carried on with intent to defraud the creditors of the company or creditors of any other person or for any fraudulent purpose, the Court may declare that any person who was knowingly a party to the carrying on of the business in that manner shall be personally responsible…”

If an offence under section 539(3) has been made out, offenders may be punishable with a maximum imprisonment of 5 years or a maximum fine of RM500,000, or both. Reading together with section 540 of the CA 2016, it is added that the offender may even bear personal liabilities for the payment of the whole or any part of the company’s debt without any limitation of liability upon a court’s declaration

KUALA LUMPUR (April 26): Software company Microlink Solutions Bhd said on Friday that it has secured a contract worth RM56.45 million to implement and maintain a new core banking system for Bank Islam Brunei Darussalam Bhd.

Microlink’s unit Microlink System Sdn Bhd signed three agreements for software supply, service and maintenance for the project, the company said in an exchange filing. The project is expected to be implemented in one year, beginning April 24, 2024, Microlink said.

The project, which also comes with five years of maintenance and support, will contribute to revenue, earnings per share and net assets per share for the financial year ending March 31, 2025 (FY2025), Microlink added.

AAX will swap their shares in AAX with shares of the NewCo — Airasia Group Sdn Bhd — on a one-to-one basis.

The NewCo will then acquire Capital A's aviation business — AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) — for RM6.8 billion. It will be issuing new shares worth RM3 billion in the NewCo to acquire AAAGL, while it will acquire AAB for RM3.8 billion, to be satisfied by assuming RM3.8 billion of the RM3.83 billion worth of debt that Capital A owes AAB.

Just a simple mathematic with debts from AAB RM 3.8 billion and billion debts inside AAAGL. Thus even with RM 1 billion new capital raise by NewCo (AAG) is that 1 billion enough for working capital and servicing total debts?

I am sure NewCo(AAG) will fall into PN17 company.
Stony end game is getting capA out of PN17 at the expense of NewCo (AAG).

Shark smell the blood and come in for the killing.

AAX will swap their shares in AAX with shares of the NewCo — Airasia Group Sdn Bhd — on a one-to-one basis.

The NewCo will then acquire Capital A's aviation business — AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) — for RM6.8 billion. It will be issuing new shares worth RM3 billion in the NewCo to acquire AAAGL, while it will acquire AAB for RM3.8 billion, to be satisfied by assuming RM3.8 billion of the RM3.83 billion worth of debt that Capital A owes AAB.

Just a simple mathematic with debts from AAB RM 3.8 billion and billion debts inside AAAGL. Thus even with RM 1 billion new capital raise by NewCo (AAG) is that 1 billion enough for working capital and servicing total debts?

I am sure NewCo(AAG) will fall into PN17 company.
Stony end game is getting capA out of PN17 in the expense of NewCo (AAG).

Shark smell the blood and come in for the killing.

MAA Group Bhd's minority shareholders have rejected the group's proposed selective capital repayment (SCR) exercise of RM1. 10 per share at its annual general meeting today. This means that MAA will not be taken private at RM1. 10 per share.29 May 2019.

MAA shareholders should had taken the SCR offer then.

If Thong buy any Insas share at 40 sen from open market and trigger the 33% MGO. The MGO will fail as the advisor will advise shareholders to reject the offer due to offer is unfair and unreasonable because the fair value of Insas is RM 4-6.

And for one year Thong will be forbided to trigger another MGO.

Insas credit and leasing will even lend you billion financing to take over insas if you can prove your worth and qualified as VVVIP client.

After all it is nothing personal but just a win win business deal

What do you think of Thong a good investor or bad investor for waiting patiently and timing his move when to use his holding in warrants to increase his and his PAC insas holding from 32.96% to more than 50% at lowest cost to him and his PAC?

I am just trying to say there are many thousand of share for you to choose to invest in or avoid. So make your choice wisely.

Luckily I am not running any business and I can choose what share to invested in or making a trade for some gain.

If only you have run a business then you will know bad or good business deal is part and pacel of running a business, what more when you are running a stock broking, IPO, PP, M&A advisory, underwitter, placement agent and ah long lending business.

Yes. Current new equity accounting standard gain on deemed disposal due to PP or ESOS that was done above NTA price.

AAX will swap their shares in AAX with shares of the NewCo — Airasia Group Sdn Bhd — on a one-to-one basis.

The NewCo will then acquire Capital A's aviation business — AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) — for RM6.8 billion. It will be issuing new shares worth RM3 billion in the NewCo to acquire AAAGL, while it will acquire AAB for RM3.8 billion, to be satisfied by assuming RM3.8 billion of the RM3.83 billion worth of debt that Capital A owes AAB.

Currently AAX NOSH: 447 million.
It will be issuing new shares worth RM3 billion in the NewCo to acquire AAAGL. That will be how many billion of new shares? The current AAX shareholder will be diluted by how many time?

If clients pledged shares securities for margin finance with M&A Securities or financing loan with Insas credit and leasing and if clients default who will end up holding the pledged shares?

What do you expect when you are running M&A securities and Insas credit and leasing?

Know what is direct business transaction? Against investing your excess cash into financial fair value assets or investing into short term money market?

A new 1 billion fund injection will not be enough for working capital and debts servicing.
Know what is the debt alone with AA Philippine park under AAAGL?

AAG become AA passenger airlines owner with new 1b fund to start new journey.

The NewCo will then acquire Capital A's aviation business — AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) — for RM6.8 billion. It will be issuing new shares worth RM3 billion in the NewCo to acquire AAAGL, while it will acquire AAB for RM3.8 billion, to be satisfied by assuming RM3.8 billion of the RM3.83 billion worth of debt that Capital A owes AAB.

Thong and Insas directors normally will exercise their ESOS and sold Inari share in open market to take profit.
During the last inari AGM inari shareholders vote against allocation of ESOS to Thong.

Insas % holding in Inari has been diluted due to ESOS and PP.
Insas also sold some Inari to take profit and thus enable Insas to accumulate cash and bank deposit to the tune of over RM 1 billion.

Post removed.Why?

AAX will swap their shares in AAX with shares of the NewCo — Airasia Group Sdn Bhd — on a one-to-one basis.

The NewCo will then acquire Capital A's aviation business — AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) — for RM6.8 billion. It will be issuing new shares worth RM3 billion in the NewCo to acquire AAAGL, while it will acquire AAB for RM3.8 billion, to be satisfied by assuming RM3.8 billion of the RM3.83 billion worth of debt that Capital A owes AAB.

My opinion:
Engineer work according to the law of physics and chemistry to create many wonders of the word.

Accountant can be very creative like magician giving the illusion of create money out of thin air.

But remember money do not fall from the sky. And according to our legal law if AAX/newco default on any debts transfer from capA then i'm afraid Stony and the whole BOD most likely will end up in jail for below offences:

The Companies Act 2016 (“CA 2016”) codifies a general duty on directors’ conduct of trading in a company close to the point of insolvency and any potential liabilities on that account. In broad terms, ‘insolvent trading’ may also be referred to as ‘wrongful trading’ and ‘fraudulent trading’.

Wrongful Trading
In the CA 2016, an offence of wrongful trading is captured in section 539(3) that:

“…an officer of the company who knowingly was a party to the contracting of a debt had, at the time the debt was contracted, no reasonable or probable ground of expectation, after taking into consideration the other liabilities, if any, of the company at the time, of the company being able to pay the debt, commits an offence…”

Fraudulent Trading
Whereas section 540(1) of the CA 2016 stipulates an offence of fraudulent trading as below:

“If it appears…that any business of the company has been carried on with intent to defraud the creditors of the company or creditors of any other person or for any fraudulent purpose, the Court may declare that any person who was knowingly a party to the carrying on of the business in that manner shall be personally responsible…”

If an offence under section 539(3) has been made out, offenders may be punishable with a maximum imprisonment of 5 years or a maximum fine of RM500,000, or both. Reading together with section 540 of the CA 2016, it is added that the offender may even bear personal liabilities for the payment of the whole or any part of the company’s debt without any limitation of liability upon a court’s declaration

Any person can match Insas still holding 527,008,575 Inari share.

Insas will always hold Inari share as controlling shareholder. Only on and off insas will trade some Inari share to make quarterly result look good.

Failed investor?

Those invested in Insas should know better many of those holding: Omesti, Hohup and etc were legacy holding from M&A margin finance and Insas credit and leasing pledged shares securities that somehow end up in Insas.

So are you also a failed investor for investing in Insas?

if something sounds too good to be true, it probably is

PAS is not interest in this life but more on reward you can get after life.

So why bother or interest in kampong life, big town life or bring in big investment.

This coming quarter end 31/3/2024 very interesting to check what will be the disposal gain on 10 million inari and 100 million M&A share.

Insas hold omesti share and RPS as fair value financial assets.
And every quarter will report fair value gain/loss on this asset.

Last time I sold WC and PB to top up Insas.
So what wrong CEO sell the Insas-PB?

INSAS BERHAD - REDEEMABLE PREFERENCE SHARES B MAIN : Finance
Last Price Today's Change Day's Range Trading Volume
0.965 0.00 (0.00%) 0.00 - 0.00 0

Avg Volume (4 weeks): 5,776
4 Weeks Range: 0.96 - 0.97

The only solution now is for Petronas to buy the 50% for USD 903 million from Sapnrg.

Paling mengecewakan ialah TotalEnergies Holdings baru sahaja beli kepentingan 50% pertama dari syarikat Austria OMV dengan harga US$903 juta (RM4.3 bilion) pada bulan Febuari 2024.

Tetapi kini Sapura terpaksa jual baki 50% kepada pembeli sama hanya dengan harga US$705.3 juta (RM3.37 bilion) iaitu US$198 juta (RM946 juta) lebih rendah dari jualan 50% pada bulan Februari.

What do you call a PN17 company with below net current liabilities?
CapA financial result
31/12/2023: 31/12/2022
RM'000: RM'000
Net current liabiliaties: (12,507,207): (8,509,066)

Is the balance sheet figures below tell the fact of financial improvement or deteriorating Y to Y?
CapA financial result
31/12/2023: 31/12/2022
RM'000: RM'000
Accumulated losses: (10,490,200): (8,923,188)
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)

You are free to present your opinion as I never stop people from presenting their opinion as I respect and welcome people to give their opinion

I am here only trying to correct people trying to present the wrong figures or wrong facts as truth.

My I know why you are so against me of presenting the figures and the truth financial facts.

By the way can you count Stony already tell/promised everyone when capA can exit PN17 latest by..........and is his promised fulfilled?

I am just telling the truth and trying to educate people how to read and understand financial report.

In Chinese, we have an old saying in “授人以魚，不如授人以漁”, which means “give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime'.

Is telling the truth hurt you?

Lease liabilities
The lease liabilities amounting to RM18.7 billion includes deferred aircraft leases of approximately RM2.3 billion. The lease liabilities are supported by ROU assets of RM12.1billion.

The Group had completed the restructuring of a total of 161 aircraft leases up to the date of this report including the waiver of lease rentals in arrears, as well as reducing future lease rates with a corresponding longer lease term, where necessary, and return of aircraft.

Know what is deferred aircraft leases of approximately RM2.3 billion mean?

CapA financial result
31/12/2023: 31/12/2022
RM'000: RM'000
Accumulated losses: (10,490,200): (8,923,188)
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)
Net current liabiliaties: (12,507,207): (8,509,066)


Depreciation on ROU asset:(1,574,356): (1,309,533)
Financial costs- lease liabilities: (908,711): (705,152)

Under MFRS 16:
(i) On the Consolidated Income Statement, expenses which were previously included under aircraft operating leases will be replaced by finance costs – lease liabilities and depreciation of right of use asset;

(ii) On the Consolidated Cash Flow Statement, operating lease rental outflows, previously recorded within net cash flow from operating activities, are classified as “net cash flow used in financing activities” for repayment of principal of lease liabilities.


31/12/2023
RM'000
Cash flow from financial activities:
Proceed from borrowing: 1,270,016
Repayment of borrowing: (393,631)
Repayment of lease liabilities: (1,664,299)
Acquisition of Non controlling interest: (75,725)
Net cash usedin financial activities: (863,635)

So is someone looking at the same financial figures above and conclude the facts as:
operating cashflow increase?
interest payment on-time?
RM500m debt settled?
& other lease payment repaid?

Seeing just the figures cannot be the truth facts, you need to understand how the financial accounting figures are presented and what its actually mean/fact.

Above AETHERIUM ACQUISITION CORP
Dec 31 2022 and 31 Dec 2023
Capital flight from shareholder to the tune of USD 88,350,715 redemption of class A ordinary shares.

AETHERIUM ACQUISITION CORP.

BALANCE SHEETS

December 31, December 31,
2023 2022
ASSETS
Cash $ 4 $ 334
Cash and marketable securities held in trust account 32,931,063 117,914,699
Total Current Assets 32,931,067 117,915,033

Total assets $ 32,931,067 $ 117,915,033




Cash flow from financing activities:
Redemptions of Class A ordinary shares (88,350,715)

If Stony's word can be trusted, pig can fly.

Why not just sell the WC and use the money received from the sales to purchase Insas from open market?

Is Stony moving the goal post again by admitting we couldn't tell when we were going to get out of PN17?

Fernandes to be CEO of Capital A for another five years

By Chester Tay | theedgemalaysia.com | 2024-04-24 12:43:17
KUALA LUMPUR (April 24): Capital A Bhd’s board of directors has decided to extend Tan Sri Tony Fernandes' tenure as the chief executive officer for another five years, and as a strategic adviser to the airlines business, which is poised to be merged into AirAsia X Bhd.

“That's the start of many announcements over the next two weeks,” said Fernandes at a briefing here, but declined to reveal further, due to regulatory restrictions.

“From today onwards, there will be a bunch of announcements over the next few weeks, and then everyone will be clear.

“The plan is obviously to get out of PN17 (Practice Note 17 status), to have a strong aviation group, and to start growing again. That's the plan. [Priority] number one [is to] survive; number two [is to] bring back all the retrenched employees; [and] number three is to strengthen the balance sheets of both companies, Capital A and Aviation,” he said.

Capital A is in the midst of a series of restructuring to reverse its negative equity of RM10.47 billion on its balance sheet as at Dec 31, 2023, including merging its airlines business with AirAsia X and listing its branding business in the US.

“Investors want clarity, which we couldn't give for two reasons: One, we didn't know when the borders were going to open; and two, we couldn't tell when we were going to get out of PN17. We had an enormous handicap to other airlines, so we haven't been able to sell our story as well.

Insas
Ann. Date
Date
Type
Units
Price
View
24-Apr-2024 25-Apr-2024 Exercise of Warrants 49,000 0.900 Additional Listing Detail
08-Apr-2024 09-Apr-2024 Exercise of Warrants 1,590 0.900 Additional Listing Detail
05-Mar-2024 06-Mar-2024 Exercise of Warrants 37,000 0.900 Additional Listing Detail