I am happy with the 5 sen dividend received and I am positive of the future such as announcement that:

"Symphony Life (SymLife) plans to undertake a property project comprising of service apartments and shop offices with a GDV of RM600m along Jalan Cheras. SymLife had entered into a development agreement with Majlis Kebajikan Dan Sukan Anggota-Anggota Kerajaan Malaysia (MAKSAK), the owner of the13,595 square metres leasehold land, for a total consideration of RM100m." (StarBiz)

Property is not hot currently, but property stocks are presenting good value for those who invest in the future.

I added SymLife recently at RM0.71. I hope to buy more on weakness.

I started buying Puncak and its WB just 3 weeks ago, thanks to information shared in this I3 forum – particularly those researched numbers shared by kahhoeng and Hng. Of course I also did my homework separately on Puncak. Puncak was not on my radar screen before that. I am fortunate of not having the emotional baggage of enduring the drama of ups-and-downs of the water deal.

I am very positive on Puncak going forward – from the perspectives of a non-trader. I have quickly built up Puncak as one of my key counters constituting over 10% of my portfolio. Judging from the solid numbers, Puncak is still very much an undervalued stock, which will reward investors both in the short-term and long-term.

The immediate gain of at least RM1.00 special dividend is CERTAIN. It was already approved by an EGM in January 2015. Will Rozali give a special dividend as he promised? First, it is not up to him to decide as the decision was already made at EGM. Second, common sense means that he will expedite the distribution of the dividend because he stands to reap a whopping RM167.42mil from the 40.25% interest he has in the stock.

According to Puncak’s Q2 report, its NTA was RM5.28. After distribution of special dividend, NTA will still be above RM4.00, with the bulk in cash. I believe my investment cost of under RM2.00 (after taking special dividend) for NTA twice that of my investment cost (backup with cash more than my investment cost) is certainly a good deal. I think the over RM1bil cash will help Puncak to quickly establish new businesses or enhance existing O&G business. Cash is King at current generally difficult economic environment. As kahhoeng pointed out, the huge cash can generated substantial interest income if it is not deployed in the short-term. I am a positive thinker. I don’t think Rozali will dissipate the cash pile with continuing losses in the O&G business because he stands to be the biggest loser then.

I am surprised in detecting the expressions of loss of confidence by some who have invested in Puncak a long time ago. Some sold off their shares during the minor upswing in price recently even though they had held on to Puncak for months believing that the water deal would materialize. Now the deal was completed and cash received. Their immediate exit could be premature. Some lamented missing handsome 6D trading profits based on example executed by Hng during the recent price fluctuations. But honestly, how many of us can hope to gain from trading like Hng who is a professional trader and a guru in his field? I rather follow the fundamentals and have confidence in the numbers.

Thanks, Gheekong, for sharing.

I have invested in OSK/PJD since over 5 years ago.

As you are very familiar with SC/Bursa listing rules and regulations, I hope to seek your further comments/opinion.

As small investors, we often find ourselves at the unfair receiving end of the actions carried out by controlling shareholder or managing/executive directors.

For the case of PJD, I would like to point out several share transactions (share purchases from open market) by controlling shareholder/directors some days before the public announcement of two pieces of price-sensitive and non-public information:
(1) the disposal of a commercial/office property, the Menara PJD for RM 220 million – Bursa announcement dated 31 December 2013, and
(2) the disposal of a piece of land for RM186,043,888 – Bursa announcement dated 20 January 2015

Please refer to relevant announcements of share purchases in Bursa website under PJD:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/#/?=&company=1945&category=all&page=8

The share price of PJD shot up from RM 1.23 on 12/12/2013 to a height of RM2.24 on 18/08/2014.

Could there be an offence committed when director/controlling shareholder purchased shares from the open market while in possession of price-sensitive and non-public information that was expected to have a material effect on the price and value of the share? Was there a violation of Section 188(2) of the Capital Markets and Services Act 2007?

According to listing rules and regulations, were such transactions permitted? If not, shouldn’t the relevant authority, the Securities Commission Malaysia, be alerted to look into the case?

Thanks.

Smartly, the main consideration here is that Wb price will drop post-ex.
Wb holders will lose out if they take no action.

My previous calculation will yield more or less the same result, even if post-ex YTLP price go down to 1.50. So long as Wb is still not at a premium it could be bought back at a much lower price.It is the relative figures/prices that matter.

Another way to mitigate the possible loss is to sell Wb pre-ex, say at 0.44, and buy back post-ex, say at 0.37. Due to the 0.10 dividend, there must be a gap in Wb price pre- and post- ex.

I didn't and don't have enormous holding and hence my action didn't and won't impact on market price of YTLP and Wb.

Last year I did hold some 7-figure Wb which I didn't have enough cash for conversion. I sold some Wb pre-ex to top up the cash for conversion. The method worked for me.

Taking the dividend I had, overall I am no longer making a loss in YTLP/Wb.

I still want to stay invested in YTLP through holding of Wb. As no premium is payable for Wb and the gearing ratio is quite large, I think Wb is a more profitable way to invest in the future of YTLP over the next 2 - 3 years. Hopefully there is a breakout soon.

I am not a trader and hence not savvy at taking advantage of short-term price fluctuation.

Gheekong, you know OSK very well.
Would you share what options available to OSK to ensure 25% public holding spread for PJD?
Thanks.

If the 5 sen dividend is sustainable, this is a great counter to go long term, even holding for another 4 years before the upsurge.

Another way of looking at the above calculation:
By going through the conversion exercise, I get value for each warrant of RM 0.49.
If I do nothing, my warrant could be RM 0.37 post-ex.
There is a difference of RM 0.12.

Smartly, since you asked, I am pleased to share my calculation with you on my reason going for conversion, taking advantage of dividend and then buying back the warrants.

My cost of conversion is fixed at RM1.14.

Assuming that I sell YTLP at RM1.53 (ex-price) after profiting from the dividend, the total sum I will receive = (RM1.53 + RM0.10) = RM1.63. Take away my conversion cost, I will receive (RM1.63 – RM 1.14) = RM 0.49 for my warrants used for the conversion.

With mother share at RM1.53 post-ex, and assuming that the warrants stay at 2 sen discount to the mother (a peculiar feature of YTLP), I should be able to buy back my warrants at a price of (RM1.53 – RM1.14 – RM0.02) = RM0.37. This is to say that I expect to be able to buy back my warrants at RM0.37 post-ex.

From the above calculation, I expect to receive RM0.49 for the whole exercise of conversion of each warrant. My effective cost for the new warrants to be bought from the market will be only RM 0.25.

In summary, my effective holding cost for my replacement warrants could be reduced by RM 0.12 if I take the trouble to convert to mother share and take advantage of the attractive dividend. The risk is minimal since I end up with the same holding of warrants. Of course, we need to have about a month of working cash of RM1.14 for each warrant conversion. Note that trading costs have not been taken into consideration.

If we hold on to warrants without conversion, we are likely to see our warrant price drops back to RM0.37, based on the calculation above and the assumptions used.

I hope this calculation is sensible

kancs3118, you mentioned earlier that you would attend the AGM. If so, would you like to share?

仅持辟捷89.36% 侨丰大型产业集团梦碎？
财经新闻 财经 2015-09-09 07:54

（吉隆坡8日讯）侨丰控股（OSK，5053，主板金融股）打造大型产业集团的计划恐梦碎，最终仅增持辟捷控股（PJDEV，1945，主板产业股）至89.36%，不达93%的门槛。

根据并购条例，献购方必须要获得持有90%股权的股东同意，才可以全购。这意味着，侨丰控股必须将持股权，从原本的31.03%，提高至93%，才获得放行。

不过，截至昨日下午5点，侨丰控股的持股权，仅达89.36%；在凭单方面，也仅增持至67.57%。
侨丰控股去年10月分别出价每股1.95令吉和1.56令吉，收购侨丰产业（OSKPROP，6661，主板产业股）和辟捷控股的股权。

MSWG：出价不公平早前，小股东权益监管机构（MSWG）认为，侨丰控股的出价并不公平，远低于2.54令吉的净资产价值。

而在去年11月的辟捷控股股东大会上，原本以举手方式投票，竟不通过重新委任主席丹斯里黄宗华；后改为计票方式重新投票，虽最终成功连任，但过程中出现小股东不满离席抗议的小插曲。

仅持辟捷89.36% 侨丰大型产业集团梦碎？
财经新闻 财经 2015-09-09 07:54

（吉隆坡8日讯）侨丰控股（OSK，5053，主板金融股）打造大型产业集团的计划恐梦碎，最终仅增持辟捷控股（PJDEV，1945，主板产业股）至89.36%，不达93%的门槛。
根据并购条例，献购方必须要获得持有90%股权的股东同意，才可以全购。这意味着，侨丰控股必须将持股权，从原本的31.03%，提高至93%，才获得放行。

不过，截至昨日下午5点，侨丰控股的持股权，仅达89.36%；在凭单方面，也仅增持至67.57%。
侨丰控股去年10月分别出价每股1.95令吉和1.56令吉，收购侨丰产业（OSKPROP，6661，主板产业股）和辟捷控股的股权。

MSWG：出价不公平早前，小股东权益监管机构（MSWG）认为，侨丰控股的出价并不公平，远低于2.54令吉的净资产价值。

而在去年11月的辟捷控股股东大会上，原本以举手方式投票，竟不通过重新委任主席丹斯里黄宗华；后改为计票方式重新投票，虽最终成功连任，但过程中出现小股东不满离席抗议的小插曲。

kancs3118, would you kindly provide a brief of the AGM proceedings relating to some questions we discussed? Thanks.

I read the link provided by hng33, and note the warning and
"Today, Tee said Symphony Life had unbilled property sales of RM700 million as at June 2015. The unbilled sales could support the group's income for the next four years, according to him." Thanks hng33.

When will the unbilled sale be accounted for?

Interesting to note the STAR one-line headline article
"OSK fails to take over PJD".

An easy way out really is for OSK to make a better offer to the remaining 10.62% shares and warrants. I don't mind to sell all I am still holding so long as the offer is fair & reasonable.

News in the STAR:

http://www.thestar.com.my/Business/Business-News/2015/09/08/OSK-fails-to-take-over-PJD/?style=biz

Judging from the announcement quoted by imoogi99, the Offeror (OSK) intends to maintain the listing status of PJD and will make efforts to rectify the shortfall in the public shareholding spread of PJD.

One possibility, I think, could be for OSK to sell more than 15% PJD share already in its hands to a 3rd party. A candidate could well be Agile, the Chinese partner PJD is working with to develop the RM1.2 Billion Mont Kiara project. The new partner will also bring in needed resources to develop the huge Melbourne project. If this so, I am positive of PJD.

Extract from today's announcement (with public shareholding spread just above 10%)

"As stated in Section 4 of the Offer Document dated 10 August 2015, the Offeror intends to maintain the listing status of PJD and as such, will explore various options or proposals to rectify the shortfall in the public shareholding spread of PJD.

The Company will make the requisite announcements in due course in relation to the status of its efforts to comply with the public shareholding spread requirement in compliance with the Main Market Listing Requirements."

I agree that a counter that pays high dividend regularly is generally not very good for warrant holder because the price of mother share is not likely to move up very much if a high proportion of the earning is paid as dividend.

YTLP is a rather unique case in Bursa that its Warrant tends to stay at a discount to its mother share as it is right now. If the Pre-Ex mother share is RM 1.60, the theoretical post-Ex share price will be RM 1.50. If the pre-ex warrant price is RM 0.44, the post-ex warrant price will most likely be less than RM 0.40 if not a corresponding RM 0.10 drop.

It seems not a good strategy for warrant holders to hold on to their warrants and miss the opportunity of the dividend to be gained by the share holders - and to see a subsequent drop in the value of their warrant post-ex.

My own strategy is to convert my warrants to benefit from the dividend. I believe the mother share may not drop as much as RM 0.10 post-ex. I may then sell YTLP shares to buy the Warrants which may have dropped substantially. I adopted this strategy last year and I found it working.

I have stayed invested in YTLP and warrant for 10 years. This is the counter I still have lost money over the years. Nonetheless, I am hopeful that YTLP may turn around soon. With its large cash holding, there may be opportunities in this difficult time.

According to latest announcement, OSK has control of about 72% of PJD.

Since the public shareholding spread of PJD share (at about 28%) is well above the 10% norm for delisting, PJD will remain listed.

PJD is expected to be more active going forward, including the joint development of Mont Kiara residential project with Agile with GDV of RM1.2bil just reported in the Star.

PJD will remain listed because the public shareholding spread is still about 28%.

A counter may be delisted when the public shareholding spread falls below 10%.

OSK Property is most likely to be delisted according to the following extract of recent announcement:

"The Board of Directors of OSK Property wishes to announce that based on the Record of Depositors and number of shares accepted under the Offer as at 4 September 2015, the public shareholding spread of OSK Property is 5.92%.

As the public shareholding spread of OSK Property is less than 10% of the total OSK Property Shares in issue (excluding treasury shares), pursuant to Paragraph 16.02(2) of Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements"), Bursa Securities shall suspend the trading of the securities of OSK Property immediately upon the expiry of 30 market days from the date of this announcement. The suspension will be effected on 22 October 2015, being the market day immediately following the expiry of 30 market days from the date of this announcement."

PJD will not be delisted as the public shareholding spread is still about 28%.

OSK Property is most likely to be delisted according to the following extract of recent announcement:

"The Board of Directors of OSK Property wishes to announce that based on the Record of Depositors and number of shares accepted under the Offer as at 4 September 2015, the public shareholding spread of OSK Property is 5.92%.

As the public shareholding spread of OSK Property is less than 10% of the total OSK Property Shares in issue (excluding treasury shares), pursuant to Paragraph 16.02(2) of Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements"), Bursa Securities shall suspend the trading of the securities of OSK Property immediately upon the expiry of 30 market days from the date of this announcement. The suspension will be effected on 22 October 2015, being the market day immediately following the expiry of 30 market days from the date of this announcement."

Agree, kancs3118. Please also ask question on Star Residence Tower 2. Thanks.

As small investors, we often find ourselves at the unfair receiving end of the actions carried out by controlling shareholder or managing/executive directors.

For the case of PJD, I would like to alert fellow minority shareholders of several share transactions (share purchases from open market) by controlling shareholder/directors some days before the public announcement of two pieces of price-sensitive and non-public information:
(1) the disposal of a commercial/office property, the Menara PJD for RM 220 million – Busar announcement dated 31 December 2013, and
(2) the disposal of a piece of land for RM186,043,888 – Busar announcement dated 20 January 2015

Please refer to relevant announcements of share purchases in Busar website under PJD:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/#/?=&company=1945&category=all&page=8

The share price of PJD shot up from RM 1.23 on 12/12/2013 to a height of RM2.24 on 18/08/2014.

Could there be an offence committed when director/controlling shareholder purchased shares from the open market while in possession of price-sensitive and non-public information that was expected to have a material effect on the price and value of the share? Was there a violation of Section 188(2) of the Capital Markets and Services Act 2007?

Hopefully, those in this forum who are more familiar with listing rules and regulations can enlightening us whether such transactions were permitted? If not, shouldn’t the relevant authority, the Securities Commission Malaysia, be alerted to look into the case?

I agree with the comments in the article

http://klse.i3investor.com/blogs/rights_of_minority_shareholder/82272.jsp

that independent advisor didn't seem to provide an accurate or fair advice to the minority share holder. It seems biased and not independent at all.

It will also be helpful to know the development of the 420 acres Ulu Langat land - any more definite take-over plan by the state for the proposed water work.

kancs3118, may I request you to specifically ask Tan Sri on the much-talked-about RM 710 million unbilled sales, as to which quarter the sales will be accounted for?
Please share the answer in this forum.
I intended to attend the AGM, but would not be able to do so now due to other priority matter. Thanks.

Intitially I planned to hold out for a fair and reasonable offer from OSK.
Judging from the current market conditions, I intend to fill up the form to sell to OSK at RM1.56 for cash.
Today OSK dropped to RM1.60. For those still have confidence in the restructured OSK, it is now the chance to swap almost 1 to 1 from PJD to OSK instead of the 5 to 4 share swap option offerred.
I intend to keep my warrant, similar to the recommendation of independent adviser.

Looking at the general Bursa market today, PJD has stayed near the MGO price as it should. In comparison, OSK has now dropped below RM1.70. I am glad that I cautioned people at this forum earlier not to sell PJD to buy OSK. Personally, I was lucky that I managed to sell my OSK before the Ex and swapped over to PJD WC.

When OSK has acquired 90% of PJD, then only we have to sell it mandatorily as otherwise PJD may be delisted from Bursa. Right now, it is a long way to 90%.

With over 33% now, OSK has to undertake MGO at RM1.56 for PJD. This is to say that OSK has to take our shares at RM1.56 if we decide to sell our share. We have the option not to sell. PJD will remains listed and we can continue to enjoy the growth and dividend from PJD.

I believe OSK is all out to acquire more than 50% of PJD in order to make PJD a subsidiary of OSK. And for this to happen, there is a good chance for OSK to be forced to offer a higher price than RM1.56 when their MGO exercise fails to acquire over 50% of PJD.

Even if general market drops another 100 points or more, we are assured of RM1.56 as the bottom line.

Agree that we need lots of patience for pjdev.
I believe OSK will not stop at control of PJDEV merely at 30+ %.
If the independent adviser recommends that the offer is UNFAIR & UNREASONABLE in their report to be dispatched to us soon, absolute majority will not sell. The offer has to be raised.
In any case, PJDEV will continue to pay dividend to those continue to hold out because OSK needs the dividend badly.
So, don't sell right now.

As I commented before, I think the OSK show is over. There is no compelling reason for OLH and PAC to push the price to 2.50. The intrinsic value does not justify such a price, especially after the special dividend and the free warrant.

Why OSK is worth much more than it was a year ago? If it is due to the injection of OSKP & PJD, then the underlying values of OSKP & PJD are higher than OSK. It is therefore not a smart move to switch from OSKP & PJD to OSK now.

Please be reminded that in November 2014 MSWG commented that the offers from OSK for OSKP & PJD were UNFAIR. MSWG arrived at a value of RM1.57 for PJD-WC based on Black-Scholes Model.

I counted myself lucky to be able to dispose of my OSK shares at 2.24 recently to switch over to PJD-WC at 0.57. Please also note that OLH and PAC are holding on to their PJD-WC - they didn't sell to OSK. This really means something - they should think WC is worth much more than selling at RM0.60 to OSK.

Yes, please don't sell your PJD-WC at this ridiculous offer.

Please be reminded that in November 2014 MSWG had commented that the offer from OSK is UNFAIR. MSWG arrived at a value of RM1.57 for PJD-WC based on Black-Scholes Model.

Please also note that OLH and PAC are holding on their PJD-WC - they didn't sell to OSK. This really means something - they think WC is worth much more than selling at RM0.60 to OSK.

One issue which worries me is the perceived conflict of interest. If PJD becomes only an associate of OSKH, its interest could be compromised for the benefits of OSKH.

At the recent opening of the Atria Shopping Gallery, OSKP announced that new malls will include one in Section 13, PJ and one in Melbourne. These are clearly PJD developments but are already being claimed by OSKP without any reference to PJD. As PJD minority shareholders, we may need to ensure that our interests are not sacrificed.

I agree with Sephiroth.

The documents in the latest announcement are very informative indeed. I noted in particular the following information on PJD

“PJ Development Group also intends to launch more property development projects worth up to approximately RM10.47 billion in GDV in the future, targeted within a three (3)-year timeframe.”

The two major projects are Section 13 Development (979 Million) and Melbourne Development (8,500 million).

My assessment is that there is deep value in PJD share and its warrant at current price. Reading between the lines why OLH and PAC are not selling their warrants to OSKH, I agree that the warrant will fly once the VTO is rejected. I have both OSKH and PJD. I took profit (>40%) on OSKH as I think it is fully valued now. I have increased my holding in PJD warrant because I believe it is grossly undervalued and that OLH & PAC will not drop stones on their own feet, notwithstanding that they may throw sands to confuse and to gain advantages over the minority shareholders in the short term.

OSKH or PJD? The choice depends on whether one is trading or investing. OSKH is for trading, and PJD for investing. Why OSKH wants to buy out PJD? It is because PJD is more valuable to OSKH under the proposed share swap scheme of 5 PJD shares for 4 OSKH shares. At RM1.49 presently, 5 PJD shares = RM7.45 whereas 4 OSKH shares at RM2.20 = RM8.80. For those really hoping to swap over to OSKH, it is cheaper to hold on to PJD at the moment and go for the conversion later, even taking into consideration the special 15 sen dividend for each existing OSKH share.

PJD and OSKH have about the same earning per share, but at very different share price. EPS of OSKH will be diluted further with new shares issued to OLH and PAC. Looking ahead, PE ratio or EPS of PJD will be certainly much better than OSKH. I also hold OSKH shares and am very happy with the recent run-up. I don’t think the high price of OSKH is sustainable after the proposed deal. I am taking a different strategy of selling OSKH to buy more PJD. There is no downside risk for PJD since, in the worst case, each PJD share can still be sold at a profit at the promised price of RM1.56 to OSKH.

I have both OSK and PJD. I think, with the sweeties, the OSK minority shareholders are most likely to approve the proposed deal. However, PJD non-PAC shareholders will certainly reject the OSK offer.
I shall wait for the golden opportunity to buy PJD and its warrants if someone really shoot down PJD to RM1.00 (and with warrants at around RM 0.10 perhaps). Being a listed corporation, OSK's PJD shares cannot be used for speculative activities. For such fire-sale if it happens somehow, I believe we can get enough investor friends to buy over 50% PJD and take over the give-away. Being a seasoned investor, I don’t believe OLH will make such a fatal mistake.
On the contrary, with 31.7% PJD share locked up in OSK, there will be little bullets left to shoot down PJD price. PJD share price will rise as OLH & PAC are likely to buy more (from almost ground zero after the deal) so that collectively with OSK they can control over 50%. PJD warrants will be the star performance, bearing in mind that OLH & PAC are not selling their warrants to OSK. Why?

Before the Chairman election at the AGM, he was asked to make a commitment that as Chairman he would look after the interest of the minority shareholders and to treat them fairly. Unfortunately he gave a vague answer without that firm commitment minority shareholders were looking for. That was a reason why many voted against him.

Thank you, OTB for what you did at the AGM.

To PJD shareholders, including OTB and Ravi, please attend the forthcoming PJD AGM and voice our unhappiness and collectively fight for our interest.

To non PJD shareholders, please don’t intimidate PJD minority shareholders for some hidden agenda.

This is my second time writing on i3 forum. I am writing again because I am very disappointed that the PJD exchanges have recently downgraded to personal attacks and threats of defamation suit. I believe many of the new writers in the forum are not genuine investors or shareholders of PJD.

PJD is my major counter for long-term investment. I invested in PJD as I am convinced of its fundamentals after doing my own homework. I don’t know OTB personally and have not subscribed to his services. Judging from his publicly available articles on PJD, I found his technical analysis and conclusions were based on appropriate facts and data. His bullish calls on PJD were correct at the time.

We all know that recent PJD price collapse was the result of unfair and unreasonable offer, although VGO in nature, from OLH and parties acting in concert – not because OTB was wrong in his technical analysis. I have not sold a single share at the current depressed price because I believe PJD is worth much more than the last declared NTA of RM2.54. Apart from the undervalued land, the hotels and cable business are undervalued too.

I do not want to get drawn into the negative exchanges. I find both sides should have refrained from using abusive remarks on others.

In the multiple proposal of OSKH, OSKProp is offered RM2.00 despite having NTA of only RM1.87. PJD has NTA of RM2.54, but only has offer price of RM1.60. PJD should be offered at the same basis as OSKProp, i.e. at a fair price of RM2.71. The unfair and unreasonable offer to PJD at RM1.60 is likely due to the fact that Tan Sri Ong and parties acting in concert has holding of 73.6% in OSKProp whereas the parties has holding of 31.7% in PJD.

As Director and Executive Chairman of PJD, Tan Sri Ong owes a duty of responsibilities to minority shareholders of PJD. But in this case of OSKH offer which he initiated, it would seem that the interest of PJD minority shareholders has been sacrificed for his own interest.

Although the offer to PJD minority shareholders is intended to be voluntary in nature, the mischievously low offer price has a downward disruption to PJD share and warrant prices. As a seasoned banker and stock-broker, Tan Sri Ong should have known very well the disastrous impact to PJD minority shareholders.

I seek SC urgent attention to take the necessary actions to protect the interest of minority shareholders of PJD:

1) To seek a fair and reasonable offer from OSKH
2) To prevent Tan Sri Ong and parties acting in concert from further negatively disrupting the share price of PJD
3) To prevent Tan Sri Ong and parties acting in concert, including OSKH, benefiting from the depressed PJD share price which they caused, i.e. preventing them from increasing their holding by buying more of the depressed PJD shares and warrants
4) To reprimand Tan Sri Ong for causing losses to minority shareholders of PJD as he, as Director and Executive Chairman of PJD, owes a duty of responsibilities to PJD minority shareholders
5) To take any other appropriate actions to protect the interest of PJD minority shareholders

Thank you.

Thank you guys, and OTB, for taking the positive actions to protect our minority interest in PJD. I am encouraged to do my part and have submitted my complaint to SC and MSWG.

==================================================

I am lodging the complain against PJD majority shareholder Tan Sri Ong Leong Huat @ Wong Joo Hwa ("Tan Sri Ong"), Land Management Sdn Bhd ("LMSB") and the parties acting in concert with them ("PAC") for disrupting the share price of PJD thereby causing a loss of over RM xxxxxx to my share and warrant holdings in PJD.

Tan Sri Ong, through his controlled OSK Holdings Berhad (OSKH), announced a multiple proposal on 15 October 2014, which included a proposed voluntary take-over offer by OSKH to acquire the remaining 308,351,543 PJD shares ("PJD Offer Share(s)"), representing approximately 68.3% of the issued and paid-up share capital of PJD (excluding 4,778,300 treasury shares) at an offer price of RM1.60 per PJD Offer Share.

The offer price is unfair and unreasonable as it is well below PJD market price immediately before the offer announcement. The RM1.60 offer price is well-below the NTA of RM2.54 as at 30 June 2014. Further, PJD is a very profitable company with steady revenue and very low PE.

The average share price of PJD for the preceding week before the OSKH offer announcement was around RM1.80. Immediately after the offer announcement by OSKH, PJD share price dropped to close at RM1.57 on 16 October 2014, and to RM1.54 on 17 October 2014. Since then, PJD share price has stayed below RM1.60.

My holding in PJ DEVELOPMENT-WARRANTS 10/20 suffered even greater losses. Before the offer announcement of RM0.6 per warrant, the market price in the preceding week was about RM0.90. The PJD warrant closed at RM0.615 on 16 and 17 Nov 2014 suffering a drop of over 40%. With warrant-to-share conversion price of RM1.00, and considering that the warrant has long expiring date till 05/12/2020, the RM0.60 offer is totally unfair and unreasonable for a growth company.