Protasco had so much potential. Now it's all over. It will take years before they can regain investors confidence.

What a waste!

Roller coaster. Swing back up to 1.90 tmr pls!

Super volatile! Omg!

Lousy. Fry until rm 2.00 only.

Joerakmo what did I tell you a few months ago...

Lao sai liao lor

Lao sai liao lor

Hearing sure get postponed like all other legal cases. Postpone until everyone forget about it.

Share price doing quite well wor. As though nothing happened. Kekeke

Sell at any price

Tey is a substantial shareholder while Oei is director of both Protasco and PT ASI

Didn't I warn you guys about this...

Take care.

Reference is made to our announcements dated 30 January 2014, 10 February 2014, 25 July 2014 and 5 August 2014. Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the previous announcements above.

Protasco Berhad (“Protasco” ) wishes to announce that Protasco has today filed a legal suit at the Kuala Lumpur High Court against PT Anglo Slavic Utama (“1st Defendant”) and two of its directors, namely Tey Por Yee (“2nd Defendant”) and Ooi Kock Aun (“3rd Defendant”) (“Legal Proceeding”). Protasco’s claim against the 1st Defendant is for the refund of the Purchase Price paid under the Restated SPA dated 28 January 2014 and/or damages and/or for damages arising from the breach of contract. Apart from the Restated SPA being void, and as a further or alternative claim, as the Conditions Subsequent were not fulfilled within the Condition Period, Protasco proceeded to terminate the Restated SPA and demanded for the return of the Purchase Price from the 1st Defendant vide its letter dated 4 August 2014.

Protasco’s claim against the 2nd Defendant and the 3rd Defendant is premised on the breach of their fiduciary and statutory duties including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profit. Protasco is seeking damages against the 2nd Defendant and the 3rd Defendant.

Protasco wishes to state that the Legal Proceeding it has initiated has no significant immediate adverse impact on the current financial position of Protasco. Protasco will make impairment on the Purchase Price if necessary in consultation with its Auditors.

Good luck.

Disappointed

It's not uncommon for Bursa shares to go up multiple times in a short time of one to two years, even for companies with poor performance

The operators for this company if any, are quite bad. Haha. The amount of share price increase they managed to push and goreng from all the exciting corporate announcements and a reasonably solid company is only $1 or 100% in 2 years. There's so much more value they could extract by pushing it higher rather than take profit at mere $2 and hurting investors and speculators confidence. Investors will actually buy given the fundamentals of Protasco.

Not sure if thwy are aware of this. It will be harder to goreng now. Good luck.

Oil and gas venture announce already can be postponed and cancelled.

PP and projects announced can also be postponed and cancelled. PP was due to be carried out in July. In the end, it was pushed back to Jan 2015. Who knows.

This company hasn't implemented any major announcements so far. Every announcement has either been postponed or cancelled. Highly dubious..

Protasco said in their annual report that one of their goals is to become a multi billion dollar company in market capitalization. At the current price, Protasco is only a 600 plus million in market cap.

Furthermore, the dividend yield at the current price assuming 10 sen per year is about 6 plus %. How many counters can you name with such dividend yield in Bursa?

Strong selling today

I'm skeptical. We shall see.

According to the restated SPA, the vendor will have to return the deposit within 14 DAYS upon receiving notice of termination from Protasco. The fact that protasco made the announcement on the termination of SPA probably means they have served notice. We have 12 days to go. Let's see if the company will make any announcement regarding the deposit. If they can recover, why shouldn't they make the announcement right?

Firebird, seems like you are an avid fan of Protasco. Same here.

I think these are issues that shareholders like us should scrutinize and think about. RM 70 million is not a small fee like you have mentioned. To put things into perspective, RM 70 million is close to 10% of Protasco market cap and close to 20% of NAV. We also don't know if those guys have hundreds of millions and this amount may be significant to them as well.

Yeah. Unless maybe CEO gets part of the deposit..?
It's speculation but it's a possibility. Saying that the deposit can be recovered can also be speculation.

Who knows.. Maybe the Vendor is related to major shareholders..? The terms of the SPA were so onerous - pay first even before getting your conditions are met. If you are not related, would you trust the Vendor (with no assets, loss making and in Indonesia where the law is worse than Malaysia) enough to pay first without even fulfilling your conditions? Deposit pass from Company to major shareholders lor. Small shareholders don't get a single cent.

Until company can show that deposit can be recovered, best to assume its gone.

It would not be easy to get back the deposit of RM 70 million. Vendor company is in indonesia. How to chase for money... It's as good as gone. Better sell before they announce deposit is gone.. maybe they won't tell you at all..

Opportunity to sell on rise now!

Where got ppl pay purchase price even before the conditions are fulfilled with only 1 year left in exploration rights?? Deposit cannot be recovered. Company will take impairment loss on deposit. Sell the stupid company now!!!

Sell! Deposit is gone for sure!

Everyone sell!

http://www.businesstimes.com.sg/premium/malaysia/protasco-good-proxy-kls-public-spending-20140416

Protasco came out in singapore's business times not too long ago. Should garner interest among singapore investors.

Now free warrants will worth something. Worth it to hold for free warrants.

Maybe slightly higher but definitely not 7 to 8x higher like the current market price!!

Just look at yinson and hupseng price chart. Up from rm 1 to rm 8. Earnings same as protasco but dividends lower than protasco.

The free warrants with strike price of rm2.00 will be in the money soon

Yinson is a good point of reference

Mk88, I think there's room to grow at this point in time.

Cos protasco is better than yinson in every aspect yet its so much cheaper than yinson. Higher revenue, higher profit, higher dividends. Also in multi industry.

Protasco has the same profits, more dividends and a more sexy growth story than Yinson. Both are in multiple sectors. Look at where Yinson is now. RM9.00.

Proceeds from sale of treasury shares = RM 18mil = Remaining cash consideration for oil and gas acquisition.

Price shouldn't go any higher for now otherwise PP buyer would have to pay higher price than 1.65. Possibly agreed between both parties beforehand.

In one recent announcement, it was mentioned that each warran is priced at 0.12. Thus, 1.41+0.12x2 = 1.65

If price too high, buyer may not be willing to take placement. So price cannot be too high for now.

Looking good today. Stock recovered to almost pre-dividend level

Translation pls. I can't read malay.

It's a good deal for the Company too. By issuing warrants, the Company could raise funds for their property development projects in the future as they develop. At the same time, the Company could also be expecting share price to be above strike price of RM2.00 in the future so that shareholders would exercise the warrants.

It's a win-win for both Company and shareholders.

Monday is the ex date

Share placement not below RM1.65. Bonus warrants with strike price of RM2.00 expiry 5 years from date of issue.

Quite strong buying at 1.40 today. Volume done at 1.40 - Bid: 64100 Ask:844800

Buy and collect dividends lor.

Finally LTH not blocking...

Just realized that the JV development for mukim plentong, johor bahru is a commercial not residential development. Should not be affected by property cooling measures and good for the JV since plentong district is one of the most populous in Malaysia.

Buy more lor