with all higher paid people, also can miscalculated material txn threshold? it shows how good its governance and management?

well written. PE is attractive.

Puncak bought back all convertible Sukuk, preventing 80m shares from flooding the market.

http://www.bursamalaysia.com/market/listed-companies/structured-warrants/4937165

35,000,000 PUNCAK-CF expired today.

We are pleased to announce that the PUNCAK-CF have expired at 5.00 p.m. on 30 November 2015 (“Expiry Date”). The Cash Settlement Amount shall be an amount in the Settlement Currency (if greater than zero), calculated as follows:

Cash Settlement Amount
= Number of Structured Warrants X (Settlement Price – Exercise Price) X (1/Exercise Ratio)
= Number of Structured Warrants X (RM 2.8280 – RM 2.7000) X (1/3.7000)
= Number of Structured Warrants X RM 0.0346

The Settlement Price has been determined at RM 2.8280, being the average closing price of the PUNCAK Shares on Bursa Malaysia Securities Berhad for the five (5) Market Days prior to and including the Market Day immediately before the Expiry Date.

The Cash Settlement Amount, less all exercise expenses (currently borne by the Issuer and no charge shall be incurred by the Holder) shall be made by way of cheque within 7 Market Days from the Expiry Date. The cheques will be delivered to Holders by ordinary post.

This announcement is dated 30 November 2015.

Beware! It is a loss 82m, not profit 82m. What a mistake that may cost dearly to investors. Expect an amended announcement, otherwise bursa may in trouble also.

http://www.thestar.com.my/Business/Business-News/2015/11/02/Puncak-Niaga-says-RM1-special-dividend-to-be-paid-on-Dec-23/?style=biz

(1) net cash per share (fully diluted):-

Cash balance per Q2 15 (june15) 424m + syabas proceeds 1555m + warrant proceeds 36m = total cash RM2015m less borrowings 84m (excl converted sukuk) = net total cash RM1930m

No of shares june15 409m + OS warrants 36m + sukuk converted shares 81m = total max shares 526m

Net cash per share = RM3.67 (after deducting all borrowings)


(2) Syabas proceeds per share:-
Syabas proceeds 1555m + warrants proceeds 36m = RM1591m / total max shares 526m = RM3.03 per share

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4204589

Page 5 of Circular Part 1 - the balance of 1.55b shall be paid by Air Selangor at Completion Date of SPA. Puncak announced that Completion Date of SPA is on 15 Oct 2015.

If you wonder why there are 2 dates announced by Puncak.
Page 5 clause 2.3.3 - Puncak shall ensure the handover of assets to be completed on (15 Oct 2015) 7 days after the last special condition and condition precedent being fulfilled (ie. all and the last condition was fulfilled on 8 Oct 2015).

Upon receiving the proceeds balance 1.55b, Puncak Board need to decide when is the dividend entitlement date. Circular state it will pay within 3 months after completion.

I think Puncak should pay as soon as possible to reward long-waited shareholders since it was 8x delays. Hope this can be happened by year-end (within 2.5 months), as some research house expect.

purposely set low TP to accumulate then revise up TP when puncak received proceeds?

(1) With 37%, mostly FGV will seek appoint their rep into the Board. With such influence over the investee, it can classified as Associate Company instead of other investment. FGV equity-accounts for its results.

(2) In Msian Co Law, company needs to disclose market value of listed investments.

(3) The difference would be accounted for as goodwill, attached to the investment in associate company. (not a separate line in balance sheet).

Companies in the news

Automated identification and data capture (AIDC) solutions provider DGB Asia Bhd (DGB) will enter into a joint venture (JV) with Rofarez Solutions Sdn Bhd, a Ministry of Finance-linked company, to expand into the cloud-based business.

DGB Asia (fundamental: 1.65; valuation: 0.3) said the JV entails the distribution, implementation and service of cloud-based business solution products that provide integration on the software environment for businesses with proprietary development engines.

“The product will provide platforms to design and build solutions that are directly assimilated onto the cloud operating infrastructure. The system is also goods and service tax (GST) friendly, as customers can incorporate the new GST requirement into their current system without hassle,” it said in a statement today.

A memorandum of understanding (MOU) was signed by both parties on April 10, 2015.

http://www.theedgemarkets.com/my/article/rhbcap-metronic-global-tnb-integrax-petronas-chemicals-dgb-asia-daya-materials-mrcb-iris

no news or update with due date coming tomorrow?

@speakup
icapital has sold substantial holdings in PDag. Now left few k units only.

Check this out - May14 qtr rpt

http://announcements.bursamalaysia.com/edms/edmswebh.nsf/all/80B342EE47F52BD648257D21005D77BB/$File/icap.biz%204th%20Quarter%2031052014.pdf

@walao
yes
Listing : The RPS will be listed on the Main Market of Bursa Securities.

thanks gweilo
now I can see the point.

Erica
yes,
per announcement

Listing : The RPS will be listed on the Main Market of Bursa Securities.

Without the conversion feature attached to RPS, I believe the market price of RPS may be adjusted to the region RM0.90 so as to have effective yield of 4% to 5%, to reflect market interest rate of a corp bond.

yes, insas has to redeem RPS at issue price RM1.00

my perception is mother price wont be adjusted upon ex-right date since it is not an equity instruments (RPS is not convertible, but just like a debt).

Just my guess. Can anyone confirm? for those who had counters with free bonus warrants, like xinquan.

@ccs
RPS has 5 years tenure. Insas has the right to redeem anytime within 5 years by giving at least 7 days notice.

Price Exercise Price Total cost Mother price Premium Expiry
Iretek-LA 0.070 0.525 0.595 0.595 0% June 2019
Iretek-WA 0.150 0.800 0.950 0.595 60% June 2019

Given the same features of both LA and WA, both have same expiry date. LA features like a Warrant.

However, Iretek-WA is fetching a premium of 60% (out of money warrant with exercise price at RM0.80), but Iretek-LA is getting NO premium at all.

The leverage of Iretek-LA is better than WA, i.e. with little upfront money (0.07) compared to WA at 0.15, then you can ride on the future profitability of Iretek.

PROPOSED PRIVATE PLACEMENT OF UP TO 28,517,200 NEW ORDINARY SHARES OF RM0.25 EACH IN SYF TO INDEPENDENT THIRD PARTY INVESTORS TO BE IDENTIFIED

On behalf of the Board of Directors of SYF, M&A Securities Sdn Bhd wishes to announce that the Company proposes to implement a private placement of up to 28,517,200 new ordinary shares of RM0.25 each in SYF to independent third party investors to be identified at a later date.

Further information on the Proposed Private Placement is disclosed in the attachment herein.

This announcement is dated 27 June 2014.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1670313

all dividends are either single tier or tax exempt would not be deducted for any tax. whatever dividend amt declared would be yours without any deduction.

except for dividend from REITs would subject to final withholding tax 10% in the hand of individual shareholders