The way i c
1. Felda will launch 2nd attempt to take FGV private
When?
- My guess: Max. 2 years after the closure of 1st offer
- RECAP LTKM: Bursa securities disallowed extension of time after 2 years
New offer price?
- My guess: Probably not below highest price it paid for in open market
- Felda will not succeed without acquiring fgv IPO stakes held by State Government of Pahang/Sabah, who had refused the 1st offer at 1.30
2. My game plan for fgv
- be patient, prepare to hold > 1 year
- buy low at dip, within my tolerable limit/allocated fund
- let market determines its upside potential

Since its listing, FGV has reported highest quarterly PAT in 4Q 2013 at 512 M
I long for its 3Q2021 PAT to record new high.

I wonder whether valuation of RI at 0.14 is 2 high?

the way i c,
How will FGV fare ?, 3 options now
1. Felda privatizes it
2. Felda reduces its stake to meet the minimum spread requirement
3. Felda stays still, let FGV takes steps to meet its minimum spread requirement

Option 1, most likely.
IF OPTION 2 happens,
- Felda would have misled minorities in its previous take over notice that came with a salient intention of DOES NOT INTENT TO MAINTAIN THE LISTING STATUS OF FGV
- In view of its subsequent top up in FGV shares at prices > 1.30, Felda should compensate all acceptee of the said take over offer
IF OPTION 3 sets in,
- FGV can be accused of collaborating with the Offeror (FELDA) to deceive minorities at time of take over notice.

I wonder, under option 2 or 3, will bursa securities close their eyes ?

What say u.

Remark: An on-going interesting and similar case awaiting the final outcome at LTKM BHD.

The more, the faster Felda buy in, the sooner will come our rewards

Kpmg salah
Bursa salah
Ey salah
Kamu semua salah
Hanya aku saja yang betul
Siapa dia?

SD is seeking 19 declarations/orders in its OS
How long will it take to reach final decision by Federal Court?
Will Suspension remain until the court decision ?
Any other avenue available to dissenting shareholders?

Next battle field: Court ?

The way i c, ?? only for sharing purpose
- he possesses 1st hand info
- unpledged warrants proceeds belong to him
- unloading of his pledged shares is restricted by bankers
- purchase of shares is funded by his gangs, to induce ignorant retailers to pick up their unloadings.
- disposal of warrants may not breach insider trading rule, while loss on purchased share may not trigger definition of insider trading
- if without suspension, who will gain and who will loss, u know lah

Disposal proceeds of 55.78 M warrant = RM 4.35 M
Acquisition of 1 M share = RM 350K

My guess:
Clearing of all warrants - negative
Buying-in of 1 M share - not significant
Price chart, past 7 days - down, negative
Suspension until further notice
(not pending a material announcement) - seldom for good

GONG HEI GONG HEI
TAI KAH ZAAI TOU BAO

Yes, option exercised !!

Boardroom confirms over phone that my log in password will be sent after 7 p.m to-nite.
My view: This SCR is a done deal. U know, i know, we all know Full stop. .

May my wish come true ?

taitaumau One of my wishes for Sept. 2021
- The said Purchasers' Option is exercised on or before 30 September
09/09/2021 4:06 PM

Do u think insider info from PNB office is more reliable than that from MMC office ?

Based on observation,

Acts by insiders,
(1) Sell down on 8 July - 19 M, T-5 b4 initial offer dateline 15 July
- Fear of delay in BOD meeting/no blessing from PNB
Outcome: Dateline extended ,
(2) Another sudden drop on 27 July - 41 M, T-6 b4 board meeting on 4 August
- Fear of rejection by PNB proxy directors
Outcome: BOD resolved to table EGM

and now,
(3) Start to sell down again on 21 Sept - 27M, T-7 b4 EGM on 30 Sept
- Fear of SCR being vote-down
Outcome: ??

I firmly believe that PNB is of no issue now

May i say,
Premised on 23% support from PNB/EPF/ASB/KWP and with nos of FORUMNERS backing here,
** I fear no threat from other dissenting minorities with insignificant shareholdings **

Disclaimer: I am a entitled voter/Not a buy or sell call

Will PNB support SCR?
- I have no answer
- Your guess is as good as my guess

My views are:
1. TSSM has given ample time to BOD for consideration.
Yes, BOD has not decided yet upon expiry of 1st dateline, for reasons ?
BOD finally resolves (simple majority or unanimously ?) within extended timeline to call EGM

** highly possible that PNB has given its consent via his board representative/s **

2. RECAP: Perak Corp & Zecon
(where SCR are withdrawn - NOT voted down in EGM)
- the blocking shareholders/individual (as largest non-interested shareholders) have the courtesy
to make known their intentions to object prior to issue of Notice of EGM.

** PNB, being 2nd largest shareholder/participating shareholder, does not make known his
decision before EGM Notice is issued **
** A positive sign **

- I hold some MMC shares and have no insider info
- NO a buy or sell call
- My view may be wrong, TQ

The way i c,
- 5 CW (25/26/27/28/29) are outstanding
- these 5 issuers are holding substantial mother shares and are able to influence its price
- Will they do acts to take advantage prior to EGM ??
- My view is: These issuers prefer SCR being voted down, so as to avoid Big Loss

One of my wishes for Sept. 2021
- The said Purchasers' Option is exercised on or before 30 September

My understandings,

(1) During the period 19/8 to 30/8, FGV shares were transacted at prices ranging from 1.31 to 1.55

(2) On 3/9, Felda notified that it had bought another 1,290,400 shares on 30/8, without disclosing:
- prices paid for ?
- dates acquired ?
- whether from open market or via direct transaction ?

(3) In the event that FGV carries out GO again, depending on when and whether the offer is voluntary or mandatory in nature, claw back pricing may set in

Via google search,
https://uk.practicallaw.thomsonreuters.com/0-502-1894?transitionType=Default&contextData=(sc.Default)&firstPage=true#co_anchor_a747778

- A mandatory offer must be made at a price not less than the highest price paid (or agreed to be paid) by the bidder or its PACs for any voting shares in the target during and within six months before the start of the offer period.

- A voluntary offer must be made at a price not less than the highest price paid (or agreed to be paid) by the bidder or its PACs for any voting shares in the target during and within three months before the start of the offer period.

*** NOT A BUY OR SELL CALL*** TQ

Felda is obliged to undertake 2nd attempt to privatize FGV The issues here are When & what is the new offer price ?. Extension of the deadline beyond 3 August is inevitable.

Yes, stay cool.. I believe that our patience will be rewarded.

My understanding: PNB who owns 19% interest is not a PACs and can veto SCR
A green light from its representative/s in the BOD is a must.

I believe that some IB will resort to sell down the share during the determination period of closing price upon expiry of their CW. They are really losing BIG BIG $ if this SCR finally goes thru.

Calvin, u post beco of threat ??

SD changes its new financial year end from 31/12/20 to 30/06/21, citing reasons due to MCO.

- so, new auditor will be working on new set of A/C (18 months) ??
- audit issues raised on the old set of A/C by ex-auditor, no longer relevant ??
- still need to follow up on the independent review proposed by ex-auditor ??

wrong moves made by SD ???
1. Issue of notice to remove external auditor
2. To-date, non-appointment of an independent reviewer
3. Initiate legal suit to complicate issues
4. Remarks made by new chairman
5. Seek assistance from 1MDB lawyer
6. U may continue ............

a very safe place to burn your $$$

He says"I am obliged to tell you that most of my money is on this stock"
Is he telling the truth???

Post analysis of CCM -WA
Total Nos = 427M
Attendance = 280M (65.6%), by
- LTH/ASB = 142 M ?
- Minorities = 138 M ?
Blocking % needed = 70 M (16.4%)
Happy ending for all WA holders.......

The way i see.......
Open to warrant holders only
(1) A Bird in the Hand = 0.38
(2) Two in the Bush = >0.38 or < 0.38

If u like (1), vote Yes
or If u like (2), vote No
or neither one, do nothing

Before voting, u may change your mind from (2) to (1), or the other way round.

Your $$$, Lei wah si

Let see by 2:30 p.m. 31 March 2021, will the following old wise saying hold ?

"A Bird in the Hand is Worth Two in the Bush"

Unless there is 100% attendance of wa holders at CCM, One needs less than 25% in value to block it.. So far, i have yet to come across full attendance of members in any general meeting for a listed Company.

If u stay as a wa holder till the voting day, it is my view that it is rational to vote YES for simple reasons:
- be contented with 0.38/any higher offer
- NO free lunch in share market. DON'T expect other to make $$$ for U
- any one can say Yes/No. But he may not be telling u the truth. It is human nature.

As all Investments carry inherent risk of making or losing $$$, it is advisable to restrict our exposures within a tolerable limit.

FYI
Google search
https://premlaw.com/scheme-of-arrangement-pursuant-to-section-366-companies-act-2016/

CORPORATE RESCUE AND DEBT RESTRUCTURING EXERCISE: SCHEME OF ARRANGEMENT PURSUANT TO SECTION 366 COMPANIES ACT 2016

Court Convened Meeting
It is a statutory requirement for an explanatory statement to be sent out to creditors Twenty-One (21) days in advance which will contain the complete scheme of arrangement i.e the proposal for the creditor consideration, for the purpose of resolving the debt owed to the creditors.

This is where safeguards are placed to ensure fairness and balance between the Company and its Creditors whereby a Scheme of Arrangement requires of approval of 75% majority of creditors in value in attendance who vote in favour.

Hence the creditors who would have received the Explanatory Statement well in advance and would be well briefed on the proposed scheme and thereafter during the meeting are given the right to vote. So the acceptance of the scheme always is in the hands of creditors as the creditors are given the right to exercise their

FYI, volume transacted since 26/2
26/2 - very volatile 28 M
27/2 - 12/3 (to-date, 2:40pm) 32 M
Total 60 M (14.1%)

My understanding:-
If EGM is voted down but CCM is passed, SOA, which is not conditional upon any other proposal will proceed.and which is supposed to be completed first,together with the Proposed placement.

It seems to me that the company. may intend to restructure its plan at whatever means. But there is a condition imposed by Bursa Securities that without court order sanctioning the SOA, the following is not possible:

- Admission of Bank Islam to the Official List of Bursa Securities and the listing of and quotation for the entire issued share capital of Bank Islam in place of BHB.

So, if SOA is voted down, WA will stay put without any adjustment. Am i correct?

My personal view, it is not unwise to cast FOR vote.

AAC, any idea what is the approval threshold for the forthcoming CCM. TQ

Too much $$$ chasing 2 little goods ??

***FOR SHARING ONLY - NOT A BUY OR SELL CALL****

(A) % of shares hold by offerors = 65.5%
- to remain unchanged until closure of take-over offer, at least 42 days from 19 Feb 2021

(B) Market free float: 34.5% = 23.8 M shares
Shares transacted from 8/2/21 till 19/2 (9 trading days) = 15 M shares
- Done at price higher than initially proposed return of capital 0.965 (NO LONGER HOLD NOW)
- Bought by insiders??

(C) Remaining shares hold by other minorities less than 9 M shares??

WHAT SAY YOU ??

FYI,
Date, Volume(M), VAlue(M)
15/2, 23.03, 8.98
16/2, 16.85, 6.23
17/2, 25.48, 8.98
18/2, 17.14, 5.71

Total Volume: 82.5 M
Total VAlue: 29.9 M
4-days VWAP = 0.362 (Formula :(VA1+VA2+VA3+VA4)/(V1+V2+V3+V4)
To-day (19/2) ???

Unconditional mandatory offer served on fgv 2-nite, surprisingly fast!!!

Prospectus Page 76 said:
## subject to the availability of profit, we shall at the discretion of our Board pay preferential dividend ##
So, dividend, if any, is not fixed.

The BOD of AAGB says that:-

"" AAGB's shareholders’ equity on a consolidated basis (A) as at 31 March 2020 is 37% of its share capital (excluding treasury shares) (B). ""
Where A = 1,111 M and B = 2,968, to work out 37%

My understanding,

A = 1,111 M
B = 8,023 M , the correct ratio should only be 14% ???

Do u think Urusharta will take up his 97.2 M OR ?

Based on the latest QR (30/9/19), NTA = negative RM 0.25
As the company is being wound up under court order,it is highly possible that no residual asset will be returned to equity shareholders.

after x-date, b4 right issue shares listed,
Conso. mother shares = 23.54 M.
OR = 2,354 M.
May win very huge on 1 mother share but may also win ? or lose ? A LOT on 100 OR

High Risk High Gain - a basic investment concept

An investor with a weak heart should stay away

Announcement says the Proposed SOA is not conditional upon other proposals (The Proposed Placement, Proposed Internal Reorganisation, Proposed Distribution and Capital Repayment and Proposed Transfer of Listing )

If SOA is voted down in CCM, will BOD proceed with other proposals as planned ?

If yes, it makes no sense for warrant holders to cast against vote during CCM.

"Congratulation to all the entitled shareholders"

Court decision:
- Raintree is not entitled to participate in the distribution of the balance remaining of the 8% of IPO Proceeds (which is not placed in a custodian a/c)

Analysis of voting

In value: For 42 M Against : 18M ( 70%: 30%) -" For" Fail > 75% - SCR Voted down
In number : For 66 Against : 108 - "For" fail > 50% - SCR voted down

Total "Against" /non-interested shares (in value) = 10.8% > 10% - SRC voted down

INTERESTING POINT to ponder: How the vote in number is computed?
For those who attended the EGM today:
can you figure out:
- why only 108 in number recorded for "voted" against

What is the timeline that constitutes "sufficient time" ?
if offer price under SCR is revised upwards
- whether it is fair to shareholders who have already disposed of their shares in the market?
- where is the integrity of the independent directors who have allowed the proposed SCR @ RM 1.1 per share, to be tabled at the EGM ?
- whether MAA shall engage another independent adviser to advise non-interested shareholders ?