refunding of funds from a failed spac is still a big grey area, that is why you see many speculative comments saying 1 year la, 2 year la etc etc. You can see CLIQ investors facing that right now

Hopefully SONA needn't bother about that fact if the deal is a YES

Otherwise yea we probably have to wait some time for the refund (I doubt it will take years, but who knows eh?) All I can say is the mgmt committed to refunding - costs + interest

everyone is entitled to their opinion - i'm one of the initial investor since the ipo 3 years ago and i'm choosing to take the calculated risk of staying in as the entry point for a producing o&g asset is so low now.

even if the majority don't feel like i do and vote to collapse the deal, i'll still get my money back anyway (may take a while but with interest, downside is minimal to negligible)

guys if i wish to vote for the resolution and want to appoint the chairman as my proxy, what do i put as the proxy name? "the chairman" enough?

I think the 2nd last para on page 48 should be read this way:
- If I submit the Form of Proxy, but so bodoh left the instructions blank
- AND I did not submit the pink Request Form
= THEN this is deemed as an instruction to vote YES for all.

However if i do nothing:
- I DON'T submit the Proxy Form,
- AND I DON't submit the pink Request Form
= THEN my vote is burnt, doesn't apply either way

So...for all those who want the QA to succeed, YOU HAVE TO SUBMIT THE PROXY FORM and mark X for YES (or leave it blank, but why go through the trouble of sending the form only to leave it blank?) - Only then your YES vote will be counted

i lost quite a lot too, but its time to cut this one off. keep holding and it will go down to 70-80sen, maybe can reconsider buying back once its at that level

aiya paperplane, icon is just giving some opinions backed up by his analysis of data. you keep promo bornoil but never give any points to back up, if u not happy, then u should back your points up with some data

otherwise stop whacking icon here la, wasting time for those of us who want to discuss and share knowledge

cheap oil prices will only help if AA and AAX faster hedge their supply at current 30usd prices. i recall their previous hedge at 50usd level, not sure if those deliveries all completed

well icon888, taking YOLO's calc of 15grams per ton, this would place the Mukim Batu Yon mine yielding 1 ounce per 2 tons - about the rate seen at the Turquoise Ridge mine in the article I shared above.

At least for the laymen in this forum, we now know that these figures are at least realistic.

And that knowledge can only help us have further confidence in Bornoil lol!

Thank you for your inputs on this bros Yolo, icon, supersaiyan, mango2

p/s- I still dont really understand why gold dore (impure gold in alloy form) is so little in comparison to the fine gold, but its more of a curiosity to be fair

sorry guys, just to clarify in case i've confused myself and everyone else...

MT here is Mega Tonne (aka 1000 tonne) or Metric Tonne (aka 1 tonne)?

icon888, i agree, the 5gram/MT was just an assumption. However I did some simple googling and it seems in the industry, its normal to only get mere grams for shifting tons of rock.

you can see this link for some sample figures from US.
http://www.businessinsider.com/tons-of-rock-for-an-ounce-of-gold-2013-4?IR=T&r=US&IR=T

1 ounce of gold is obtained from processing anywhere between 5MT to 91MT, depending on the site itself. Since most articles i've read on gold mining always mean Troy ounce when they say "ounce", i'm assuming this is the case here too. And 1 troy ounce = 30 grams.

Soooo...long story short, it seems clear that Bornoil cannot possibly be producing hundreds of kg of pure 999.9 gold! It just doesn't add up (based on our admittedly limited knowledge)

we are all here to learn and understand this counter better, and now its quite clear none of us here really understands the production figures. let's try and figure it out instead of shooting ppl k?

@supersaiyan, based on the Answers.com article you shared, wouldn't it be like this:

1 Metric Tonne = 1000 kg, assume can get 5grams of gold
20 MT = 20x1000kg, means will only get 20x5gram = 100grams of gold

paperplane, you seem to be quite knowledgable of this company. Can you help input to my previous question?

Lets look at the Jan 2016 figures as below, with the Dec 2015 figures alongside in (brackets):

oz // gm // kg

1. Inventory (LDMA Gold 999.9): 17,507.75 (11,898.23) // 544,580.00 (370,087.39) // 544.58 (370.09)

2. Ores mined : 25,807 MT (22,017.25 MT)

3. Production of Gold Dore : 95 (71.84) // 2,954.93 (2,234.55) // 2.96 (2.23)
----------------------------------------------------------------------------------------------------------

Just one questions from me below, hope sifus are able to share some knowledge:

Fact:
inventory of Gold 999.9 is reported to have gone up 174kg from dec to jan, as a layman i understand this as "Pure gold" being mined and entering storage (inventory). But at the same time, "gold dore" (which Wiki defines as a semi-alloy of gold and other metals) only has 2.96kg produced in Jan. Same pattern in Dec, only a measly 2.23kg produced.

Question:
I don't understand how its possible to produce so much pure gold in 1 month (174kg), but only 2.96kg of semi-pure gold during that same time! Logically it should be waaayyy easier to get the semi-pure stuff right away, with the pure metals requiring more work. But things seem to be consistently reversed here...

Can anyone explain what I'm missing here?

@jayawin: whole year profit comes in at 330m, disposal of nu sentral only 70m. how do you come to the conclusion that whole year profit comes from disposal gain?

quite good overall, already can maintain profit even before the recently won contracts begin contributing to the bottom line. looks like the ship captain can hold things steady in stormy seas

how so?

bnm can force mulamalat to reduce that 40% stake by drb since they've repeatedly failed to do so by the deadlines. and muamalat really has no other viable buyer other than mbsb...so indirectly bnm could apply pressure lah

i am still interested to know about the mbsb internal staffing, many ppl seem to be passing negative comments on their quality/productivity but where does this info come from?

otherwise, the only facts we have are the publically released figures such as NTA and cost to income ratio. And these are pretty good for a financial company

the fact that the price didnt really drop much after the news of the merger end shows that it had already been priced in

ktlum84, may i ask your source for the input regarding staff behaviour and turnover?

EoT until 2nd Feb, means good news before CNY!!

last week's the edge weekly says "according to sources" the debate now is on which party will be major shareholder post-merger. Logically should be EPF since MBSB is the larger partner, but apparently DRB-Hicom wants to be the major player. Also it seems talks haven't continued in 2016 yet bcos apparently their request to extend the negotiation time has not been formally approved yet - though they don't foresee problems in getting the extension.

All in, seems like won't have much progress before the CNY hols...

should be good to buy now because DRB running out of options, they have to pare down their stake in Muamalat by this year latest - therefore this is their last chance already

"My comment: Why would any poor student want to study medicine knowing the tuition fee alone cost between Rm 250,000 to one million Ringgit?"

Mr Koon, this comment is quite unfair. Why can't a poor student aim for an expensive course of study? Are you inferring that poor individuals should only stick to cheap courses?

I am a regular reader of your articles and do admire you for your successes in life and your willingness to share that success with others - however I do not agree with your decision to publicly publish (and borderline ridicule) emails that were likely penned with heartfelt hope.

insider tip?

wonder why the sudden movement though..any ideas?

should be good lah, buyback when cheap, later when fly can laugh all the way

humbleisland WC exercise price is 0.11

to be fair, the info shared by anti-debt from kcchongnz is true. In general, if you compare company A (high debt, low free cash flow) and company B (low debt, high free cash flow) - of course company A would be the worse option.

however the nature of mrcb's contract wins means that they will definitely need to find more financing somehow in order to deliver their projects. debt is not bad in itself, this is their cost of doing business

so long as they manage things well (all indications are that the ex-gapurna management team knows what they are doing), these new debt-fuelled projects will bring mrcb's earnings to greater heights over the next 10 years or so.

high debt and low free cash flow is only bad if mgmt screws things up. it is your call if you want to bet on or against them

TengkuFaisal you joking?

For those who still haven't send in their forms, i suggest you either send it by hand or use courier service...too late to trust our wonderful pos

anyone received their forms in the mail ady?

My layman assumption is based on today's closing price of 19.5sen.
---------------------------------------

The OR allows you to buy the mother share at 10sen, so if traded today, it should logically be around 9.5sen.

However 2 ORs give you 1 WC.
As 1 WC also allows you to buy the mother share at 10sen, if traded today, it would also be at 9.5sen plus a small premium for the time value - lets say 11sen.

Thus each OR should carry 50% of the WC's value - which would be 11/2 = 5.5sen theoretically.

Based on this logic, I guess the OR should trade around 9.5 (own value) + 5.5 (WC value) = ~15sen fair value.


This is just my layman logic, happy to learn from other forumers who would be more expert on this

since there's so many questions on the rights mechanism, thought i would write a simple guide (i'm no expert, just a guy who had to figure things out over the years)

Assume you bought 1000 BORNOIL shares on 12-Oct or before @ 60sen for a total of RM600.

This means that you will receive 1000 x 6 = 6000 units BORNOIL-OR on 19-Oct. This BORNOIL-OR is your rights share.

Each unit of BORNOIL-OR gives you the right to buy one actual BORNOIL share for 10sen.
If you want to exercise your right, you need to fill up your form (it will be on the way to you via mail very soon) and submit it with the necessary payment via money order/postal order etc.

So in this example, if you want to convert your 6000 units of BORNOIL-OR to 6000 units of BORNOIL, you need to pay 6000 x 10sen = RM600 before the deadline. Subscribing for every 2 -OR rights shares then entitles you to 1 free Warrant-C that will be given to you at a later date. In this example, you will get 6000/2 = 3000 units of BORNOIL-WC later for free.

One point to remember is that BORNOIL-OR can be traded (bought or sold) like any other share for 5 days only, from 19-Oct to 23-Oct only, after which you either have to subscribe to your allocation by the deadline, or let it wither away and disappear for good.

Therefore, if you don't want to convert your BORNOIL-OR for some reason, you can sell it off in the open market for those 5 days and pocket the earnings and go on your merry way. However bear in mind that you will still own your original 1000 BORNOIL shares, and they will now only be worth 19.5sen each (as of today), instead of the 60sen you paid for originally. A clear loss of over 67%.

You can also buy more BORNOIL-OR via the open market from others who want to sell theirs. So lets say you buy another 2000 units of BORNOIL-OR, giving you a total of 8000 units in hand. You then need to pay 8000 x 10sen = RM800 before the deadline if you want to convert it to 8000 units of the mother BORNOIL. This will then entitle you to 8000/2 = 4000 units of BORNOIL-WC later for free.

Why do companies issue rights shares? Simply because they want to raise more money. As you can see in the example above, if you do not subscribe, your existing holdings will lose a large chunk of its value.

Is it unfair to folks who don't wish to subscribe, or who do not have funds to subscribe? In a way it is. But that is why the company made the announcement a while back in order to give you time to decide and exit your position if you desire.

Having said that, the best option (if you're stuck or didn't know what was going on) is to subscribe to the rights shares. That way you would be averaging down your costs and enlarging your holdings, plus gaining free warrants-C which will have a maturity of 10 years.

Hope this helps clear things up!

6x shares in market is good news, higher liquidity is always good news

yes colourshadow, as long as you buy on or before 29 sept (meaning you own the share on 30sept when market open) you will get dividend

you wont get dividend if you only buy on 30sept or later

aiseh price drop doesnt mean the stock suddenly lost all its fundamentals and went bad lah...current market drop due to so many external factors.

oil price will recover - this is fact! only question is when?

smart play is to buy in now for long-term holding. but if you are contra kaki or greedy for easy short-term gain, then may god bless you lol

safe haven lah...got guaranteed dividend so attractive in these terrible times

It has always been MBSB's plan (at least since early 2013 when I first bought into this counter) to eventually become an islamic bank - either on their own or via a suitable M&A deal. So its only natural that they keep exploring options to achieve that plan. Would you expect them to just cancel their plan simply because the RHB-CIMB-MBSB deal fell through?

the edge really has knowledgable sources

in any case, i fully agree that mbsb is a good counter on its own, fundamentally nothing has changed so why panic?

keep calm and invest long term!

@kakashii, i agree the edge has published many speculative news before, some proven true, some not - but i feel their track record is more to being proven true.

if u look at the answer to the bursa query, all the banks are saying is that the parties are still in discussion, and there will be a board meeting tomorrow.

this statement is clearly not a lie, a meeting is happening, and they will discuss. what it does not confirm/deny is the edge story that the discussion will end with calling the merger off

i hold shares in mbsb too, i wish for the merger to be on. However i cannot blindly say that the bursa announcement on 13-jan means merger confirm on.

all i know is tomorrow will be an interesting day for this counter =)

dont dismiss the edge so easily, among all the business news sources they are one of the most reliable thus far

that being said, i am a cynical person, therefore i believe all this drama is done on purpose to nego for a cheaper deal among all parties

i think calvin means that kimlun faces high cost in moving their products to the singapore mrt construction site. but i have no idea if they send the tunnel segments by road or by ship - road seems a bit unlikely to me, but i don't know for sure.

Care to enlighten us Calvin?

time to take profit =D

I think I can safely say that most (if not all) of us holding Smartag now, came in a while ago and now find its too late to run without making large losses. There is always hope to cling to - of government making this custom thingy compulsory, of Taib's connections doing some goreng-ing, endless possibilities...

I agree that yes, looking at signs now, things don't look good. I also agree that for those still holding, it hurts more to cut losses and leave. To those in that situation, I wish you all the best and may fortune favour the brave! None of us know how these shady counters will move, but know that you made a choice and stuck with it - for better or for worse.

If the worst case scenario comes to pass, then treat this as a lesson lo - a lesson that costs however much you have invested in here - a lesson on how you should be investing in future. It doesn't help having people say "I told you so" repeatedly (read these forums regularly and you'll know who they are). Just ignore them, keep calm and be content with your choice, at least you made yours!

agree with Alan and moonbug, good buying opportunity. but wonder why no UMA over the past few trading days though

considering the whole smartag customs project is a BN initiative under the ETP, chances are good that Najib will push it through soon

this counter did take a beating, but there should be some value to be gained once (and if) the project is made compulsory - just my opinion here

seems like another ipo to avoid