@iafx. Two issues need to be addressed for Puncak: 1) DCF of future earnings based on 15% instead of 12%; 2) Compensation for increased tariffs for Syabas that was denied. Puncak also want all the cash in PNSB and Syabas, but this is a minor issue.

@plutus. It's not blind faith. It's based on facts. E.g. baseline offer of RM9.65B, etc. And also where the political chips are falling in terms of whether the interests of the relevant parties are aligned in the takeover.

@plutus. Under WSIA takeover, the price paid must be adequate compensation as required by the federal constitution. Both Puncak and Gamuda said that the price is too low. So there could be sweeteners by the fed either in the form of top-up of the offer price and/or juicy contracts related to Langat2 and LRAL2.

Also remember Langat2 and LRAL2 coming up. So please don't simply sell even if price goes up on news of the water deal done alone. But do take some profit.

@stkoay. I think too early to give credit until deal is sealed and Puncak price rise to at least RM4/share. However if credit is to be given, it should be given to all who contributed positively their info and wisdom. That's why it's so crucial not to constrain anyone from contributing their opinion in good faith whether we like it or not. Thank you for your encouragement.

Stay cool babies. That's the way to make your money out of the panicky ones. The risk is always yours though.

There is. The last was on 11th Mar for 1.116 million shares. See link:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1561669

Last support level at RM3.28 is breached. I will collect more below RM3.18 downwards.

Thanks jtoh1985 for your suggestion. Now who will benefit when price is pushed up and dilution of share due to exercise of warrants is prevented by share buyback and cancellation?! The holders of a lot of warrants of course!! Now does anyone knows who owns a lot of warrants and exercising them? Anyway, we share traders will benefit if the price is pushed up. Only be careful when they have finished with their share buyback!

Good buy opportunity coming up...

@angelina2.Why should I hate Tony Pua? He is just lighting a fire underneath kali and the fed so kali will get off his seat and with the fed seal the water deal...fast!

Someone keyed in Puncak at buy RM3.37!

@ktsk88. They did not cancel ALL their treasury shares. They still hold 157,004,700 treasury shares AFTER cancellation. So still hope for bonus.

angelina2 beloved, if you are 'fatty oldmann', then I can still call you darling and love, can't I? They are fond terms of endearments. I just like your chilli padi style.

angelina2, patience my love. I also hold KPS!

Yeah confirmed. See link:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1561225

angelina2, patience darling. The Puncak saga have still not run its course. I still expect at least RM4 per share, if not RM5.22 as per RHB.

Kali and fed will have to move fast. Once water deal is sealed and permits granted, Tony Pus (chairman of Selangor DAP) can fight 'tooth and nails' for all they care. Azizah will be more sympathetic to the deal since ungwah had said that he is in favour of the MOU i.e. if he is reported correctly.

@Icon8888. I am just sharing my 2 sens worth like everyone else; to clarify the picture from my view-point and help others and myself make money.

@John_Revolver. I am holding. Take some profit if you are in the money. But don't sell at a loss because Puncak is a buy by itself.

@HJey. Hapseng's main cash cow is oil palm plantation (HSPLANT). But back to the buy back. It doesn't make normal sense to buyback and then cancel. Normally treasury shares can be used for ESOS and bonus share issue or buy back to offset the diluting effect of the exercise of warrants.

However, share buyback and cancellation have the effect of creeping privatisation ala Perak Corp! In Perak Corp's case, the attempt at privatisation was effected via a share buy-back offer and cancellation to evade the rules on compulsory general offer in which the acquirer will have to pay 10% above the NTA/share! Perak Corp's offer was RM3.90/share, whereas it's NTA is over RM5/share. However, Hapseng's NTA is only RM1.68 per share. So the only reason that makes sense to me is that Hapseng want to save by not having to pay dividends on the shares bought back. If that is the case, why cancellation, since Hapseng do not have to pay dividends on Treasury shares. Can anyone give more clues as to why Hapseng cancel shares it bought back?

So far, no panic selling, unlike in Dec 2013!

WSIA only if kali and water concessionaires can't agree. In the MOU, kali was 'allowed' to bid for the concessionaires on a 'willing buyer/seller' basis. Of course if this fails, then takeover WSIA and transfer water assets to KDEB. If not no Langat2, LRAL2 and other necessary permits, unless kali plays out his own party as some suspect. But if takeover under WSIA, the under Federal constitution, fed will have to give adequate compensation. That's why I still think there may be sweeteners from the fed due to Puncak's connections.

@stkoay. Another round of adrenaline?

@Airo Chasz. Gamuda likely to follow Puncak's lead. Puncak is the key to any takeover deal since it owns 70% of Syabas - who owns the pipes which distribute the water. Without ability to distribute water, water cannot be sold; if so even having Langat2 will be useless to solve water problems in Selangor. Please read Gamuda's response:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1563009

Now we will see whether fed will exercise WSIA to takeover water assets by PAAB. If so, I expect sweeteners.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1562837

Ladies and gentlemen, looks like Puncak is holding firm to its previous position. So on the surface, no deal!

@stkoay. Not a conspiracy theory lah. Just how I see the politics will affect Puncak. If politics points to no water deal possible then I MAY stop riding the tiger. But politics is the art of the possible and so is finance and economics. And so far, water deal to me, is still financially and politically feasible for Puncak!

Conflict or not between queen and kali not relevant. Kali will want to protect his bets and also the fed. So whether conflict or not, kali and fed likely make sure water takeover and Langat2 and LRAL2 is sealed before 23rd Mar. Let's see.

@stkoay. Razali may be a proxy shareholder for some powerful backers.

Also the difference in DCF of 12% and 15% in the valuation will likely go to arbitration. Puncak's issue with kali is the increase in water tariffs that was denied. However, with another pawn (more powerful?) queening in Kajang, I expect both kali and fed will work doubly fast. The new queening pawn is likely to be unstoppable. Queen then check-mate! This is what both kali and fed is afraid of. With the furor over ungwah, even if kali dissolves state assembly, a new PR government will likely be returned with even bigger majority due to sympathy vote. As such, both kali and fed will likely work fast to close water deal before Mar 23rd. Patience!

I am holding. Puncak is a buy by itself. Likely to benefit from Langat2 and LRAL2. If I am Razali of Puncak, I will not want to sacrifice the tariff increase that was legally applicable but was arbitrarily denied by kali. If so how to face shareholders? Likely there will be sweeteners from the fed, unless Puncak's CEO is allied to lao ma. If Puncak dip below RM3.20, I will collect more.

Patience.

@Greyson. I submitted your survey. Please send the e-books to my email address: upsidedown119@gmail.com

Correct me if I am wrong. If Treasury shares cancelled, then

1) NTA/share will go up;
2) Less shares in market, therefore price of share should go up;
3) Hapseng can buy more Treasury shares;
4) Boost earnings per share;
Negative: Stock buy back and cancellation indicate that the company has excess cash with no feasible investment opportunities - which is unusual. May indicate management not working hard enough and choosing to put company on 'cruise' mode!

@stkoay. Still hold. Azizah/Nurul likely to contest and win overwhelming majority due to sympathy vote. If so, kali likely to work very fast. However, watch whether kali issue Langat2 permit before or after Puncak accepts offer i.e. before or after water takeover. If permit issued before water takeover, likely to be played out by fed. If after, OK, no play out by fed. Whoever is the new MB unlikely to impact water deal since all parties only want to ensure their own interests. Trouble only if they disagree on who gets what and how big! My bet: water takeover and contracts for RM8B Langat2 will be awarded and signed before 23 Mar!

@stkoay. Agreed. Puncak likely will accept. However hopefully fed will not play out kali i.e. kali issue permit for Langat2 and LRAL2 and fed did not take over water assets and transfer to Selangor under section 114 of WSIA. This is possible if ungwah is incacerated in S2 and disqualified from contesting kajang. But as I pointed out above, if Azizah or Izzah is a substitute candidate and possible MB if ungwah is imprisoned, then fed may be afraid to renege on the MOU as new MB can still retract all permits binding or not binding. In that case (Azizah/Izzah also files to contest kajang), kali may quicken to seal deal - which is good for us as we can then possibly see Puncak at at least RM4/share!

Yeah. We will see what happen when Phase 3 of water rationing hit Ampang and Melawati areas. So we can see that politics is mixed up with finance and economics. Especially in the water takeover saga. No one should be constrained by BTs' insults to comment with their info in good faith! The outcome of Kajang and even S2 will impact kali and the fed in the takeover of water assets - the speed of the water takeover and the price paid. The market will respond accordingly. But Puncak is a buy on it's own.

Just a formal notification of an earlier decision. Overtaken by MOU. Will not affect SYABAS which owns the water distribution piping system and which remains the key to any takeover of water assets. Will affect PNSB - one of three (PNSB, SPLASH, Konsortium ABAS),which owns raw water extraction licenses. PNSB is held by Puncak. That's why Puncak returned the letter to LUAS. Konsortium Abas is 45% owned by Syarikat Murni which is linked to angno. That's why the formal notification is no big deal.

@skng74. You are shameless aren't you? You should NOT stick to what you are good at i.e. clever insults and subtle fibbing. The thread shows that you and your BTs ilks started the insults and then you accuse me of starting insults so as to justify your 'direct' insults!! I wonder where you learn this detestable and obnoxious trick?!! One day, you may make someone close to you really crazy and then....!!

So ALL the BTs are silent? Then let the really sober comments on Puncak begin again... in good faith!

Management is key. Once the management have show itself to be dodgy, investors are cautious. We just have to be patient!

@skng74. A very clever denial that you don't know that I am Cantonese. At this forum I have translated 'not enough water' into Cantonese several times. Anyone reading my post will at least suspect that I am Cantonese.

You are very clever at insults both direct and indirect. This is a very detestable trait! One day you will really make someone within range of you really crazy and then ...!!

@skng74. No problem with the water. Puncak will need the 'water' for the its price to go up.

@Icon8888. I remember what cao cao say in Dec 2013 when the chips were down - when Puncak went below RM3/share!!

@skng74. So you are soooo sober?! You say sin ka lan is canto? You are a sober sh*t stirrer!! Next time you do that and make someone crazy, you may pay the price!! So do not make anyone crazy!

@stkoay. I must not let these trolls get away with it this time. In Dec last year some of them and others caused many to panic and sell at a loss when Puncak went below RM3/share. They did that for some sick pleasure. From now on I shall counter them for the sake of the newbies!

@skng74. You purposely said that it was canto whereas it was hokkien. You would know that I am Cantonese from this forum! To me your deceit is clear - to translate an insulting epithet and point it to me!! This forum is for opinions given in good faith. No one should be insulted for giving an opinion in good faith!!

@Icon8888. Those BTs must know what BTs stand for. They are all showing the symptoms!!

@denver. You must be a mental case like cao cao if you think his comments last December 2013 were reasonble!!

@fatinvest. You have also shown yourself to be one of those BTs!! If you don't like my comments here, just say so or just disappear!! Join other forums which can tolerate you and where you can hurl your insults. And get your BTs friends (cao cao & skng74) to go with you too!