When ppl fear.. its good time to slowly buy.
When see a duck float swim in the pond.. a lot ppl think the duck is having a good time but actually the duck alwys flap its legs to keep it afloat... if stop flapping.. will the duck sink down?
Duck dive once a while to catch small fishes.. tats the time duck stop flapping n sink. After caught some fish.. the duck will enjoy floating around again. They are naturally buoyant.

Asset swap via New shares issuance at 0.708.
Increase the issued and paid-up capital of the Company upon the completion of the Proposed Acquisition by issuing such number of New Tanjung Shares at the same issue price as the Consideration Shares which has been fixed at RM0.708 per Tanjung Share

Existing share price if low sure good for big buyer 2 accumulate/buy at cheap price.
Bad for minority shareholders but good for big shareholders to kick them out/buy their shares out.
http://www.themalaysianinsider.com/business/article/16-minority-shareholders-oppose-tanjung-deal-say-they-are-shortchanged.

Mother for safer play.

Authorize shares capital already increased to support the TGOFFS warrant and SIS shares conversion. TGOFFS warrant expiring in 2016 but ASC already approved much earlier.

Theres some unknown transaction at odd price 0.55/0.555 value abt RM300k+, transaction price doesn't match buy/sell price. Selling is still absorb by buyer queues.
Price been hovering around 0.55-0.56 past few weeks/months.

Tepuk tangan. every1 pls stand and clap hand 4 Leno.

While waiting... can read some history news of TGOFFS 1st :D

http://www.utusan.com.my/utusan/info.asp?y=2010&dt=1025&pub=Utusan_Malaysia&sec=Korporat&pg=ko_02.htm

TGOFFS bought GASTEC 100% cash (RM5.1 million + RM34.3 million = RM 39.4 million)

http://www.utusan.com.my/utusan/info.asp?y=2009&dt=0107&pub=Utusan_Malaysia&sec=Korporat&pg=ko_05.htm

https://my.news.yahoo.com/tanjung-offshore-akan-beli-baki-49-peratus-pegangan-131833820--finance.html

=========================================================
Private share placement bought by Tan Sri TKS about RM17million.

http://www.thestar.com.my/Business/Business-News/2013/09/10/Tanjung-Offshore-fixes-issue-price/?style=biz

PETALING JAYA: Tanjung Offshore Bhd has fixed the issue price of its private placement exercise of up to 29.82 million new shares at 57 sen each, representing 10% of the issued and paid-up capital of the company.

It told Bursa Malaysia yesterday that the 57 sen per placement share price represented a premium of 2.2% to the company’s five-day volume weighted average market price up to and including Sept 6 of 55.8 sen per share.

From the proposal, its stated..

1)Issue New shares for the assets swapping.

Target Acquisition Portfolio will be determined later and will be satisfied by the issuance of such number of new ordinary shares of RM0.50 each in Tanjung (“Tanjung Shares” or “Shares”) where the said Shares will be issued at a fixed issue price of RM0.708 per Tanjung Share (“Consideration Shares

2)Increase share market capital by issuance of new shares at same price as the asset swapping new share price.

Proposed Special Issue
The Company proposes to increase the issued and paid-up capital of the Company upon the completion of the Proposed Acquisition by issuing such number of new Tanjung Shares at the same issue price as the Consideration Shares which has been fixed at RM0.708 per Tanjung Share, the quantum of which is to be determined upon the execution of the relevant definitive agreements (“Proposed Special Issue”).
The Company proposes to invite Bourbon FE, FK, the BNI Shareholders and Investment SPV (“ISPV”)1 to subscribe for new Shares where the consideration for the new Shares shall be satisfied in cash. The Company further proposes to invite the arranger of the Proposed Acquisition to subscribe for new Shares in the Company in consideration of the arranger’s fee.

No MGO coz will they request exemption even when Bourbon + BNI group acquire > 33% of TGOFFS shares+ new issuance shares at rm0.708. Existing/current shares price will be base on market price demand.

If see Barakah.. the RTO price only RM0.65, target price RM1.00 (valuation after RTO) when listing day... price open at RM0.98 and moves all the way up to RM1.90 within 3 mths time..

So.. is it good to buy TGOFFS shares now or after RTO ?
Who want to buy/accumulate TGOFFS shares so can make more profit later on?
Those big players most likely.. just that they are doing it very slowly.
Frankly speaking.. I expect they will do several waves before the RTO complete but.... kinda disappointed ..maybe they r playing safe also.

A good example of successful RTO listing is Barakah via Vastalux Energy Bhd.
RTO offer price only: MYR0.65 :D

http://research.maybank-ib.com/pdf/document/Barakah_Petroleum_IC_20131101_MKE_5275.pdf

Last year listing on 6/11/13 open at 0.98 and keep going up till 1.90 in 10/2/14 all within 3 mths time only.

Those info are easily available..just do some homework will do.
:D

I think wat Hot.T meant is the M&A don't just concerntrate in OSV only.. it will also include PSVs and SSVs biz. Its a strategy to become one of the big/strong players in Asia.

http://www.bourbonoffshore.com/en/services-and-fleet/our-fleet/psvs-essential-offshore-oil-industry
http://www.bourbonoffshore.com/en/services-and-fleet/our-fleet/ssv-essential-support-seismic-vessel-operations

Pursuant to the Proposed Acquisition, Tanjung and Bourbon Group intend to enter into a proposed business arrangement whereby:
(i) Vessels which are currently owned or purchased in the future by the Tanjung Group can be utilised throughout the Bourbon Group’s global network of business relationships and vessel management. This advantage shall be materialised via a business agreement between Tanjung and the Bourbon Group whereby the Bourbon Group has a first right of refusal on the utilisation of any excess vessel/asset of the Tanjung Group and the Tanjung Group in turn shall earn an agreed margin from the gross proceeds earned from the vessel placed out to the Bourbon Group;

(ii) Similarly, if the Tanjung Group is short of any vessels where demand exceeds supply in its region of operation, then the Tanjung Group has a first right of refusal option on any excess vessels from the fleet of the Bourbon Group, on terms which are reciprocal of the abovementioned terms in Section 5(i) above;

(iii) The above arrangements are to be encapsulated in the proposed business agreement between Tanjung and the Bourbon Group, as a condition precedent of the Proposed Acquisition. The aforesaid proposed business agreement will provide for synergistic benefits to the Tanjung Group in view of the Bourbon Group’s global network and for Tanjung to maximise the utilisation of its fleet of vessels accordingly;

INFORMATION ON THE TARGET ACQUISITION PORTFOLIO

1. BOURBON LABUAN ASSET LTD
Bourbon Labuan Asset Ltd was incorporated in Labuan on 27 March 2012, in accordance with the provision of the Labuan Companies Act 1990. The principal activity is the leasing of vessels on bareboat and time charter to companies involved in the oil and gas industry.

2. BOURBON OFFSHORE LABUAN LTD
Bourbon Offshore Labuan Ltd was incorporated in Labuan on 27 March 2008, in accordance with the provision of the Labuan Companies Act 1990. The principal activity is the leasing of vessels on bareboat and time charter to companies involved in the oil and gas industry.

3. BOURBON OFFSHORE MITRA SDN BHD
Bourbon Offshore Mitra Sdn Bhd was incorporated in Malaysia on 27 August 2009 under the Companies Act, 1965. The principal activity is to be a licensed ship manager for vessels time chartered involved in the oil and gas industry.

4. LABUAN SPV 1
Labuan SPV 1 will be incorporated prior to the execution of the definitive agreements. The intended principal activity of Labuan SPV 1 is to be a special purpose ship owning company.

5. JACK SPARROW LTD
Jack Sparrow Ltd was incorporated in Jersey, the United Kingdom on 18 June 2013 under the Companies (Jersey) Law 1991 and is the holding company of two (2) ship owning companies.

6. LABUAN SPV 2
Labuan SPV 2 will be incorporated prior to the execution of the definitive agreements. The intended principal activity of Labuan SPV 2 is to be a special purpose ship owning company.

7. BAHTERA SRI KANDI SDN BHD
Bahtera Sri Kandi Sdn Bhd was incorporated in Malaysia on 30 April 2007 under the Companies Act, 1965. The principal activity is the business of ship brokers, managers of shipping property, freight contractors, marine support services, shipping and marine related industries.

8. SYNERGY KENYALANG OFFSHORE SDN BHD
Synergy Kenyalang Offshore Sdn Bhd was incorporated in Malaysia on 30 June 2011 under the Companies Act, 1965. The principal activity is the business of the chartering of offshore support vessels.

9. BAHTERA NIAGA INDONESIA (LABUAN) LTD
Bahtera Niaga Indonesia (Labuan) Ltd was incorporated in Labuan on 12 March 2013, in accordance with the provision of the Labuan Companies Act 1990 and is currently dormant.

10. SURF MARINE INDONESIA PT
Surf Marine Indonesia PT was incorporated in Indonesia on 16 July 2002, in accordance with the provision of the Indonesian Company Law No. 40 of 2007. The principal activity is the owning, operating and chartering vessels to companies involved in the oil and gas industry.

11. BAHTERA NIAGA INDONESIA PT
Bahtera Niaga Indonesia PT was incorporated in Indonesia on 14 April 2010, in accordance with the provision of the Indonesian Company Law No. 40 of 2007. Bahtera Niaga Indonesia PT is a special purpose ship owning company.

12. BAHTERA NUSANTARA INDONESIA PT
Bahtera Nusantara Indonesia PT was incorporated in Indonesia on 17 June 2010, in accordance with the provision of the Indonesian Company Law No. 40 of 2007. Bahtera Nusantara Indonesia PT is, amongst others, a ship owning company.

godbless88: I'm not sure how long... estimated about 1-2 months after get approval... theres right issues also...so maybe 3 mths.

needaname: If u see last year historical price movement and newsplay..the big players that involves alwys play smart/low-profile keep accumulates when price going down around 0.55+/- n later push up and sell above 0.70+ to raise more fund. They did it 2-3X beside raising fund via private share placement

http://www.seatrade-global.com/news/asia/tanjung-offshore-raising-funds-through-private-placement.html, RM17-22million where

TGOFFS also have cash in hand ..

http://www.thestar.com.my/Business/Business-News/2013/07/26/Tanjung-offshore-oil-rig-bet/

As of March 31, 2013 Tanjung Offshore had cash and cash equivalents of RM126.37mil. A large portion of this was from the disposal of its shipping assets last year.

Bourbon + BNI group need to accumulate >33% shares of TGOFFS including the new share issuances at 0.708. Current TGOFFS Public and Other shares - 55.45%..... best to accumulate/buy their shares 1st before buy the new shares issuances later on.

My own personal view, if RTO unable to complete.. big shareholders will be the 1st to sell off their shares..

Its still RTO proposal pending approval.

Maybe u can look at the share breakdown... who's the main seller?
Public and others? If theres seller, there buyer absorb back the shares.
Main shareholders not buying/selling their existing shares in hand.

http://www.bursamarketplace.com/index.php?ch=ch_themarket&pg=pg_tm_stocksss&ac=2802&sch=ch_stocks_ownership

Major shareholders
Lembaga Tabung Haji - 7.87%
Kean Soon Tan - 5.62%
Mohamed Bin Mohammad Ismail - 3.76%
Solpiee Bin Sahmat - 3.76%
Norliyah Binti Jaafar - 2.47%
Total: 23.48%

Others - 76.5%

==========================================================
Public and Other - 55.45%
Individuals/Insiders - 33.64%
Institutions - 10.90%
===========================================================

Previously TMI transition to AXIATA + right issues history,
TMI biz also weak and theres many big strong institutional player support but price still drop low before approval chges to Axiata and right issues. A lot heavy selling and no big buyer support till price drop below RM2. Khazanah was one of the major shareholder...price still drop. Once approval and close 2 right issue ex-date.. price start to get stronger and move up.

Maybe price maintain avg low to make the RTO offer price "attractive" so minority shareholder will accpt the proposal. Since Bourbon group + BNI assets value abt rm500million, TGOFFS market capital only RM200million, recently already increase ASC to RM300million+, TGOFFS will issue new shares and invites Bourbon + BNI to purchase as well in CASH. Min >33%. If can accumulate TGOFFS shares at cheap price sure better for those future big shareholders.

=====================================================================
The consideration sum for the Target Acquisition Portfolio will be determined later and will be satisfied by the issuance of such number of new ordinary shares of RM0.50 each in Tanjung (“Tanjung Shares” or “Shares”) where the said Shares will be issued at a fixed issue price of RM0.708 per Tanjung Share (“Consideration Shares”).

Proposed Special Issue
The Company proposes to increase the issued and paid-up capital of the Company upon the completion of the Proposed Acquisition by issuing such number of new Tanjung Shares at the same issue price as the Consideration Shares which has been fixed at RM0.708 per Tanjung Share, the quantum of which is to be determined upon the execution of the relevant definitive agreements

The Company proposes to invite Bourbon FE, FK, the BNI Shareholders and Investment SPV (“ISPV”)1 to subscribe for new Shares where the consideration for the new Shares shall be satisfied in cash. The Company further proposes to invite the arranger of the Proposed Acquisition to subscribe for new Shares in the Company in consideration of the arranger’s fee.

Proposed Exemption
As a consequence of the Proposed Acquisition and the Proposed Special Issue, the shareholdings of the Vendor Group and their parties acting in concert (“PACs”) are expected to be more than 33% of the enlarged issued and paid-up share capital of Tanjung upon the completion of the said proposals.

The Proposed Exemption is to facilitate and ensure the successful implementation the Proposed Acquisition and the Proposed Special Issue.

The Proposed Special Issue is to enable the Company to have immediate working capital upon the completion of the Proposed Acquisition.

The Proposed Rights Issue will provide an opportunity for the shareholders of Tanjung to increase their equity participation in Tanjung.

The Proposed Offering is undertaken to raise funds for Tanjung to pare down debts, undertake capital expenditure investments and to disburse expenses related to the Proposals.

The Proposed Increase in Authorised Share Capital and the Proposed M&A Amendments are to facilitate the Proposals.

The Proposed Group Reorganisation is to enable the Company to focus on its new core businesses, specifically, the provision of offshore marine services.

The Proposed Warrants Issue is to align the interest of FK (being the intended Group Managing Director) and key management personnel to be identified with the interest of the shareholders of the Company as the exercisability of the warrants will be based on the future market performance of Tanjung Shares.

needaname: http://www.wisegeek.com/what-is-a-reverse-takeover.htm

In order to mount a reverse takeover, the private company must buy enough shares in the public company to have a controlling interest. The private company can then vote for the merger with the public company. Once the merger is complete, the shareholder or shareholders in the private company simply exchange their shares in that company for shares in the public company. In this way, because the merged company is publicly traded, the transaction is effectively making the private company public.

The downside to using a reverse takeover to take a private company public is that the private company must have enough cash to purchase a controlling interest in the public company. For this reason, a reverse takeover typically does not produce additional capital for the resultant public company. An initial public offering will provide an influx of capital into the now-public company, sometimes a significant one. A reverse takeover will not have this effect. On the other hand, the value of the stock of the privately held company is not diluted as much, so the holdings of the executives usually remain virtually intact in this type of takeover.

Hot.T: If u have any new infos, can share here... last year Oct towards Nov a lot big val transaction and price move up strongly from 0.60 - 0.735 goes beyond my expectations :D coz I sold off earlier at 0.705.

Ya.. have to post ur excellent research + other available info to give others a clear picture.

Hi Hot.T. I'm fine. Nice 2 have u back. Ur info is good and I've been doing some research since last year and made several rounds of good profit 4 TGOFFS, this year only took some profit coz abit hesistant as I feel its very close to M&A already in May/June...Price will spike up again like last year once all big players are back in action.. but its alwys calm 1st......:D

Can look into Tanjung Offshore latest/recent private placement to get some idea whats goin on for those who don't have any idea info abt the RTO....

http://www.reuters.com/finance/stocks/TJGO.KL/key-developments/article/2799055

Monday, 22 Jul 2013 08:00pm EDT
Tanjung Offshore Bhd announced that the Company is proposing to undertake a private placement of up to 10% of the issued and paid-up share capital of Tanjung to third party investor(s) to be identified and at an issue price to be determined later and in accordance with Section 132D of the Companies Act 1965. Based on the Record of Depositors as at July 17, 2013, being the latest practicable date preceding the date of this announcement, the issued and paid-up share capital of the Company is MYR147,736,268.50 comprising 295,472,537 ordinary shares of MYR0.50 each. The proposed utilisation of the Placement Proceeds to Tanjung and its subsidiary companies are for Strategic acquisition and for Estimated expenses relating to the Proposed Private Placement.

======================================================================
On 23 July 2013, we have announced a Private Placement of up to ten percent (10%) of the
issued and paid-up share capital of Tanjung in accordance to Section 132D of the Companies Act
1965. The Private Placement exercise was approved by Bursa Securities on 20 August 2013.
The proceeds from the Private Placement exercise may be utilised to pay for deposits and/or
repay any borrowings undertaken for potential strategic acquisition(s). The strategic acquisition(s)
may require approval from the shareholders of Tanjung pursuant to Chapter 10 of the MMLR. If
shareholders approval is required for the strategic acquisition(s), then the utilisation of proceeds
from the Private Placement to fund the future strategic acquisition(s) may only be utilised after
approval from the shareholders has been obtained. However, in the event that such strategic
acquisition(s) do not materialise, Tanjung shall utilise the proceeds from Private Placement to
repay its bank borrowings and/or trade payables. The proceeds from Private Placement will also
be utilized for expenses that consist of professional fees, fees payable to authorities and other
miscellaneous expenses. Any variation in the actual amount of expenses will be adjusted to/from
the amount allocated for the strategic acquisition(s).
The said Private Placement was completed upon the listing of and quotation for the 29,816,000
Placement Shares on the Main Market of Bursa Securities on 13 September 2013.

ongmarine: if u think rto not goin 2 happen, its ur own personal view.
Others want to buy/sell also their own decision.

Do some research... old news still ask...
Posted before here

http://www.bloomberg.com/news/2014-05-19/bourbon-chairman-eyes-asia-partnerships-after-takeover.html

http://www.theedgemalaysia.com/business-news/293215-tanjung-offshore-to-acquire-assets-from-parties-including-bourbon-.html

Booming O&G sector. http://www.thestar.com.my/Business/Business-News/2014/09/13/Booming-OG-sector-Despite-slow-global-demand-and-softening-oil-prices-the-next-wave-of-Petronas-big/

Tan is positive on the OSV segment for this very reason. A higher number of rigs coming onstream means more OSV being needed. Those affected will be players who own lower-end vessels.

Nik Hamdan adds that what is lacking in the industry is manpower capabilities.

“This is going to be a huge problem. The training of engineers is expensive. However, without enough jobs, we cannot train more engineers. Furthermore, as these engineers have skills which not many people have, they become very expensive as a result,” says Nik Hamdan.

Nik Hamdan says credit has to be given to Petronas, as the push for deepwater has resulted in new technologies for deepwater exploration.

“This new technology has resulted in cost savings. Our companies have become more schedule-driven and safety-driven. We see quite a lot of innovations,where companies have now become more efficient,” he says.

He adds that Petronas does not want to see bumiputra agents stay just as agents. Petronas wants to see the sharing of contracts and the establishment of manpower capabilities.

Under Petronas too, the selection of bidder licences has now become stricter. There are now minimum technical requirements.

“Service providers who win jobs with Petronas really do have the capabilities to execute them,” says Tan.

Mazlin says Petronas’ push has resulted in Malaysian O&G service support companies becoming more competitive and producing world-class companies.

Petronas supports those that have stood out on their own merit.

“A lot of these companies now bid for more jobs in other parts of the world. They are now able to compete on a global platform,” he concludes.

More info on HMS Oil & Gas sdn bhd : http://www.hmsog.com/

Posted by Hot.T > Sep 21, 2013 03:17 PM |

Tan Sri TKS and son (TKV) dir for CP Energy. TKV s/holder of HMS Energy, which has petronas lesen for "self operator" for upstream activities ie drilling, geochem, consultancy etc etc. And 1 of HMSE's s/holder, HMS O&G, has the current Agong (Tunku Abdul Halim) as its s/holder.

Consolidation of HMS Energy? A reverse takeover in the making?

Oct 28, 2013 09:41 PM |

TGOFFS - Target to acquire core biz in O&G -> Aiming at 2 Songa Offshore's oil rigs-> Fund raising through private placement 10% -> Tan Sri Tan Kean Soon from CP energy subscribed the private placement --> Tan Sri and his son (tan kay vin) co-owned CP energy --> Tan Kay Vin is substantial shareholder of HMS Energy --> AWT + HMS oil & Gas is shareholder of HMS energy --> Yang Di pertuan Agung is substantial shareholder of HMS oil & Gas that supplies marine equipment. AWT is consultant for petroleum engineering & oil well service. ---> AWT recently obtained petronas licenses that allowed HMS energy to tender project related to oil & gas.

Buying queue and transaction increase, start to rebound abit today.
If check back Sept - Nov 2013, price also from 0.55 went up till 0.695 (9/9/13) and continue upwards till 0.75 (11/11/13), For this year historical price 1-21 April 2014, TGOFFS also keep hovering at 0.55-0.56, on 22 April 2014, price went up direct till 0.625 before consolidate and later charge up back to 0.665 in Jun 2014. TGOFFS historical trading pattern usually consolidate to accumulate more momentum and spike up high and later repeat again. It shows the big players have accumulated much stocks earlier before push higher... this in my own personal view is to get more $$$$$$ for the bigger strong price spike towards the RTO.

TGOFFS also have HMS
http://in.reuters.com/finance/stocks/TJGO.KL/key-developments/article/2982144

AWT International (Asia) Sdn Bhd through its JV Company, HMS Energy Sdn Bhd, acquired PETRONAS licenses.

http://www.awtinternational.com/awt-international-asia-sdn-bhd-through-its-jv-company-hms-energy-sdn-bhd-acquires-petronas-licenses/

The PETRONAS licenses allow HMS Energy Sdn Bhd to participate in quotation/tender exercises for the upstream sector under the Standardised Work and Equipment Categories (SWECs) with all Oil & Gas operators in Malaysia.

Please see below for a list of the PETRONAS licenses HMS Energy received as “self operator” with AWT’s experience:

1. Project Management – Drilling
2. Geochemistry Consultancy
3. Petrophysical Analysis & Consultancy
4. Biostratigraphy Consultancy
5. Sedimentology Consultancy
6. PVT Fluid Consultancy
7. Production Technology Consultancy
8. Drilling Consultancy
9. Integrated Full Field Review
10. Geological Fieldwork
11. Data Handling & Interpretation – Structural Geo
12. Data Handling & Interpretation – Geochemistry
13. Geophysical QC and Consultancy Services
14. CTD or TTRD (Coiled Tubing Drilling or Thru Tubing Rotary Drilling)
15. Seismic Interpretation Services
16. Seismic Interpretation & Mapping Systems
17. Seismic Modelling

elsie68 & ozzie75: Thanks for sharing info here.

This is the breakdown of OSV assets and dividen sharings for the RTO
https://www.facebook.com/theedgemalaysia/photos/a.10150539923503086.430846.64839963085/10152511569148086/?type=1&relevant_count=1

TGOFFS have OSV license, that's why they want RTO with Bourbon group which is one of the biggest OSV player. http://www.bourbonoffshore.com/en/services-and-fleet/marine-services
Its even bigger than ICON OFFSHORE OSV biz.

http://www.bursamarketplace.com/index.php?ch=46&pg=170&ac=3107&bb=research_article_pdf

"ICON emerges as one of the largest OSV providers in Malaysia with total 32 vessels comprising 30 owned and two chartered vessel which are expected to be acquired in June 2014."

If TGOFFS no osv license, Bourbon group & BNI wont even signed the 2 HOAs earlier in June.
http://www.offshoreenergytoday.com/tanjung-bourbon-in-osv-discussions/

Another point to look is TGOFFS main shareholder Tabung Haji. Tabung Haji connections also strong indicator support for TGOFFS biz future growth.
Tanjung’s largest shareholder is Lembaga Tabung Haji, with 7.99% stake as at end-May 2014.

Past 5 days of trading, TGOFFS shares have some selling pressures but supported/absorbed well at 0.55/0.555. Vol traded becomes lesser past 2-3 days.. and start stabilize. Theres seems alwys have strong buy support at 0.55 and big seller queue at 0.57. Price traded between that price range waiting for break out.

sontoloyo: TGOFF sold OSV business TOB’s marine vessel services arm, Tanjung Kapal Services Sdn Bhd (TKS) in mid 2012, for RM220mil to Ekuinas but still have PETRONAS license... that's why Ekuinas issue the non-compete 3 yrs clause for TGOFFS coz TGOFFS still can get back into OSV business.
The three-year restriction – where Tanjung Offshore had agreed it would not be involved in any business similar to TKS - will only expire in the middle of next year.

Bourbon + BNI group RTO value abt RM500million is 2x more than previous TGOFF OSV sold off biz....its estimated about RM1 in shares price value.

TGOFFS offer issuance new ordinary shares price at 0.708 for the RTO with Bourbon group asset swap & dividen sharing from BNI.

http://www2.nst.com.my/business/nation/tanjung-s-new-shareholders-1.612789

TGOFF current Authorized shares capital recently been raised to RM300million

http://www.bursamarketplace.com/index.php?ch=ch_content&pg=pg_cont_news&ac=11465

Tanjung Offshore Bhd, Special/Extraordinary Shareholders Meeting, Aug 07, 2014., at 08:30 Singapore Standard Time. Location: Kenanga Room, Kelab Darul Ehsan. Agenda: To consider the authorized share capital of the company be and is hereby increased from MYR 200,000,000 comprising of 400,000,000 ordinary shares of MYR 0.50 each to MYR 300,000,000 comprising of MYR 600,000,000 ordinary shares of MYR 0.50 each by the creation of additional 200,000,000 new ordinary shares of MYR 0.50 each and that in consequence thereof, the Company's Memorandum of Association be and is hereby altered accordingly.
=======================================================================

Proposed Special Issue
Next is increase the issued and paid-up capital of the Company upon the completion by issuing such number of new Tanjung Shares at the same issue price match as the Consideration Shares which has been fixed at RM0.708 per Tanjung Share, invite Bourbon FE, FK, the BNI Shareholders and Investment SPV (“ISPV”)1 to subscribe for new Shares where the consideration for the new Shares shall be satisfied in cash. Expected to be more than 33% of the enlarged issued and paid-up share capital of Tanjung upon the completion

Share capital expected to be raised up to 1 billion+ with the new shares issuances.

Price estimated be around 1.41-1.50+ before next Right issue exercise 1:1.

From 2013 Annual report book:

Tanjung Offshore Services Sdn Bhd (TOS) is a wholly owned
subsidiary of Tanjung Offshore Berhad (Tanjung). TOS commenced
business in mid 1990s and has since grown into a reputable
integrated service provider for the oil and gas industry. With
years of experience in the oil & gas industry, TOS offers services
such as customised engineered equipment packages, drilling &
platform services, project management of contracts, spares and
parts for equipment and other related services. TOS is one of the
main operating companies within the Tanjung Group of companies
which offers a diverse range of product and services to the oil
majors.

Having obtained various Petronas licences for various categories of
products and services, TOS is also the exclusive agent in Malaysia for
various world-renowned Original Equipment Manufacturers (OEM)
such as pumps, control systems, switchgears, instrumentations
and valves that are widely used in the upstream and downstream
activities of the oil and gas industry.

TOS has a full package of supplies and services which entails the
initial engineering design layout, project management & planning,
implementation, installation, commissioning followed by scheduled
maintenance, troubleshooting and reliable after-sales services. TOS
identifi es the requirement of each client, and assist in the front-end
engineering design (FEED). Throughout this phase, constant and
comprehensive technical discussions with our prospective clients
as part of our value added services in developing innovative ideas
in the exploration, production, maintenance and abandonment
stages of fields’ development.

Together with our clients, we continue to closely monitor the
progress of projects undertaken to ensure various process
methods are in compliance to the approved design and specifi
cations. TOS is continuously increasing its range of products and
services to meet the stringent requirements of the industry

TGOFFS only sold its OSV biz to Ekuinas. TGOFF still have other subsidiaries biz... one of it is TOS..
Maybe its better u read Tanjung offshore Annual report book to know more..
http://announcements.bursamalaysia.com/EDMS/subweb.nsf/all/B5CC97ED98E7C78548257CE500167D81/$File/TGOFFS-AnnualReport2013.pdf

Tanjung Offshore Services Sdn Bhd (TOS) is a wholly owned subsidiary of
Tanjung Offshore Berhad (Tanjung). TOS commenced business in mid 1990s and
has since grown into a reputable integrated service provider for the oil and gas
industry. With years of experience in the oil & gas industry, TOS offers services
such as customised engineered equipment, offshore support vessel services,
drilling services, project management of contracts, spares and parts for equipment
and other related services. TOS is one of the main operating companies within
the Tanjung Group of companies which offers a diverse range of product and
services to the oil majors.

Having obtained various Petronas licences for various categories of products and
services, TOS is also the exclusive agent in Malaysia for various world-renowned
Original Equipment Manufacturers (OEM) such as centrifugal pumps, control
systems, switchgears, instrumentations and control valves that are widely used
in the upstream and downstream activities of the oil and gas industry.
TOS has a full package of supplies and services which entails the initial engineering
design layout, project management & planning, implementation, installation,
commissioning followed by scheduled maintenance, troubleshooting and reliable
after-sales services. TOS identifies the requirement of each client, and assist in
the front-end engineering design (FEED). Throughout this phase, constant and
comprehensive technical discussions with our prospective clients as part of our
value added services in developing innovative ideas in the exploration, production,
maintenance and abandonment stages of fields’ development.

Together with our clients, we continue to closely monitor the progress of projects
undertaken to ensure various process methods are in compliance to the approved
design and specifi cations. TOS is continuously increasing its range of products
and services to meet the stringent requirements of the industry.

Sontoloyo: TGOFFS have license to tender for PETRONAS O&G projects. http://www.bpmb.com.my/gui/pdf/annual_report/2011/20.pdf

Even Fircoft Uk company also JV with TGOFFS leveraging on TOS license by Petronas, which it has certain manpower supply contracts with oil and gas companies in Malaysia.

"As part of our global strategy, Fircroft intends to engage in a long-term partnership in Malaysia, which will enable us to find the best talent locally as well as internationally for our clients, some of them being the world's largest energy companies," said Fircroft chief executive officer Jonathan Johnson.

Tanjung Offshore has been in the recruitment of talent for the oil and gas industry via Tanjung Offshore Services Sdn Bhd. Its clients include Petronas, Talisman, and Murphy Oil.

AZRB moving up strong today.... anak dah kahwin yesterday so share pun naik. Earlier few weeks drop den last week...price start to recover and heading up high back.
TGOFFS now still RTO discussion with Bourbon & BNI...once get it done.. price will also move up too.

AZRB moving up strong today.... anak dah kahwin yesterday so share pun naik. Earlier few weeks drop den last week...price start to recover.
TGOFFS now still RTO discussion with Bourbon & BNI...once get it done.. price also will move up too.

Leno is the best story teller....clap hand and shake pet pet..

Back to support lvl, while waiting for next newsplay & also buyer/seller actions.

One of the owner son getting married this Sunday at Mandarin Oriental hotel...tats why drop earlier and now start to rebound up ... :D

Maybe due to the high valuation & complexity of the whole RTO process : Bourbon group + BNI rm500million via new share issuance 0.708+, increase paid up capital to match same share issuance 0.708 + new warrants for Bourbon & BNI + right issues. Its quiet trading more towards sideways consolidation for the past 3 mths. Maybe this Sept will see some exciting movement.

No wonder la the ED Eric Tan informed RTO due diligence deal will be completed in Oct not Sept as per 3 mths stated in the HOAs proposal.
http://www.theedgemalaysia.com/business-news/301702-tanjung-offshore-to-complete-due-diligence-on-rto-by-october-this-year.html

Extend 1 more month to 5 October... no wonder price movement not much actions.
Looks like theres still good chance for RTO coz theres extention of discussion. Lets hope things work out best for all TGOFFS shareholders .

TANJUNG OFFSHORE BERHAD (“TANJUNG” OR THE “COMPANY”)
PROPOSED ACQUISITION OF THE MARINE OFFSHORE BUSINESSES OF THE VENDOR GROUP BY TANJUNG

Reference is made to the earlier announcement made on 5 June 2014 in relation to the Proposals (as defined therein in the announcement dated 5 June 2014) (“Announcement”). Unless otherwise defined, all the abbreviations and definitions used in this announcement shall have the same meaning as the words and expressions used in the Announcement.

On behalf of the Board of Directors of Tanjung, AFFIN Investment Bank Berhad wishes to announce that Tanjung, Farid Khan bin Kaim Khan and his business partners, Mower Tunggal Jaya PT, Megagold Indonesia PT, Zona Maju Mapan PT and their business partners and Bourbon Far East Pte Ltd (collectively referred to as the “Parties”) have, via a letter of agreement, mutually agreed to extend the exclusivity period for the HOAs for another 1 month from 5 September 2014 (being the expiry of the exclusivity period of the HOAs) to 5 October 2014 to enable the Parties to continue to discuss the details of the proposed transaction (“Extension Letter”).

Save for the above, all the other terms and conditions of the HOAs remain unchanged.

Full details of the Proposals will be announced in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad once the relevant definitive agreements in relation to the Proposals have been executed.

A copy of the Extension Letter will be made available for inspection at the registered office of Tanjung at 802, 8th Floor, Block C, Kelana Square, 17 Jalan SS7/26, 47301 Petaling Jaya, Selangor Darul Ehsan during normal office hours on Mondays to Fridays (except public holidays) for a period of 3 months from the date of this announcement.

This announcement is dated 5 September 2014.

Proposed Acquisition RTO
0.708 is the offer for Bourbon group for the RTO with TGOFF via asset swap & dividen sharing from BNI will be satisfied by the issuance of such number of new ordinary shares.

Proposed Special Issue
Next is increase the issued and paid-up capital of the Company upon the completion by issuing such number of new Tanjung Shares at the same issue price as the Consideration Shares which has been fixed at RM0.708 per Tanjung Share, invite Bourbon FE, FK, the BNI Shareholders and Investment SPV (“ISPV”)1 to subscribe for new Shares where the consideration for the new Shares shall be satisfied in cash. Expected to be more than 33% of the enlarged issued and paid-up share capital of Tanjung upon the completion.

Means theres 2X of issuance of new ordinary shares..

0.708 X 2 = 1.416

Proposed Right Issue.
Upon the completion of the Proposed Acquisition (RTO) and the Proposed Special Issue, right issue 1:1

Big shareholders still holding their shares, minority sharesholder that against the RTO coz offer 0.708 "low" wont be selling also.. Only those seller that need cash urgently and lost their patience decide to cut lost..

Some selling coz of -ve sentiment due 2 business qtr profit drop and sell off TMS.
Big players not supporting and not much buy strength yet.. just waiting/accumulate low price.

Tanjung Offshore to offload subsidiary

Titus Zheng
01 September 2014

http://www.ihsmaritime360.com/article/14374/tanjung-offshore-to-offload-subsidiary

Tanjung Offshore is to sell its entire stake in its subsidiary Tanjung Maintenance Services (TMS) to Zulkifli Bin Ahmad and Syed Elyas Bin Syed Abdullah.

The deal is a management buy-out by Zulkifli and Syed Elyas, who will pay MYR9M ($2.84M) to the Malaysia-listed offshore oilfield service provider.

TMS mainly provides maintenance services to the oil and gas and related industries. But TMS has failed to generate a profit in recent years, hitting Tanjung Offshore's cashflow even after a rationalisation exercise in 2012.

Falling revenue and thin operating margins from TMS's five workshops in peninsular and East Malaysia have also eroded Tanjung Offshore's overall profitability.

The sale will result in an estimated loss of about MYR150,000 to Tanjung Offshore for the current financial year, which follows the calendar year.

Payment will be made through an initial 10% deposit of MYR900,000, upon the signing of the sale and purchase agreement, followed by five yearly instalments, each of MYR1.62M.

Sold TMS.

3. RATIONALE FOR THE DISPOSAL
TMS has not been profitable in recent years and has continued to affect Tanjung’s cashflow position even after rationalisation exercise in financial year ended 2012. TMS has been affected by decreasing revenue and thin operating margins at its 5 workshops located in both Peninsular and East Malaysia. With the completion of various long term maintenance contracts in the financial year ended 2012 and 2013 respectively, and with no significant new long term contract as replacement, the workforce costs had eroded the profitability margins further.

4. FINANCIAL EFFECTS
The Disposal will result in an estimated loss of approximately RM150,000.00 to Tanjung Group for the financial year ending 31 December 2014.

Save for the above, there are no material effects on the net assets per share, gearing, share capital and substantial shareholders’ shareholdings in the Company for the financial year ending 31 December 2014.

TGOFFS also dun care much abt Ekuinas, they go ahead to do HOA proposal RTO direct earlier without getting consent from Ekuinas. Bourbon group also have done some due diligent earlier before signup the HOA with TGOFFS.. they oso have no issue abt Ekuinas non-compete clause. Since ICON OFFSHORE already listed successfully, Ekuinas already completed its main OSV biz goal which is the get RM billions from public& cornerstone investors...why bother abt the non-compete clause anymore? Cant monopoly the osv biz forever..

TGOFFS formed new subsidiaries biz & JV end of last year and recently to bring new revenues and profit which haven't accounted yet. TGOFF 2nd Qtr result shows its need for RTO to materialize for better biz future. That's why they are going towards that direction.

This will give more stronger reason for Ekuinas give TGOFFS approval on the RTO proposal.. cant let TGOFFS go down.. a lot bumiputra biz involves. RM220millions... lost abt 1 million in 2nd qtr 2014.. small chg compare to 2011 4th qtr lost abt RM58millions and Ekuinas come to rescue.

http://english.astroawani.com/videos/show/bisnes-awani/tanjung-offshore-yet-to-get-re-entry-nod-from-ekuinas-37603

Price will be abit volatile as usual.. buy/sell own decision.