Profitable chips increase & big players have re-entered today.
Vol increased since Tues & Wed and today is much higher vol trades + good rebound.

Today total value transaction RM 3.297 million,
AVG at 0.6127, with 64% buy.
Highest at 0.625 and closing at 0.62.

Technical indicators shows +ve uptrend
Resistance at 0.64 - 0.65
Support at 0.605/0.60, 0.59/0.585

TGOFFS have PETRONAS license. Not ordinary O&G player.. :D

Ekuinas bought TGOFFS shares at premium 10.5% avg trading price for abt m99.6million
http://www.theedgemalaysia.com/features/170068-corporate-ekuinas-wins-a-good-deal-in-tanjung-offshore.html

and 2 yrs later sold its shares back to TGOFFS at rrm62million losses abt rm 37 millions and bought TKS from TGOFFS for RM 220million.
http://www.thestar.com.my/business/business-news/2013/07/26/tanjung-offshore-oil-rig-bet.aspx/

Now list Icon offshores abt RM1billion.

Do Ekuinas looks stupid?

Don't forget to ask this questions... who is the big players that support TGOFFS fund raising private placement since last yr? There 4 big players... pls do some research la... :D

http://www.thestar.com.my/Business/Business-News/2013/09/09/tanjung-offshore-to-raise-17m-via-private-placement.aspx/

http://www.seatrade-global.com/news/asia/tanjung-offshore-forging-ahead-with-fundraising.html

kassimSave: Holding since day 1? Wow.. very strong holding power or force urself 2 hold?
If not happy with TGOFFS price performance why not ask urself who decide buy & hold till now?
Pls do the right thing, man up!

TGOFFS was suspended for 3 trading days requested by investment bank appointed by TGOFFS... unlike others only 1-2 days.

Prior to suspension, TGOFFS price range around 0.555 - 0.625 up & down several times.
After suspension, price up till 0.665 and retraced till 0.62 before consolidate lower till 0.60.
Today price moving up slightly 0.615 - 0.620..start to get hot abit again.

Price movement not very exciting yet but still not so bad.
Can make $$$ if buy at good "cheap" price and take profit by stages.

I've made excellent profit from this counter.
Took profit several times and bought back more units.

Those who bought high price and stuck like last yr 0.70 - 0.775 and no take proper actions sure find it as nightmares more than a joke. Hope Chuah can hlp to demand 0.80+++ :D

Edmund investor: I agree with u on sell once support lvl is broken few times.
This falls into rules no.2..

As investor/trader hardest is alwys ready 2 do smart analysis and quick decision to act for entry & exit.
For me .. theres 2 main important rules in investment.

Rules no.1: bull and bear market makes money, pigs get slaughtered.
Rules no.2: follow trend, trend is ur best friend. If u can identify early trend changes..can make big $$$ and loss less $$$ (trend - big players)

TGOFFS saw huge potential coz they have PETRONAS license... so with the latest JV ... they have more advantage in talented manpower supply contracts with oil and gas companies in Malaysia.

Edmund: Sona case is diff.. acquisition but not enough fund, will increase debts and stuck for abt 2 yrs.
http://www.theedgemalaysia.com/index.php?option=com_content&task=view&id=294672&Itemid=79

O&G is big biz.. lotsa $$$$ to be made.. IJACOBS only have few shares floating in market and venturing into O&G like BIO OSMO newsplay get strong speculate response and much easier for big players push up fast.

IJACOBS new shares offer only at 0.25 proposed on 16/6/14 but today already hit 0.39.
The buyers seems pushing all time high maybe want to do right issues later on also.

Last mth old news but confirm Bourbon is serious with the TGOFFS RTO.

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

Bourbon Chairman Eyes Asia Partnerships After Takeover

Bourbon SA (GBB) Chairman Jacques de Chateauvieux said his proposed takeover offer that gets under way today valuing the French shipowner at 1.8 billion euros ($2.5 billion) will prove key to forging future partnerships in Asia.

The offer of 24 euros a share which runs through June 23 is aimed at consolidating ownership ahead of a planned push into a wider range of deepwater oilfield services, especially in Asia, he said in an interview yesterday.

“We didn’t want to be dependent on what was happening on the market,” de Chateauvieux said. “The partnerships that we want to form are with groups that are often run by families so it’s important to have clear control.”

Bourbon’s vessels service offshore oil and natural gas platforms as well as wind farms in 45 countries. The chairman’s closely held Jaccar Holdings, which already holds 26 percent of the company, is bidding for at least 50 percent and will team up if necessary with de Chateauvieux’s brother Henri, who owns 8 percent mostly through his Mach-Invest International.

In the more than three decades since he took the helm, he has transformed Bourbon, founded in 1948 by plantation owners on the island of Reunion off East Africa, from a rum and sugar company into a shipowner serving oil producers such as Total SA (FP) as well as the French navy. Bourbon has spent billions of euros since 2008 on expanding its fleet.

Personal Relations

“Future strategy will include new partnerships, especially in Asia where personal relations between bosses is very important,” he said in the interview. “We will also work with new types of collaborators because we will be doing new things.”

The future for Bourbon lies with “less vessels and more service,” he said. That could include repairing, maintaining and installing equipment, work that is currently being done by other companies using Bourbon vessels.

Bourbon’s growth model in recent years of fleet expansion to gain market share “has limits,” de Chateauvieux said. Details about the expansion into new areas will be unveiled at the end of the year, he said.

Jaccar’s tender for shares comes against a backdrop of oil explorers including Total cutting investment and pledging to lower project costs. “The industry’s life is at stake if we don’t control costs,” Total’s Chief Executive Officer Christophe de Margerie has repeated in recent months.

“Oil companies will be more selective in their projects but for the moment offshore isn’t affected,” de Chateauvieux said. “We are a small but inevitable link in the spending chain.”

Bourbon’s planned expansion in Asia is aimed at capturing growth in demand for fossil fuels in the region as well as burgeoning development of deep offshore oil and gas projects, he said.

Tanjung Offshore partners UK-base Fircroft for O&G manpower supply business
Updated: Wednesday June 18, 2014 MYT 5:15:24 PM
http://www.thestar.com.my/Business/Business-News/2014/06/18/Tanjung-offshore/

KUALA LUMPUR: Tanjung Offshore Bhd has entered into a joint venture agreement with a UK-based technical recruiter services firm Fircroft Engineering Service Ltd to undertake the manpower supply business for the oil and gas industry in Malaysia on Wednesday.

The signing between the two parties would create a joint venture known as Fircroft Tanjung on a 51%-49% basis. It will provide Fircroft services to undertake manpower supply business for the oil and gas industry and petrochemicals industry exclusively in Malaysian.

“We are focusing in both upstream and downstream sectors,”OB executive director Muhammad Sabri Ab Ghani told reporters on Wednesday after the signing ceremony.

He said it will be 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.

TOS was incorporated in Malaysia in April 1983 and has benn active in the recruitment of talnet for the energy and natural resources.

Fircroft is a recruitment consultancy firm that supplies recruitment solutions to major blue-chip companies globally. Fircroft provides and specialises in the areas of contract recruitment, contractor management, permanent recruitment and global management solutions in the areas of oil and gas, power and automation, automotive, minerals and mining and engineering.

Reverse takeover talks ongoing, says Tanjung
19 June 2014 @ 12:18 AM
http://www.nst.com.my/node/4093

TANJUNG Offshore Bhd says talks with several parties, including a unit of oil and gas (O&G) giant Bourbon SA, for a reverse takeover (RTO) of the company is still on-going.

“We have initiated the potential business acquisition and are still talking. There is no concrete result yet,” said its executive director Muhammad Sabri Ab Ghani.

It was reported yesterday that the RTO is being opposed by a group of minority shareholders who want the option of being able to sell their shares to the new owners.

There could be a possibility of the RTO hitting a snag as it needs the nod from Ekuiti Nasional Bhd (Ekuinas).

Tanjung Offshore had entered into a non-compete clause with Ekuinas in 2012 when the latter bought its marine vessel services arm Tanjung Kapal Services Sdn Bhd (TKS), for RM220 million.

A three-year restriction was imposed whereby Tanjung Offshore is not allowed to be involved in any business similar to TKS for at least another year.

The RTO, meanwhile, would see Tanjung Offshore getting back into the very same business as TKS.

According to Muhammad Sabri, Tanjung Offshore has sent a request to Ekuinas for a waiver of the clause.

He said the matter (RTO) will not be deliberated at the company’s extraordinary general meeting (EGM) on Friday.

“We are not going to talk about the RTO at the EGM,” he said, after inking a deal with UK-based recruitment firm Fircroft Group to supply skilled contract workers for the O&G sector here and abroad.

A 50:50 joint venture known as Fircroft Tanjung Sdn Bhd, will supply around 300 skilled contract workers in its first year of operation.

Muhammad Sabri expects the new venture to contribute up to 40 per cent to Tanjung Offshore’s revenue from 2017.

“We have a licence with Petroleum Nasional Bhd and hopefully, we can support all their projects,” he said.

Fircroft chief executive officer Johnathan Johnson said the supply of skilled contract workers for the O&G sector is a lucrative business as the industry is growing five per cent a year.

“It’s lucrative but not a high margin business,” he said.

The famous guy from tgoffs minorities . AGM this Fri.. sure fires up.

16 minority shareholders oppose Tanjung deal, say they are shortchanged - See more at: http://www.themalaysianinsider.com/business/article/16-minority-shareholders-oppose-tanjung-deal-say-they-are-shortchanged

A bid by several parties to reverse takeover (RTO) Tanjung Offshore Bhd is opposed by 16 minority shareholders, who feared they might be shortchanged in the deal.

One of the parties in the RTO includes Paris-based oil and gas (O&G) giant, Bourbon SA.

David Chuah, a spokesperson for the group who collectively owns close to 4% in the company, said that they assuming the worst from the deal.

“They (Tanjung) recently announced the Bourbon deal. When we heard the news, we became worried and assumed the worst.

“The directors have a bad track record when it comes to striking deals, and this transaction does not look good,” Chuah told The Malaysian Insider yesterday.

Tanjung has sought an exemption from the Securities Commission from making a mandatory general offer (MGO), a move which Chuah said indicated that minority shareholders would be pushed to a corner.

The 16 shareholders want the option of being able to sell their shares to the new owners, including Bourbon.

"If Tanjung is exempted from the MGO, the new owner or investor will become the controlling shareholder. This means we don't have the option of cashing out and will have to go along with whatever deal that is struck.”

Chuah said that with the RTO, Tanjung is expected to return to the same business it disposed of two years ago, as Bourbon is involved in marine vessel services. – The Malaysian Insider pic by Shafiq Safiee, June 18, 2014.Chuah said that with the RTO, Tanjung is expected to return to the same business it disposed of two years ago, as Bourbon is involved in marine vessel services. – The Malaysian Insider pic by Shafiq Safiee, June 18, 2014.Chuah fears that the minority shareholders would be asked to cough out extra cash in order to complete the deal, and questioned why they were excluded from the deal.

Tanjung had announced a heads of agreement with Bourbon Far East Pte Ltd, Singaporean Farid Khan Kaim Khan, and several Indonesian O&G players to buy a number of marine assets.

Under the proposed exercise, Tanjung will issue new shares to the parties at 70.8 sen each.

Tanjung’s largest shareholder is Lembaga Tabung Haji, with 7.99% stake as at end-May 2014.

Chuah said the deal was a loss for the minority shareholders, some of whom paid 77 sen a share while the share closed at 60 sen yesterday.

Others paid close to 70 sen a share, and even at 70.8 sen per share under the new offer, Chuah said, many would still face losses.

The group was also upset over a lack of information from Tanjung.

Chuah said the deal might also be scuttled by Ekuiti Nasional Bhd (Ekuinas) with whom Tanjung had entered into a non-compete clause in 2012 when then former bought out Tanjung’s marine vessel services arm – Tanjung Kapal Services Sdn Bhd (TKS) for RM220 million.

The three-year restriction expires in mid-2015.

With the RTO, Tanjung is expected to return to the same business it disposed of two years ago, as Bourbon is involved in marine vessel services.

Chuah said the minority shareholders will raise these issues during Tanjung’s annual general meeting on Friday.

Now its cooking abit coz a lot ppl over concern on the non-compete clause with Ekuinas.

SOP reply: "Basically, what we have done so far is that we just initiate the business talk for possible acquisition.

"There is no concrete results as for now but the discussion is there, like I said it may initiate a potential business acquisition," Muhammad Sabri said.

================================================================

http://www.thestar.com.my/Business/Business-News/2014/06/18/tanjung-offshore-approaches-equinas/
Updated: Wednesday June 18, 2014 MYT 2:50:38 PM

KUALA LUMPUR: Tanjung Offshore Bhd has has brought up the "non-compete" clause with Ekuiti Nasional Bhd (Ekuinas) which both parties had signed earlier.

"We have written our request to them (Ekuinas)," Tanjung Offshore executive director Muhammad Sabri Ab Ghani said on Wednesday.

The proposed reverse takeover (RTO) of Tanjung Offshore by several parties, including a unit of Paris-based oil and gas (O&G) giant Bourbon SA, may have hit a snag given that the exercise needs the nod from Ekuinas.

Tanjung Offshore had entered into a non-compete clause with Ekuinas in 2012 when the latter bought TOB’s marine vessel services arm, Tanjung Kapal Services Sdn Bhd (TKS), for RM220mil.

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.

The Bourbon exercise would see Tanjung Offshore getting back into the very business that it had sold to Ekuinas two years ago.

That business is now called Icon Offshore Bhd, of which Ekuinas is seeking to float on Bursa Malaysia.

"Basically, what we have done so far is that we just initiate the business talk for possible acquisition.

"There is no concrete results as for now but the discussion is there, like I said it may initiate a potential business acquisition," Muhammad Sabri said.

He was talking to reporters at the sidelines after a signing ceremony between TOB and a UK-based technical recruiter services Fircroft Group.

The signing between the two parties would create a joint entity known as Fircroft Tanjung to provide Fircroft services in Malaysia.

Oil & Gas Asset Acquisitions and RTOs
Barakah, IJACOBS, SONA.. etcs..
http://www.bfm.my/22007.html

http://malaysiafinance.blogspot.com/2014/06/interesting-oil-gas-rto-on-ideal-jacobs.html

TGOFFS missing the big players strong push actions lately.
April 0.555 - 0.625
Jun 0.585 - 0.665

Compared with

Last yr July 0.555 - 0.725
Last yr Aug 0.60 - 0.71
Last yr Sept 0.55 - 0.69
Last yr Nov 0.625 - 0.75

Recent price movement more like just a small run and ends up with "accumulation" at lower price.

Close of Biz.

Last minute ran up abit to opening price.
2day have 2newsplay... Minority dissent on the RTO and also JV announcement.

From the price weakness trend, big players seems still want to accumulates cheap price from weak shareholders and also control the price range to create the premium offer price for both side since its still early stage for 3 mths.

Maybe also preserve $$$$$ for icon offshore listing next week?

======================================================================
IJACOBS also proposal RTO via issuance new shares offer at 0.25, with request for exemption MGO also like TGOFFS... to complete with 60 days.
http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/all/6DFD454498162EA448257CF900295722/$File/Ann.pdf

Offer at 0.25, even bfr approval granted/received already fly till 0.365 today which is higher than offered price..

From the response shown, most of the big & small shareholders/players seems confident with this RTO will get approved and future biz will generate higher profit ......

current trading at much higher premium price.

=======================================================================

If TGOFFS gets approval and strong support sure price will break 0.708 also.

The new JV is good coz it will boost more talented manpower service in natural resources & energy especially O&G.

The big players still holding back their buying strength. AGM this Friday hopefully more +ve news will be out.

Some selling pressure still on going. Looks like 2nd waves coz broke the 0.61 - 0.60 support lvl.
Next support will be at 0.58 - 0.585.

JV will known Fircroft Tanjung.. >>> not list in klse.
Become sub biz for TOB.

JOINT VENTURE AGREEMENT BETWEEN TANJUNG OFFSHORE SERVICES SDN. BHD. AND FIRCROFT ENGINEERING SERVICES LIMITED

Fircroft and Tanjung Offshore Berhad JV will known as Fircroft Tanjung. :D

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1659173

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1659169

Kuala Lumpur, 18 June 2014 – Fircroft Group (UK), one of the world’s leading providers of technical recruitment services to the global Natural Resource and Engineering sectors, is expanding its services to Malaysia through an official agreement marked at a signing ceremony today with Tanjung Offshore Berhad (Tanjung), a public listed company on KLSE Main Board. The joint entity will be known as Fircroft Tanjung.

The signing ceremony was officiated by Mr. Ray Kyles, Acting British High Commissioner to Malaysia. Also present at the milestone event was Johnathan Johnson, CEO of the Fircroft Group and Dato’ Harzani Bin Azmi, Managing Director of Tanjung Offshore Berhad.
Tanjung has been active in the recruitment of talent for the Energy and Natural Resources via Tanjung Offshore Services Sdn Bhd (TOS). Dato’ Harzani bin Azmi said during the ceremony, “Tanjung has grown in leaps and bounds, charting new milestones. These include the setting up of various subsidiaries and associated companies, towards the furtherance of not only our enterprise, but the oil and gas industry as a whole. The joint venture with one of the world’s leading providers of recruitment solutions to specialist technical industries will further enlarge our footprint within the oil and gas and related industries in the region.”

Meanwhile, Mr. Johnathan Johnson, Fircroft’s Chief Executive Officer said, “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. Working together, we can advance Fircroft’s commitment to providing technical recruitment services of the highest quality and standard. We aim to make Fircroft Tanjung ‘top of mind’ to potential business investors and partners to choose and co-locate in this nation, empowering the economic growth and prosperity for Malaysia as a whole. ”

Technical talent shortage has been a topic frequently brought up over the years and is becoming more challenging. The market landscape drives the need for companies to continuously grow at a faster rate while delivering quality and innovative products and services.

Mr. Ray Kyles, Acting British High Commissioner to Malaysia said, “Malaysia, as one of the most rapidly-developing economies in the Southeast Asian region, boasts one of Asia’s most vibrant economies. With aspirations to become a high income nation by the end of this decade, Malaysia is already home to many multinational companies and leading financial and educational institutions from around the world. Today’s collaboration between two leading organisations – Fircroft and Tanjung Offshore Berhad – is certainly in line with our continued efforts to boost the bilateral economic and business ties between the two countries.”

The oil and gas sector has been identified as a key segment to bolster the Economic Transformation Programme (ETP). This joint venture comes at an important juncture for Malaysia as the country continues the mission to transform the economy, in the pursuit of becoming a developed nation by the end of this decade. Critical to the success will be the availability of technical talent to meet the needs of an economy that is rapidly moving up the value chain and becoming technologically more sophisticated.

Investments in Malaysia reached a new record last year against swirling external headwinds, and brought in a large pool of high-skill job opportunities. Recognising the importance of human capital development in driving the nation
forward, Malaysia has committed substantial resources in improving and enhancing its talent pool over the last five decades. The oil, gas and energy sector are the mainstays of Malaysia's growth. It contributes approximately 20% to the national GDP.

Dato’ Harzani bin Azmi added, “We are optimistic about the prospects of the oil and gas industry in Malaysia. We are also truly grateful for the efforts of the Malaysian government, having announced various strategies to boost the industry through its Economic Transformation Programme with investments amassing up to RM75 billion over within the next 20 years. These investments, we are certain, will further spur positive growth within the industry, enhancing exploration, development, production and maintenance operations in the near future.”

The growth of the oil and gas sector is estimated to be at 5% annual growth from 2010 to 2020. The ETP identified 12 Entry Point Projects (EPPs), as well as business opportunities within the sector and these EPPs are expected to contribute RM47.1 billion to Gross National Income (GNI) and create an additional 52,300 jobs within the sector. A substantial proportion of these jobs will be highly-skilled, with an approximation of 21,000 (40%) for qualified professional.

Too much noise, later some blur minorities panic and sell cheap like now wont do much good also.

If want higher new offer price or MGO just say direct at AGM later....
======================================================
Chuah said that TOB minorities are not opposing the Bourbon deal per se, but going by the current announcement, it seemed to have sidelined minority shareholders.

Worry Ekuinas will not give approval? big shareholders also no worries.

David Chuah, a spokesperson for a group of minority shareholders of TOB, who collectively own close to 4% in the company, also pointed out that the new shareholders coming into TOB should not be exempted from undertaking a mandatory general offer (MGO).

Chuah was referring to TOB’s Bursa announcement last week that the new shareholders would be seeking a waiver from making an MGO from the Securities Commission despite triggering the 33% shareholding threshold.

“Minorities should be given the option to choose. If we don’t like the Bourbon RTO, we at least have the option to cash out. Above this, it has been announced that there could be an offer for sale from certain shareholders. Why are minorities not allowed to participate? Typically, in a general offer scenario, we get to cash out at the same price,” he added.

Pressing down the price so it'll look as theres premium for shareholders to accpt the RTO more likely. Bourbon also will get new shares at "cheaper" price so can get approval to proceed for the RTO.
Price most likely will be supported at around less than 10 - 15% before RTO completes and will moves closer towards the new offered price when get approval later on.

http://www.thestar.com.my/Business/Business-News/2014/06/18/Tanjung-Offshore-RTO-opposed-Minority-shareholders-want-the-option-of-being-able-to-sell-their-share/

PETALING JAYA: The proposed reverse takeover (RTO) of Tanjung Offshore Bhd (TOB) by several parties, including a unit of Paris-based oil and gas (O&G) giant Bourbon SA, is being opposed by a group of minority shareholders who want the option of being able to sell their shares to the new owners.

They also raised the likelihood of the RTO hitting a snag, given that the exercise needs the nod from Ekuiti Nasional Bhd (Ekuinas).

TOB had entered into a non-compete clause with Ekuinas in 2012 when the latter bought TOB’s marine vessel services arm, Tanjung Kapal Services Sdn Bhd (TKS), for RM220mil. The three-year restriction – where TOB had agreed it would not be involved in any business similar to TKS - will only expire in the middle of next year.

The Bourbon exercise would see TOB getting back into the very business that it had sold to Ekuinas two years ago. That business is now called Icon Offshore Bhd, of which Ekuinas is seeking to float on Bursa Malaysia.





It is still unclear if TOB has applied for a waiver from this non-compete clause.

TOB could not be reached for comment, while Ekuinas, when contacted by StarBiz, said: “Given that TOB has recently made an announcement pertaining to their proposed corporate exercise, we would recommend that queries regarding any application to vary this provision be directed to TOB.”

The Government-linked private equity firm added, “However, in general, any request to vary contractual provisions that have been entered into, once formally received, must be deliberated by our board of directors which will make its decision after taking into account all factors, in the best interest of the company.”

But David Chuah, a spokesperson for a group of minority shareholders of TOB, who collectively own close to 4% in the company, also pointed out that the new shareholders coming into TOB should not be exempted from undertaking a mandatory general offer (MGO).

Chuah was referring to TOB’s Bursa announcement last week that the new shareholders would be seeking a waiver from making an MGO from the Securities Commission despite triggering the 33% shareholding threshold.

“Minorities should be given the option to choose. If we don’t like the Bourbon RTO, we at least have the option to cash out. Above this, it has been announced that there could be an offer for sale from certain shareholders. Why are minorities not allowed to participate? Typically, in a general offer scenario, we get to cash out at the same price,” he added.

TOB has announced a heads of agreement with Bourbon Far East Pte Ltd, Singaporean Farid Khan Kaim Khan and several Indonesian O&G players to buy a slew of marine assets. Under the proposed exercise, TOB will issue new shares to the parties at 70.8 sen each.

TOB’s largest shareholder is Lembaga Tabung Haji with a 7.99% stake as at end-May 2014.

Chuah also expressed displeasure at the lack of information flow on the part of TOB on the latest exercise. “Till now, the company has yet to come out on whether it has sought a waiver on the non-compete provision. Ideally, it should have sought it first before going into the deal.”

Chuah said that TOB minorities are not opposing the Bourbon deal per se, but going by the current announcement, it seemed to have sidelined minority shareholders. The minorities are looking to bring up the issues at TOB’s AGM on June 20.

If the RTO succeeds, then Farid, who is also Bourbon SA’s managing director (MD) for Asia-Pacific, will be appointed group MD of TOB, while current MD Datuk Harzani Azmi will become the non-executive chairman. Interestingly, in January this year, Harzani emerged as a substantial shareholder of Bio Osmo Bhd, spurring speculation that the loss-making bottled water manufacturer was looking to enter the O&G sector.

TOB shares closed at 60 sen yesterday, down 0.83%.

http://ir.chartnexus.com/shareinsight/rhbinvest/index.php?sc=7228&mkt=KLSE

Theres still some selling goin on Mon & Tues. Price tanked at 0.60.

The med & short term trend is sideways.
The med & long term trend is uptrend.
Technical rating: Hold.

================================================
Simmering dissent on Tanjung Offshore RTO deal
http://www.kinibiz.com/story/corporate/91161/simmering-dissent-on-tanjung-offshore-rto-deal.html

Minority shareholders fear they’re receiving the short end of the stick as far as the reverse takeover deal with Bourbon Asia is concerned

=================================================

I feel some minority shareholders bought at around 0.70 - 0.775 last year now making noise already coz RTO offer quite low...wants higher new share price offer pls.

AGM time they can go demand for higher offer price :D

okok: No follow much tat counter.. I chk recent announcement have new private placement 11.8 million shares at 0.20 for fund raising. Still clearing its debts.

"Bio Osmo is now in the process of disposing of its current water business and the price it is looking for is some RM20mil. It is also in the midst of undergoing a private placement of 45 million new shares to raise RM8mil. With the completion of this placement exercise, Bio Osmo’s share capital will increase to 502.44 million."

viper88 VeryPoison: no follow that rto news.. so no idea.

sontoloyo:Icon offshores ipo already oversubribed by 16X last week means already raised RM944.9mil to pave the way for its listing on the Main Market. The amount raised is the top end of the guidance provided by the company which is majority owned by Ekuiti Nasional Bhd (Ekuinas).

Next week 25/6/14 is the listing for trades.. if share price goes up.. mean more $$$$ for Ekuinas coz its the main shareholders. Ekuinas already loaded with $$$$$$.

What is the main purpose of Ekuinas? Do some read up wats Ekuinas contribution and how it hlps TGOFFS.

Non compete clause is only for 3 yrs but TGOFFS still can request for exemption.
Current on going is just M&A between TGOFF and Bourbon process, not compete in any OSV bid contract also. TGOFFS should have the rights to proceed with the M&A and later when the non-compete clause expired only bid for OSV contracts.

Doesn't make sense if TGOFFS only allowed to do M&A after non-compete clause expired right?

===========================================================================
TGOFFS M&A proposal to complete within 3 mths from 5/6/14 - 4/9/14.
Bourbon & its indonesia partners will trade its vessels worth abt rm500million for new TGOFFS issuance shares offer at RM0.708 for 33% of all tanjung offshores shares.
If tgoffs share price is far below 0.708 after get all the approval needed it wont makes the trade attractive.

Can look at the video below as example.

http://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/price-behavior-after-announced-acquisition

TGOFFS shares price should revised even higher after the M&A completes coz already acquired new core biz assets and have potential to compete/bid for more bigger projects.

Once new biz structure fully organized and price reach its new valuation,
next will be right issues 1:1 which may takes another 1 month or more.

Why right issues at 1:1 not 1:10 or 1:4 or 1:2 ?
TGOFFS existing total no. of shares abt 370millions only.. with total market capital of abt RM 220 millions. With new shares issuance RM0.708 + right issues shares.. market capital expected to increase to RM1billions.

1:1 mean 50% discount to the existing share price... does it mean TGOFFS shares price will be low or higher after the M&A completed before the right issue?

Do u know the answer?

Try do some research on right issue 1:1.....

Lazy, no time, new ? Give some recent example EAH right issues 1:1 in March this year.

When right issues 1:1 announcement, Right issue at 0.10sen, price went up till almost 21.5 sen.. :D

http://www.themalaysianinsider.com/business/article/ea-holdings-to-capitalise-on-rights-issue-free-warrants-c-move

http://www.theedgemalaysia.com/business-news/294177-eah-rights-issue-oversubscribed.html

http://malaysiafinance.blogspot.com/2014/03/eah-to-undertake-rights-issue-with-free.html
==========================================================================

Ok.. enough sharing.
17/06/2014 15:05

Non-compete clause can request for exemption, just like Bourbon also can request exemption to buy all tgoffs shares from Investment securities, just need 33% . As stated earlier in the proposal announcement, theres approvals required from all parties that involved.

So be patient as within this coming 3 months... more updates will be given for the progress.

8. APPROVALS REQUIRED

The Proposals are subject to the following approvals being obtained:
(i) the approval of the SC pursuant to the Equity Guidelines for the significant change in the business direction or policy of Tanjung;
(ii) the approval of the SC for the Proposed Exemption pursuant to the Code;
(iii) the approval of Bursa Malaysia Securities Berhad (“Bursa Securities”) for the listing of and quotation for the new Tanjung shares arising from the Proposals on the Main Market of Bursa Securities;
(iv) the approval of the Board and shareholders of Tanjung at an extraordinary general meeting to be convened;
(v) the approval of the Board of Directors of Bourbon FE and shareholders of Bourbon FE, or any other competent authority within the Bourbon Group, at an extraordinary general meeting to be convened (if required);
(vi) the approval of the Board of Directors, shareholders or any other relevant party of the respective BNI Shareholders at an extraordinary general meeting to be convened (if required);
(vii) the approval of the creditors and lender(s) of Tanjung, the Target Acquisition Portfolio and Bourbon FE (if required); and
(viii) the approval of any other relevant authorities, if required.

Bourbon deal is much better deal than Songa.
Inject assets via higher new shares valuation swap and raise funds via right issues when share price adjusted higher later.

Only low vol traded today, price still above support lvl 0.60+.

Most ppl now waiting for the next newsplay for the RTO progress while the big players reserving $$$ for ICON OFFSHORE listing next week.

20/6/14 - AGM
Resolution 6 & 7.

25/6/14 - ICON OFFSHORE ipo listing

Oversubscribed by 16X..
http://www.theedgemalaysia.com/business-news/293808-icon-offshore-ipo-oversubscribed-by-over-16-times.html

================================================================
Currently most of the OSV-listed companies, such as SapuraKencana Petroleum Bhd and Bumi Armada, own mid-to-high-end OSVs

In Malaysia, there are three notable operators namely Global Offshore (Malaysia) Sdn Bhd, a subsidiary of Puncak Oil and Gas Sdn Bhd, Barakah Offshore Petroleum Bhd and SapuraKencana Petroleum.

Players with smaller OSV vessels are Alam Maritim Resources Bhd, Coastal Contracts Bhd and SILK Holdings Bhd.
=================================================================

With 32 ships in its fleet now, Icon Offshore is considered the largest pure-play OSV provider in Malaysia and one of the largest in South-East Asia.
+ 8 more ships in 2015 total 40 ships.

http://www.thestar.com.my/Business/Business-News/2014/06/11/Icon-raises-RM945mil-It-proves-sceptics-wrong-IPO-is-the-largest-so-far-this-year/

http://www.theedgemalaysia.com/business-news/282427-icon-offshore-to-expand-fleet-following-ipo.html

If TGOFFS & Bourbon M&A successful.. TGOFFS will become even bigger than ICON Offshores in terms if OSV ships fleet.

A total fleet of 61 offshore support vessels (OSVs) are under consideration in the proposed acquisition, pending all necessary approvals being sought. Once the acquisition is complete, Tanjung Offshore should emerge as a leading player in the region's marine offshore business.

In addition, it said the company would also enter into a proposed “partnership” business arrangement with Bourbon Group whereby any excess vessels under the company can be utilised throughout the Bourbon Group's global network of business relationships and vessel management.

Similarly, if Tanjung Offshore was short of vessels in its region of operation, the company would have the first right of refusal on any excess vessels from the fleet of Bourbon Group, it said.

The partnership signified a strong collaboration between the company and Bourbon Group as it enabled the company to have access to Bourbon's newer ships equipped with latest technologies and improved efficiencies.

http://www.themalaysianinsider.com/business/article/tanjung-offshore-emerges-among-most-active-on-acquisition-news

If general klse ci.. its currently just starting downtrend since mid of last week.

U r referring to general klse or this etitech?
For etitech.... too risky.

As investor/trader hardest is alwys ready 2 do smart analysis and quick decision to act.
For me .. theres 2 main important rules in investment.

Rules no.1: bull and bear market makes money, pigs get slaughtered.
Rules no.2: follow trend, trend is ur best friend. If u can identify early trend changes..can make big $$$ and loss less $$$ (trend - big players)

Graph tracks the big player especially vol & price trend movement.
For me if no use graph as guide/reference.. its like invest in the dark or blind investing.

Beginner1989: Jun 2013 - 0.03 - 0.05. This year 2014 low 0.055 - 0.06.
Shawnie: U should ask those that hold from 2011 till now. Or chk historical price.
Jan - dec 2011, 0.34 - 0.14,
Jan - dec 2012, 0.19 - 0.07
Jan - jun 2013, 0.055 - 0.07

Its price performance is getting lower low every yr... to me its a very bad performing stock.
Eventhough theres some rebound but it get hammer down even lower. Very high risk counter n definitely not suitable for new investor. Contra kakis also need fast in & out if not will get burn.

The vol transacted past few days still high indicates the selling most likely not over yet or haven't reach bottom. Tats why I told my friend its too risky to buy.

2 sharp plunged recently each last abt 7 days...one small rebound in between.. looks more like a setup trap for buyer that enters at the small rebound. Will there be a 3rd/4th/5th... waves of plunge coming?

Those who play/follow Etitech in Jan 2011 will know from 0.34 can continuously plunge till 0.10....
Jun 2013 from 0.135 can plunge till 0.035 -0.05 range. From the big player plunged/drop pattern usually target >50% drop.

My friend told me yesterday to buy this stock at 0.07 have chance to go up back Rm0.10 or higher soon... but I chk still downtrend haven't reach bottom yet. If the big players really push hard..
might test recent low at 0.06 - 0.055.

Etitech famous stock during 2011 & 2013..a lot ppl kena burn and lost big money.

This stock have many bad histories of plunges... definitely not for those with weak heart.

http://singaporestockmarketnews.blogspot.com/2014/06/shipyards-oil-services-tanjung-offshore.html

http://www.theborneopost.com/2014/06/10/og-industry-to-perform-better-in-second-half/

I've invested one penny stock last time that goes through the M&A process.
Share my experience here.

============================================================================
TFSB Proposal for the Merger & Acquisition in July 2011.
within 120 days/4 mths.

Will acquired back ALL company shares and issue new shares value at 0.12 value of RM700 millions via shares swap.Its offer 20% premium price from the AVG last 5 trading price bfr closing suspension date.

For Jotech the offer price for share swap is 0.18= > 0.12

[Price bfr suspend/announcement 0.14 - 0.15 ]

Suspended on 27/7/11.
http://klse.i3investor.com/servlets/fdnews/199365.jsp

Annoucement of proposal M&A on 28/7/11 to complete within 120 days.

http://cdn1.i3investor.com/my/files/dfgs88n/2011/07/29/1453282532--1748539451.pdf

http://www.bharian.com.my/articles/RM700jtawarangabung3firma/Article/cetak

http://www.newsabahtimes.com.my/nstweb/fullstory/51008

When resume trading back after suspend
[Price when up but closing drop 0.165 - 0.135]
======================================================

[Jotech price traded below offer price by almost 36% , 0.115 -0.12] during the 3-4 mths while waiting for the M&A approval.

Received approval for M&A from securities commission- 30/1/12

[Price went up 0.16]
http://www.bursacommunity.com/t8041-goh-tian-chuan-gets-nod-to-merge-jotech-aic-and-autov

Received approval from Jotech shareholders on 20/3/12
https://my.news.yahoo.com/jotech-gets-shareholders-nod-merger-aic-autov-084644806.html

After merger complete, 1st day trading.. the value 0.115 -0.12 achieved. ==========================================================================

Low vol traded today. Selling pressure subside and price consolidated to 0.61.

Total transaction 2day RM 4.29 million with vol 7million which is more than 2X of yesterday amt.

Price is tracing back to last Monday low price at 0.61 before suspended on Tues but the total vol that transacted from Mon-Thurs this week is only 17millions compare to 38 millions on last Friday where the price surge up with high vol. Theres still have more buyer holding to their units by difference of abt 21millions.
The total 17million+ vol sell down = accumulation/support that comes in Mon-Thurs AVG at about 0.615.

Looks like the AVG price back to starting point which is the closing price for last week Monday at 0.615.

Rebound time.

Today is t+4. Those tat no money 2 pickup will force sell.

Right issues is only later stage after rto complete. Price not yet determine coz still have to finalize the merger new total biz assets value and total no. Of shares. The current proposal offer 0.708 is tgoffs existing valuation base on it recent assets n trading price.

Today is t+4.
Short term n contra player exiting.
Have 2 see end of day trading closing price
Whether have rebound sign.

Now waiting for the RTO approval/complete within 3mths time. TP as per the offer price 0.708+/-.
Next TP will base on the right issues price X 2 since its 1:1.
After right issues, price will be half lower since new shares dilute the price ,
12 mth TP dpds on the new valuation & future contracts strong market for OSV > 1 rm++

4u2c: Price consolidated back to the original support at 0.62+ before the suspension announcement.
Big buyers stop buying up but more on supporting currently.
Retailers don't have the buying strength to push up and some exit early/profit taking/cut..

Total vol traded past 3 days is only 1/3 of the total vol traded on last Friday.. shows there r ppl still holding onto their earlier shares bought and new buyer accumulate at "lower price".

Base on current situation, the buyer & seller are likely waiting 4 the next announcement on the RTO progress before continue the next wave.

4u2c: Have some good support n ppl collecting on price weakness.
Resistance still at 0.63 - 0.65.
Maybe big buyers waiting for T+4 seller over n push up back :D