If I'm not mistaken, it takes 2 years for the full transition to SEEK. Also, CEO Mark Chang mentioned in an interview with BFM quite some time back that they will take 2-3 years to look for a new business and also they are looking to invest in startups.
A quick breakdown for everyone's consumption 1. Market Cap = RM190 Mil . 2. NTA RM 2.19 - NTA is derived from RM110Mil Cash in Bank, RM 20Mil in Building , RM 180 Mil in shares ( 104 Corp, Innity, Autoworld) . Shares alone is near to market cap. Cash is free for you to grab LOL !
updates : 104 corporation just declared Taiwan Dollar 280Mil dividend and JCBNext share is 23% of TD 280Mil which translates to RM8-9 Mill ringgit dividend.
2 co-founders sold their shares to Mark . Mark holds more than 25% as of last count. Mark + Seek holds more than 50% . April 2017 is 2 years anniversary from the disposal of core business and there may be chance the JCBNext will distribute the shares and cash back to shareholder
I think either Mark has found a strategic acquisition, or there will be surprise positive result from operation & investment, 104 corp dividend is one of them. according to an interview that i heard last time, he has been looking around. Maybe he can't find any, then possible distribution of all shares and cash to shareholder.
Don't think can estimate now because we don't have access to the result & balance sheet of their investments, if they choose to distribute, then have to see the equity/book value in hand, which also include realized gains/loss in their investments, cash & estates (especially the Jobstreet building in Jalan tun ismail), depending on valuations these could end up a very good price per share. But just looking at P/E & earning valuations, the stock is very much undervalue now. I bought a lot myself!
Thank you JCBNext, Thank you Mark. Yes, definitely something is brewing and I believe the other two shareholders has different ideology and decided to sell their share to Mark. After selling the stock, I am using the money as downpayment for C350e.
Imagine if a new business like grab is injected into the listed company. How many times book value would you give the business . Take note now is 0.6-0.7x book. Share your views
Circumstances by reason of which change has occurred Direct Business Transaction Nature of interest Direct Direct (units) 30,717,700 Direct (%) 21.963 Indirect/deemed interest (units) 4,705,000 Indirect/deemed interest (%) 3.364 Total no of securities after change 35,422,700 Date of notice 05 Oct 2016
If Mark has a really good dish his partners will want a share in it, don't you agree? Even if they don't want to be actively involved, they can still be passive shareholders and enjoy the benefits? Was there a disagreement over Mark's new business venture? Let's wait and see.
On 19 February 2014, the Board had announced that the Company had entered into a conditional share sale agreement (“SSA”) with SEEK Asia Investments Pte Ltd (“SEEK Asia”) for the disposal of its online job portal business for an aggregate consideration of RM1,730.00 million (“Proposed Disposals”). On 19 August 2014, the Board announced that the Company, SEEK Asia Investments Pte Ltd and SEEK Limited had via an amendment letter dated 19 August 2014 agreed to revise the disposal consideration to RM1,890.00 million (“the Amended Disposal Consideration”). Following the disposal, the Board had proposed to distribute to shareholders a special cash dividend of RM2.65 per ordinary share (“Proposed Distribution”).
On 20 November 2014, the Board had announced that on even date, a total amount of RM1,562.80 million, being the Closing Payment (calculated as the Adjusted Consideration(1) minus the Set-Off Amount(2)), had been paid by SEEK Asia to the Company in accordance with the SSA and the Amendment Letter. The balance of RM369.90 million, being the Set-Off Amount, shall be set-off against the special cash dividend payable to Seek International Investment Pty Ltd pursuant to the Proposed Distribution. In view of the above, the Proposed Disposals have been completed on 20 November 2014 (“Closing”) and subsequent to Closing, there shall be a final settlement of the Estimated Amount between the Company and SEEK Asia being the Closing Date Financial Adjustment(3) which shall be determined and agreed between the parties. The Closing Date Financial Adjustment has yet to be completed as at the LPD.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
smartmove100
132 posts
Posted by smartmove100 > 2016-03-04 14:36 | Report Abuse
Any idea of the present business plan /acquisition's progress?