Posted by csan > 2019-05-31 09:24 | Report Abuse

Ah listen to bald head balvin everyone...numbers not enough. Reinforces argument that minorities are sitting ducks as to how the cash will be used in the future.

Waiting for the day where MAA spends that RM200m acquiring businesses....which also requires 50% + 1 vote....in other words, minorities will be at mercy of TY to acquire whatever financial-related business because u will be outvoted.

Posted by csan > 2019-05-31 09:30 | Report Abuse

If let say MAA acquires Eforce for 30x PE, u can't do anything can u balvin? The point being TY and board has full control over how shareholder's cash is to be used and it was pointed out during EGM, I would say accurately, that the board cannot be trusted. I think all MAA shareholders, including balvin, cannot deny this.

Posted by moneycashrich > 2019-05-31 09:35 | Report Abuse

So worry about the cash gone......MAA die but TY also suffer too. TY is a smart guy and to kill MAA, he also kill himself financally. I am not worried. Those worry can sell sell sell.

Posted by moneycashrich > 2019-05-31 09:40 | Report Abuse

Past bloggers also keep on saying the cash will be misused. I still waiting after 5 years for the cash to be disappear like the bears said will happen.

Posted by csan > 2019-05-31 09:49 | Report Abuse

By misused I mean buying businesses that are not good. Not that he will pocket all the money....TY only pays himself RM2million per year.

Posted by moneycashrich > 2019-05-31 09:55 | Report Abuse

Ya. still waiting for him to buy BAD business if he want to. Then bears will have a laughing day and they will said that we told you so. Wait for future to come first. Or sell.

Posted by dompeilee > 2019-05-31 15:53 | Report Abuse

Just back from outstation after attending a record 18 meetings this week! See, I told you the SCR would fail! Luckily I sold out of 75% of my holdings by the eve of the meeting & now I can buy back cheaper if I want!

Posted by TheContrarian > 2019-05-31 16:43 | Report Abuse

I am very grateful to Melewar for proposing the SCR even though it failed. It gave me the opportunity to sell all my MAA shares at 1.04 for a 71% gain. Thank you.

Posted by moneycashrich > 2019-05-31 16:47 | Report Abuse

I believe that those in this forum all have their own skills to make money and surely with or without SCR, all of you are successful people in your own right. Happy weekend holidays.

Posted by balvin71 > 2019-05-31 17:28 | Report Abuse

Csan, sit in your mummy lap and don't play the stock market. Because you have zero control in any counter. You understand? Which counter you have control as a minority? Tell me NOW

Posted by balvin71 > 2019-05-31 17:29 | Report Abuse

If he wanted to buy bad biz, long time he did already. Your argument is like a 7 year old kid. No point debating with you.

Posted by csan > 2019-05-31 18:30 | Report Abuse

Red Sena, Reach, Hibiscus, Sona. Total control of my cash, whether I like the acquisition or not. Now going to turn around and say "but that is SPAC, not a normal stock....". Unfortunately there is, bald fool. Anyway, you're right. No point arguing, when the time comes for MAA, the debate will continue. Right now is I say, you say.

Posted by csan > 2019-05-31 18:39 | Report Abuse

and by the way, it is 7-year olds that do name calling. and from the last I checked, I was careful not to do name calling and only did so after you started with it. or maybe your religion teaches you that it is a manly thing to name call lol

Posted by markus > 2019-05-31 18:39 | Report Abuse

Assuming you are owner of a company holding 40% majority, why would you want to deliberately buy another company which is bad or overpaid for it? Why you want to make any harm to your company (although you only own 40%)? Any harm accrued is 40% harm inflicted to ownself. Or why would you want to risk your reputation for bad business judgement?

In fact, I mentioned to the Board I applaud them for not rushing to overpay any other business without careful due diligence just for the sake of buying.

So…another theory is … the owner will buy his own or affliates companies. Again, this is a misconception. We have seen the result in AGM that shareholders will block any related party transaction. When it comes to any related party transaction, conflicted party cannot vote. With the recent result of 68% voted AGAINST … I don’t think any related transaction will go through if its major one.

If you are suggesting more theories, it’s your mind, you can go imagine whatever you want. I’m not saying it’s impossible. Everything is possible in this world. In school we learn about probability. Every investment has risk. It’s better to place your fund into risk-free rate investment like Fixed Deposit than self fulfilling all the probable scenarios. It’s not worth your time and health. My two cents

Posted by csan > 2019-05-31 18:49 | Report Abuse

Markus, case in point is actually Golden Land Berhad. Net cash around RM164m in 2017, net cash of around RM20m now....spent it on their existing plantation...which made losses. Dutaland is another example someone pointed out earlier but they still have large amounts of cash for now.

Anyway, great, civilised opinion with no name calling. Have a good weekend.

Posted by pogbaggmu > 2019-05-31 19:10 | Report Abuse

Hahaha this argument is turning out to be real funny. But yes balvin, you lost the respect first by starting the name calling and csan responded with equal childishness.

Posted by markus > 2019-05-31 19:21 | Report Abuse

In an efficient market hypothesis (not that I subscribe to it) , if you own a share which you think is worth around RM1.10, and I also own that share and I think it's worth around RM2 a share, I can try to convince you that I'm right. And you can try to convince me that RM1.10 is the right number with different assumptions, models and variables.

But this is all kind of silly don’t you think? For public company, you can sell your shares on the stock exchange anytime if you think the company is not worth investing.

This is such a pleasant way of avoiding argument that it is the principal way that people in finance make arguments. When investors think a share of a company is worth more than the market price , they buy the share or the hold on if they already own the share. The buying, selling or holding is the argument and we never have to discuss it. :)

Hence I don’t understand about those naysayer of this company unless there is a way to short MAA and make money. My interest has always been in behavioural finance hence this is not surprising to me at the same time . Just reinforced the contrary of the above mentioned hypothesis; the market is irrational.

Posted by dompeilee > 2019-05-31 19:25 | Report Abuse

SCR dissenters like Kerwin played a dangerous game & LOST. Case closed!

Posted by markus > 2019-05-31 19:39 | Report Abuse

Funny thing is we dissenters don’t see it as a lost.

Posted by markus > 2019-05-31 19:47 | Report Abuse

Maybe you will be “ right”. Maybe the dissenters will “ lose “ eventually . Maybe the value trap will persist longer than anticipated.

But the thing is , many of us (long term shareholders) already recover most of the cost over the years through dividends . I think the odds favour our side more even if the value trap persist longer than expected .

I’ve said earlier , it’s about probability and also we believe the reward will outweigh the risk in long term .

Posted by Cipta > 2019-05-31 22:05 | Report Abuse

Here i would like to applaud BOD for rejecting investment into a oil well in Middle Asia due to risk assessment.

Posted by moneycashrich > 2019-06-01 05:12 | Report Abuse

Quote: In life or in stock market, sometimes the biggest risk of all is in not taking the risk.

Posted by dompeilee > 2019-06-01 08:36 | Report Abuse

Those who greedily agitated for more more MORE failed to consider one elephant in the room: the bearishness of stockmarkets worldwide in the backdrop of the greatest threats to the global economy since the Great Depression of the 1930s(which makes the '08 crisis seem like a teenage pimple episode).

Dow is in waterfall mode(down another 355 pts yesterday) & KLCI has been in a bear market since 2014, with most stocks down 80% or more since their highs.

Posted by birkincollector > 2019-06-01 09:34 | Report Abuse

in this trump era.....any money or profit in front of u, just take ok? Nothing is fair in this world, u "imagine" u want to get that price u sure get? If only the world is as easy as that.

Posted by TheContrarian > 2019-06-01 11:02 | Report Abuse

The dissenting minorities were too arrogant. You can't just vote down the SCR knowing that there will not be another offer from the Offerors for at least 12 months. The only solution was to request for an adjournment to the EGM to give time to the Offerors to reconsider improving the offer.

Posted by Cipta > 2019-06-01 11:22 | Report Abuse

Adjourned the meeting will incur cost. Both dissenters and TY see it from long term prospects and interest of company. While those some one who claim make a fast profit at 71% only know to use key board blame other greedy and no action. Did these speculator joint force to ask better offer from TY? NO, they did nothing.! Did they ask for adjournment in the meeting? No, they afraid n hide behind dissenters n finger pointing at the back of dissenters.
Even until now, they still coward to make decisions: leave MAA and go for other counter or buy MAA at cheap.

Posted by apolloang > 2019-06-01 11:35 | Report Abuse

mana DANNY? hahaha

Posted by TheContrarian > 2019-06-01 11:40 | Report Abuse

Danny123 will probably return soon.

Posted by moneycashrich > 2019-06-01 11:58 | Report Abuse

what adjournment ? TY will not increase offer. All was in the news. No other way- Accept or reject offer. Any problems ? Sold all ? Ya, more profit if SCR passed 110 sen in pocket.

Posted by moneycashrich > 2019-06-01 12:40 | Report Abuse

Because of this SCR, MAA is now famous, so many bloggers interested now than yesteryears !

Posted by TheContrarian > 2019-06-01 13:31 | Report Abuse

After I sold off all my MAA at 1.04 i used all the proceeds to buy into MNRB at 95 sen and two days ago sold off at 1.03. So effectively I made another 8 sen. Hahahaha.

Posted by SuperDuper > 2019-06-01 14:08 | Report Abuse

29th May 2019, (Wednesday) was the day shareholders will decide whether to accept the offer via Selective Capital Reduction and Repayment Exercise (SCR) by Melewar Acquisitions Limited (MAL) and Melewar Equities (BVI) Ltd (MEL), the interested directors namely Tunku Dato’ Yaacob Khyra (Executive Chairman) and Tunku Yahaya @ Yahya bin Tunku Tan Sri Abdullah (Executive Director).

The venue Mutiara Complex, Jalan Ipoh, Kuala Lumpur on the 4th Floor is the meeting room and many shareholders have started dropping in since as early as 9 am for the AGM and EGM at 10.30 am and 11.30 am respectively.

At 10 am in front of the meeting room, I can see that many shareholders have gathered near the meeting room where the registration process was going on smoothly. There was also a room for shareholders to sit and tea/coffee was served but no breakfast since the Company has provided meal vouchers.

Many of the shareholders were more interested in the EGM and were seen discussing the merits of accepting the offer. Some were adamant that it is not fair and should not be considered at all. One shareholder in the group’s discussion asked a question “Why not propose to the Board to call off the meeting, so that a better offer can be considered by the offeror?”

Another suggested, if the offer was revised from RM1.10 to RM1.30, that would appease shareholders to accept the offer. Without realising, the clock is now 10.25 am, and all shareholders were requested to enter the meeting room, so that the AGM can commence.

The Chair, Tunku Dato’ Yaacob called the meeting to order. Since the notice and its formalities were in order, he proceeded to table the Audited Financial Statements for discussion, if any.

He then informed that the Company will address the questions raised by MSWG before allowing questions from the floor. The key focus was mainly on its Restructuring Plan to address its PN 17 position since 2011. The Chairman and some of the Board members shared their views that they have indeed carried out some reviews of certain businesses but were not able to agree on the price, risks and terms of the targeted investments. Some of the proposed investments failed to meet the requirements set by Bursa, thus negating the prospective deals.

Many were unconvinced with the explanations and justifications given by the Board. They were also left perplexed as to the strategic direction or focus of the Group. Given that its core expertise is in the insurance and financial services industry, shareholders were sceptical, when the Chair mentioned “Oil and Gas, Plantation, etc.” Is the Board and Company equipped or ready to venture into these areas?

Some of the shareholders were also questioning the decision of the Non-Interested Directors to even consider the SCR at the Board level and to proceed and call for the EGM for the consideration of Non-Interested Shareholders.

To most of them, it was really an “unfair deal” and the technical jargons used by advisers, investment bankers and the independent adviser (IA) on “fair and reasonable or unfair and reasonable” mean nothing to them when the offer price is far below the net asset value! Worse still, on the question posed and answered by the Audit Chairman, the cash per share is worth RM1.31. Given the scenario, some even suggested, and supported by many, - “Why not liquidate the Company and return all the cash to shareholders?” This would be much better than the SCR and fairer to all shareholders.

Sentiments were not in favour of the recommendation by the Non-Interested Directors to vote for the SCR, some even questioned their roles to protect the interest of the minority shareholders. Shareholders, in general, were also not satisfied with the explanations given by the Non-Interested Directors.

One point, to be fair to the Non-Interested Directors, is that they have written to the Non-Entitled Shareholders on 26 March 2019 on the views and feedbacks received from shareholders on the offer price. The Non-Entitled Shareholders remained firm on their decision not to revise the offer price.

At the EGM, the suggestion to call off the meeting or adjourn was getting loud and clear. However, the Chairman of the EGM, Mr Onn Kien Hoe explained that all the Non-Interested Shareholders are given the opportunity to decide on the merits of the SCR and he, as the Chairman, had received proxies appointing him to vote in favour of the SCR. The main adviser and the IA were also present to answer any questions by shareholders on the SCR.

At the AGM, the shareholders’ displeasure was clearly demonstrated when they rejected the “Proposed Renewal of Shareholders’ Mandate for Recurrent Related Party Transaction – Resolution 7.

At the EGM, the SCR was rejected as well.

At the end, shareholders were left with uncertainties, and no comfort, as to whether the Board can resolve the PN 17 position or worse still, whether the PLC will be suspended and delisted.

In the meantime, the Grou

Posted by SuperDuper > 2019-06-01 14:09 | Report Abuse

In the meantime, the Group continues its operations on a ‘Business as Usual’ basis - till we meet again at the 2020 AGM.

Shareholders were happy that the SCR was unsuccessful. However, they were left pondering whether the present Board will be able to deal with the conundrum.

By Quah Ban Aik

31 May 2019
ANALYST'S MESSAGE

MAA Group Berhad’s Shareholders have their say - AGM/EGM

Posted by moneycashrich > 2019-06-01 14:10 | Report Abuse

104 sen plus 8 sen = 112 sen. SCR failed, better profit for many experts.

Posted by TheContrarian > 2019-06-01 14:20 | Report Abuse

SuperDuper, very good of you to disclose what actually took place. If there was a request for adjournment at the EGM, someone should then exercise his rights by calling for a vote to decide on the adjournment.

Posted by Cipta > 2019-06-01 14:42 | Report Abuse

Someone claim she profit so n so from the rejected SCR, but still cant swallowing the SCR voting result. Blame other n keep mentioned to adjournment. What's a hypocritical!
I guess she indeed losing money in speculation. Otherwise cant explain one who make big profit in short time keep grumbling, complaining here n there, keep asking What IF, blame those against the SCR who made her made tons of money.

Posted by moneycashrich > 2019-06-01 14:51 | Report Abuse

what adjournment ? TY do not increase offer. Any black and white higher offer ? so easy ? Must be joking ?

Posted by TheContrarian > 2019-06-01 15:22 | Report Abuse

If there's an adjournment, TY has time to reflect and he might have considered revising upwards the offer to say RM1.30. if he realised that the SCR at the original price is not going to succeed.

Posted by dompeilee > 2019-06-01 15:46 | Report Abuse

The day I sold my final batch of MAA shares, leaving a quarter of my original stake(which is STILL in capital gains since I bought it in 2011 btw), I averaged down on Tune Protect & MMC Corp. Despite going ex-div these two are still trading above the prices I got them for on that day.

Posted by dompeilee > 2019-06-01 15:55 | Report Abuse

Although I apparently have a miniscule stake compared to some of the dumb $ here, I voted in favour of the SCR because I do not trust this controlling family not to fritter away the cash in bad investments should the co. continue as a listed entity.

Posted by dompeilee > 2019-06-01 15:57 | Report Abuse

Not that it will really be their fault since the economic climate is so weak that any co. consistently making >20 mil a year will not be sold by their owners anyway and any that purportedly do make more than that kind of profit will prob be a con job anyway.

Posted by TheContrarian > 2019-06-01 16:15 | Report Abuse

It wasn't easy for me to sell off all at 1.04 as I had a large position in three separate accounts. Furthermore I have friends who also hold big position. We had to sell off over 4 days period in the week before Wesak. If we had tried to sell all in one go, the price would have collapsed. We wonder who were the people who bought off from us.

Posted by moneycashrich > 2019-06-01 17:37 | Report Abuse

Must have make million of ringgit. But still pretend about adjournment. TY already said no offer increase. Now the story TY need time to think and offer say RM1.30. Already rich. Still not happy.

Posted by TheContrarian > 2019-06-01 17:41 | Report Abuse

Adjournment is for the benefit of those who continue to hold the shares. I didn't say made millions. Mr Balvin holds 1 7 million shares and Mr Navin holds 1.2 million shares. They are the millionaires.

Posted by moneycashrich > 2019-06-01 17:46 | Report Abuse

Read (large position).....no need modest and shy of your success.

Posted by moneycashrich > 2019-06-01 17:48 | Report Abuse

why you and gang can ask for adjournment.....or just pretend to support SCR and sell secretly haha. Now rich already.

Posted by apolloang > 2019-06-01 18:04 | Report Abuse

I tot u sold at 1.10 and buyback at 76cts.....hahaha. 4d open then say

Posted by moneycashrich > 2019-06-01 18:09 | Report Abuse

Ya stupid, so what. You must be clever and sell and ask people for adjournment. Real clever and smart.

Posted by moneycashrich > 2019-06-01 18:10 | Report Abuse

make so much money.......clever. I stupid. haha.

Posted by Cipta > 2019-06-01 18:17 | Report Abuse

First she assumes TY is a NICE person n will increase SCR to RM1. 30 if adjourned

Then she assumes TY is a BAD person n will misuse co fund.

First she said she laughing to the bank after foreseeing SCR fail.

Then she cry n blame other for rejecting the SCR.

WHAT'S A SELF-CONTRADICTORY!