Tan Sri Ong Leong Huat fails to garner enough votes to be reappointed as PJ Development Holdings' chairman by show of hands and requests for re-vote by poll at AGM now.
Foo San Kan should be sacked for such boo boo. OLH got the message alrite no face saving at the unceremonious session. And they didn't mention the ketua pembangkang of the minority shareholder who led the walkout in the news. So sad....
Now is the time to push and redeem. How? When a terrorist has shown his face, he has nothing to lose. Similarly when a predator in the animal kingdom is injured by humans, he cannot be left to lurk and lick his wounds as he will attack again. Got it?
In this case,it's all or nothing!! Nothing means 1.60 and 60cents respectively for mother and warrant. For those who bought early, will lose big.
I m sure the tiger has seen the ketua pembangkang who has led this minority and will also weigh his choice. Either ketua slay tiger or tiger will weight opportunity to attack back. The continuous attack will ensure tiger stay wounded with no time to recover and mount another attack because tiger has not time and need business coming together ASAP.
Have a thought! Tiger slayer here has to do a dragon slay....this means bigger job quickly before the tiger becomes the dragon and slaughter all. If that happens, blame ketua pembangkang for starting something he didn't end
if one were to look closely at the composition of board members at agm today, one just cant help thinking this is one company that's at his absolute mercy....look, his wife, his son ,his brother are all there occupying the most senior positions of the board...in the event that the deal doesn't go through, one will think they'll just push up the shares,dump it all and move en masse over to osk n leave pjd to rot...
They have got to have a chairman, what will you get fighting tooth and nail to vote him out? The exercise here is to protest and make known, otherwise take legal. Doesn't matter whether black scholes or binomial or trinomial assessment of the offered price but the argument here should be the same. After all you are taking over the other (ie Pjdev) in the same exercise to merge with OSK prop as one. The price quote should be consistent.
This is what I know, in the litigation case involving Michael Chow vs Sime and second SC, on E&O over the the premium offer at rm2.30 sold to Sime by Terry, I heard the case was weighted towards Michael as the 60% premium could create precedence which can cause chaos in future deal sellling (block selling) involving management. Even if you ask me dabbling at 32 % ownership to avoid MGO can be challenge.
So coming back to PJdev, the pembangkang must come up with a good argument, and that argument should begin with the same fact that OLH want this company to build a new legacy business. If 20% growth for 2015, then be it that the current undervalue of the stock should be sold closer to the valuation if he believes 20% growth for 2015. Got it??
The minority shareholders have the courage to stand up to the majority shareholders knowing that they will lose when polling. They have sent a clear message that the majority cannot just do what they like. There are a few who like to laugh, lay "died" and attack those who have the principle to protect the interest of shareholders. I give a thumbs up for those who have walked out of the AGM. They walk back into the hall to get the rest of the resolutions pass especially on the company share buy back for the interest of all parties.
When PJD was trading at below one ringgit , a discount of almost rm 2 .00 to its NTA , why no one queried n got mad ? Obviously it's because went in to buy at a speculative high price n got burnt.!!! So must blame somebody instead of own self.
I am also a minority shareholder and also represent a group of happy minorities shareholders whom have been very happy investing in OSK and have full trust is Tan Sri Ong leadership! Just because he exercising his right to sell at lower price to Osk does not warrant or reflect the potential of PJD itself. He has his right to sell, so do you. But to curse him for exercising his right has gone beyond the limit! We all fully supported him because he protected the interest of all the companies he is controlling. He did not jeopardize the company interest. By protecting the company interest mean that all shareholders including the disgruntled shareholders all also being protected!
Before the Chairman election at the AGM, he was asked to make a commitment that as Chairman he would look after the interest of the minority shareholders and to treat them fairly. Unfortunately he gave a vague answer without that firm commitment minority shareholders were looking for. That was a reason why many voted against him.
OLH provides jobs to thousand of employees that feed their families! That itself is already Big Heart. What do you provide? Talk rubbish and tarnish good people? What is your contribution?
The 70% of the significant minority contributed money as share capital for PJD to employ the staff. OLH only 30% and same time almost whole family collecting director fees and benefits. Forgot to rebut him when he said the NTA of PJD would be lower when the WC converted to the share and share base increase.He did not mention same time PJD would collect Rm 1 cash upon the conversion !!! When shareholder criticise and condemn his action,he caution share holders not to give him threat.He miss the good opportunity to give share holders to explain his game plan.
Mr Simon pls don't twist and turn you mean this is a good deal hahaha.... I rather not say waste my time better look into the sky at least can see nice birds! If you have been smoking while writing I understand. 10 years ago almost all properties stk rise like hell, see Mahsing,KSL, setia see how many time they went up compare to PJ. This is not bcos OLH is good on the contrary I doubt his ability but I sure he know how to screw from the back very well.
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....
micky92
759 posts
Posted by micky92 > 2014-11-27 09:52 | Report Abuse
Lai..lai meeting time