mandatory cause they have 33% right? How does this impact retail shareholders who are unwilling to accept the offer? I thought they needed like 90% interest?
Wah....everyday OLH thru OSKH is buying PJD. How come no one join in the party and buy, push up the price. At this rate PJD is going to belong to OLH. minority fighting a losing battle.
To all shareholders: Please do not sell your share to OLH!!! If he failed then PJD will keep listed then the price will back to RM2 at least....actually both conditions to OLH also he win....as he managed to buy in so cheap price for PJD since last yr till now.....he may purposely make it failed...so that his PJD share price on hand also will earn a lot!!! Both conditions he will be the biggest winner!!! But for us as minority, we must stand firm not to delist it then only we all can win together when the price back to RM2!!!
RHBIB, on behalf of the Board, wishes to announce that, the shareholding of the Offeror, namely OSK Holdings, in PJ Development has exceeded 33% of the issued and paid-up share capital of PJ Development (excluding treasury shares) as at 5.00 p.m. on 4 August 2015 as a result of a series of acquisitions of PJ Development Shares by the Offeror from 20 July 2015, being the date of the notice of conditional voluntary take-over offer on PJ Development ("PJ Development Offer") ("Notice of PJ Development"), to 4 August 2015. Pursuant thereto, the Offeror has triggered the mandatory take-over offer obligation under the Malaysian Code on Take-Overs and Mergers, 2010 ("Code").
In view of the above, the present voluntary take-over offer on PJ Development has become a mandatory take-over offer ("MGO") in accordance to Paragraph 14.1 of Practice Note 9 of the Code. The Board wishes to confirm that the terms and conditions of the PJ Development Offer as set out in the Notice of PJ Development will remain the same under the MGO.
When OSK has acquired 90% of PJD, then only we have to sell it mandatorily as otherwise PJD may be delisted from Bursa. Right now, it is a long way to 90%.
With over 33% now, OSK has to undertake MGO at RM1.56 for PJD. This is to say that OSK has to take our shares at RM1.56 if we decide to sell our share. We have the option not to sell. PJD will remains listed and we can continue to enjoy the growth and dividend from PJD.
I believe OSK is all out to acquire more than 50% of PJD in order to make PJD a subsidiary of OSK. And for this to happen, there is a good chance for OSK to be forced to offer a higher price than RM1.56 when their MGO exercise fails to acquire over 50% of PJD.
Even if general market drops another 100 points or more, we are assured of RM1.56 as the bottom line.
Looking at the general Bursa market today, PJD has stayed near the MGO price as it should. In comparison, OSK has now dropped below RM1.70. I am glad that I cautioned people at this forum earlier not to sell PJD to buy OSK. Personally, I was lucky that I managed to sell my OSK before the Ex and swapped over to PJD WC.
don't sale it, OLH owned 33% of the PJDEV stock. The acquisition may not be 100% successful. if the price is not acceptable by majority, eventually they will need to increase the offer price..
I received the PJDEV and PJDEV-WA forms yesterday, Throw it to dustbin d as the offer is unacceptable. KLCI market big drop but it seem like PJDEV/PJDEV-WA price stand firm at this level. this is the bottom line we know we wont lost much d. But if the take over not successful. we will get reward handsomely . The document also mentioned that OSK already bought some stock from PAC and via Open Market.
dun you all afraid that if takeover not success ... the price may drops further, may that old man will do something scare people to throw their shares?
I think I will sell my share to OSK under current market condition..I have no confident that PJD will stay at 1.56 after the offer end by end August. With such bad market climax... Some more Bersih 4.0 will take place soon and US interest rate may rise very soon.. Many other property counters have undergo correction this week... Despite market drop for 100+ points and PJD stay at 1.55, but why??? based on announcement we know it is because OSK is putting big purchase order at 1.54 and 1.55 for the take over... it stay at it current level because of the take over.........
Yes. I do think the offer is undervalue with the land banks etc, but now more and more counters are undervalue and soon may be even more undervalue if crisis happened... Will PJD EPS stay at current level if Malaysia go into crisis? Will the product of PJD cont to sell like hot cakes? Or they will hold on to their unsold properties/land bank as there is less buyer in the market?
the market sentiment is really bad ... and i have been influence with it to sell PJ Dev... I kept this counter since 1 year ago when which I bought it at 2.12 ....
I also had sold my PJD mother share at 1.55. but I swap some of the cash to buy the WC at 59 cents. With conversion rate of 1 to 1 and exercise price of 1 rm.. also it will only due by end 2020... still long time to go.. I hope it can recover my loses on the mother share... with the offer end, I hope the premium of WC will back to 20-30% for warrant which still have 5 years validity.......
MIDF report will be out on Thursday since the dateline for them to produce the report will be 20th August. Don't be suprised if MIDF says the offer is 'fair' since the valuation of property stocks has come down eventhough the NTA is higher than the offer price. Just wait and see.
OSK managed to get add another 9 percent from the intial 31% holdings in PJDEV. Their target probably to get 50% of the shareholding.The current market has also work in their favour.
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....
sephiroth
14,145 posts
Posted by sephiroth > 2015-08-03 16:31 | Report Abuse
last week osk sudan makan 2.2m shares, baru sapu another 100k at 1.55