Posted by GiveMeFive > 2016-05-30 12:56 | Report Abuse

How much weight is the IAC's recommendation in the eye of the approval authorities ?

Posted by GiveMeFive > 2016-05-30 13:54 | Report Abuse

So IPS recommends holders to REJECT the offer. The RNAV is likely to be higher than RM0.21.

Posted by jt888 > 2016-05-30 14:56 | Report Abuse

Excerpt fr the IAC :

7. CONCLUSION AND RECOMMENDATION
In arriving at our recommendation, we have reviewed and evaluated the factors which we
deemed to have significant relevance to our assessment of the Offer.
Although the Offer can be deemed reasonable, IPS is of the view that the ‘not fair’
substantially outweighs the ‘reasonableness’ as the:
(i) Share Offer Price of RM0.05 represents a significant discount of approximately 76.19%
to the RNAV per KCB Share of RM0.21. If a recent valuation was carried out on the
Bukit Unggul Land (the date of last revaluation was on 27 July 2012), the RNAV per
KCB Share is likely to be higher than RM0.21; and
(ii) Warrant Offer Price of RM0.02 represents a significant discount of approximately
39.58% over the theoretical value of the Warrant of RM0.0331.
As such, IPS recommends that the Holders REJECT the Offer.
The Non-Interested Directors, having considered the terms of the Offer and the opinion and
recommendation of the Independent Adviser, are of the opinion that whilst the Offer can be
deemed reasonable, the “not fair” substantially outweighs the “reasonable” in view that:
(i) Share Offer Price of RM0.05 represents a significant discount of approximately 76.19%
to the RNAV per KCB Share of RM0.21. In addition, if a recent valuation were to be
carried out on the Bukit Unggul Land (the date of last revaluation was on 27 July 2012),
the RNAV per KCB Share would likely to be higher than RM0.21; and
(ii) Warrant Offer Price of RM0.02 represents a significant discount of approximately
39.58% over the theoretical value of the Warrant of RM0.0331.
Therefore, the Non-Interested Directors recommend the Holders to REJECT the Offer.

Posted by TheContrarian > 2016-05-30 17:55 | Report Abuse

WarrenLim, even after delisting you can sell your shares for whatever price, even higher, to whoever wants to buy from you but you can't do it thru' bursa saham. It will be a private arrangement, just get the cds transfer forms to effect the transfer.

Posted by GiveMeFive > 2016-05-30 22:49 | Report Abuse

TheContrarian, could you elaborate a bit more on the scenario after delisting? Do you mean if the offeror really need 100% of the shares, he will have to make private arrangement with those holding the delisted shares at mutual agree price ? Thanks

Posted by TheContrarian > 2016-05-31 00:19 | Report Abuse

More than 90% compulsory acquisition invoked @ 5 sen. Between 75% to 90% Company delisted because of bursa saham public spread rule of at least 25%; after delisting no more bursa saham rules to comply. If Chen wants the remaining shares he will write directly to you (but it would be years later) and offer a price which could be 5 sen or higher or if he doesn't want any further shares, then you are stuck with shares in an unlisted company which is not marketable. If the Company declares dividend you will receive your entitlement.

Posted by TheContrarian > 2016-05-31 00:24 | Report Abuse

If after delisting you can find anyone other than Chen to buy from you, you can sell at whatever price at any time. Need to fill up the cds transfer form. Bursa saham no longer involved.

Posted by TheContrarian > 2016-05-31 00:29 | Report Abuse

To find someone willing to pay more than 5 sen is extremely difficult. Maybe that Calvin guy would want to pay more. :-)

Posted by TheContrarian > 2016-05-31 00:37 | Report Abuse

When Chen made the takeover offer, he already knew he would win because "friendly parties" have already accumulated 105 million shares over the years. Almost immediately these "friendly parties" have accepted irrevocably his offer of 5 sen and this took his threshold above 75% including FACB Industries' 5%.

Posted by GiveMeFive > 2016-05-31 05:28 | Report Abuse

TheContrarian, thanks for a clearer picture of this delisting issue.

Posted by Doggi > 2016-05-31 08:22 | Report Abuse

The problem is that the Calvin Tan (Singapore Kia Sue guy) did not know about this de-listing is going to happen, so he bought and he keeps asking you gals & guys to buy. So, this is what you gals & guys experience now.

Posted by i4investor > 2016-05-31 09:52 | Report Abuse

mean...no choice right even u don't like, the thing still will happen

Posted by GiveMeFive > 2016-05-31 10:03 | Report Abuse

If the motive of the offeror is not to acquire 100% of the shares, he don't even needed to spend a cent to get RHBIBB to initiate the takeover exercise. He can easily get his friendly parties to force the company into delisting status. Wonder why?

Posted by i4investor > 2016-05-31 10:47 | Report Abuse

how?

Posted by TheContrarian > 2016-05-31 10:59 | Report Abuse

Takeover rules require that any shareholder who owns more than 50% and intends to buy more than 2% must make a general offer to all remaining shareholders unless he obtains an exemption from SC.

Posted by TheContrarian > 2016-05-31 11:02 | Report Abuse

Takeover rules also require an investment bank to be appointed to ensure all procedures are properly carried out.

Posted by TheContrarian > 2016-05-31 11:04 | Report Abuse

Actually Chen can apply for exemption of the 25% public spread rule to keep the Company listed but he doesn't want to do so.

Posted by GiveMeFive > 2016-05-31 11:15 | Report Abuse

With the announcement of the revised NTA of no less than RM0.21, hopefully a foreign fund with buy up all the "dirt" cheap shares from the market.

Posted by leemei > 2016-05-31 11:21 | Report Abuse

don't sell first unless the offeror can acquire 90% of the shares

Posted by GiveMeFive > 2016-05-31 11:22 | Report Abuse

Hi, thanks to care to explain why Chen needed to use the service of RHBIBB. Care to share your option? :)

Posted by leemei > 2016-05-31 11:58 | Report Abuse

i will waiting for fuher announcement, you can refer the star, the edge & nanyang newspaper dated 30th May

Posted by ReturnInvestor > 2016-05-31 12:16 | Report Abuse

Will there a battle going on? Will it create a win-win situation?

Posted by TAH > 2016-05-31 12:33 | Report Abuse

Just hold tight till the next offer. tell to Dr Chen we are not HAK YEE

Posted by GiveMeFive > 2016-05-31 12:54 | Report Abuse

A kaki of mine was very upset about this unfair takeover and bet to fight till fairness prevails even meaning RM25,000 (5,000 lots x 0.05) vaporized.

Posted by TAH > 2016-05-31 13:00 | Report Abuse

I hope Dato Dr Yu Kuan Chon of YNH come into picture.

Posted by Mowwwa > 2016-05-31 13:05 | Report Abuse

Y VOL COMING?

Posted by Mowwwa > 2016-05-31 13:10 | Report Abuse

In addition, the Board wishes to announce that KCB has today received a press notice from RHBIB, on behalf of the Offeror, informing that the Offeror does not intend to revise the offer price of RM0.05 per Offer Share and RM0.02 per Offer Warrant in relation to the Offer. Please refer to the attached press notice for further details.

Posted by Mowwwa > 2016-05-31 13:11 | Report Abuse

ARE THEY BUYING TO MAKE IT 25% OF HOLDING?

Posted by Mowwwa > 2016-05-31 13:11 | Report Abuse

n respect of the valid acceptances received from the accepting holders for the Offer thus far, the Board wishes to announce that KCB has today received a press notice from RHBIB, on behalf of the Offeror, informing that the percentage of public shareholding spread of the Company as at 25 May 2016 is 23.85%. Consequently KCB is deemed not in compliance with the public shareholding spread requirement under Paragraph 8.02(1) of the Listing Requirements which stipulates that a listed issuer must ensure at least 25% of the total listed shares (excluding treasury shares, if any) are in the hands of public shareholders.

Posted by Mowwwa > 2016-05-31 13:25 | Report Abuse

IF NO SELLER AT 5C THE MGO COULD NOT BE DONE. AM I RIGHT? UNLESS HE MAKE NEW OFFER

Posted by GiveMeFive > 2016-05-31 13:50 | Report Abuse

Chen has all the rights to takeover a listed company. He sure won and even be honoured if he care about the minority shareholders.

Posted by taitaumau > 2016-05-31 15:15 | Report Abuse

In the event, say DR Chen and his PAC (FACB) fail to hold > 90%
of the issued & paid-up capital in KCB

May i share with you the following bursa listing requirements:

CONTINUING LISTING CRITERIA
8.02 Compliance with shareholding or unit holding spread requirement

(1) A listed issuer must ensure that at least 25% of its
total listed shares (excluding treasury shares) or listed
units are in the hands of public shareholders or unit holders.
The Exchange may accept a percentage lower than 25% of
the total number of listed shares (excluding treasury
shares) or listed units if it is satisfied that such
lower percentage is sufficient for a liquid market in such
shares or units.


16.06 Request for withdrawal

(1) A listed issuer may not request to withdraw its listing
from the Official List, unless -

(a)the listed issuer convenes a general meeting to obtain its
shareholder or unit holder approval and a separate meeting
for the approval of the holders of any other class of listed
securities, if applicable
(b)the resolution for the withdrawal of its listing is
approved by a majority in number representing three
fourths in value of the shareholders or unit holders and
holders of any other class of listed securities, if applicable,
present and voting either in person or by proxy at the
meetings and provided that such shareholders or unit
holders and holders of any other class of listed securities
who object to the withdrawal is not more than 10% of the
value of the shareholders or unit holders and holders
of any other class of listed securities present and
voting either in person or by proxy. Where the
constituent document of the listed issuer imposes a stricter
condition in respect of the votes required to approve the
withdrawal of listing, such stricter condition will apply in
substitution of the foregoing provision;
(c) the shareholders or unit holders and holders of any other class
of listed securities, if applicable, are offered a
reasonable cash alternative or other reasonable
alternative (“exit offer”); and
(d) the listed issuer appoints an independent adviser,
which meets the approval of the independent directors, to
advise and make recommendations for the consideration of
the shareholders or unit holders and holders of any other class
of listed securities, if applicable, in connection with the
withdrawal of its listing as well as the fairness and
reasonableness of the exit offer.

Under the above scenario, based on my understanding:-

(1) Bursa may let KCB to maintain its listing status
(2) DR Chen/PAC may fail to obtain majority in number of members in EGM
(3) Exit offer usually will not be lower than 5 cents per share
(3) Last resort, minority shareholders can take up exit offer

Posted by firehawk > 2016-05-31 15:54 | Report Abuse

today chan lip keong buy from open market @0.05 ah?

Posted by TheContrarian > 2016-05-31 16:29 | Report Abuse

Those shareholders who refuse to sell @ 5 sen can take matter to court to ask for a higher more reasonable price. However, you need to appoint a solicitor and pay the solicitor unless he willing to work for free (like the late Karpal Singh) but if you lose the case, court can award costs against you.

Posted by pvjsabah > 2016-05-31 16:46 | Report Abuse

Exactly who are you The Contrarian.....for someone who sold all his shares a long time ago......you have a lot to say to us . SO do you want us all to accept the DR's offer and not put up a stand.....you have some interesting points but your intentions seem rather dubious.......just an observation......... but is your intentions are well meant.....I thank you.

Posted by TheContrarian > 2016-05-31 17:47 | Report Abuse

Now I just a busybody lah trying to provide information/options/alternatives/warnings to you people but at the end of the day it's all your decision.

Posted by pvjsabah > 2016-05-31 18:22 | Report Abuse

True...... Just thought you were working for the Doc.......at least it seemed like......

Posted by TheContrarian > 2016-05-31 18:25 | Report Abuse

To frustrate Chen you need to collectively own 20% and then make a takeover bid of FACB Industries which owns over 5%. I don't think any group of people has the financial resources to fp that.

Posted by pvjsabah > 2016-05-31 18:37 | Report Abuse

Ok...... Thank you

Posted by GiveMeFive > 2016-05-31 19:21 | Report Abuse

Victim of delisted companies, my friends you are not alone lah :(

Posted by TheContrarian > 2016-05-31 19:37 | Report Abuse

But we must learn from it and not to be a victim again. Bursa saham and SC don't really protect the interest of the minorities.

Posted by GiveMeFive > 2016-05-31 21:02 | Report Abuse

This double takeover is too glaring that the minority shareholders are bring cornered and unfairly treated. If not careful, the IPS's IAC could render the authorities to disapprove the takeover and derail this plan.

Posted by George99 > 2016-06-01 20:24 | Report Abuse

Thecontrarian. Ur information is not all correct.

Posted by hon vui chin > 2016-06-02 10:43 | Report Abuse

We just do not know what is cooking!

Posted by lhm3061 > 2016-06-03 11:15 | Report Abuse

sin chew daily... cover...sunsuria city... maybe the boss want cooking land...cau kbunai got land... neardy....ayoayo....

Posted by Mowwwa > 2016-06-03 14:20 | Report Abuse

so end of karamhunai ...

Posted by Mowwwa > 2016-06-03 16:36 | Report Abuse

Goreng?

Posted by Mowwwa > 2016-06-03 16:48 | Report Abuse

Whos buying at 5.5c for 13m share? I dont understand...the offer just was 5c

Posted by prudentinvestor > 2016-06-06 19:57 | Report Abuse

Maybe Chen is buying. The independent adviser has advised small shareholders to reject the 5 sen per share offer. As of 26/05/16, 23.86% of KBunai shares were still being held by the public. Chen needs to own at least 90% of KBunai shares for the unconditional voluntary take over offer to become successful.

Posted by Mowwwa > 2016-06-07 01:22 | Report Abuse

2 more day left...can he?