Posted by multi530 > 2017-12-12 11:12 | Report Abuse

if warrant holders accept HSS'offer, 56.43% outstanding warrant x 0.20 0.19 (if hss convert it)

Posted by multi530 > 2017-12-12 11:24 | Report Abuse

assuming all warrant holders accept the offer, minimum for HSS to pay is RM36.4m.

Posted by multi530 > 2017-12-12 11:26 | Report Abuse

if he want to convert all the warrant into mother share, he need to come out with additional money abt RM61.2m.

Posted by multi530 > 2017-12-12 11:30 | Report Abuse

Considering number of issued share in total & the additional RM61.2m , it's look like not cost effective at all. just my 2 sen opinion.

Posted by simon2020 > 2017-12-12 11:53 | Report Abuse

Recap...
"The premium for the Ordinary Shares (with voting and dividend rights & no expiry date) is only 20.55% to 5 days the VWAP i.e from 31.5 sens to 38 sens, while the Warrants (no voting and dividend rights expiry date 5 June 2018, exercise 18 sens (1:1) to convert to Ordinary Share) gets a premium of 45.02% to the 5 days VWAP i.e from 13.5 sens to 20 sens.

Hovid Warrants B - expiry date 5 June 2018, exercise 18 sens (1:1) to convert to ordinary share.
http://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=72...

Why the offerors gave a higher premium of 45.02% for Warrants compared to only 20.55% for Ordinary Shares?, why the disparity in premium offered for Warrants & Ordinary Shares?, if they offer the same premium of 45.02% for Ordinary Shares, the offer price should be 45 sens.

e.g.
1. If they raise the offer price to 41 sens, the extra 3 sens payable (RM0.03 x 544,085,171) only cost extra RM16.32 million, in Singapore Dollars only $5.94 million.
2. If the offer price is 45 sens, the extra 7 sens payable (RM0.07 x 544,085,171) only cost extra RM38.05 million, in Singapore Dollars only $12.55 million

Mind you this is a privatisation exercise, meaning the medium and the long-term shareholders would be deprived of the future benefits through better share price and dividends in future should the privatisation be successful and their shares are taken over through a mandatory offer, if they achieve 90% at the current offer price of 38 sens for ordinary shares."

Posted by multi530 > 2017-12-12 11:56 | Report Abuse

Simom2020, will uattend AGM?

Posted by simon2020 > 2017-12-12 12:07 | Report Abuse

AGM is in Ipoh on Tuesday, 19/12. It's better for those in Perak to attend...

Annual General Meeting
Date & Time 19-Dec-2017 10:30
Depositor Date 11-Dec-2017
Venue Conference 1
Level 2, Weil Hotel
292 Jalan Sultan Idris Shah
30000 Ipoh
Perak Darul Ridzuan

Posted by Syndicates > 2017-12-12 12:31 | Report Abuse

warrant in collection at 19.5sen, one bid discount to offer price

Posted by simon2020 > 2017-12-12 15:09 | Report Abuse

HSS original shareholding 33.72%
Fajar Astoria shareholding 23.56% (as of 19 Nov)
33.72 + 23.56 = 57.28%
Fajar Astoria shareholding 26.87% (as of 11 Dec)
33.72 + 26.87 = 60.59%
% increase after 23 days = only 3.31% (as of 11 Dec)

Looks like those who transferred their shares to HSS earlier, is in for a long wait for their cash...also the open market acquisition @RM0.37 selling volume has dropped on a daily basis...if HSS wants to achieve at least 75% by 29 Dec...he needs to increase the buying price asap!...

Direct (%) 26.87
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Total no of securities after change 220,573,406
Date of notice 11 Dec 2017

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5633485

Posted by PenguinDad > 2017-12-12 15:21 | Report Abuse

Wow!

Posted by sitia > 2017-12-12 15:59 | Report Abuse

simon2020, why do you quoted in Sg dollar? U from Sg?

Posted by simon2020 > 2017-12-12 16:55 | Report Abuse

Currently 1USD = RM4.078
e.g.
1. If they raise the offer price to 41 sens, the extra 3 sens payable (RM0.03 x 544,085,171) only cost extra RM16.32 million, in USD only USD$4.00 million.
2. If the offer price is 45 sens, the extra 7 sens payable (RM0.07 x 544,085,171) only cost extra RM38.05 million, in USD only USD9.33 million

But don't delay too long with the revised offer, since Malaysia GDP has gone up to 6.2% and crude oil price is increasing, the RM will strengthen further and the Offerors may end up paying more if the Privatisation Exercise drags into next year! They may end up penny wise but pound foolish..
p.s. quoted earlier in Sing Dollars because we thought Tael Partners was based in Singapore..

Posted by PenguinDad > 2017-12-12 16:57 | Report Abuse

TAEL PARTNERS is base in Singapore n their directors could be related to UOB.

Posted by PenguinDad > 2017-12-13 08:51 | Report Abuse

Her name appear in Fajar Astoria

Ms. Loong Mei Yin,
Deputy Chief Executive Officer

Overseeing investments in Malaysia, Thailand and Myanmar

Mei Yin, with her over 20 years’ experience working with a diverse range of business groups in Malaysia and Thailand, has spearheaded TAEL's investments in these two countries. She also initiated the launch of TAEL Tijari, our Shari’ah compliant fund which co-invests with TAEL One and Two.

Before co-founding TAEL, she headed the Thai investment banking team of UOB Asia. She was instrumental in partnering with Thai families to regain control of their businesses and expand their platforms by making strategic acquisitions after the Asian financial crisis. She started her career in 1992 and during her tenure in Schroders Malaysia and subsequently as an executive director in UOB Asia, she spearheaded a substantial number of domestic/cross-border debt and equity capital market transactions for Malaysian and Thai business groups. Mei Yin is also leading TAEL's investments in Myanmar which is a new market focus.

Mei Yin holds a Bachelor of Science degree from Monash University, Australia, majoring in accounting, finance and computer science. She is a CFA charter holder.

Posted by Syndicates > 2017-12-13 11:03 | Report Abuse

seems like better offer will be announced soon

Posted by simon2020 > 2017-12-13 11:26 | Report Abuse

Finally..some good sense has prevailed..looks like there might be a better offer coming along? as the open market purchase price has increased a bit..with the first deadline on 15 December coming soon?

Posted by PenguinDad > 2017-12-13 11:31 | Report Abuse

What is the offer price that is reasonable? RM0.80?

Posted by simon2020 > 2017-12-13 11:39 | Report Abuse

The hints has been given in the illustrations below...

Why the offerors gave a higher premium of 45.02% for Warrants compared to only 20.55% for Ordinary Shares?, why the disparity in premium offered for Warrants & Ordinary Shares?, if they offer the same premium of 45.02% for Ordinary Shares, the offer price should be 45 sens.

e.g.
1. If they raise the offer price to 41 sens, the extra 3 sens payable (RM0.03 x 544,085,171) only cost extra RM16.32 million, in Singapore Dollars only $5.94 million.

2. If the offer price is 45 sens, the extra 7 sens payable (RM0.07 x 544,085,171) only cost extra RM38.05 million, in Singapore Dollars only $12.55 million

Posted by Wuzy > 2017-12-13 11:54 | Report Abuse

expect going break 38 cents? :/

Posted by Syndicates > 2017-12-13 12:00 | Report Abuse

warrant offer price must be in par with mother's offer price isnt? take into consideration of the exercise price.

Posted by multi530 > 2017-12-13 12:03 | Report Abuse

wuzy, dun break so fast... still collecting it 0.38

Posted by hovid > 2017-12-13 12:05 | Report Abuse

Wow...0.38 ady... If i sell today, am i still can go for AGM next week?

Posted by multi530 > 2017-12-13 12:10 | Report Abuse

hovid, why u want to attend agm? free何人何pack? :)

Posted by Wuzy > 2017-12-13 13:11 | Report Abuse

Just hold, expect price will break 40 cents IF David Ho has strong determine to privatize his company.

Posted by PenguinDad > 2017-12-13 13:26 | Report Abuse

They are fishing right now. Don't get hooked!

Posted by PenguinDad > 2017-12-13 14:01 | Report Abuse

More buying becos expect price to adjust upward.

Posted by simon2020 > 2017-12-13 15:55 | Report Abuse

They need to do better and increase the offer price to obtain at least 10 million shares per day to increase 1%.

Even after increasing the open market purchase price to 38 sens today..they only managed to obtain about 1,585,800 shares atm. I don't think they will convert the warrants which adds to their costs and dilutes the existing share base..

Current HSS shareholding:
33.72 + 26.87 = 60.59%

Posted by simon2020 > 2017-12-14 00:09 | Report Abuse

(According to latest 2017 Annual report, Hovid still has retained earnings of RM70,395,000, Reserves of RM39,748,000 and Cash & Deposit of RM15,864,000)
If all the retained earning & reserves are capitalised as Bonus shares, based on 820.889,000 shares issued, each ordinary share is entitled to RM0.1341 of the Retained Earnings and Reserves!

If the offer price is 45 *sens, (32 Sens based on 5 Days VWAP + 13.41sens - share of retained earnings + reserves) the extra 7 sens payable (RM0.07 x 544,085,171) only cost extra RM38.05 million, in USD only $9.24 million.

Actually if you deduct the shares originally owned by HSS (33.72%), the actual out of pocket expenses to HSS only cost extra RM38.05 x 0.6628 = RM25.22 million, in USD only $9.24 x 0.6628 = 6.12 million. HSS pays extra RM25.22 million to get hold of Hovid's retained earnings of RM70,395,000, Reserves of RM39,748,000 and Cash & Deposit of RM15,864,000 = RM126,007,000)

Posted by simon2020 > 2017-12-14 12:54 | Report Abuse

Don't forget! Tomorrow is D-Day..if no further announcements or price increase..confirm won't achieve 75% by 29 December..so what's next?

Posted by sitia > 2017-12-14 15:35 | Report Abuse

They will adjust the price???

Posted by simon2020 > 2017-12-14 15:53 | Report Abuse

If cannot achieve 75% just abandon the privatisation exercise and let's all enjoy the fruits of labour from our investment in Hovid, as Malaysia GDP is growing, bursa is already 1,755.82 points, crude oil and RM is up and foreign investors is coming back...we are sure Hovid share price will continue to rise soon...

KUALA LUMPUR, Dec 14 — Malaysia’s 2017 gross domestic product (GDP) is projected to grow at 5.8 per cent, year-on-year, the highest annual growth rate since 2014, said World Bank Group, Malaysia and Thailand, director for regional partnerships Dr Ulrich Zachau.

He said the World Bank expected the economy to remain strong in 2018 and projected a growth of 5.2 per cent.
http://www.themalaymailonline.com/money/article/world-bank-sees-malaysias-2017-gdp-growth-at-5.8pc#eMRcfXiwzbk0rWvA.97

Posted by sitia > 2017-12-14 16:04 | Report Abuse

I don't mind keeping the shares too. I'll be happy to collect low too.

Posted by Syndicates > 2017-12-14 16:57 | Report Abuse

wah!

Posted by Syndicates > 2017-12-14 19:58 | Report Abuse

Good trick! Lastly he will acquire all stakes. He will let the stock free falling until you surrender. Even if he acquired 75%, he will not distribute dividend and you have no power to force him because you only own less than 1%.
He is a smart guy (cunning type)

Posted by sitia > 2017-12-14 20:10 | Report Abuse

We refer to the announcements dated 9 October 2017, 30 October 2017, 9 November 2017, 17 November 2017, 20 November 2017, 22 November 2017, 23 November 2017, 4 December 2017 and 5 December 2017 in relation to the Offer.



We wish to announce that Hovid has received the Press Notice from CIMB Investment Bank Berhad, on behalf of the Joint Offerors informing that the Acceptance Condition for the Offer has been revised to the condition that:



The Joint Offerors receive, on or before the Final Closing Date, acceptances by the Holders of the Offer Shares, which will result in the Joint Offerors holding in aggregate (together with such Shares that are already acquired, held or entitled to be acquired or held by the Joint Offerors) at least 67% of the total Shares (“Final Acceptance Condition”).



A notice of the Final Acceptance Condition will be despatched to Holders on 15 December 2017.



For the avoidance of doubt, the closing time and date for the acceptance of the Offer will remain on the Final Closing Date, i.e., 5.00 p.m. (Malaysian time) on 29 December 2017, being 14 days from the date of the posting of the Final Notice of Revision. Save for the Final Acceptance Condition and the Final Closing Date, all other details and the terms and conditions of the Offer remain unchanged.



In accordance with Paragraph 13.01 of the Rules, the detailed disclosure on the level of acceptances of the Offer as at 5.00 p.m. (Malaysian time) on Thursday, 14 December 2017 is set out in the Press Notice.



This announcement is dated 14 December 2017.

Posted by sitia > 2017-12-14 20:13 | Report Abuse

HUH, they have reduced the holding acceptance to 67% (as final acceptance condition)

Looks like they're not redo/ increase the price.

Thats sad!

Posted by hoplanner > 2017-12-14 20:38 | Report Abuse

5.71% more to achieve 67%

Posted by sitia > 2017-12-14 20:51 | Report Abuse

Yes hoplanner...not far

Posted by sitia > 2017-12-14 20:52 | Report Abuse

simon2020, what do you think now?

Posted by multi530 > 2017-12-14 21:21 | Report Abuse

sitia, i have diff opinion. if they not going to increase price what for they revised the condition of acceptance to 67% only. why not even lower to 60%.

Posted by multi530 > 2017-12-14 21:26 | Report Abuse

this not a playing sand activity 玩泥沙, the fees of independent and the non independent advisory are not cheap.

Posted by PenguinDad > 2017-12-14 21:35 | Report Abuse

still long way n wait for new offer. try to use words to scare those small shareholders again. same old tactic.

Posted by Daily8 > 2017-12-14 21:45 | Report Abuse

Penguindad, how so please explain ? This is final acceptance and no offer raised

Posted by hoplanner > 2017-12-14 22:21 | Report Abuse

Offerers hv exhausted all means to attract shareholders to accept their offer. First the extension of datelines (2nd time extended to 29/12) then 15/12 being the last opportunity to up the offer price but they chose to stay at old offer .

If by 29/12 still cannot achieve 66%, then the whole exercise is over.

Multi530 said it is an expensive exercise, so I think they will succeed

Posted by Huatlar > 2017-12-14 22:21 | Report Abuse

they just want the share who already accept their offer even they can't achieve to 75% to delist from market. am i right sifu simon2020

Posted by sitia > 2017-12-14 22:32 | Report Abuse

1)38 is their final price. They will not UP the price anymore.
2) another is only 5.71% to reach their 67% goal

How much shares represented by 5.71% please? Someone?

Posted by simon2020 > 2017-12-15 00:15 | Report Abuse

Yes, with only 67%, HSS just want to keep those shares who already accept their offer at 38 sens as with the 26.87% collected so far, they already entitled to 26.87% of Hovid's retained earnings of RM70,395,000 and Reserves of RM39,748,000.

PART C – WITHDRAWAL OF LISTING AND DE-LISTING BY THE EXCHANGE
16.05 Withdrawal of listing
(1) The Exchange may grant a listed issuer’s request for withdrawal from the Official List.
(2) The Exchange will notify the SC of any decision to approve a request for withdrawal from the
Official List.
16.06 Request for withdrawal
(1) Subject to paragraph 16.07, 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 and the circular sent to the shareholders or unit holders
and the holders of any other class of listed securities includes the information set out
in Part A of Appendix 16A. The draft circular must be submitted to the Exchange
together with a checklist showing compliance with Part A of Appendix 16A;
(b) the resolution for the withdrawal of its listing is approved by a majority in number
representing three fourths (75%) 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;
http://www.bursamalaysia.com/misc/system/assets/5001/listing_requirement_main_market_ch

Posted by simon2020 > 2017-12-15 00:37 | Report Abuse

While it is true they may not increase the offer price above 38 sens for those who have accepted their Offer. Those shareholders who have not accepted their Offer can continue to trade on Bursa and obtain better price than 38 sens depending on market demand, as with only 67%, HSS can no longer apply to delist Hovid.

In the short term to 29 December, in order achieve at least 67% in order to keep the shares of those who have accepted HSS's offer earlier, the share price of Hovid may increase higher than 38 sens due to supply and demand situation.

1% of Hovid is approximately 10 millions shares so in order to obtain 5.71%, HSS needs 57.1 million shares. The daily open market purchase by HSS ranges from 958,000 to 3,702,500 shares. With 10 market days to 29 Dec., HSS needs to race to collect at least 5,710,000 shares daily to achieve it. The fastest way to obtain 5.71% is to increase the open market purchase price above 38 sens. This is cheaper than making a general share price increase (Offer Price) for 67% - 33.72% = 33.28% shares.

Posted by sitia > 2017-12-15 06:07 | Report Abuse

Simon2020, after reading your explanation supported by the regulation on PART C, I must thank you with a hug. Due to the strenuous amount of time and money being invested in Hovid, the JO need to act fast to acquire the shares in a duration of les s than 15 days. They need to omit Saturday and Sunday too. I wish Hovid a very good luck provided an offer of 45 cents, I’ll definitely shake my hands with you.

Posted by PenguinDad > 2017-12-15 08:31 | Report Abuse

A lot of small shareholders going to be con by the new announcement.