I don understand also why are these pls still sabotage this counter .. really don know y they doing this .. if they don like this counter then stay away. Seems they know the management so well.. what make they think that issuing rights is to give money to directors ??? The finance books say so ?
PNB has committed to subscribe all right share at 30 sen. But it will look like a bailout if PNB to subscribe at 30 sen when market price is lower than that. PNB is still answerable to unit holders. Maybe PNB will justify the premium by saying that they are getting a MGO waiver from minority.
To be honest with you it really depends on the charter rates which depends on the cyclicality of the O&G. Cos most of the facilities are currently being employed, so the big question now will charter rates increase or not? If yes, then it should be brighter for the company
till a few qters show a positive balance sheet , good and increasing revenues and profits just stay away from this big corp manage by a bunch of makan gaji goons .. FA hopeless ..turn around takes along time and TA of falling knife... no second look kikiki..
. I am just one of the small players to follow closely with PNB/KWSP. How the company runs, I leave that to them..so that i can sleep well. Will participate in RI They are going long term, so do I. Not for short term gain. Good luck!
Most of us will agree that the management knows this business better than anyone of us. Well, take a look at their announcement and see if their principal officers have been buying or selling. This will give you an indication on the future potential of this company. Alternatively, you can attend their EGM and ask each of their management team member if they still hold any shares and if so, whether they will subscribe the right share. Do also take a look at whether the management have been buying or selling somewhere end December 14 and beginning of year 15. You will note that the management does know when to exit compared to most of us.
Thank you offshore for your comment. To me, never take the buying or selling of the management at face value. Cos some time it's just personal issues like the management wanna fund a new house or send kids to overseas for education, that they had to liquidate their position. This is just an example only
Well then go ahead and ask them then during the EGM instead of assuming. I am sure the President and CFO are still holding their IPO shares. Ask them if they will subscribe the right share. See if they will put their hard earned money where their mouth is. Ask the Head of Business Development as well. This is the person who has the first hand info whether the industry is recovering, stagnant or slumping further.
Trust me, if you have insider info of a company that will fly, you will bet into it even if you have to borrow. Forget about those personal financial issues. And the management does have all this insider info.
Simple equation - 1. They have good utilisation rate + 2. They have money now to stay afloat with PNB 3. Wait until world oil price stabilize 4. Now is time to invest while it's already hit rock bottom.
Even if you believe price is low and will bounce up one day, to be safe, better buy only after the RI is approved. Without the RI, PNB can't come in and save this company. And you will never know, historically, there were cases where RI was rejected by minority in EGM (just like how everyone thought the previous merger with Icon would happen with PNB and Ekuinas involved).
If according to my understanding, the RI will go through by end of this year, perhaps in October 2017. Even if other shareholders do not want it, PNB alone can still inject RM 1.8b into UMWOG. I may be wrong, but this is what I understand from public sources.
You should read the proposal. This RI needs minority approval. Otherwise, what is the EGM for. PNB will underwrite everything even if minority does not subscribe the RI but minority approval is needed. This is especially so as PNB is asking for MGO waiver. Hopefully some collaboration has been arranged with significant minorities like EPF and KWAP to ensure this RI will go through. Advisor should also be giving a positive recommendation soon.
offshore..RI needs minority approval?? That's a strange one. EGM is to get a simple majority approval i.e 50% + 1 share (counting only those shares of shareholders that attended in person or by proxy).
investor12345, yes PNB alone can and will inject that RM1.8B thro their rights + RCPS
UMWOG will be a darling OnG stock. I know cause I believe in Wahid. He is a serious businessman and he wouldn't have invested otherwise. Let him work his magic.
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....
UMA
692 posts
Posted by UMA > 2017-07-24 13:26 | Report Abuse
Right issue coming.....tomorrow coming...