|Last Price ||Avg Target Price || Upside/Downside ||Price Call |
|0.90 ||1.21 || +0.31 (34.44%) || |
|* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.|
|** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).|
|Date ||Open Price ||Target Price ||Upside/Downside ||Price Call ||Source ||News |
|02/04/2014 ||0.895 ||1.25 ||+0.355 (39.66%) ||BUY ||KENANGA || |
|21/03/2014 ||0.93 ||1.25 ||+0.32 (34.41%) ||BUY ||KENANGA || |
|21/03/2014 ||0.93 ||1.31 ||+0.38 (40.86%) ||BUY ||AMMB || |
|20/03/2014 ||0.925 ||0.90 ||-0.025 (2.70%) ||SELL ||CIMB || |
|14/03/2014 ||0.86 ||1.25 ||+0.39 (45.35%) ||BUY ||KENANGA || |
|04/03/2014 ||0.885 ||1.31 ||+0.425 (48.02%) ||BUY ||AMMB || |
|03/03/2014 ||0.885 ||1.25 ||+0.365 (41.24%) ||BUY ||KENANGA || |
|03/03/2014 ||0.885 ||0.83 ||-0.055 (6.21%) ||SELL ||CIMB || |
|18/12/2013 ||0.98 ||1.31 ||+0.33 (33.67%) ||BUY ||AMMB || |
|13/12/2013 ||1.01 ||1.25 ||+0.24 (23.76%) ||BUY ||KENANGA || |
|13/12/2013 ||1.01 ||0.93 ||-0.08 (7.92%) ||SELL ||CIMB || |
|13/12/2013 ||1.01 ||1.31 ||+0.30 (29.70%) ||BUY ||AMMB || |
|10/12/2013 ||1.03 ||1.31 ||+0.28 (27.18%) ||BUY ||AMMB || |
|27/11/2013 ||1.00 ||1.39 ||+0.39 (39.00%) ||BUY ||KENANGA || |
|27/11/2013 ||1.00 ||1.10 ||+0.10 (10.00%) ||HOLD ||CIMB || |
|27/11/2013 ||1.00 ||1.31 ||+0.31 (31.00%) ||BUY ||AMMB || |
|26/11/2013 ||1.01 ||1.31 ||+0.30 (29.70%) ||BUY ||AMMB || |
|29/10/2013 ||1.19 ||1.94 ||+0.75 (63.03%) ||BUY ||KENANGA || |
yeketou Not sure if i read correctly, why so many disposal by substantial shareholder recently?
Taugeh Of course the price will drop lah, try to imagine these guys collectively disposed 45 millions @ 0.77 per share. isn't it wired? i would give it a second thought, why? Why at 0.77? To whom it may concern?
9 Apr 2014 BENALEC Foo Polin Disposed 45,000,000
9 Apr 2014 BENALEC Datuk Leaw Ah Chye Disposed 45,000,000
9 Apr 2014 BENALEC Oceanview Cove Sdn Bhd Disposed 45,000,000
9 Apr 2014 BENALEC Oceancove Sdn Bhd Disposed 45,000,000
9 Apr 2014 BENALEC Dato' Leaw Seng Hai Disposed 45,000,000
can someone generous enough to broaden my horizon here. :)
Taugeh I couldn't figure it out thus far; therefore, I am just sitting on the sideline hoping for the durian to drop until it touches ~0.77 or else I just keep watching. I wouldn’t be surprised if it down trenches any further before it actually rebounds in the future.
Taugeh I mean - when it really rebounds 20 to 30 % based on the current closing price....
taciturn The 45 million shares disposed was only by Oceancove Sdn Bhd. The four other parties listed above include Oceancove's ultimate holding company (Oceanview Cove Sdn Bhd), as well as the shareholders of both Oceancove directly (Foo Polin, Leaw Ah Chye & Leaw Seng Hai) and shareholders of Oceanview Cove (Leaw Ah Chye & Leaw Seng Hai).
The way you listed it above makes it seem like each of them disposed off 45 million shares individually. :P
If it was one single party/company buying the shares, we should find out over bursa announcements tomorrow after the end of trading (bursa regulations require disclosures within 7 days).
It is also possible that it could be delayed to Friday as some parties interpret the disclosure rulings to be 7 working days instead of 7 days flat.
Until then, it's purely guesswork as to why the shares were transacted at a 15% discount to market price. These are following (plausible) reasons that are possible. Take your pick:
1) Strategic investor - not unheard of for large stakes to be sold at a discount if they'll bring brand name/expertise to the table
2) Institutional investor - as per above, but more for credibility purposes.
3) Royalty - considering the fact that Benalec's Johor concessions are shared 70-30 with members of the Johor royal family, also plausible that they might come in at the holding company level. And if it's royalty, heh discounts is very plausible.
1) The major shareholders require a cash call of some sort for their _personal_ (not Benalec) needs. I.e. they could have loan facilities at either holding company or directly in their names. If it's only in one of their names, such a sale would of course require the agreement of the other two members of the family who own shares. Note that any such facilities doesn't seem to involve margin/pledging of their shares (almost all their shares are directly owned by Oceancove Sdn Bhd - not under a nominee account). A direct business transaction (unlike 2 below) is preferable since it doesn't cause as many waves as an open market sale.
2) Cashing out of the major shareholders - whilst unlikely, it's possible. I.e. if they were to dispose it off over the open market, upon disclosing it to bursa everyone would know. An open market sale (for a company rebuilding it's credibility) is usually a prelude to a cash out. But selling it through a direct business transaction to just a few buyers (in this case up to 4, since the 45 million was done through 4 trades) at a discount might be used to cloak this.
If you're a rabid naysayer for this company (a certain troll on this forum is one of them) you'd probably take option number 2 under "The Bad".
Take your pick. I've probably missed out some other plausible explanation (can't think of any others though).
Will throw in a bone for those who believe in one of The Good" options though. If the major shareholders really are cashing out, it was rather foolish of them to report the sale to bursa announcements the very same day it happened. (the earliest they could have done so - although a certain troll seems to believe that the announcement should have been done the very second it went through)
They could have taken on the 7 day disclosure rules and continued to sell out (direct business trades or open market) on April 10, 11, 14, 15 and 16 and then disclosed their initial sale at the end of trading on April 16. By then with a bit of fiddling they could have reduced their stake substantially.
Finally, they sold it at 77 sen. Has the share come down near that level since then? Keep in mind, buying a substantial stake in a company at premium does not necessarily mean the share price will advance to that level. Neither does selling at a discount mean that it should go down there either.
wanderabara Buy only when I breaks the triggering line...
wave5505 Lets start the wave...
kurangmanis taciturn, thank you so much for the explanation.
Kukuman Disposing 45 mil shares is to save their own arse. it is shareholding realignment to resolve their bitter mess. there are more than meet the eyes on the shares disposal. it is stupid to believe the contrary.
jenabchen123 Kena squeezeddd...............