taitaumauIn 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
firehawktoday chan lip keong buy from open market @0.05 ah?
TheContrarianThose 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.
pvjsabahExactly 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.
TheContrarianNow 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.
pvjsabahTrue...... Just thought you were working for the Doc.......at least it seemed like......
TheContrarianTo 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.
GiveMeFiveVictim of delisted companies, my friends you are not alone lah :(
TheContrarianBut 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.
GiveMeFiveThis 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.
George99Thecontrarian. Ur information is not all correct.
MowwwaWhos buying at 5.5c for 13m share? I dont understand...the offer just was 5c
prudentinvestorMaybe 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.
oldchinamanhe is too greedy, his nagocorp listed in hong kong worth 12.35billions.,now he want to rob all the poor helpless retailers.he is 70years old ,he think he can bring all the money to the other world.
WarrenLimAnyone know what is the case now?should i hold or just sell it 5sen?CalvinTaneng?
DoggiThe reason why Calvin Tan from Singapore investment is so deadly & always failed. In order to make from the market the actual fact is Timing, Calvin Tan investment is always off market timing. Read to understand more : http://www.thestar.com.my/business/business-news/2016/06/25/btoto-slide-raises-questions/
chanky50Investment strategy is depended on individual financial capability and flexibility. Calvin Tan is rich and has lots of spare money. He has holding power like Warren Buffett and he has the bullets to buy all the way down. I guess, for him perfect timing is good but not critical as those small capital trader. The point here is you can follow him if you are as rich as him. Same thing I can't follow Warren Buffet strategy because I am a small investor with small capital. My time frame is shorter and I can take higher risk aiming for higher return. I can even go for short term trading on lousy but speculative stocks, hit and run, that Warren Buffett will never do.
chanky50My main point is - have your own investment strategy. you may take others opinions but do some research and don't follow blindly.
ibullDr Yu Kuan Chon of YNH now top 2 warrant holder @38.1 mil / 3.76% per Karambunai 2016 Annual Report....any idea why he build this stake?..(2015=nil).
prudentinvestorDirectors want to privatise the company but only offer 5 sen per share. Not many takers so they have to buy in the open market to boost the total shareholdings of the directors and other friendly parties to at least 90% before privatisation can become successful.