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673 comment(s). Last comment by Larrytrader at Jun 10, 2019 10:52 PM
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sheldon
826 posts

Posted by sheldon > Mar 19, 2019 9:32 AM | Report Abuse

zolasteven Surprise to see Kian Joo trading at rm3.10, same price as take-over offer price. Whats the reason?
If 3.10, better sell in the market ....can get money faster.

Sell at 3.10, you incur transaction cost. If traded at 3.10 may imply that the offer price may be revised to > 3.10


zolasteven
8 posts

Posted by zolasteven > Mar 19, 2019 5:19 PM | Report Abuse

If you have less than 3000 shares, the transaction charges is about the same as if you accept the offer....transfer fee of Rm10 and courier of rm6...This is the first time I see the price traded is the same as the offer price....usually is a few cents lower.
By the way, why does other people wants to buy at Rm3.10? How are they going to make a profit?


sheldon
826 posts

Posted by sheldon > Mar 20, 2019 9:48 PM | Report Abuse

zolasteven - By the way, why does other people wants to buy at Rm3.10?

If you read the announcement, Can-one is buying large amounts. Why? I speculate they want to get to the magical number of 90% & then forcibly takeover the balance 10% to make it wholly-owned. That means Can-one gets to pocket the full benefit of undervalued real estate.


taitaumau
178 posts

Posted by taitaumau > Mar 23, 2019 8:35 AM | Report Abuse

In scenario, where the final level of shareholdings falls between 75% and 90%:-

The offer document (1/3/19) says

" the Offeror, at this juncture, intends to request KJCFB to make the necessary application to withdraw its listing status from the Official List of Bursa Securities"

Referring to last nite announcement, the tone changes

" the Offeror may request KJCFB to make the necessary application to withdraw its listing status from the Official List of Bursa Securities pursuant to Paragraph 16.06 of the Listing Requirements."

THE SITUATION NOW - under the above scenario, the offeror is not obliged to request for withdrawal of the listing status


lachai2004
527 posts

Posted by lachai2004 > Mar 23, 2019 9:28 AM | Report Abuse

Likely, Can1 couldn't get the threshold to delist kjcfb!


lionel messi
21 posts

Posted by lionel messi > Mar 23, 2019 10:41 AM | Report Abuse

Latest announcement from Canone says they already have more than 80% of KJoo. Now they can and will proceed for delisting, no need to reach 90%. Other dissenting shareholders on hearing this will most likely sell their shares to them because no use holding on to shares which are not listed. The 90% threshold if reached is to allow Canone to compulsory acquire all KJoo shares.

I am very surprised the See family and EPF were not able to stop this rip off exercise. Maybe they are caught between a rock and a hard place. If KJoo remain listed, it will just drift aimlessly as Canone being the people running the show will not declare dividends or report high profits to benefit the See family.

However, I suspect the See family has been buying into Canone so that they can indirectly own back KJoo. This is why the price of Canone has been surging recently. Like they say, if you cannot beat them, join them.


qqq3
11793 posts

Posted by qqq3 > Mar 23, 2019 10:48 AM | Report Abuse

the SEE Family has lost Kianjoo years ago.........while the brothers were fighting, Canone boss has taken control of Kianjoo years ago.......


sheldon
826 posts

Posted by sheldon > Mar 24, 2019 9:39 AM | Report Abuse

lionel messi - I am very surprised the See family and EPF were not able to stop this rip off exercise.

Likewise - i was wondering how come EPF & See did not team up & call a meet to clarify & discuss the strategy in response to this MGO. In my text messages with Anthony, strangely he just advised me not to sell but sign the form to save on brokerage - none of his usual protest.


sheldon
826 posts

Posted by sheldon > Mar 24, 2019 9:46 AM | Report Abuse

If you look at Can1 annual report, EPF is not in the top 30. Hence they have interest to ensure that they the get full compensation for their KJ stake.

Unlike us, EPF & to a lesser extent the Sees have the gravitas to squeeze more from this acquisition.


lionel messi
21 posts

Posted by lionel messi > Mar 24, 2019 10:55 AM | Report Abuse

Sheldon, like I said, maybe they are being pushed to a corner. Damn if you do, damn if you don't. Maybe age is catching up, too tired to fight anymore. But maybe not....

Smart market players like them must have a plan B. It's in their blood. One workaround is to buy into Canone since it is listed and if it's undervalued.

Too illiquid, tightly held and no scrip? Wait till they proposed a massive rights issue to pay off debts. Will be plenty of sellers then.

Canone cannot run away from a capital raising exercise because their capital base is too small to support their operations. After the KJoo takeover, they are now in the billion ringgit turnover category.

KJoo subsidiary Boxpak is next to be taken over since more than 90% of the shares are held by the top 30 shareholders and little or no trading everyday. Makes sense to delist since it's way below book value, consolidate the whole operations and move away from all the compliance issues.


sheldon
826 posts

Posted by sheldon > Mar 25, 2019 10:46 PM | Report Abuse

Looks like it's game over as EPF has sold out


ctooi51
206 posts

Posted by ctooi51 > Mar 29, 2019 10:56 PM | Report Abuse

just wanted to know if canone has start issuing cheque for the conditional take over of Kian Joo shares? thank you


sheldon
826 posts

Posted by sheldon > Mar 30, 2019 9:32 AM | Report Abuse

Cheques will be issued on 1 Apr.


sheldon
826 posts

Posted by sheldon > Apr 2, 2019 11:19 AM | Report Abuse

Received the $


ivan9511
3427 posts

Posted by ivan9511 > Apr 2, 2019 11:21 AM | Report Abuse

@sheldon

they pay us with cash money or cheque ?
send cheque ? ? ?


sheldon
826 posts

Posted by sheldon > Apr 2, 2019 3:13 PM | Report Abuse

Your cheque is probably in the mail.

I called Tricor & told them to bank the cheque in for me


ivan9511
3427 posts

Posted by ivan9511 > Apr 2, 2019 4:17 PM | Report Abuse

@sheldon

Thanks sheldon


sheldon
826 posts

Posted by sheldon > Apr 3, 2019 8:46 AM | Report Abuse

So I guess this is where we say our goodbyes. No more KJ if it's delisted.


ctooi51
206 posts

Posted by ctooi51 > Apr 5, 2019 2:46 PM | Report Abuse

ok.. cheque just received and bye bye to the conman of canone.


sheldon
826 posts

Posted by sheldon > Apr 8, 2019 9:15 AM | Report Abuse

There's a write up on The Edge on this - go to get a copy


Lukey_Greek
25 posts

Posted by Lukey_Greek > Apr 28, 2019 9:48 AM | Report Abuse

Checkmate


tsiang
1 post

Posted by tsiang > Jun 3, 2019 8:13 PM | Report Abuse

so how shareholder will receive the money after Canone done the acquisition? when will shareholder receive money ?


Larrytrader
1229 posts

Posted by Larrytrader > Jun 10, 2019 10:52 PM | Report Abuse

Same question

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