Practice Makes Perfect
AIKBEE Resource Privatisation - Super Good Deal!?
Chin Kok Tan
Publish date: Wed, 28 Sep 2011, 12:07 AM
Chin Kok Tan
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Welcome to CK's Mergers & Acquisitions Theme Park - The BEST Has Yet to Come!
Logging and sawmilling company Aikbee Resources Bhd (ARB) has received a notice of conditional takeover from a group of joint offerors, made up from its subsidiaries and shareholders, to take the company private in view of having greater control and flexibility in charting strategic direction for the company.
The takeover offer is at a cash price of RM1 per share. This represents a 16.3% premium to the stock's last trading price of 86 sen but is below the company's net asset per share of RM1.49 as at June 30.
CK>> Not really, I would prefer to say the closing price before merger news is around RM 0.60 because some insiders already accumulated the share price 2 weeks earlier before the merger announcement. Calculate yourself on the % premium, from 0.60 to 1.00.
CK>> NTA RM 1.49, undervaluation lo~
In a filing with Bursa Malaysia, ARB said it has received a letter from Sit Seng & Sons Realty Sdn Bhd (SSS), Aikbee Timbers Sdn Bhd (ATSB), Lim Yen Siew @ Tan Sit Seng (TSS), Yap Kin Thai (YKT), Yap Keat Choon (YKC), Tan Aik Hooi (TAH) and Datuk Tan Aik Hong (Datuk Tan) dated Sept 26, requesting the board to consider undertaking a voluntary withdrawal of ARB's listing
The companies and individuals named hold 18.98 million shares of par value RM1 or approximately 37.97% of ARB's issued and paid-up share capital. These joint offerors had offered to acquire all the remaining 31 million ordinary shares of par value RM1, representing 62.03% of issued and paid-up share capital.
In its announcement to Bursa Malaysia, ARB also said the group has not registered any profits since its FY04 ended Dec 31, with net losses ranging from RM1.88 million to RM7.12 million annually for the past seven years.
CK>> Loss $$$$ for continuous 7 years?????? Still alive, unbelievable~
'The successful completion of the offer together with the proposed delisting will provide the joint offerors with greater control and flexibility in deciding the strategic direction and/or restructuring of the group in the future, should the need arise.
'In line with the proposed delisting, the offer provides minority shareholders of ARB with an avenue to realise their investments in ARB at a premium over the company's market share price and provides an exit route for their investment should they wish not to continue to participate in ARB as a shareholder after the completion of the proposed delisting,' said ARB.
CK>> Touching!!! Where to find this kind of directors/major shareholders. In deed, they look like doing charity~ Such a high premium percentage... more than 60% premium @_@'''
According to the statement by ARB, the joint offerors were also of the view that there is an absence of any significant growth drivers within the group that are able to generate meaningful earnings for the company.
CK>> Wao, so frank, honest and transparent. They must be scored A+ in Pendidikan Moral last time~
Source: http://www.theedgemalaysia.com/in-the-financial-daily/193551-aikbee-resources-receives-takeover-offer.html
The takeover offer is at a cash price of RM1 per share. This represents a 16.3% premium to the stock's last trading price of 86 sen but is below the company's net asset per share of RM1.49 as at June 30.
CK>> Not really, I would prefer to say the closing price before merger news is around RM 0.60 because some insiders already accumulated the share price 2 weeks earlier before the merger announcement. Calculate yourself on the % premium, from 0.60 to 1.00.
CK>> NTA RM 1.49, undervaluation lo~
In a filing with Bursa Malaysia, ARB said it has received a letter from Sit Seng & Sons Realty Sdn Bhd (SSS), Aikbee Timbers Sdn Bhd (ATSB), Lim Yen Siew @ Tan Sit Seng (TSS), Yap Kin Thai (YKT), Yap Keat Choon (YKC), Tan Aik Hooi (TAH) and Datuk Tan Aik Hong (Datuk Tan) dated Sept 26, requesting the board to consider undertaking a voluntary withdrawal of ARB's listing
The companies and individuals named hold 18.98 million shares of par value RM1 or approximately 37.97% of ARB's issued and paid-up share capital. These joint offerors had offered to acquire all the remaining 31 million ordinary shares of par value RM1, representing 62.03% of issued and paid-up share capital.
In its announcement to Bursa Malaysia, ARB also said the group has not registered any profits since its FY04 ended Dec 31, with net losses ranging from RM1.88 million to RM7.12 million annually for the past seven years.
CK>> Loss $$$$ for continuous 7 years?????? Still alive, unbelievable~
'The successful completion of the offer together with the proposed delisting will provide the joint offerors with greater control and flexibility in deciding the strategic direction and/or restructuring of the group in the future, should the need arise.
'In line with the proposed delisting, the offer provides minority shareholders of ARB with an avenue to realise their investments in ARB at a premium over the company's market share price and provides an exit route for their investment should they wish not to continue to participate in ARB as a shareholder after the completion of the proposed delisting,' said ARB.
CK>> Touching!!! Where to find this kind of directors/major shareholders. In deed, they look like doing charity~ Such a high premium percentage... more than 60% premium @_@'''
According to the statement by ARB, the joint offerors were also of the view that there is an absence of any significant growth drivers within the group that are able to generate meaningful earnings for the company.
CK>> Wao, so frank, honest and transparent. They must be scored A+ in Pendidikan Moral last time~
Source: http://www.theedgemalaysia.com/in-the-financial-daily/193551-aikbee-resources-receives-takeover-offer.html
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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....
