Practice Makes Perfect
"SP Setia 2.0" Is In Making~
Chin Kok Tan
Publish date: Wed, 05 Oct 2011, 12:51 AM
Chin Kok Tan
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SP Setia boss tells staff to consider selling shares
KUALA LUMPUR, Oct 4 ' SP Setia CEO Tan Sri Liew Kee Sin told company staff today to consider selling their ESOS (employee share option scheme) shares, in a possible indicator that he might be considering selling his 11.2 per cent stake in the company.
Employees were previously restricted to exercising their ESOS over a several year time frame but with the recent mandatory general offer from PNB, they are now entitled to exercise all their ESOS shares at one go.
Sources told The Malaysian Insider that Liew had convened a meeting with staff today to address the issue of PNB's apparently hostile takeover attempt of the company and told them not to be emotional but to consider selling their ESOS shares if they felt it would be financially beneficial.
Analysts said that such a message to the staff could be reflective of Liew's own mindset giving rise to the possibility that he might be looking at an exit from the company.
The takeover of the nation's second largest developer by market value is largely perceived by the market as a 'lose-lose' deal as if Liew decides to leave SP Setia, it will seen as a loss akin to that of Steve Jobs leaving Apple while if he stays, there could be 'bad blood' between him and PNB.
The Malaysia Insider understands that the move by PNB came as a shock to Liew but he had 'calmed down' this week following a weekend attending a social function in Langkawi.
SP Setia declined to comment for the story when contacted. PNB had last Wednesday offered RM3.90 per share, which represents an 11.4 per cent premium over Tuesday's closing price.
The state-run investment fund said then that the takeover was part of a 'synergistic collaboration' which would blend the entrepreneurial spirit of SP Setia and PNB's record as a strong and supportive long-term shareholder.
The SP Setia board however rejected the offer and urged the government linked investment fund to raise its offer price, adding that it would also invite bids from other parties.
The Malaysian Insider understands that SP Setia is still waiting for the offer letter from PNB.
Source:
2) http://adf.ly/930641/banner/www.themalaysianinsider.com/business/article/sp-setia-boss-tells-staff-to-consider-selling-shares/
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SPSETIA 2.0 here means Liew quit SPSETIA and setup a new company called "SPSETIA 2.0" since the word 2.0 is very popular nowadays... haha...
2011-10-05 10:35
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