On behalf of the Board, RHB Investment Bank wishes to announce that the Company has entered into a second letter of agreement with BHB and LTAT to agree for the Cut-Off Date to be 6 October 2023 or such other date as may be agreed in writing between KLK, BHB and LTAT.
Anything don't understand, just call the registrar 03-78490777. I am also holding UMW to be acquired by Sime Darby at RM5.00. Now still standing (not moving) at RM4.77 with high trading volume (buy and sell themselves by Sime Darby).
@seeking, If less than 100% acceptance, another week will be given. Referring back to OldTown Berhad, it reaches almost 100%. Every week, KLK will announce the percentage of acceptance until the 3 or 4 weeks. If still do not achive 90%, I also don't know. I am also learning new things.
One troubling matter is why KLK does not need an EGM to approve the purchase of Bplant in order that the STRATEGIC COLLABORATION AGREEMENT (SCA) becomes unconditional. MBSB needs an EGM to acquire MIDF and SIME needs an EGM to acquire UMW.
From Johnzhang: Some key point extracted from KLK's announcements to clear the confusion post by some i3 members in this forum:
(1) On the unconditional date of the Proposed Acquisition, a mandatory GO (the proposed offer) to acquire all the remaining BPlant Shares not already owned by KLK/BHB/LTAT (known as Joint Offeror).
(2) The Proposed Offer will not be conditional upon any minimum level of valid acceptances of the Offer Shares as the Joint Offerors will hold more than 50% of the voting shares of BPlant upon completion of the Proposed Acquisition.
(3) All the Offer Shares tendered by the shareholders of BPlant will be taken up by the Company.
(4) Assuming the Company receives full acceptances under the Proposed Offer resulting in BPlant becoming a 65.0%-owned subsidiary of KLK.
(5) The Proposed Acquisition and Proposed Offer are subject to the following approval being obtained: (i) the shareholders of BHB for the Proposed Acquisition and Proposed Offer at an extraordinary general meeting to be convened; and (ii) any other relevant authorities and/or parties, if required. (6) For the avoidance of doubt, the Proposed Strategic Collaboration is not subject to the approval of the shareholders of the Company (7) The completion of the sale and purchase of the Sale Shares is conditional upon the approval of the shareholders of BHB in a general meeting for the Proposed Acquisition and Proposed Offer, being fulfilled, waived or completed no earlier than 15 calendar days after the date of the SCA, or such other later date as may be agreed between the parties to the SCA in writing. @Johnzhang: Does KLK has to have an EGM other than BHB? Sime Darby has to convene an EGM for it to acquire UMW.
Rough Estimate of the Time Taken to Complete the Whole Process of Sime Darby Privatizing UMW (Revised) 24.08.2023 –Sime Darby announced that it will take over UMW. 16.11.2023 – EGM 27.11.2023 – Notice of conditional voluntary take-over offer from Sime Darby after EGM. 06.12.2023 – Offer document (RM5.00 per lot) will be posted to UMW shareholders. 06.01.2024 – UMW shareholders have to sign and agree to take the offer of RM5.00 and send back to Sime Darby (Registrar – Tricor Investor & Issuing House Services Sdn Bhd).
06.01.2024 – Sime Darby must get at least 90% acceptance within 3 weeks to 1 month. 06.02.2024 – UMW shareholders to get cash via CDS registered bank account for the UMW shares sold to Sime Darby.
KUALA LUMPUR KEPONG BERHAD On behalf of the Board, RHB Investment Bank wishes to announce that the Company has entered into a letter of agreement with BHB and LTAT to agree for the Cut-Off Date to be 22 September 2023. All the other provisions contained in the SCA shall remain unchanged and be in full force and effect.
@ Dear Calvintaneng, now that rohank71 said an EGM is not needed. Then, what is next? I have been holding the Bplant shares, everyday see RM1.50/RM1.51 for so long already. rohank71 said the MGO process can begin already but how more longer I have to wait?
Why nothing has started regarding the take over of UMW other than the some trade on UMW shares? So different from privatization of OLDTOWN (full of questions and answers). EGM date also not yet announced.
Tohank71: Tomorrow (9 Sep 2023) is BHBs EGM to vote for this deal with KLK. Will minorities of BHB reject the offer? LTAT is just 1 vote vs the many minorities who are unhappy with LTAT. Any one knows if LTAT has organised the support for the deal with BHB minorities? =================================================== What is the outcome of the EGM?
Structured co-warrants got time decay. Every 20 days it will drop 1 bid (including Saturday, Sunday and public holidays). Those gamble in HSI co-warrants and put-warrants even worse. Everyday the value drops 4% of the previous day price. Because it is cheaper, gamblers buy a lot. It is very hard to predict whether HSI will go up or go down. 10 gamblers, 9 will lose because it must be FIFO (fast in fast out).
Since YTLPOWR-C33 was mentioned, I would like to give comments on structured co-warrants. Out of 10 persons, 9 persons will lose in gambling co-warrants. Lets take today's MBMR C1 for example. All investment banks give warrant matrix (linking the co-warrant price and the mother share price) except CIMB. You should print out the warrant matrix. Today it is the ex-dividend of 26 sen for MBMR. The value of the MBMR-C1 starts with 20 sen lower value compared to cum-dividend. Mother share holders will be given dividends but co-warrant holders are not entitled for any dividend. Mother share drop an additional 8 sen, and the co-warrant follows the mother share to drop.