The word warrant simply means to "endow with the right".

In finance, a warrant is a security (a form of contractual financial instrument) that entitles the holder to buy the underlying stock of the issuing company at a fixed price called exercise price until the expiry date.
A warrant is worthless after the expiry date.

The important features of warrants:
• Exercising: A warrant is exercised when the holder informs the issuer their intention to purchase the shares underlying the warrant.
• Premium: A warrant's "premium" represents how much extra you have to pay for your shares when buying them through the warrant as compared to buying them in the regular way.
• Gearing (leverage): A warrant's "gearing" is the way to ascertain how much more exposure you have to the underlying shares using the warrant as compared to the exposure you would have if you buy shares through the market.
• Expiration Date: This is the date the warrant expires. If you plan on exercising the warrant you must do so before the expiration date. The more time remaining until expiry, the more time for the underlying security to appreciate, which, in turn, will increase the price of the warrant (unless it depreciates). Therefore, the expiry date is the date on which the right to exercise ceases to exist.

When mother share is moving in an uptrend, buying warrant can have a higher percentage gain. Conversely, when mother share is on a downtrend, warrant will yield a much worse loss.

This exercise reflects OSK's desire to take PJD private and to merge (completely) PJD's compatible business units with other similar OSK's unit, properties being the major sector of course. Some PJD's non-core business units may be sold off, I guess.

However, to have totally free hands to restructure and merge PJD business units within OSK, OSK needs a 100% ownership of PJD. If even 2% minority in PJd, their interest in unlisted PJD must still be accounted for.

To exercise compulsory acquisition, OSK must first be able to acquire 90% of the OUTSTANDING shares not own by them at the time of launching the take-over, i.e. 90% of 10% (the remaining). Judging from the low daily transaction, OSK is not likely to achieve the goal of exercising compulsory acquisition.

PJd will be delisted as announced. But it is likely for OSK to revise the unfair and unreasonable offer to buy out those who hold up. For a small sum, it is best for OSK to buy out the rest.

EPFB bought YTL at the same time at a much higher price despite YTLP having better EPS and NTA.

One major concern in Bursa is that the minority shareholders can be forced to sell out at subdued transaction prices average over a down period. Often, just when small investors are cheerful to see the bright light at the end of long dark tunnel, the controlling shareholders would force and unfair & unreasonable take-over. Our value-investors' long wait may come to nothing. It is sad that we the small investors are not protected by the necessary regulations.

I attended Daiman AGM before, and so far found the management/controlling team reasonable people. Hopefully it is a long-term win-win relationship.

There is room for improvement in the offer prices which currently are unfair and unreasonable. The warrants have 4 years plus to mature, yet not offer any premium at all.

This exercise reflects OSK's desire to take PJD private and to merge (completely) PJD's compatible business units with other similar OSK's unit, properties being the major sector of course. Some PJD's non-core business units may be sold off, I guess.

However, to have totally free hands to restructure and merge PJD business units within OSK, OSK needs a 100% ownership of PJD. If even 2% minority in PJd, their interest in unlisted PJD must still be accounted for.

To exercise compulsory acquisition, OSK must first be able to acquire 90% of the OUTSTANDING shares not own by them at the time of launching the take-over, i.e. 90% of 10% (the remaining). Judging from the low daily transaction, OSK is not likely to achieve the goal of exercising compulsory acquisition.

PJd will be delisted as announced. But it is likely for OSK to revise the offer to buy out those who hold up. For a small sum, it is best for OSK to buy out the rest.

Agree with Cavin that this is a deep-valued & steady counter, but only suitable for long-term investors. I have held this counter for over 10 years. Looking for opportunity to top up. Dividend came down significantly last couple of years.

Hope to be able to collect again at .68

Converting my warrants to take advantage of the gap.

bone, judging from the shares/warrants bought by interested party, it is not true that all minority let go their shares at this offer. Volumes very low now. Don't think can get 90% (outstanding).

Thanks for sharing, equitydiary.

To forum editor
Please allow plain information/fact sharing.

After consolidating the last round acquisition (of PJD and OSKP), OSKH booked a NEGATIVE GOODWILL of RM363 MILLIONS in its 3Q report for financial year end 2015.

If we check internet for definition of Negative Goodwill:

Negative goodwill is a gain occurring when the price paid for an acquisition is less than the fair value of its net tangible assets. Negative goodwill implies a bargain purchase. Negative goodwill may be listed as a separate line item on the acquiring company's balance sheet and may be considered income.

Definition: Negative goodwill is the difference between the price an acquirer pays for an acquiree and the fair market value of the acquiree's assets, when the fair market value exceeds the price paid. When negative goodwill exists, a bargain purchase has been made that favors the buyer. This situation typically arises when there is a distressed sale, such as when a business is in bankruptcy.

I agree with RVI123 that the value of PJD is recognised to be much much higher than the offer price.

Remember that OSKH booked an extraordinary gain of some hundreds of millions in its account after completing the last round of take-over. This extraordinary gain is concrete proof that PJD minority shareholders were virtually robbed.

文章来源：
星洲日报‧投资致富‧投资茶室‧文：陈艳芳‧2016.09.04

陈艳芳．侨丰出手可以大方点

丹斯里黄宗华掌控的侨丰控股事隔两年后，再对辟捷控股展开全购，显示他对私有化这家产业公司的志在必得，不过，他的出价却丝毫看不出这方面的诚意。

如果私有化辟捷控股那么重要，那么志在必得，以大股东现有的持股，全购成本不会太大，不妨大方一点，提高全购价吸引小股东心甘情愿接受，让私有化顺利的完成，免再起波澜，还可免去骂名。

For those who can read Chinese, please refer to the following newspaper comment:

http://www.sinchew.com.my/node/1563893/

I hold both PJD and OSK shares.

Looking at the way PJD minority shareholders have been robbed, the same will be repeated with OSK.

PJD has many more valued assets apart from properties and lands, including the crown jewel of Melbourne project - the cable factories which now contribute the most, manufacturing of building materials, construction, and of course the hotels & hospitality business.

OSK is definitely undervalued. We want to buy more under-valued OSK. But the question is whether there is a win-win long-term sharing or that OSK will be taken private, just like PJD, when value emerges.

My take is that the PJD scenario will replay in OSK.
03/09/2016 18:05

Interesting to know who bought the bulk.

email:

banaik.quah@mswg.org.my

should be correct, and I managed to contact him.

MSWG webpage with key persons is at this link:

http://www.mswg.org.my/page.php?pid=218&action=preview&menu=main

Great. Please write to MSWG.
Remember the case of MBF? Persistent minority shareholders finally managed to get an improved offer.

I believe OSKH minority shareholders will suffer the same fate. As value emerges, it will be taken private at lowest price possible.

Please write to Mr Quah Ban Aik, the Head of Corporate Monitoring & Investor Complaints of MSWG (Minority Shareholder Watchdog Group) to ask MSWG to organise a forum for minority shareholders of PJD. When sufficient number write in, the forum will be organised.

His email is: banaik.quah@mswg.org.my

MSWG organized such a forum in 2014 and published its computation of PJD warrant at a value of 1.57 against offer at 0.60.

We were misled by directors of PJD & OSKH who had all along stated openly the desire to maintain the listed status of PJD. Many believed that and invested (not trading) for the long-term in PJD.

I shall write to MSWG (Minority shareholders Watchdog Group) to request for a forum of minority shareholders of PJDEV.
We need to group together to demand a fair & reasonable offer - NOT worse and worse offer.

Don't sell. The offers are worse than the previous offers.
We should not be bullied by this ridiculous take-over deal which is UNFAIR & UNREASONABLE.

Bear in mind that OSKH is DESPERATE in taking PJD private.

We together can actually hold this unfair and unreasonable plan to our advantage by NOT SELLING. We can then demand a more reasonable price together considering that there are much more values in PJD than reported.

As discussed by others, the almost all land are undervalued. The multi-billion Melbourne project alone is going to bring in huge profits, which the ongs what to take for themselves and not to share with us.

Offer price for Warrants is more ridiculous, since there is over 4 years maturity date.

I think ppl always lose out because we just feel that we are powerless to do anything against the controlling shareholder.
FACB is different from Kbunai - its asset is primarily the cash.

FACB has cash and the controlling shareholder seems to own no more than 30%. If in case he offers a ridiculous say RM1.10 to privatize FACB whilst the cash (according to onetonneman) is already RM1.86/share, I believe the ppl can group together to petition SC to allow FACB to be put in the market for the highest bidder. The successful buyer will likely have to offer to match the cash value of FACB.

Since any buyout of FACB is really to buy out the CASH at a discount, ppl can also group together to petition SC to allow the cash to be distributed and then allow the remaining asset to be bought over by the bidder.

This sounds a fantastic idea, but there must be leader to take on the fight against grossly unfair and unreasonable buyout.

Just hope that the dividend is intact.

Kahhoeng suggested SBB and the Board responded that the idea would be considered.

SBB must be tabled as resolution for approval by shareholders at a general meeting. Since no SBB was approved, Rozali was not in a position to make any announcement to the media.

SBB may pose a problem to the major/controlling shareholder as his increased % could trigger a GO.

As clarified at the AGM, the cash pile is intact and is earning 3 - 4% yield.

Hopefully, this Q results to be announced is not negative.

I am pleased that it is still making some profits despite the difficult time. The 2 sens dividend is a sign that Symlife is not in financial problem.

1Q results not impressive due to slow property division, but soon Melbourne project will be key contributor.

Those really serious on investing in this counter should attend the forthcoming AGM to raise various questions and to request the Chairman/CEO to share the short, medium and long-term perspectives of Puncak.

New article in Star online

http://www.thestar.com.my/business/business-news/2016/04/23/triplcpuncak-merger-may-be-on-the-cards/

Agree that Triplc could well turn out to be a good buy and be a starting point for more new business ventures. I don't think Rozali will overpay too much considering that his percentage holding in Puncak is higher than in Triplc.

People worried when nothing was done with the cash, and now people worried again when a new business is initiated.

I am positive with the development because Triplc is a profitable company.

we must fight for fair and reasonable offer, which should be better than the previous offer.

I added more recently.

Strange that the "unbilled sales" stated a long time ago still have not entered the recent Q account?

It is positive to read the report on The Edge Property about "OSK Property aims high":

http://www.theedgeproperty.com.my/content/osk-property-aims-high

==================================================================
This year, OSK Property will launch its first overseas project. It obtained the development approval for a five-acre parcel in Melbourne, Australia, last year. The company is looking to develop an integrated development with an estimated GDV of A$2.8 billion (roughly RM8.28 billion) on the land, which is located in the Southbank area next to Yarra River.

“Though we will be launching the first phase of the Melbourne project by the end of this year, Malaysia remains our playground,” Ong says.

The developer will launch several serviced apartment projects in the country, including the second phase of Timurbay Seafront Residence in Kuantan, Pahang, and Luminari in Harbour Place, Butterworth, next month. Also planned are a bungalow development in Sungai Petani and Phase 2 of Windmill Upon Hills in Genting Highlands, Pahang. Altogether, the GDV of new launches in Malaysia this year is an estimated RM1.06 billion.

Recently, OSK Property handed over several projects, including Phase 1 of You City in Cheras, You Residences. “The next phase, You Vista, will be handed over in the middle of the year,” Ong says. “We haven’t started on the third phase yet because we are planning a mall there and the market is a bit soft for malls in the Klang Valley. It will be connected directly to an upcoming MRT station there. That is a very valuable asset and we want to make sure that we get it right.”
=======================================================

Most of the projects mentioned belong to PJD (Melbourne project, You City ..).

PJD will remain a high-dividend stock because OSK needs the dividend badly.

another 0.25 dividend

Rozali executed a spring cleaning, which is timely I think. The account should be much better going ahead. The NTA is still RM3.75 with cash RM2.73. For long-term investors, it is a bargain at today's close of 1.09. I am positive.

I am still holding and bought some recently.
I like the undervalued warrant which expires in 2020.

Let's be patient and wait for the next q results which should still be good.

At this difficult time, it is best for Rozali to hold cash and wait for the right opportunity. I have not sold a single share and will be happy to double my holding if Puncak is pushed down to below RM1. Be careful of syndicate who hopes to gain by talking down the share.

I must compliment Kahhoeng for being such a nice person - helpful, sincere, willing to share, and not abusive to others in the forum. Keep it up.

Some pointers:
According to OLH
1. 2016 profit should not be less than 2015's.
2. 3 - 4 projects to be launched in 2016
3. committed to continue paying dividend (e.g. 2.5 sen just declared)
4. listed status to be kept - at least for the 6 months up to march 2016 - 3 options being considered to comply with 25% public spread - but unable to sell OSK's holding of PJDEV below buying cost (RM1.56)

I remain positive on the counter as a long-term investor. Just bought some last week. Will collect more at the right time.

I think it is difficult to increase the public spread to 25% under the current difficult market conditions. I don't rule out an offer from OSK to take PJDEV private. I believe the new offer price, if the offer happens, cannot be less than the last offer.

Privatization by controlling shareholder and PAC could be an option if the depressed share price continues after ex-. With cash so much higher than the total capitalization, they don't have to come out with a sen to undertake the corporate exercise.

So, why worry about the long-term prospects of Puncak's O&G or new construction business? I am sure Rosali has a plan since he has much much more interest in it than our's.

Like leek, I hold ytlpwb which allows me to convert and enjoy good dividend. Holding cost is low for wb.

up 3 sen yesterday and supported with volume. Upward momentum will continue.

Yes, it is still a very undervalued stock. I am glad that my last purchase at RM0.71 has been well-rewarded. I am not selling.

Patience is the virtue for continuing investment in this PJDEV stock in order to reap long-term profit.

Just to share that my lack of patience over the last 2 weeks caused me about RM100K in the stock of Success Transformers (7207). My entry to this stock several years ago was below RM1.00. I held on to this stock for long-term investment because I was convinced of the impressive fundamentals of this highly profitable company.
This year, however, I became impatient because this laggard stock was inactive and not moving much at all. My long-held commitment to Success was also swayed recently after reading some negative reports & forum discussions about this stock, especially the increasing inventory. I decided to exit. I sold my shares just two weeks ago when the price moved up slightly to RM1.40 thinking that the upswing was transient. I sold all residual shares at RM1.80 just a few days ago. Success closed at RM2.07 yesterday. I lost the opportunity of earning that RM100K because I lost sense of my own judgment to be negatively influenced by others.

I read PJDEV’s 2015 annual report released recently and am convinced that the company has bright prospect moving ahead. I am not repeating my mistake in Success. I shall wait patiently for further development in PJDEV.

Please attend the AGM on 18 November so that we can have a better assessment of the future direction of PJDEV.

Patience is the virtue for continuing investment in this PJDEV stock in order to reap long-term profit.

Just to share that my lack of patience over the last 2 weeks caused me about RM100K in the stock of Success Transformers (7207). My entry to this stock several years ago was below RM1.00. I held on to this stock for long-term investment because I was convinced of the impressive fundamentals of this highly profitable company.
This year, however, I became impatient because this laggard stock was inactive and not moving much at all. My long-held commitment to Success was also swayed recently after reading some negative reports & forum discussions about this stock, especially the increasing inventory. I decided to exit. I sold my shares just two weeks ago when the price moved up slightly to RM1.40 thinking that the upswing was transient. I sold all residual shares at RM1.80 just a few days ago. Success closed at RM2.07 yesterday. I lost the opportunity of earning that RM100K because I lost sense of my own judgment to be negatively influenced by others.

I read PJDEV’s 2015 annual report released recently and am convinced that the company has bright prospect moving ahead. I am not repeating my mistake in Success. I shall wait patiently for further development in PJDEV.

Please attend the AGM on 18 November so that we can have a better assessment of the future direction of PJDEV.

Agree with bone that we need patience. In any case, the dividend should continue and better than fixed interest income.