KLK dont need to submit to BUrsa, only SC upon all the conditions have been met. Upon the unconditional of the SCA, the notis of offer will then be served to the board, marks the start of the offer.. timing u can refer to this

https://resourcehub.bakermckenzie.com/en/resources/global-public-ma-guide/asia-pacific/malaysia/topics/timeline

Yup @Johnzhang, you are right. i misread the announcement. No shareholders approval for KLK, only Boustead Holdings..

So no bursa clearance for this proposal as Boustead Holdings not listed anymore.

wadefak is happening to this stock.. crazy

true @SincereStock

so syndicates, dont la give hint like, this, if its bad news just tell bad news, we can decide whether to believe or not

another round of selling. someone just dont want to take any risk

furthermore, this exercise looks like an interim proposal as SM had bigger plan for this Co down the road.. with the existing conglomerate discount and also this company's existing RPT, their port business will never achieve wesport's market cap.. it is only natural to assume they would have considered this

PNB has such a significant stake in this Co and thats not a news.. dont think they will leave it purely with chances as they would have strategise with their advisers earlier on, on how to approach this SCR.. just my humble opinion

dont think SM/MMC do this unprepared, cos fees to advisers already cost them a million++.. the CFO also ex PNB, sure have already gauge the risk appetite of PNB

the way i see it, i dont think thats how the 5 CW works for that matter.. I believe the issuer have already hedged their position and we dont know whos on the other side of the bet..

maybe epf wants to cash out first.. cos the volume doesnt look like retail.. maybe no real reason to panic yet.. question, if pnb has decided to reject and those ppl reacted to it, isnt that considered as insider trading?

@dompeilee haha what a joke

wow.. what really happened here... no hope already?

maa was different.. maa got a lot of cash and the offer was less than cash per share, hence why it was rejected (imo)

dont gaduh2 here.. ur money ur choice

haha RM2.50? whos buying at that price lol

Not fair but reasonable, sure PNB follow this one lah hehe

@shivawerer i think c29 is still ok, assuming by 30 nov all went well, if mother share is trading above 1.90, then warrant shud be rm0.70

@beluga, IA report will be in a form of letter together with the circular, which will be out on T + 35.. its not like GO where IA issue their letter. but not fair but reasonable is most likely the call from the IA

SC approval not a hurdle.. sc will give clearance, they will say no comment and they say that should not be taken as advice to shareholders

with the conglomerate discount applied ridiculously to mmc, if still hoping to get the share price worth more than rm2 or rm4, well, good luck lah right, maybe will take ages

@Karlos totally agree with you Karlos..

@Kareemabduljabbar not that im assuming anything, of kos the preparation of the circular is ongoing.. what im saying is as per the rules of take over.. they have a specific time that must be followed.. even the current extension i believe is to cater to the preparation of the full submission documents.

The thing about scr, they can play with time, unlike GO where the T starts when the offeror serves the notice to the company.. Scr has that flexibility whereby the T only kicks in upon deliberation of the board..

and scr will eliminate the chances of being a private company with minority shareholders.. u can get rid of that upon receiving 90% acceptance, which there's a possibility of not achieving it

@Kareemabduljabbar Board deliberation to issuing of circular (and notice of EGM)must be in 35 days.. then assuming MMC wanna do the EGM asap, the earliest is 21 days after the notice (21 days due to special resolution).. all in calender days not market days

@shiby new EGM date will be 56 calendar days from the date of Board's deliberation i.e. 30 August 2021 + 56

In my opinion, the approval threshold must be as follows:

(i) majority (50%+1 number) of shareholders who attended the EGM voted FOR the SCR;
(ii) 75% of value voted FOR the SCR (1,101,712,284 shares); AND

not more than 10% (in value) voted AGAINST (in MMC must not more than 146,894,971 shares).

No priority, all must meet the requirement.

2.9 of the offer letter said scr wont fail due to no money

if im not mistaken, u cant announce an offer if u dont have the capability to pay for it. so that should not be the case..

i see.. but if ts buy have to announce la right?

no, TS cant buy anything less than RM2.. the one transacted yesterday off-market could be institutional shareholders.. i thought more than 19 mil, looks like close to 30 mil.. well if im not mistaken the amount la

@ykyew11 the longer towards the egm the more volatile it'll be.. besides that, since we have a party like pnb that can block the deal, so the longer it takes, the more ppl will speculate on it...

but the ultimate plan of the offeror should still remain the same, hence i believe the end results will still be the same.. Without this SCR privatisation, TS will never get to monetise his most valuable asset which is his port.. hence i think just be patience, the delay could possibly be due to working papers that need to be completed by respective advisers...

aiyo no need to fight laa. just stick to facts ok.. u katakmampus, u make ur own informed decision and then decide urself..

haha so u think TS made the offer, to his company, where Board all appointed by "him", and then the Board deliberated to reject the offer.. dont u all think that whatever plan TS had in mind, TS would have conveyed it to them.. or do i miss anything here?

@Kareemabduljabbar yeah, usually at this stage IA was appointed to come up with the prelim opinion to the independent directors, they will deliberate and pass to shareholders to decide. And directors deliberation should not be taken as the eventual outcome.

U have to understand, the paperwork involved for this SCR is massive.. extension can be sought by the directors of offeree if the IA still requires additional time to come up with their valuation. under the rules of take over, they have a very strict timeline. luckily for scr, the start date can be moved based on the board deliberation date.

ok im confused now, what are we trying to prove now?

@ykyew11 from the historical data that i collected, only zecon berhad's SCR back in 2013 (if not wrong) didnt go thru before tabling it to the shareholders, and that was because one of the directors have enough shares to block the deal, and he was didnt agree with that price and has stated his intention at the board meeting that he will reject the price. after that automatically the deal aborted.

For mmc case, the non interested directors has no shares in mmc, so theres no reason for them to reject before tabling it to the shareholders. and i dont see any PNB board rep, so we wouldnt kno until egm PNB's decision on this offer

@DLLKT dont play play with my feeling by saying "very very LIKELY"..

yeah im stuck huhu.. u guys must be either big shot in PNB or closely related to TS to know this deal not going to go through..

Since u guys are close, tell la explicitly where and who is ur source, pity la small fish like me..

@Nurimran87 u can call check with the offeror ask him directly.. but if he cancels surely will get heavy penalty from the SC, i dont think they want to go out having bad terms with the sc, since their ultimate plan is to list the port in the future.. they cant do chain listing, so for TS, he has more to lose if this SCR didnt go through.. just my 2 cents

Para 9.11 of sc take over, offeror cant withdraw an offer without SC's consent.. so u kno the SCR will be tabled in the EGM to be held after the board's deliberation.. price fell with such small volume indicates that only retail takut sell just now, nothing got to do with the SCR.

yo @pinky!! thanks again!! such is life, we can never tell what the future holds.. @DLLKT too and alot more.. thanks to these genuine ppl trying hard to educate other ppl about investing..

@ziyang8896 yup agreed.., the timing will depend on the board deliberation... once the board deliberated and decided to table this offer to the shareholders, the circular must be out after 35 days.. egm will take place 21 days after that 35 days.. so if there's no extension sought from the board by 15 july 2021, egm the earliest could be around 10 sep 2021.

Hows Pinky.. thanks to that guy i bought a lot of MMC. He posted he has exited few days before the privatisation.. pray for him.. such a nice guy.. thanks

whats the story for Suria? got interesting potential?

it has gotten very boring.. lets just hope there will be overshoot once in a while

@DLLKT sifu, whats ur tp for this?

@DLLKT sifu, got any price revision or not for mmc?

@DepecheM :( i touched the call warrants, in fact i kept on adding position in it..

what is SPB?

based on past SCR, the price will start moving after EGM.. chances of overshoot could be by then.. which would be sometime in mid-september..

@sincerestock yeah i agree.. like what i told earlier, the period until the board deliberation is also used for the offeror to gauge the market response. judging by the way the market behaves today, most likely the buyers will accept the offer..

and the independent adviser will be appointed after the board deliberation, most likely 15 july.. main adviser sometimes they dont annc sometimes they annc, as we know they have been advising offeror and now the offeree