Followers
0
Following
0
Blog Posts
0
Threads
134
Blogs
Threads
Portfolio
Follower
Following
2020-06-28 19:03 | Report Abuse
Actually, the article in the Star yesterday is not correct because until about 3 months ago, the Ruberex price never exceeded RM1
There is nothing wrong in selling at RM1.80
The point I am trying to make is that it is quite easy for DS Thong to accumulate 18% of Insas through his nominees and then “cross” the block to trigger the unconditional MGO
2020-06-27 14:26 | Report Abuse
SSLee
In the Ruberex transaction, the vendors were Sheng Sheng Enterprise (24.6m), DS Chiau (22.6m) and a Mr Peh (10m)
Apart from Sheng Sheng Enterprise which had 12m shares then, the other two were not included as top 30 shareholders as at 30 April, only 2 months ago
It just goes to show how changeable a company’s shareholders can be
2020-06-26 18:28 | Report Abuse
It’s very frustrating when you can see but cannot reach
2020-06-26 18:01 | Report Abuse
SSLee
Please remember that DS Thong has DAILY access to the shareholders list
2020-06-26 17:59 | Report Abuse
Stockraider
I also want to go for the big one but just want to caution that we may not be able to get it
2020-06-26 17:50 | Report Abuse
SSLee
It is possible that 5 of his nominees could have been collecting say 3-4% each, and they may already have collected 18% in total
Your shareholders list is NOT current
2020-06-26 17:12 | Report Abuse
SSLee
FYI the controlling shareholder of Ruberex bought a 20.6% stake to increase his interest from 29.5% to 50.1% and triggered an UNCONDITIONAL mgo
I suspect DS Thong may do a similar transaction by buying a say 18% stake in Insas
If the purchase is at say 80 sen, the mgo will be at 80 sen also and we will never be able to realise the value in the company
2020-06-25 19:09 | Report Abuse
I am despairing of the counter
The price doesn’t go up when others do but will follow suit when others go down
2020-06-17 15:22 | Report Abuse
To be frank, all this profit does is improve the NTA of Insas and make the already-great undervaluation greater, without any benefit to the shareholders via a higher share price
Time to do something else
2020-06-17 10:36 | Report Abuse
Insas sold 5m inari shares in the past couple of days
Although inari is classified as an associate, it is not a core holding as the shares are periodically sold
Why can’t some of the inari shares be distributed to us?
2020-06-11 11:20 | Report Abuse
If Insas doesn’t want to do buy back because DS Thong doesn’t want to apply for a waiver, we will never be able to unlock the value
2020-06-11 11:18 | Report Abuse
I hope enough of us will protest about this at the upcoming AGM
2020-06-11 11:18 | Report Abuse
At the risk of repeating myself ad nauseum, the following share buyback statement in the annual report is very detrimental to minority shareholders:
“The Company does not intend to undertake the Proposed Share Buy-Back such that it will trigger any obligation on the Major Shareholders and/or person acting in concert with them to undertake a mandatory general offer pursuant to the Code”
The solution is very simple as also detailed in the statement elsewhere - DS Thong can apply for a waiver as specially provided under para 4.15
2020-06-10 22:01 | Report Abuse
SSLee
Until and unless Insas distributes some or all of its holding of inari shares to us long- suffering shareholders, the extreme undervaluation will remain
2020-06-01 08:49 | Report Abuse
SSLee
Just checking - have you contacted Dato Wong re the mgo waiver arising from share buyback ?
2020-05-22 09:34 | Report Abuse
SSLee
Which company contributed to the big loss on share of associates ?
If inari contributed about RM7m profit, another company must have lost over RM10m
2020-05-22 08:33 | Report Abuse
If DS Thong really needed money, it would have been much easier to get Insas to declare a special cash dividend
2020-05-22 08:32 | Report Abuse
As SSLee has said before, DS Thong may have been reluctant to unlock value because of the potential dilution from warrant conversion
This is no more an issue, and I hope that DS Thong will do something soon since he has recently raised more than RM10m from the sale of his personal Inari shares (which is still ongoing)
2020-05-22 08:14 | Report Abuse
Philip
That is precisely why insas should return the excess assets, to reduce the denominator
Immediately, Insas should buy back it’s own shares but the board has made a decision not to do so if it results in a mgo obligation by Thong
This is actually detrimental to the minority shareholders, which I will raise at the next AGM if there is no mgo waiver resolution
2020-05-21 23:49 | Report Abuse
Under the old rules, inari would not even qualify to be considered as an associate company - it is non-core despite what the board says as Inari has outgrown the parent and is more than able to stand on its own without any help from Insas
2020-05-21 23:45 | Report Abuse
Just had a quick look at parkson’s balance sheet which is mainly fixed assets which may not so liquid unlike
Insas
If I were Thong, I would distribute the inari shares
2020-05-21 23:25 | Report Abuse
Philip
How do you explain a situation where the market cap of insas’s 19% stake in Inari is worth nearly twice the market cap of Insas?
What happened to the sun of the parts valuation model?
2020-05-21 22:40 | Report Abuse
SSLee
Why RM5.5m loss from share of associates when Inari’s profit was basically unchanged?
Which associate made such a big loss?
2020-05-04 22:26 | Report Abuse
But DS Thong cannot officially buy any more Insas shares
Btw he has started to sell his inari shares held by Immobiliare holdings which owns about 9m shares
2020-04-30 21:49 | Report Abuse
DS Thong has now sold his all his direct holding of inari shares
He sold a total of about 4.5m shares in April
2020-04-30 10:06 | Report Abuse
SSlee
Re my last post, allow me to clarify
Distribution of treasury shares is not technically zero-sum - because the company uses its cash to buy back shares to then give back to shareholders for free - but it is not as efficient as cancellation, which actually improves the NTA per share
2020-04-29 18:10 | Report Abuse
SSlee
Thank you for the effort
If I may say so, I think 2) is not necessary
Please just talk about cancellation in 3) because distribution of treasury shares is a zero-sum game - you buy back to give back to shareholders - and won’t be beneficial to the company or us
2020-04-28 09:05 | Report Abuse
Tq
I was selfishly hoping he had plans for Insas
2020-04-28 08:25 | Report Abuse
According to the inari announcements, DS Thong disposed of about 3.4m shares in April reducing his direct shareholding from about 4.5m to 1.061m shares
I wonder why?
2020-04-18 11:23 | Report Abuse
Stock raider
Noted
You will be surprised how cash rich Insas is
Even after redeeming the rps, Insas can easily pay out RM150m (25 sen dividend) without affecting its operations
2020-04-18 10:33 | Report Abuse
SSLee
I am sure you are aware that a certain someone has said that Insas will repeat the rps/warrant exercise
This is not as hare-brained as you and I may think - I understand that there are plans for such a proposal
2020-04-18 09:59 | Report Abuse
SSlee
Let us forget about the inari share distribution
What do you think about a special cash dividend of up to say 25 sen?
2020-04-18 09:56 | Report Abuse
You yourself said the inari share distribution is out of the question so this means you will never realise the value
2020-04-18 09:55 | Report Abuse
SSlee
I have no problem at all to effectively pay 65 sen for 1 inari share
The problem is that this will not materialise if we don’t do anything about it
Wishing for it will not make it so
2020-04-18 09:18 | Report Abuse
Screaming your head off can also be therapeutic
2020-04-18 08:53 | Report Abuse
We can vote with our feet but we can also fight for our rights
2020-04-18 08:05 | Report Abuse
Here, we must give Insas credit because it’s share of profits of inari is reflected as a non - cash item in the consolidated balance sheet
All its cash reserves are therefore from other sources (apart from inari share sales)
2020-04-18 07:59 | Report Abuse
It would be different if inari were a subsidiary company in which case Insas would control all the cash resources
Stock: [INSAS]: INSAS BHD
2020-07-04 10:07 | Report Abuse
Insas sold another 13.5m inari shares yesterday