In the circumstances and pursuant to paragraph 8.04(5) of the Main LR, please be informed that:-
the trading in the securities of AMTEK will be suspended with effect from 18 March 2019; and the securities of the Company will be de-listed on 20 March 2019 unless an appeal against the de-listing is submitted to Bursa Securities on or before 15 March 2019 (“the Appeal Timeframe”). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.
1. The deal got rejected - The owner will up the offer to RM1.30 or RM1.40
2. The deal got approved - You will get RM1.10 in 2-3 months time, hence at the current price of RM1.02, there is 7-8% gain (even net off bank interest rate of 4%, there are still 3% free lunch) on the table for grab.
Either way, there is still room to go, why dropping your shares now?
Also, we only need 16,774,069 shares (or 6.1% shares) to block this transaction. A simple look up at the annual report:
Offerors: 105,777,084 or 38.67% Top 4 - Top 30: 60,394,921 or 22.08% Below Top 30: 107,345,747 or 39.25%
Also, the size of holding is as follows: Holding below 1 million shares: 58,479,527 or 21.38% Holding more than 1 million shares: 109,261,141 or 39.95% Offerors: 105,777,084 or 38.67%
Look at the numbers above, 6.1% of shares are very achievable. Just those sleeping shareholders (or those who forgotten above it) add up will be close to that magic 6.1%. Or, the easiest way, we only need 6 of the Top 30 shareholders voting to block the deal.
In short, a few shareholders can hold them greenmail (ransom) already. For small shareholders like us, just hold on to it for greater profit.
If this is US market, a hedge fund will sapu the shares, and work with a few shareholders to force the owner to up their offer already.
If the market now price it at RM1.50, the independent advisor will reject the deal, because it is better of dispose in the market. So if the owner desperate (which they are, given how much they spend on advisors), they will up the offer again.
thesteward, seems like you know something :D --------------- On behalf of the Board of Directors of SRHB, Mercury Securities Sdn Bhd wishes to announce that the Company proposes to undertake the Proposed Placement.
Please refer to the attachment for further details on the Proposed Placement.
Guys, just attend the EGM or send in the proxy form to reject the Proposed Exemption. In the Proposed Exemption, all the interested shareholders (PNB and TSS) will not be able to vote. So we minority shareholders are enough to throw this proposal out of the window because of inter-conditionality.
"The Company intends to procure a written irrevocable undertaking from STSB (including Tan Sri Dato’ Seri Shahril Shamsuddin (“TSS”)), PNB and the Funds, and any other shareholders of SEB to subscribe in full their respective entitlements under the Proposed Rights Issue of Shares with Warrants based on their respective shareholding as at the Entitlement Date (“Entitlement Undertaking”) as well as for the Excess Rights Shares Application.?
So TSS and PNB just "say" they will support, and not even put their committed amount on the table for the announcement. Worst still, TSS will NOT SUPPORT the ICPS (only support shares). Half-hearted support?
And PNB, please dont use people's money for this kind of support.
The management already sensed that the Proposals are likely jammed in the upcoming EGM. They still have debt, we know. They will sell their assets and business to raise fund. That is a MUCH better option (mind you, net assets is RM1+) than continue to dump shareholders' money into cash-burning business!
I spoke with a few shareholders. All of them going to reject the Proposed Exemption, hence the Proposed Rights Issue of Shares and ICPS will be ABORTED too due to inter-conditionality. Guys, stand strong and reject this stupid cash call and hopefully, it will float back to 60 sen or more.