We can also see a borrowings drawdown of 360 million RM in the 6 months ended Jun.

Clarification : 570 million is investments related cash outflow

Based on June 2020's balance sheet and cash flow, TA might have cash flow issues in the coming months, if the pandemic continues. It has 2.4 billion RM current liabilities, but only 0.96 billion free cash+AR. I am unsure whether investments in securities are liquid, or if forced sale will bring about more losses in investments. The cash outflow for Jun 2020 have seen 570 million, which is 5 times the revenue of TA securities. I would be very cautious at this stage.

Ok thanks #veritas!

TTK and PAC's already have 42.3% voting rights in TA, although it makes sense for other shareholders to reject the takeover due to share dilution. If so, the shareholding spread issue remains - and TA may then do a rights issue to fund the acquisition of TAGB? If the takeover goes through, I have the option to make a small profit or swap shares or reject the offer. When the BDO report comes through, can re-consider again.

As for TAE, I am a long term investor here, so I will not run away for a little profit!

and Yes, I bought a lot more yesterday at 0.255

Shares held by Offeror 60.17%
Shares held Persons acting in Concert(PAC) 15.34%
Total 75.51%

Publicly Held 24.49%

Scenario 1 :
Public acceptance less than 14.49%
Offeror to acquire until Total > 90%
OR
Delist (16.06) by offering minority shareholders a reasonable exit price

Scenario 2 :
Public acceptance more than 14.49%
Delist (16.07). Not clear what happens to minority shareholders

and if Public acceptance more than 22.04%
Compulsory Acquisition at 0.28 cash to minority shareholders

Last Financial Report
Top 30 shareholders = 85.63%
Top 30 shareholders which are not Offeror nor PAC = 10.12%
Òther small shareholders = 14.37%

At the low price of 0.28 (compared to RNAV of 1.10), I doubt public acceptance will exceed 14.49%. I plan to reject the offer.

TA suspended on 12 Feb for announcement.

At the current price of 59 cents, it is only 24% of the market valuation of TA as a going concern and 40% of audited book value. Not sure why people keep selling to Tiah who is happy accumulating, where his 66 cents MGO failed. He is happy to pay a higher price of 66 cents yet people still sell lower. Keep for dividend for years to come.