Part I(A), see note above part I.

Yes.

AK2899, if it is divided by 4, then the ex price will be higher than cum price (before ex). Is this possible?

Another way to visualised this:
You have 4 shares at BX before ex, and then you have 1 new share at SP after ex. Now you have 5 shares at average price of ... (I believe you can figure this out, just primary school maths :D)

AK2899, this is the standard formula to calc Ex price:

For 1:4 RI with subscription price of 1.38,
EP = (4 x BX + 1 x SP) / (4 + 1)
where EP is ex price, BX is price before ex, SP is subscription price.

Do yourself a favour, note the price before ex & the reference price after ex on 28 Feb then you will learn something.

0.54 is the theoretical price for IOIPG-OR, it means if you buy IOIPG-OR at that price & then subscribe the right at 1.38 then you get new shares at the ex price or the market price after ex. However, it may trade at a discount or premium to the theoretical price.

Chua Zhi En,

From the last RI of Annjoo, there were only 2 banks with Electronic Application or Internet Application, i.e. Public Bank Berhad and Affin Bank Berhad, with RM4.24 surcharge. It should be the same for this IOIPG RI, check the prospectus to be issued later.

For reference, in Annjoo RI prospectus, pg 41, section 10.4, Methods of application
http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=177658&name=EA_DS_ATTACHMENTS

Andy1988, you may also sell the rights if you don’t want to subscribe.

Important Relevant Dates for Renounceable Rights
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5339053

Date for commencement of trading of rights: 03 Mar 2017

Last date and time for Sale of provisional allotment of rights: 09 Mar 2017, 5 PM

The rights should be traded as IOIPG-OR.

For example, if the price of IOIPG is 2.06 before Ex, then the Ex price is 1.924 ((2.06*4+1.38)/5). The theoretical price of the rights should be 0.544 (1.924-1.38). (1.38 is the subscription price).

Sour grapes are nowhere in sight, the chef is cooking with sour lime & the bear is eating sweet honey :D

BAD NEWS:

The Board of Directors of Multi Sports Holding Ltd (“the Board”) wishes to announce that the Company is unable to release the Outstanding Annual Report and Quarterly Results dated 30 June 2016 and Quarterly Results dated 30 September 2016 (collectively referred to as “Outstanding Quarter Results”) on 14 February 2017.

Discussions with the company’s auditors, RT LLP, regarding the Outstanding Annual Report and audit fees are ongoing. The Board in Malaysia has also just received details of transactions and alleged unreported finance litigation involving the Company’s operating subsidiary in China, Jinjiang Baixing Shoe Materials Ltd, and the Senior Management of the Company. Should the allegations be validated, such information would be material and would need to be incorporated into the Outstanding Annual Report.

As such, the Board will make a further announcement to Bursa Malaysia Securities Berhad on the development of the above matters in due course.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5336017

If it resumes trading with PN17 status, you better sell. Remember what happened to Maxwell? After resumption of trading with PN17 status, the price initially rebounded but later dropped back.

There is a Chinese saying "不要和股票谈恋爱" (Do not fall in love with stock) :D

My guess: audited AR out by 14 Feb but with 'Disclaimer of Opinion' from external auditors, then resume trading with PN17 status.

Possible outcomes of audit:

Qualified opinion:
A qualified opinion is a statement issued after an audit is done by a professional auditor that suggests the information provided was limited in scope and/or the company being audited has not maintained GAAP accounting principles.

Disclaimer of Opinion (in Maxwell case, causing PN17):
A Disclaimer of Opinion, commonly referred to simply as a Disclaimer, is issued when the auditor could not form and consequently refuses to present an opinion on the financial statements. This type of report is issued when the auditor tried to audit an entity but could not complete the work due to various reasons and does not issue an opinion.

Good info on Auditor's report
https://en.wikipedia.org/wiki/Auditor's_report

No monthly status update for end of Jan, it seems like the new directors have been influenced by Lin’s style of ‘silence is golden’ :D. This is a bad omen.

KYY is promoting this stock so that he can sell - a tactic used by most stock promoters in this forum.

Angielim9955 & CKNYAM, Right Issue already proposed on 18 Nov lah.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5263317
(I don’t understand why some people never do their own research.)

Share price down probably due to institutional investors don’t like the cash call (i.e. Right Issue) & dumping their shares. It was the same in the last RI where the share price kept dropping after the RI proposed.

Yes, there is most likely no cash. However, the most important thing is the spirit of fighting for the rights of minority shareholders. We need more people like SSLee in Bursa.

Clap, clap, clap.... My salute to you, SSLee.

If the audit issues can be resolved easily, Lin would not drag it until now. It will probably be forensic audit, discovering how the company assets are misappropriated.

If Maxwell is a guide, it would be PN17 after AR2015 is submitted.

It's already a zombie company, just waiting for Bursa to put it out of its misery.

2016Q3 quarterly report is also due soon (end Nov).

In ICU ... blip blip blip ...
Later ... ___________________

Come on, Bursa / new directors, announce something, don't keep us in suspense. Delisting? Extension? Resume trading? …? (Got to have both cold & warm water, otherwise some people may get angry :D)

This is like a good horror movie, good plots keep everybody in suspense …. then suddenly BOO … AHHHHH …

Just a reminder:

3 May announcement:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5082145

“… the stipulated timeframe i.e. 30 April 2016, …”

“… if a listed issuer fails to issue the outstanding financial statements within 6 months from the expiry of the relevant timeframes, …; de-listing procedures shall be commenced against such listed issuer.”

Timeframe = 30 April 2016, + 6 months = end of Oct. Delisting procedures start after that.

Still no news from new directors?
It seems like a Chinese saying: “凶多吉少”

It is easy to fine Lin. However, the difficult part is how you enforce it if he chooses to ignore it or simply run away. :D

I have a feeling Bursa is better at fining Malaysians than non-Malaysian who do not live in M'sia.

We shall see if Bursa can successfully fine & recover money from Lin after MSports is delisted. :D

This is the best case scenario that some people in this thread would like to see:

An announcement is made by the new directors:
"We had gone to China & met Lin & daughter. They gave us a warm welcome & promised to cooperate fully with us to solve the audit issues. We will produce the annual report by end Oct before the delisting procedures start."

P.S. Don’t get angry lah, I’m pouring ‘warm water’ this time. :D

Let’s have a look at the poll results of the SGM:
http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=728&name=IN_ATTACHMENT

There were 196 M shares voted at the SGM, which was 37% of the total shares. All voted 100% for all the resolutions except resolution 3 where 100,000 shares vote against. It was obvious that Lin didn’t vote at the SGM & neither appointed a proxy to vote for him. He simply didn’t care of the SGM.

Why didn’t he care about the SGM?
One possible explanation is that he has sold off all the company assets, transfer all cash to his account & ran away already.

Worst case scenario of MSports:
(a) Lin & daughter are nowhere to be found.
(b) All the subsidiaries already changed hands & the new owners bought them legally & they are unrelated to Lin.
(c) All documents (sales, inventories, banking, accounting, etc) of MSports already disappeared without a trace. The management office also gone since it belongs to a subsidiary.

If that’s the case, no even a savior can save the shareholders. :D

I wonder whether the new directors have found Lin & daughter :D

Well, if MSports is delisted, Paramjit & Erwin will be the biggest losers, losing millions!

Should be 1st Nov if Paramjit can’t convince Bursa to give him an extension.

MSports shares should have the same fate as its Taiwanese counterpart, unless Paramjit can get extension from Bursa to defer delisting :)

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Posted by hamitouzhi > Oct 5, 2016 02:28 PM

Msports 911626.tw will delist from taiwan on 1-11-2016
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The above should explain Mr Msports posting below.
It turns out Taiwanese is dumber than Malaysian :)

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Posted by Msports > Jul 6, 2016 08:18 PM

Purebear you haven't answered why Taiwanese willing to pay TWD 2.60 for same Msport which is still suspended with same set of financial result. Are Taiwanese stupid not to sell like what M'sian does?
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munch munch munch (eating popcorn), good show in this thread, more coming next month. Don't miss the show next month of "The Savior versus 千王之王", starring: Paramjit as the Savior & Lin as 千王之王 (king of scammers). :D

The verdict will be written in stone after end of Oct. :D

TAH, use the power of dream, curse him more then Lin will be struck by lightning while lying on the beach. :D

Lin is probably lying on a beach in a tropical island country, sipping champagne, smiling & checking the huge balance in his Swiss bank account. :D

It is already more than 21 days since Paramjit's new requisition of SGM. Lin has ignored his requisition again. Now let's see if Paramjit is willing to use his own money to convene SGM before delisting. :D

Paramjit resubmitted requisition of SGM on 16 Aug. If Lin does not proceed to convene SGM in 21 days (6 Sep), Paramjit may convene SGM by himself until 16 Nov. (However, he has to pay for the expenses of the SGM by himself. In the last requisition, he didn’t do so.)

Let’s see if Paramjit will convene the SGM by end of Oct (the final deadline before delisting). With no annual report, no quarterly report, no agent in Malaysia, no Company Secretary, no Resident Representative in Bermuda, no audit committee, no monthly status update, I doubt Bursa will grant any extension to delay delisting.

Even if SGM is convened & all resolutions passed, there are still problems of whether Lin is willing to hand over the management. Whether Malaysian court order is any good in China. Whether Lin has already sucked the company dry & run away.

Let’s grab some popcorn & watch the show in these 2 months. :D

Yes, swingtrader2, the company website: http://www.multi-sports.com.cn/ cannot be reached. It said "This page can’t be displayed". The plot deepened! :D

Once a scammer, always a scammer.

They may want to eliminate the fake cash since the external auditor already suspicious about it.

Fake cash can be eliminated by fake losses.

No monthly status update, no quarterly report by end of Aug. No announcement at all since 9 Jun. What a shame!

The attitude of the company is: “I don’t care, delist delist lor, so what?”

Someone should go to China to check whether Lin has already chow lor. :D

If the financial reports are cooked up by the company, they can cook it up whatever way they like. They can make it very profitable or zero revenue with heavy losses. :D

Swingtrader2, you switch side too easily, swing here, swing there like Tarzan, nobody like this kind of friends. :D

Only AGM or SGM can appoint or remove directors.

A lawyer can sue a director but not to remove him.

What can a Malaysian lawyer do in China?