the return of liangchai. I think my prediction of your prediction is better than your prediction ;)

wongwee. Share buybacks are important signals to the market about management's expectation of the company so it is relevant. Or would u rather discuss rumours ;)

taciturn, good info. just a minor correction. If the shares which are bought-back are kept as treasury shares, those shares will not dilute dividend distribution as treasury shares are not entitled to dividends.

liangchai will say it is tmr! if tmr also stand still den he will say wed!

billionhair. I agree but in the biz world being too hasty will also lead to bankruptcy. Hence, prudence is always welcomed. Buying around the reference price for me is riskless with the guaranteed return so I am not too worried even if there is no QA. Next week would be interesting for Sona as people will start bottom fishing. We will see if the sell down continues.

For cliq, we will have to see what the kampung management does ;)

Yes, there is a possibility that upon QA Cliq could follow Sona. I feel it is unlikely for the following reasons:
1) The slower process taken might be down to "kampung management" or it also could be due to more thorough due diligence process and more bargaining to avoid overpaying for the asset
2) As long as the QA is not out, there is no certainty and this could be a good thing when compared to Sona's case. Investors might punt on this stock anticipating a better QA and driving the price up
3) Last but perhaps one of the most important point to me, as billionhair likes to repeat, Sona has been trading quite substantially above its IPO reference price. Once the QA comes out and is not satisfactory, some of the bigger shareholders that have taken a stake at IPO might sell. They can still sell at quite a good gain. This is what I think is happening with Sona. And when they sell, the small shareholders panic and it's a chain-reaction leading to massive selldown. It is a different case with Cliq as the current price is still quite near the IPO reference price. There is less incentive for them to sell upon QA. So, you see sometimes trading at too high a premium to the IPO price might not be a good thing for a SPAC. High premium means pricing in high expectation from the shareholders and will perhaps lead to bigger disappointment.

At the end of the day there is no certainty and the choice is yours to make. Just make an informed one.

aiyo liangchai where is the crash. Ah moi so powderful ah

Haha suddenly kampung management not that bad eh

Clj. They have not bought the stake. They merely signed the HOD. Besides, I believe a QA proposal also needs approval from SC and the shareholders

wa looking at sona's performance after QA announcement better don't get QA hahah

External debt. Probably partially provided by cimb

billionhair your Sona signed a HOD already. go celebrate haha

I think all SPACs will face similar problems when negotiating, as they are working on a timeline while other buyers don't. Naturally, the sellers will try to squeeze the buyer. A write-up a couple of weeks ago on The Star on Sona and Cliq mentioned this as well. I guess this is where the skills of the management comes in play. Rather than the share price movement. The same could be said about Sona. The rumoured Salamander Energy target has many suitors. We shall see how this turns out.

Taciturn thanks for the update. Do not think the IR team wouldve let in on any updates on EIA even if they knew anything. That would be deemed material information and a SC violation. I might be reading too much into it but I still have a feeling the Johor sultan's comments were rather targeted. Tj piai has a Saudi investor element in it as well and any prolonged delaya would be detrimental to the investing sentiments. We shall have to wait and see I'm afraid

Appointment of independent advisor is required when there is a mandatory take-over offer. The advisor will advise shareholders whether the offer is fair and reasonable or not. Baring any unforeseen reasons, we should be able to guess what their advise will be

If can break 1.18 then should go higher

Morning tj. Sorry these few weeks quite busy. Anyways benalec is moving again. Might be of interest to u. Looks like a second wave to me

In a forum, everyone is free to express his/her opinions. Unfortunately some comments are more constructive than others. If your investment is at around this price, "holland" as you put it is impossible, due to the 90% guarantee.

Some also conveniently forget that SPAC has a timeline of 3 years to obtain QA. A year has just passed. There is still 2 years to go. This is what investors should be aware of instead of having unrealistic expectations. SC put the 3 years allowance and 90% protection for a reason but some just don't bother doing their homework and would rather read about rumours.
Of course the management could've done better with communication on the status.

The drive of price in Sona is also much driven by hearsay about the potential QA, very much similar to the run Cliq had a few weeks ago. How sure are you that the rumours in Sona is any different than it is here. Shareprice? That is purely driven by supply and demand and of course the occasional manipulation. It has no bearing on quality of management until any confirmation is obtained.

Be clear that I am not promoting this counter as you as an investor should do your own homework before investing. I however seem to think that someone is trying hard to justify his decision to switch to sona, cutting loss or what not. Well, if you shout loud enough, perhaps you would eventually convince yourself.

No offense.

Cheers

worry not. even if they got 75% and intend to take it private they can't do it so long as at least 10% against it. they either need to make a better offer or let it remain listed

tj! long time bo talk. how are you? getting ready for brazil?
anyways you still holding encorp right? What's your opinion? Seems like felda is taking a bit of a different approach than ecoworld. dey actually said they will seek to privatize it if they get more than 75%. even go so far as going for a egm to vote for privatization. But as long as 10% reject they can't force mandatory takeover la. I'm just curious why they seemed to have taken this - neither here nor there - approach compared to eco who said in the offer itself that they don't intend to take it private

Interesting that the Johor Sultan chose to mention the Benalec project specifically. This might tie in to the rumours about the chunk of shares transferred to a royalty related party some time ago. By the Sultan's specific mention of the project, I am sure the process will be expedited. A matter of time!

nordimohd. Congrats on your gain. That said, you will still have benefited if you subscribed to the rights issue - you'll have more shares + warrants.

As i mentioned earlier, I think the financial results will always lag the orderbook by quite abit. It will get better with the current orders. But you're free to have your own opinions

nordimohd. everyone entitled to share here. Here is my opinion:
1) in your first posting today :
- you suggested that the company will "throw" shares having raised enough money from rights issue. I don't see how that will be possible. The company can't "throw" their shares like an ordinary investor. If any other major shareholders "throw" their shares I'm sure we will know about it from bursa announcement
- actually, if you sold before ex-rights at around 0.85, you might be better off if you subscribed to the rights and get the warrants
2) In your second posting :
- construction is a capital intensive business. It is quite normal for these companies - along with property companies - to have borrowings. In fact it is beneficial to have a healthy amount of debt given how capital intensive the business is
- don't forget the mess with the saudi project. they won the court proceedings so the compensation should be reflected in the accounts soon
- do you mean capital reduction or par value reduction. I believe it is par value reduction

I think the value of this company is in its huge orderbook. Not so much it's past performance. And at the end of the day people invest for future potential, of which I personally think AZRB has plenty of. And please be aware that in these companies, the earnings matter less than the potential earnings in the future (orderbook). Accounting principal dictates that the recognition of many projects will only be in the future but in reality the real money is already in the bag from the contracts.

subramaniam, think people here are quiet wary of false alarm already. Shall just wait and see price movement

haha this luster can put in the drawer. after 10 years only take out

curious..market sentiment very bearish despite good regional news. weak holders selling from overall weak sentiment. today definitely not a good day for most stocks

seems like a roadblock at 0.71 and market appears lethargic today despite good performance from regional markets. let's see how the 2nd half go.

think 0.70 quite big resistance after the strong volume to push it beyond that the other day.

I am foreseeing green today. market should rebound today after poor showing last week. azrb should move in tandem baring any unforeseen events

king7. Last update on APH was about 2 years ago with CIMB pulling out as financier. It is also quite irrelevant in my point of view. The problems with APH was cost overrun etc. Also note that in an investment bank the research team is not allowed to get any info from the debt capital market side. this is called the chinese wall. so i personally do not think they would know anything more.

again people invest without doing homework. buy in the hype without knowing the risk. SPAC is a QA game. Can't expect them to announce it in an annual report. It will be suspended before announcement. Is it coming? Maybe, maybe not. That's the risk. Financial report is not significant for SPAC prior to attainment of QA. Of course they will be making losses when they don't have a biz yet. 90% of the money raised will be restricted so that capital will be protected. before you invest please do your own homework. Know the risk you are taking and assess if it is what you are willing to take.

http://klse.i3investor.com/servlets/ptres/23122.jsp - kenanga

http://www.thestar.com.my/Business/Investing/2014/05/23/Affin-Research-maintains-Trading-Buy-on-Benalec/ - affin

good write-up taciturn. my sentiments exactly. gotta read the whole damn report before jumping the gun!

yes fortunebullz it is your money and of course you can do that. as can anyone else. some may decide to invest now that the company seem to have turned a corner, especially with the potential tanjung piai deal, and put more emphasis on future earnings. some may instead wait like you. it's your choice as long as you do your homework. i am just explaining what the balance sheet numbers mean instead of having people jumping the gun just looking at one number

before you invest please do your own homework. benalec is in a business of reclamation/construction. if you know the industry you will know how profit recognition and billing is like for these companies. it will most probably be through percentage of completion. we all know there was a long lull in the business' activities and the scandals definitely did not help. the orders have only started picking up of late and it is ridiculous to expect it to be recognized in this quarter. based on the lull in activity i don't think one should expect record earnings this quarter. For example, this announcement for RM200 mil will probably be reflected only in the next FY.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1614029
take a look again at the balance sheet. there is a huge jump in deferred revenue (sales done but work not completed hence cannot be recognised in profit and loss) from 150mil to 420mil. it means when work is completed a proportion of that will go into profits. acc receivable also jumped, so when the amount owing is collected the cash position will very likely be good.

92 cnts? slowly wait

lol buy stock go down 1-2% also shout like nobody's business already better dun buy stock put money in bank take FD. Wait market sentiment recover abit first la. KLCI down few days already after hitting historic high. if drop abit also cannot stand then sell all put in bank then can sleep soundly.

lol DRwarrant quit spouting your nonsense. You were 1 of luster's biggest proponent just a month ago. the stock price will trade sideways at this range for awhile until there is any catalyst. pn17? unlikely at this juncture.

aiyo. compare with whole market la. all also down. wait few days and see la. so kan chiong

unless they have more info than us and thinks that it can go up more. do not doubt that some will sell but if majority of them hold, it is a good sign

you forgot the time value of the warrants. with 10 years expiration and a huge order book - most of which would contribute to bottom line in near future, a warrant of 10 years can be quite appealing

u 5% shareholder right kikiki. when qa boss?

sky is the limit? kikiki

morning alll!

yangmasri, tj explained it in this thread before. please look from old postings.

elmo, allow me to allay some of your concerns:
1. debt position - i believe this has been answered before. debt position is reasonable
2. why not pay dividends and their free cash flow position - as also explained earlier, a company in this business does not have steady recurrent income. income is on a project basis for land reclamation and hence it is not comparable to many other companies. It is also capital intensive. A good practice if you are in this situation is to have flexibility in repatriation to shareholders because you might need the money. Dividends are sticky - which means you need to pay them continuosly or the market will have negative reaction if you reduce it. But what happens if you suddenly get alot of projects which increases your capital expenditure but you still have to pay dividends? Where do you find the cash? Capital raising will be even worse. What most companies in their position - with spare cash - would do is to buyback shares. It is no commitment to the market that it will persist forever but it is a signal that management thinks it is undervalued. Share buyback is supposed to lead to appreciation so I do not know why many here thinks that it is market manipulation. Investopedia explains "Because a share repurchase reduces the number of shares outstanding (i.e. supply), it increases earnings per share and tends to elevate the market value of the remaining shares". The company is effectively paying back shareholders by reducing the shares outstanding
3. family dispute has most probably been settled. None of them would want it to drag on longer as it would not benefit any one of them.

That said, you are entitled to your opinion. Just make an informed decision.

tai kor!

lol live u go every thread and say will go down ah hahah. put 0.65 la. we shall see if your prediction comes true ;)

intuition, management buys back at whatever price they deem as below fair value. if they buy at a higher price it means they believe it is undervalued. nothing to do with expensive price or not. have a look a vitrox. it was trading at 0.70++ for the longest period. the company periodically bought back shares with underutilised cash. have a look at its price now (1.80).

at the end of the day, you can have your opinion and I can have mine. you make your own decisions as will i.

intuition, the price went up from 0.90++ to 1.16. today down abit when overall market sentiment down. normal la consolidate abit. which stock can everyday up without stop 1. u recommend i buy.

when you say let go, the company buy back the shares dee how to let go? it's in treasury stock d

haha lidat buy warrant and mother lor ah moi hahah. see today closing how lar

luster. every few weeks got rumours. if u dun hold it buy at this level not much downside risk. if u own it, den keep in fridge. take it out once in awhile to check lor. haha. everyday check also it wont move