Really disappointed - No dividend declared out of disposal proceed (750 M)

Good News
*************
Abric is disposing its sub. co. - Abric Properties S/B

- Hopefully, the disposal is to facilitate company liquidation
- Detailed circular to shareholders to be issued in due course

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5583213

UITM -ZIP3

Concession revenue 4Q ( y.e 31/5/17) 27.55 M Net Profit : 4.6 M Margin: 17%
Q1 (y.e 31/5/18) 11.74 M Net Profit 4.6 M Margin: 39%


Recognition of lower revenue probably due to bulan pusa/hari raya festival
With such marked improvement in profit margin, my comment: Mou Tak Deng

Stay safe to look forward to a lower Q1 earning say EPS 11 sen or annualised PE < 5, in order to avoid a big disappointment.

In connection with the said special dividend, if any, I believe that AGM is not a proper venue to declare it,

Normally, dividend is firstly recommended by directors at BOD meeting .
An extract from the Company announcement (dated 16/12/2016)

"Further details on the proposed utilisation of proceeds will be announced and/or included in the circular to shareholders to be issued."
.
My opinion: Announcement of any dividend shall be made known to every shareholder at the
same time..

Mother pump up from 0.09 (9/3/2017) to 0.215 (28/3/17)
then, dump to 0.095 (30/8/2017)
Pump up again to 0.275 (23/10/17) ,
and now dump to ??????

your guess is as good as my guess

Is this time-bomb ticking away?

Mother move up on 11 Oct.
Son apply for conversion on 12 Oct
8 market day fall on 26 Oct.
Will dumping begin on 27 Oct ???

Will this big boy make closing price 2 bids down?

I wonder whether an imminent storm is brewing.......

pursuant to the latest notification, kyy ceases to be a substantial shareholder (hold < 5%), though he still hold 9.6072 Million shares representing 4.9998%, yet to be disposed of.

Re; Intention to Acquire Plantation Land

(1) due diligence period: 22.8.17 - 22.9.17 (30 days)

(2) decision date within 15 days from (1): latest on 7.10.2017 (saturday)

so, look out for any announcement either to-nite or tomorrow, whether deal on or off
Best wishes

Do stay cool pending announcement of utilisation of the disposal
proceeds. I believe Rozali will not disappoint supportive shareholders including his gang.

Worst scenario

Say, disposal is completed and no distribution is made, though PEB is subject to PN 16. Somehow a new, lousy business is acquired.

An extract from the latest 1st Qtr report

B3 Current year prospects

Refinery margins are expected to remain uncertain. Operational efficiency, product quality and financial risk management will continue to remain the Company’s key focus in maximising margin opportunities for FY2017.

Bo salah liau
Chi pei Ho sei liau. Ni lau pek ham ba ran ham lo kee

Ir lee' company slapped with share margin call ? a bad sign looming

As announced to-nite, UMWOG shares credited to shareholders on to-day. Prior to this sudden announcement, I can't find any payment date stated in any notice. Funny why the Company so secretive about payment date?

Just can't help, given the present bearish sentiment

A final dividend of ranging 10 cents to 15 cents will normally be EX in August every year before expiry date 29/9. So, 4 to 6 cents possibly to be adjusted to CX.

Melvin001, announcements clearly say special/interim dividends, not bonus shares. Under DRP, shareholders are given an OPTION to reinvest their cash dividends in new shares instead of receiving it in cash.

Based on my observation, this big smart boy has been patiently accumulating this counter since early march.

i wonder if ckk2266 = hng33

May i ask whether shareholders can vote kyy in to fill the vacant CFO. He can definitely do wonder for the company.

Finally, a long wait ended. Shame on the Board of Directors.Why wait for bursa to issue its directive - to return cash to shareholders.

Do i get it wrong ? The company & its sub. co. served notices of additional tax by Inland Revenue for 476 Million.Incredible !!!!

An extraction from the adjustment announcement (12/5/17), says

Adjustments to the exercise price and number of outstanding Warrants
************** ******************************

2015/2025 in Borneo Oil Berhad ("Bornoil") constituted by the deed poll dated 28 September 2015 ("Deed Poll C") ("Warrant(s) C")

- so, adjustment to exercise price - yes

In view of the latest suit, pending any impact on the original sum of sale proceed RM 1.55 B, i am wondering whether complain made to SC on the triggered issue of PN 16 would be jeopardized.

Really sad to note that minorities collected 3.84 M shares from the largest substantial shareholder

Do take notes:

REV 70% share in REV Asia Holdings = Disposal consideration RM 73.5
Upon completion of disposal of 70% share
- Dividend pay out RM 59M, about RM0.44/share (59/134.64)
- other assets Cash RM 6.8M and 2 inactive 100%-own subsidiary Co.
- NTA before dividend pay-out = RM 0.50, So after dividend,
NTA = RM 0.06
- Trigger PN 16/17

Market price now RM 0.99/share
Is it worth to buy in ? Sorry what say u

Icon say

- Kindly be advised that in conjunction with UMW Oil & Gas Corporation Berhad ("UMWOG")'s request for suspension, trading in ICON shares will be suspended with effect from 9.00 a.m., Thursday, 4 May 2017, pending an announcement by UMWOG.

It seems to be a single-side decision, I feel a bit worried that the merger may be off.

RE:PN 16/GN 3 status

(a). Now premier had failed to regularise under PN 16 and was suspended
on 11.4.2017 pending delisting by Bursa on a future date.

(b). An extraction of the Company's announcement- Initial announcement
date 8/7/2011 read:

3. CONSEQUENCES OF NON-COMPLIANCE

(i) If PNB fails to comply with any of its obligations prescribed in Paragraph 8.03 and PN 16 of the Listing Requirements, Bursa Securities may take action against the Company including but not limited to suspension and/or de-listing proceedings against the Company.

(ii) If PNB fails to comply with any part of its obligations prescribed in subparagraph (5)(a) of Paragraph 8.03 of the Listing Requirements, it must ensure that all moneys deposited, together with interests earned, with a financial institution licensed by Bank Negara Malaysia and operated by a custodian are distributed to its shareholders on a pro-rata basis as soon as practicable.

(c) The latest chairman report annexed in 2016 Annual Report (
7.4.2017) says

- The Company continues to evaluate several proposals to address
PN 17 status

My concerns:
(1) Whether Bursa/SC shall be obliged to ensure that PNB to comply
with the 3 (ii) above - ie make distribution to shareholders as
soon as practicable before taking action to delist PNB
(2) Whether PNB is looking for to argue that it now falls under PN 17
instead of PN 16 so as to have 2nd chance to come alive under PN 17

As AGM is scheduled on 28 April, 2018 (next week), it is high time for minority shareholders to take clue from the Board of Directors at the meeting, after a lapse of 6 years still under no where.

VERY IMPORTANCE INFORMATION FOR YOUR PERUSAL

Based on the latest shareholder circular dated 20.10.2016

(1) REV hold 52,500,000 icar asia limited (ICQ) listed at ASX
(2) REV incorporated ICQ holdings bhd (with 134,640,020 share capital)
(3) REV share capital 1s also 134,640,020 shares.
The distribution of ICQ holdings share to REV is 1:1
(4) Please note that each ICQ holdings share own only 0.3899 share of
icar asia limited on a pro rata basis

The above is based on understanding.
Do COUNTER check with your remiser/accountant

btw, FAIRnREASONABLE, would you mind advise which section of Companies Act (New or old) carrys the following condition

(b) not less than one hundred members holding shares in the company on which there has been paid up an average sum, per member, of not less than five hundred ringgit.
TQVM

26)taitaumau

Based on the latest announcement, chi pai ung ngai jiak lak liow

- revocation of our MANUFACTURING LICENCES
********
- Consequently, ALL our manufacturing activities are halted with
*******************************************
IMMEDIATE EFFECT TODAY
**********************
Any other licence stays valid ?
Any possibility/how long needed to get back revoked licences ?

lee chi zheng hai "pok kai"

FYI - Per circular to shareholders (13/10/16) - page 76

Pursuant to the deed poll constituting the Warrants, the proposals (PA & PP) will not have any effect on the exercise price and/or the number of outstanding Warrants of our Company

Do take clue from major shareholders' changes in their holdings B4 release of next qtrly report .

A classic case for KYGI

Hii Group sold on 15 Aug 945,320 shares @ 0.28 to 0.304
8 Sep 1,400,000 " @ 0.354
9 Sep 1,244,000 " @ 0.375
14 Sep 3,444,999 " @ 0.361 to 0.364
23 Sep 955,400 " @ 0.368
STL sold on 10 Oct 1,050,000 " @ 0.35
sold on 5 oct 6,811,019 warrants @ 0.139 to 0.16

Mother share now transacted at 0.265, son at 0.095 ; 3rd qtrlly reported out last night

Let analyse vote turn-out in sona egm

Entitled vote = 1,100 M
Turn out rate = 837 M i,e 76%

Now reach entitled vote = 999.259 M

With just 208M No vote thru chairman, turn out rate needs at least > 832 M or 83%.
If add on NO vote from persons attending EGM, say another 42M (4%), which i believe can be easily polled, the likely outcome is QA will fail, of course assuming no revocation of NO vote thru chairman prior to egm.

Terms stipulated in Request Form for share re-purchase
------------------------------------------------------
- Lodgement of Request Form constitutes a valid and binding contract
- Any subsequent sell or deal with any of the relevant shares
constitutes a breach of obligation and the company reserves the right
to claim for any loss suffered.
Please do take note

During sona adjourned EGM, as far as i can remember, no raising of hands to determine "Majority of number of holders"

Page 80 of the Circular to shareholders says

17. Voting on the Proposed Acquisition

- Proposed Acquisition will be subject to the prior approval of
MAJORITY IN NUMBER OF THE HOLDERS OF REACH ENERGY SHARES
REPRESENTING AT LEAST 75% of the total value of issued Reach
Energy shares

-So, those in favour of QA, your attendance is essential

CS direct holdings 99.7 M
PA direct holdings 78.5 M
Total 178.2 M less sold to MTD 117.8 M
So, does it mean cs still own 60.4 M (effective 6 % for voting purpose)?

Effective 11.8% shares crossed at o.76 (5 cents above market price) - means extra charges
Can it be transacted between non-related parties (arm-length transaction)??

Expected distribution to entitled shareholders

Trust Monies = 362.8 M (as at 27.9.16)
Entitled shares = 484.7523 M
First distribution per share = 0.7484 x 98%
= 0.73345
not later than 30 days from the date of obtaining the sealed copy of the Order
probably before end of october 2016

the balance 2% of the monies to Entitled Shareholders within one year from the First Distribution after deducting direct expenses related to the liquidation distribution and obtaining tax clearance.

Delisting of abric
whether compliance is made under Para 16.06(1) of the listing requirements

Para 16.06 says
A listed issuer may not request to withdraw its listing from the official List unless
(a) convenes a general meeting - Done
(b) Passing of proper resolutions for the withdrawal - Done
(c) offer a reasonable cash alternative or other reasonable alternative (exit offer) - ???
(d) appoint independent adviser to advise and made recommendations for consideration of
shareholders on delisting /fairness & reasonableness of exit offer - ???

To my knowledge, conditions (c) and (d) are not met yet.
If bursa is to allow delisting, affairs of Abric will then be subject solely to rules & regulations of
companies Act. Company affairs will likely be less transparent. Minority shareholders may not like it.
It is my wish that the corporate surveillance undertaken by Bursa will ensure that all residual assets are fairly and equitably accounted for prior to the delisting, though to let Abric remains suspended.

It is just my personal view, what say you

No way SC will change the rules of game mid-way. Kareemabduljabbar is correct, PP is conditional upon the completion of QA

th & mtd need to top up by 18%. so cs/pag is leading now

In the event, say DR Chen and his PAC (FACB) fail to hold > 90%
of the issued & paid-up capital in KCB

May i share with you the following bursa listing requirements:

CONTINUING LISTING CRITERIA
8.02 Compliance with shareholding or unit holding spread requirement

(1) A listed issuer must ensure that at least 25% of its
total listed shares (excluding treasury shares) or listed
units are in the hands of public shareholders or unit holders.
The Exchange may accept a percentage lower than 25% of
the total number of listed shares (excluding treasury
shares) or listed units if it is satisfied that such
lower percentage is sufficient for a liquid market in such
shares or units.


16.06 Request for withdrawal

(1) A listed issuer may not request to withdraw its listing
from the Official List, unless -

(a)the listed issuer convenes a general meeting to obtain its
shareholder or unit holder approval and a separate meeting
for the approval of the holders of any other class of listed
securities, if applicable
(b)the resolution for the withdrawal of its listing is
approved by a majority in number representing three
fourths in value of the shareholders or unit holders and
holders of any other class of listed securities, if applicable,
present and voting either in person or by proxy at the
meetings and provided that such shareholders or unit
holders and holders of any other class of listed securities
who object to the withdrawal is not more than 10% of the
value of the shareholders or unit holders and holders
of any other class of listed securities present and
voting either in person or by proxy. Where the
constituent document of the listed issuer imposes a stricter
condition in respect of the votes required to approve the
withdrawal of listing, such stricter condition will apply in
substitution of the foregoing provision;
(c) the shareholders or unit holders and holders of any other class
of listed securities, if applicable, are offered a
reasonable cash alternative or other reasonable
alternative (“exit offer”); and
(d) the listed issuer appoints an independent adviser,
which meets the approval of the independent directors, to
advise and make recommendations for the consideration of
the shareholders or unit holders and holders of any other class
of listed securities, if applicable, in connection with the
withdrawal of its listing as well as the fairness and
reasonableness of the exit offer.

Under the above scenario, based on my understanding:-

(1) Bursa may let KCB to maintain its listing status
(2) DR Chen/PAC may fail to obtain majority in number of members in EGM
(3) Exit offer usually will not be lower than 5 cents per share
(3) Last resort, minority shareholders can take up exit offer