Posted by Tllmkch > 2016-11-04 22:26 | Report Abuse

We all know Malaysian like to pay double or more when using other people money.

Posted by CharlesT > 2016-11-04 22:38 | Report Abuse

All these spac r monkey biz...just that msian investors outsmart these conmen...by voting no n get back their cash..

Posted by stockraider > 2016-11-04 22:42 | Report Abuse

Actually MTD & gang did not vote....bcos they want to vote on the spot ...instead of by proxy loh....!!

But the meeting adjourned, thus did not votes loh...!!

If MTD n Gang voted....they will be additional 250 million yes votes...but that could not...even make the QA success loh....!!

Posted by Tllmkch > 2016-11-04 22:44 | Report Abuse

Spac stupid people all conned. That's the meaning. What the hell you thought it meant?

Posted by CharlesT > 2016-11-04 22:46 | Report Abuse

In msia spac conman unable to con...mostly failed...except the first one

Posted by CharlesT > 2016-11-04 22:49 | Report Abuse

Rsena next?

Posted by Tllmkch > 2016-11-04 22:54 | Report Abuse

Special purpose all conned.
Spac

Posted by ktsk88 > 2016-11-05 08:41 | Report Abuse

Told you guys so earlier, the stock movement already denote that it will failed...................push up on the day and later in the evening down to the lowest for warrants and mother.

Monday, the warrant will take a hit severely and spiralled into oblivion.

For the mother holders............it is win situation and can accumulate more since the payout next year could be worth more......perhaps around 0.77sen.

Posted by ktsk88 > 2016-11-05 08:43 | Report Abuse

The SPAC is not monkey biz...................just that some stupid regulation.....75% votes required to the QA.................this ruling should be scrapped or lower down.

Posted by ktsk88 > 2016-11-05 08:44 | Report Abuse

Red Sena warrant holders beware......................your turn next.

Posted by TheContrarian > 2016-11-05 09:13 | Report Abuse

It would be more sensible if the SPAC rules require 2/3 instead of 3/4 approval level.

Posted by CharlesT > 2016-11-05 10:18 | Report Abuse

If u knew how the fate of SPAC in USA then u will agree with 75% votes

Posted by CharlesT > 2016-11-05 10:20 | Report Abuse

Mostly to buy rm1 with rm5 kind of biz

Posted by CharlesT > 2016-11-05 10:27 | Report Abuse

Do u really want them to invest your money in Kazakhstan or Turkmenistan etc etc

Posted by stockraider > 2016-11-05 12:05 |

Post removed.Why?

Posted by Jay > 2016-11-05 15:13 | Report Abuse

75% is to protect minority, just like 90% for compulsory takeover

SPAC is a peculiar structure. logic would tell us that it's not easy to get good assets at bargain price. it not just involve management skills but also dealing and bargaining skills but all would not matter if no opportunities are available

reach management thinks it is a great QA as oil price will rebound. but what if oil price remain around this level for the next few years, would it still be a great buy? no one knows the future so no one can answer. what we do know that they have huge number of diluting warrants which doesn't help

remember the old times when Cliq and Sona traded above their cash value. there's no issue of yield investors, simply because there's no arbitrage opportunities. the fact that market values these SPACs so lowly is a reflection of market's loss in confidence of the SPAC structure

ideally for a SPAC to be successful is to be involved in biz which needs little capital and can generate extremely high margins and returns. but if that's the case, they wouldn't have gone for listing in the first place. there's a reason why SPAC didn't kick off in many countries, just hope our SC can learn from this before introducing all those fancy schemes...

Posted by CharlesT > 2016-11-05 15:17 | Report Abuse

Well said Jay.

Posted by stockraider > 2016-11-05 15:24 | Report Abuse

What is there to learn ??
If a spac fail means it fail loh....just like listed company not all will succeed mah...!!

The key is protection, disclosure and risk management mah....!!
Investors know what they are doing loh...!!

The fact the independent reach holders vote agst the rich corp like MTD, despite various promotion for YES...indicate SPAC is working and independent investors know how to protect themselves and their rights loh......!!

Posted by klsefunandlepak > 2016-11-05 16:42 | Report Abuse

Hi, just wondering if i bought Reach's shares on Friday, am i entitled to vote in the next EGM?

Your response would be highly appreciated.

Thank you.

Posted by TheContrarian > 2016-11-05 20:02 | Report Abuse

Jay, SPAC has sufficient minorities protection as it allows dissenting shareholders to cash out via share repurchase. However, if the QA fails to receive 75% approval, then even dissenting shareholders couldn't get back the money that belongs to them until after liquidation. As a dissenting shareholder I would prefer the QA is approved.

Posted by stockraider > 2016-11-06 09:52 | Report Abuse

Posted by acadi > Nov 6, 2016 02:30 AM | Report Abuse

This is a personal scenario that I have put together after reading this forum till now and today's news report (the Star/Business).Very interestin facts/figures. Of course I stand to be corrected.

Total no of shares : 1.28B
Total elegible to vote : 1.28 X 0.8 = 1.022B

Known via proxy submited to company : 72 person @ 56M (YES) : 56m/1.022B = 5.4795% (a)
154 person @ 208M(N)) : 208M/1.022B = 20.3522% (b)

Stated in The Star : 1) MTD Cap : 28%/80% --------->> 35% (c)
2) Tabung H : 8%/80%----------->> 10% (d)
3) MKW Jaya : 3.54%/80%------------>> 4.425% (e)
4) SMB : 4.7%/80%------------->> 5.875% (f)
5) Siva : 5%/80%------------->> 6.25% (g)

Total 1-5 = 61.55%

Addiing a,b,c,d,e,f,g total is = 87.3817%

RAIDER SAYS THE ABOVE ANALYSIS IS FRAUGHT WITH ERRORS LOH...EXAMPLE HOW U KNOW C...D...E...F AND G NOT INSIDE A & B ??

Balance of 100% = 100% - 87.3817% = 12.6183% consisting of other shareholders
whose stance is not know(whether yes or no) or even bothered with
the EGM.

IF we ASSUME that from MTD to Siva are all in the YES group and ( none are in the NO known group by proxy ; A position I believe to be as the numbers here seems to indicate so) , then the yes percentage is
5.4795% (known from proxy) + 61.55% = 67.0295% (therefore short by only 7.9705%)

AGAIN RAIDER ASK ALL THE SHAREHOLDER LISTED C TO G...ASSUME THAT NOT INSIDE A & B ALREADY VOTED....HOW U KNOW ALL WILL VOTE FOR YES ??
PROBABILITY IS SOME WILL VOTE FOR YES AND SOME NO LOH...!!

However, as I have shown above there is still a 12.618% that has not shown its colour yet. I notice Tankhaylong mentioning about a crossing of 19.09M (1.867% small but not insignificant under the present scenario) on friday. If true (I assume it will be YES group), then the shortfall will be reduce to 6.103%.

RAIDER ASK U LAH...THE CROSSING AFTER PAG DEAL OF RM 0.76 A HIGH % IS EITHER YES OR FENCE SITTER VOTES LOH...!!
VERY SIMPLE THE NO VOTER ALREADY MAKE UP THEIR MIND TO VOTE NO LOH...BCOS THEY ARE PLANNING TO GET BACK RM 0.76 IF QA IS SUCCESSFUL OR RM 0.785 WHEN SPAC EXPIRE BY VOTING NO MAH...!!

OPiNION:
I would also assume that the YES group has a few (3% - 5%) percentage of interest in the "Balance of 100% group) parked under nominees' trading accounts .Watchout for some buying interest in the cash market on mon/tues (total of say 3-5% for the two days) or a crossover of the same magnitude. If these event takes place, the chances of making everyone will become a reality.
Last word: for all we know the YES may already have the 8% parked in the Balance of 100% gropu
I stand to be corrected. Good luck to all.

RAIDER SAYS BASED ON FIGURE QA SUCCESS IS A DAUNTING TASK LOH...!!
ALREADY 208M HAS APPOINTED THE CHAIRMAN TO VOTE NO....!!
THEN AGAIN ANOTHER 60M TO 100M ARE PLANNING TO VOTE NO ON THEIR OWN...BUT PREVENTED TO DO SO BCOS MEETING ADJOURNED...!!

THEREFORE TAKE LOWER FIGURE....THAT MEANS 268M VOTES AGAINST LOH...!!
YES NEED TO GET 804M YES VOTES...THE CURRENT OFFICIAL YES VOTES ONLY 56M MAH....!!

OF COURSE AS A DISSENTING SHAREHOLDERS WE PREFER THE QA APPROVE MAH..!!
BUT THE PROBLEM IS THAT THERE ARE TOO MANY DISSENTING SHAREHOLDERS LOH...!!
THUS IT IS LIKELY REACH WILL SUFFER THE SAME FATE AS CLIQ AND SONA ON THE ROUTE OF LIQUIDATION LOH..!!

Posted by 2016v > 2016-11-06 10:16 | Report Abuse

dont count the chicks bfore hatches
some ulars said support during EGM but vote otherwise
haha, watch out for ulars

anyway, dont think can get 75% votes unless more & more cash for buyout

Posted by Jay > 2016-11-06 17:12 | Report Abuse

just look at how much warrants listed you will know how much eligible shares are there bcos it's 1 for 1 free warrant, so 1b warrants means 1b shares.

minorities shareholders who vote NO will be protected by cashing out. but those minorities that voted YES will be stuck with this management and the subsequent hanky pankies

I'm guessing the management will ask MTD next week to go sapu more shares from yield investors at 76c. to do that, MTD probably will ask for more goodies like the placement which the management has no bargaining power to reject. so the major shareholders will benefit more while minorities who stay will suffer