Posted by SexC > 2014-03-04 12:00 | Report Abuse

Institutional shareholders r voting wit their legs.. bursalamb giving Seek a big kiss for d fantastic deal.. n mark n co cashing out wit 400 mils cash.. no one to object liao : (

Posted by SexC > 2014-03-04 14:57 | Report Abuse

O.... really o... more n more ang mo leaving o : (

Posted by Stockman > 2014-03-04 15:00 | Report Abuse

Why not Jobstreet go private

Posted by SexC > 2014-03-04 15:24 | Report Abuse

Walau eh... 2.40!!! Ang mo really pissed off o

Posted by SexC > 2014-03-04 15:36 | Report Abuse

th.. immediately proven wrong...

jowong7.. r u stil as confident as b4?

Posted by benson911 > 2014-03-04 15:37 | Report Abuse

Wow..hard to believe man....why no 1 supporting the price

Posted by SexC > 2014-03-04 15:51 | Report Abuse

HaHa.. gud for u.. Bt hv to buy a lot to gain a lot later... But even at 2.40 nid lot of capital ler

Posted by SexC > 2014-03-04 15:56 | Report Abuse

Price b4 annoucement abt 2.60.. U go to EGM n bang table u make 0.20..

Bursalamb wont go EGM la.. he is so happy wit d deal

Posted by SexC > 2014-03-04 16:02 | Report Abuse

Deal go thru may not b d best la..

Posted by hooi > 2014-03-04 16:07 | Report Abuse

Bought Jobst at 2.40

Posted by SexC > 2014-03-04 16:12 | Report Abuse

Going by d reaction of d shareholders u bot at 2.40 from.. it is very obvious they r not happy wit d deal..

N thr r a lot of institution shareholders in Jobst.. do u think all hv sold? I dont think so.. so I feel those who remain wil block d deal.. whc is good

Posted by SexC > 2014-03-04 16:20 | Report Abuse

Related paeties cannnot vote ler

Posted by SexC > 2014-03-04 16:21 | Report Abuse

So Fil n Seek can't vote..

Fil also shareholder of Seek

Posted by SexC > 2014-03-04 16:24 | Report Abuse

If Fil is selling who is gonna do d wonder to pull Jobst out from PN 17?

Posted by SexC > 2014-03-04 16:32 | Report Abuse

All 1.7b sale proceed wil b taken out n looks like mark n co cashing out too.. N u say like nobody can do anything.. So how u c d future of Jobst o??

Posted by SexC > 2014-03-04 16:40 | Report Abuse

His money is his money not Jobsts.. It wld appears to me by offering jz 2.40.. taking out all d money.. n later PN 17... mark n co had ald had u once.. u r counting on him offering 0.33 per share to privitise.. dont hope ler

Posted by SexC > 2014-03-04 16:45 | Report Abuse

HaHa.. Bye

Posted by SexC > 2014-03-04 16:59 | Report Abuse

Em tin ah Em tin a.. Cia lat ah Cia lat ah

Posted by SexC > 2014-03-04 17:03 | Report Abuse

A good co wit a future being screwed by d major shareholders like tis............................

Posted by Lew Chin Hoong > 2014-03-04 18:49 | Report Abuse

anyone got any idea why FIL Limited and *Pandanus Partners L.P. keep selling??

Posted by bhong47 > 2014-03-04 20:42 | Report Abuse

I wouldn't bother. The amount sold is a negligible amount of their shareholdings

Posted by arv18 > 2014-03-04 21:28 | Report Abuse

could be heading to 2.20-30 region soon...

oh i and i don't think the payout is going to be 2.40 per share. you might all want to double check you calculations....more like around RM2.00...

Posted by cruger12345 > 2014-03-04 21:32 | Report Abuse

art 18. U r a joke for throwing out rubbish comments. If the offer is 2.00 per share do you think the share price will hold well above 2.00 for the past weeks ? I hate people littering that including throwing rubbish at cyber forum

Posted by Lew Chin Hoong > 2014-03-04 21:33 | Report Abuse

@bhong47, i dont borther too, just wonder what trick the FIL playing.

@arv18,the deal need 75% shareholder to approval, if turn out lower than 2.40 i pretty sure it will get reject.

Posted by arv18 > 2014-03-04 21:47 | Report Abuse

Please refer to http://www.asx.com.au/asxpdf/20140219/pdf/42mtb6gldjv9z5.pdf for the full document

Transaction Consideration & Funding

Total consideration is MYR 1,730 million or A$580m (excluding transaction costs)
 Attractive “blended” valuation based on
o Standalone earnings profile & combined growth opportunities
o Ability to access debt in SEEK Asia to reduce funding task
o Historic cost of SEEK’s investment in JobStreet4

 SEEK’s consideration is A$374m made up of *****existing JobStreet equity of A$113m***** & Cash of A$261m
 SEEK Asia co-investors, Newscorp & Tiger Global are collectively contributing $83m
 SEEK Asia intending to access debt funding of A$123m. This debt is non-recourse to SEEK Group.

So the *CASH* consideration of the deal A$261m +A$83m +A$123m = A$467m
-the rest (A$113m is made up of EXISTING JSB equity)

now this has to be split among the equity dilution due to the transaction....

-am i wrong or am i wrong???

Posted by arv18 > 2014-03-04 21:51 | Report Abuse

there is also this in small print ....

Based on SEEK owning c19.9% of JobStreet equity after accounting for equity dilution relating to the transaction

There is going to be some serious equity dilution due to this transaction.

-think about it....if there was going to be RM2.40 per share, WHY would anyone be selling out @ 2.40-2.41?

Posted by arv18 > 2014-03-04 22:23 | Report Abuse

Follow you on the share dilution due to the acquisition from minorities, so were probably looking at a enlarged share float of around 700m shares once completed....

but I still have not seen anywhere a figure of RM2.40 mentioned anywhere in official statements or documents....

i still don't understand ho you can interpret "existing JobStreet equity of A$113m" as dividend Seek is to receive. makes no sense...

Posted by arv18 > 2014-03-04 22:25 | Report Abuse

So where is this dividend seek is to receive going to come from if cash component of the deal is ...

Cash of A$261m
 SEEK Asia co-investors, Newscorp & Tiger Global are collectively contributing $83m
 SEEK Asia intending to access debt funding of A$123m. This debt is non-recourse to SEEK Group.

Posted by shinado > 2014-03-04 22:38 | Report Abuse

You guys should read this: http://www.intellecpoint.com/2014/03/where-did-it-go-wrong.html

Total number of shares is not 708 million because that does not include the number of shares exercised in the ESOS (Employee Share Option Scheme). It will end up to be 725 million shares!

Posted by shinado > 2014-03-04 22:43 | Report Abuse

you are welcome...looks like it will be RM2.34 per share after considering ESOS....

Posted by arv18 > 2014-03-04 22:44 | Report Abuse

Right. Got it... thanks for the useful info jowong7 & shinado

Posted by bhong47 > 2014-03-04 22:45 | Report Abuse

Go read new writeup at http://www.intellecpoint.com/

Posted by shinado > 2014-03-04 22:51 | Report Abuse

jowong7, yes the 708 million already included the 17196000 shares. However, it does not include the number of shares that CAN BE exercised by the ESOS holders.

Posted by shinado > 2014-03-04 23:04 | Report Abuse

the blog assumes that all ESOS are exercised, and hence comes out with the figure of 725 million shares. Nobody knows how much more shares have been added via ESOS since Jan 1 until now. Those numbers will count in the final dividend distributed back to shareholders at the end of the deal.

Posted by arv18 > 2014-03-04 23:10 | Report Abuse

Anyway...according to Jobstreet & Seek the deal is set to only conclude in 4Q 2014. Thats a long time away...

Jobstreet document:
6.3 Earnings and Earnings Per Share (“EPS”)

The Proposed Disposals will not have any impact on the consolidated earnings of the JobStreet Group for the FYE 31 December 2013 as the proposed Disposals are expected to be completed in the second quarter of the financial year ending 31
December 2014.

From Seek:
Expected Settlement Timeline

The expected settlement timeline is subject to both regulatory approvals in Singapore and JobStreet shareholder approvals.

 Settlement is expected in Q4 FY14

CIMB and Goldman Sachs are acting as financial advisors, Baker & McKenzie and SBA Law are acting as legal advisors and PriceWaterhouseCoopers is acting as accounting and tax advisor to SEEK.

Amounts shown in Australian dollars are based on AUD:MYR exchange rate of 2.98

Posted by arv18 > 2014-03-04 23:32 | Report Abuse

In section 9. Indeed...

Posted by arv18 > 2014-03-04 23:40 | Report Abuse

could it be at simple as institutional investors mitigating risks by selling down, as the AUD could drop further by the end of this year, in addition to PN16/17 violating fund mandates?

Posted by shinado > 2014-03-05 05:53 | Report Abuse

jowong7, correct me if I'm wrong. But I believe that assuming the ESOS is exercised fully, the figure provided is up to 31st of Dec 2013. The figure from 1st of Jan 2014 onwards have yet to counted into calculation because there is no way we can know how many shares have been added via ESOS since January until now. The only to know is through quarterly reports.

I don't know if ESOS is exercised quarterly, semi-annual, or annually, but if the deal will only be done in FY14 Q4, we can seek a substantial amount of shares that we need to add into calculation.

Posted by shinado > 2014-03-05 09:09 | Report Abuse

jowong7, thanks for the explanation. However, what SEEK can do about it? I thought ESOS is something granted to employees as part of their employment benefit?

Posted by shinado > 2014-03-05 09:16 | Report Abuse

this case is an eye opener, thanks again!

Posted by SexC > 2014-03-05 09:55 | Report Abuse

Wah jowong7 pandai lo.. has all d answers wan.. clap clap

jowong7.. I no no wan argue wit u la.. jz wan to know wat jowong7 feel on hw Jobst wil b pulled out from PN 17 la.. tell la.. nothing wan wat.. u got buy at 2.40 pun liao.. ok liao wat.. tell la.. tell la..

Posted by SexC > 2014-03-05 10:13 | Report Abuse

ya I know.. tat is Y I asked abt ur FEEL..

Posted by SexC > 2014-03-05 10:33 | Report Abuse

one more ler..Jobst is selling substantial part of its biz.. wat is d % of approval by members needed? tis one is d type of Qs u like ler.. sure can answer ler? : )

Posted by SexC > 2014-03-05 11:01 | Report Abuse

oii.. jowong7.. hw o??

Posted by opportunist > 2014-03-05 12:32 | Report Abuse

any way to find out who traded 10m shares at 2.42?

Posted by SexC > 2014-03-05 12:45 | Report Abuse

jowong7.. answers to Q1: blind fate.. to Q2: don't know.. ka??

but 10 million shares done via married deal @ 2.42.. looks like sold by someone who is pissed off by d lousy deal yet cannot reject ler.. ; (

Posted by thser1 > 2014-03-05 13:02 | Report Abuse

one thing I do not get is, since the acquisition of JOBST by SEEK is not contingent on JCB acquiring the remaining entities in Vietnam, Philipines, Indo- then why do they even bother with issuing new shares(diluting existing shareholders earnings) to acquire 100% stake in these entities?

Since deal is already concluded, and only Seek will benefit from the 100% acquisition of remaining entities in Vietnam/Philipines/Indo, something to ponder upon..

Posted by SexC > 2014-03-05 17:04 | Report Abuse

2.40 again.. after so much screwing d selling is stil thr.. tis cant b gud

Posted by SexC > 2014-03-06 17:54 | Report Abuse

2.43.. n wit d 10 million shares done via married deal @ 2.42 yesterday.. looks like d screwing is coming to an end.. ang mo who wanted to go gone liao.. cheap sale over..

Posted by SexC > 2014-03-06 18:05 | Report Abuse

Tomoro... 2.50 liao Tim jor