Last quoted NTA for loss making GP is RM0.11 as at end of 31/12/2013. Total number of shares issued is around 700M. What do one expect GP price to be after hiving off P! to TM either in PART or in FULL ?
10.06 Transactions exceeding 25% (1) For a transaction where any one of the percentage ratios is equal to or exceeds 25%, in addition to the requirements of paragraph 10.04, the listed issuer must obtain the approval of its shareholders in general meeting of the transaction and ensure that the circular to the shareholders includes the information set out in Appendix 10B. (2) The draft circular must be submitted to the Exchange together with a checklist showing compliance with Appendix 10B. (3) Subparagraphs (1) and (2) do not apply to a transaction where the value of the consideration given or received in relation to the transaction is less than RM 250,000.
Assuming that TM is buying GP's P1 stake for RM1.5B...
P1 stake sale : RM1.5B GP bank borrowings (as of Dec 2013) : RM0.221B Nett of debt : RM1.279B Total outstanding GP shares : 690.4M Total outstanding GP-WA : 197.6M
Net cash/share to GP (non-diluted) => RM1.279B/690.4M = ~RM1.85/GP share
-OR-
Net cash/share to GP (fully diluted) => RM1.279/888M = ~RM1.44/GP share
This means, GP gets ~RM1.85/share if no GP-WA converted and ~RM1.44 if all GP-WA converted to new GP shares. You're welcome to check the numbers and calculations.
Today The edge financial daily quoted that TM will inject fresh capital of more than RM1b to P1 while GPacket will receive some money. Look like GPacket may receive only RM1b or less
Just heard this, TM inject 1b, works out to be value of around RM0.60, which coincides with yesterday high of RM0.60...market quite efficient, so for those who bot at RM0.6, probably can get back your cost of investment...no worries...but it takes time for payment mechanism ...got to wait.
Above is what i hear only...true or not...wait till actual announcement
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
JaniceLove
253 posts
Posted by JaniceLove > 2014-03-26 21:20 | Report Abuse
Yes..I notice he is very negative in many counters