problem is got proposal for RI.... if someone knows what the RI price is, then easier to know pushing or not? If RI 0.10, tak payah goreng liau. Anyone knows who their Banker is? only banker will know the RI cos they have to underwrite the risk...
KUALA LUMPUR: Datuk Kamaluddin Abdullah and Datuk Mazlin Md Junid have emerged as substantial shareholders of Perduren Bhd, filings with the exchange yesterday showed, following their takeover offer of the property investment company last Monday.
Kamaluddin, son of former prime minister Tun Abdullah Ahmad Badawi and a substantial shareholder of Scomi Group Bhd ( Financial Dashboard), now holds a 9.26% direct stake or 12.5 million shares in Perduren, with an indirect 33.06% stake. Mazlin, former president and chief executive officer of Daya Materials Bhd ( Financial Dashboard), meanwhile, has an indirect 21.79% stake in the company.
Perduren on Dec 8 announced it had received a notice of unconditional mandatory takeover offer from Kamaluddin and Mazlin to acquire all the remaining shares in Perduren not already held by them and persons acting in concert with them for a cash offer price of RM1.60 per offer share.On Dec 8, Kamaluddin, Siva Kumar M Jeyapalan, Trillion Icon Sdn Bhd, Amira Properties Sdn Bhd, Paling Terbilang Sdn Bhd, Intelek Kuasa Sdn Bhd, Mizreen Capital Sdn Bhd and Accentvest Sdn Bhd had entered into eight separate share purchase agreements with majority shareholder TS Law Group Sdn Bhd to acquire 69.3% of Perduren.
This article first appeared in The Edge Financial Daily, on December 19, 2014.
This is difficult to say as the Co. proposals had been approved since Dec'14. They are exercising/paying up for SD1 & SD2 already. They just holding the RI cos there is a possible non effect to the mkt price (not interesting price) to the RI. The Rights Issue could be at rm0.10, and 2R + 1Free Warrant for every one share held wld = (rm0.16 x 2) + (R0.10 x 2) = 0.52 less FW0.04 (estimate low) = rm0.48/4 = rm0.12 cost per share after exercise. Someone was right about Daya coming down to 0.11 cents. This is the worst scenario that could happen.
otherwise.... better scenario... they cld goreng till around 0.30. = (0.30 x 2) = (rm0.10 x 2) = 0.80 less FW0.08 (low estimate) = 0.72/4 = 0.18 cost per share after exercise. But then, the Co./Directors already collected lots & lots at 0.16 which they could still throw after exercise plus throw the warrants.
Therefore... to make things simple... when they goreng... take profit b4 exercise... If they don't goreng, the company/directors have to exercise the Rights, which means fork out much more money to exercise and only get break-even play. Good Luck
Does the above make sense to you guys? correct me if I am wrong, cos company things we may never know which choice they choose to play...... End FEB is coming and Financial results should be out or world oil creeping up and hope they take opportunity to goreng and exercise RI at right time for the good of ALL including the Company. They can drag till Mid year but then they have to pay SD1 & SD2 b4 delivery in July/Aug'15?
they should have not raise the right issue in forst place, since the cash required to purchase the vessels is not significant.
after rights, the value will be around 0.10. from now till the hype of right issue, the price will be depressed, as sumping process is happeinng now. so, play with all your bullets when this daya comes to 0.10 or 0.11. trsut me, this is how the fucccking shark play.
morale of the story, this blloddy shark love right issue instead of bank borrowing, we can play againts this odd by wait and play. sure win.
We thus maintain our Neutral call with a rerated TP of RM0.25 premised on our FY15F EPS of 2.5sen, pegged to a 10.0x PE. We have adjusted our earnings estimates to account for the higher costs going forward. Daya’s performance despite the re-rating, is supported by SD1 and SD2 tied to LT charters coupled with upside from its growing technical services and polymer divisions to meet our FY15F estimates.
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richardng
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Posted by richardng > 2015-02-13 13:22 | Report Abuse
a lot banker stanby to cook