Posted by theong > 2019-05-10 12:34 | Report Abuse

Those minority with MAA need to fight for fair and reasonable price attend the EGM or send in your proxy to people who going to attend the meeting. Every single vote count.

Posted by dumbMoney > 2019-05-10 23:41 | Report Abuse

Hi all, I am new to this blog, just joined, but some of you may remember my shareholder activism in the past
https://www.thestar.com.my/business/business-news/2009/03/27/dissolution-of-ahp2-trust-to-benefit-unitholders/
https://www.thestar.com.my/business/business-news/2012/11/09/not-a-hostile-takeover/
My group of investors have collected more than 2% of the outstanding MAA shares with the intention of fighting for a fairer offer price. In order to talk to the offeror from a position of strength, we will need an indication of the number of hands or proxies that will vote against the offer as it stands. Time is running out, so please indicate the numbers here ASAP. A single shareholder can appoint a maximum of only 2 proxies, so we need bodies/hands, not shareholdings.

Posted by dumbMoney > 2019-05-10 23:45 | Report Abuse

Just to clarify, even though a shareholder can only appoint a maximum of 2 proxies, there is no limit to the number of proxies that a shareholder can represent at the meeting, this is same as appointing the Chairman of the meeting as your proxy, except that instead of the chairman, it is another person. Each separate proxy counts as one vote by the absentee member.

Posted by dumbMoney > 2019-05-10 23:48 | Report Abuse

Sorry, not one vote by the absentee member, rather one member voting, under the 50% majority requirement.

Posted by theong > 2019-05-11 06:34 | Report Abuse

You can join our MAA minority group we are terming up to fight for common cause. You can email:markus_see@yahoo.com. For more detail.We have the number already on paper to block.

Posted by linda77 > 2019-05-11 14:18 | Report Abuse

Theong, u said u already have number on paper, can you be more specified?

Markus/Theong, do your group have more than 16.8 million shares?

If your group have more than 16.8 million shares, you need to send some one talk to Melewar bargain for higher price before EGM, time is running out!

Anyway, I didn't join your group. However my group have only 1.5million shares, it's like a peanut only.

Posted by linda77 > 2019-05-11 14:40 | Report Abuse

dumbMoney,

Refer to your statement earlier, your group has collected more than 2% of the total outstanding shares,

May I know is equivalent to how many shares your group have?

Posted by dumbMoney > 2019-05-12 22:10 | Report Abuse

6 million

Posted by k3nthiew > 2019-05-15 14:58 | Report Abuse

@ theong, if u have 18.6 mil shares, u alone can block the deal oledi

Posted by theong > 2019-05-15 20:36 | Report Abuse

Not me our group.

Posted by Gepoh83 > 2019-05-16 13:12 | Report Abuse

I think RM1.10 is a fair value.

Posted by Gepoh83 > 2019-05-17 08:17 | Report Abuse

Share market is slowly sliding down because of US and China trade war, no positive sign in domestic share market.

Posted by Kana Singgam > 2019-05-17 09:15 | Report Abuse

gepoh83, why do you think RM1.10 is a fair value when it has cash above RM 1.25??????? per share.

Posted by TheContrarian > 2019-05-17 09:48 | Report Abuse

What will happen to market price when the SCR is not approved?

Posted by moneycashrich > 2019-05-17 13:20 | Report Abuse

Am neutral. Waiting for 29-5-2019 real fight result. A important day for shareholders,

Posted by markus > 2019-05-17 14:01 | Report Abuse

That's why there is fundamental BIG DIFFERENCE between MAA and other SCRs ...

Before the SCR, Daiman already owns 53.38% , Selangor Properties already owns 68.25%, Suiwah&PAC already owns 52.08% .

MAA, the Offeror owns 38.6% (less than 50%)

I am not saying it's easy. ASSUMING, the minority or any fund can get consent or support of the remaining 61.4% , you can control the Board (with simple majority 51%). I heard that some foreign fund is accumulating MAA shares. I cannot verify this info. I hope it is true. I will definitely give support to the fund to protect and represent the minority.

The previous mentioned other companies , you cannot control the board anymore.
Maybe Offeror may have hidden party acting in concert (PAC) not disclosed; but I doubt that coz that would be against the law. So I rule that out. MAA shareholders are quite disperse. Eg. If the no 5 largest holder is really the DBS Bank Ltd of Singapore, they will not entertain this nonsense from the Offeror. DBS Bank Ltd, if you are reading this, we need you to be there at the EGM at vote AGAINST the nonsense

We hope with others onboard, we will request the directors to convene a new meeting for a NEW resolution. To ask for a vote of special dividend or cash repayment of RM0.675 per share given to ALL shareholders (yes including to the Offeror). To convene a shareholders meeting, we need 10% of the TOTAL shares value and then write in. That will be Chapter 2
It will be made known to the Board during the AGM of our intention. But I bet they have people reading here already.

Posted by Momoney > 2019-05-17 14:46 | Report Abuse

Question is.... Whats in it for me??? I'm a simple investor. A lot of ifs... And assumptions of what would happen and what should happen...

For me I would take the cash and re-invest in the next counter. Take my 50sen gain. In this market situation, better be safe than sorry. My 2 cents worth.

Posted by firehawk > 2019-05-17 15:11 | Report Abuse

How much DBS Bank Ltd of Singapore holdind MAA?

Regarding DBS, let me tell u a story i experienced.

3 yrs ago. Huang family wanted to privatize Huang-DBS at 2.75. In the offer letter, was already stated DBS won't accept the offer, after seeing this, I also didn't accept the offer.

This resulted I was holding a delisted counter, but, I still received the dividend. After 1 year, Huang family offer 2.94 for those remaining shares they don't possessed. DBS accepted the offer, i also followed. So, the effective offer price was 2.97 (3sen dividend).

DBS received 22 sen higher than ordinary investors that accepted the offer, (although it was 1 year later). I think I'm an very rare individual that follow DBS (bcos it took risk to hold an delisted counter). In this case, i may say DBS successfully fighting for its own, but not other investors.

MAA case is a little different from Huang-DBS, bcos this is a SCR while the Huang-DBS was an direct offer, this result DBS bonded togather with other investors .... personally, i hope DBS votes against the SCR proposal.

Posted by Gepoh83 > 2019-05-17 15:29 | Report Abuse

I am not positive we can get more than RM1.10.

Posted by Kana Singgam > 2019-05-17 15:41 | Report Abuse

MAA has cash and SCR is trying to rob the other share holders(61.4%) of their rights to the cash. They say it is fair. Fair to whom? You have to fight for your right or they will eat you as i have said.

Posted by Filoose > 2019-05-17 15:43 | Report Abuse

I’ve been folowwing this thread quietly in hopes of reading some good guidance. There has been lots of arguements written but no solid case put, especially against. There is always a disclaimer of sorts when examples are given like “MAA’s case is a bit different”, the quantum is different, etc. I tend to agree with momony and cash out. Dividends has been at around 6%. How long will that take to equal the premium offered? Its the “Bird in Hand” saying, I’d say.

Posted by Momoney > 2019-05-17 15:58 | Report Abuse

In the end, it's all about our risk appetite. The delisting risk mentioned above is reason enough for me to encourage us to collectively take the money and run. I'm not one to be greedy, instead, I prefer to look at this on face value. What is the alternative...
On one hand I have an offer that is already good... Risk that to fight for my rights (as if)... As said earlier, I am a simple investor... My goal is to make good returns... This proposal does just that for me. Why fight... and maybe win... but Maybe LOSE!!!

Posted by firehawk > 2019-05-17 16:08 | Report Abuse

MAA now has no core business, and not comply to KLSE regulation ...... i if the SCR fail, the directors hv to look for other solutions, including rising the take-over price ......

I recall the case of Mbf, Mbf was founded by Loy HH, finally it was controlled by Ninian (an Indian). After selling the finance business to Am Bank, it has no core business (very similar to MAA now) .... and the share holding spread was not up to KLSE R&R, after dragging many yrs the controlling shareholders had to find a solution, this included at least two times of iake-over offer (can't remember exactly, bcos was many yrs away), the controlling shareholder rising the take-over price substantially (from around 1.20 to 1.80, roughly, can't remember exactly .... )

Holding a no core business ctr, i think the controlling shareholder is more troubled some than ordinary investors, they can't just delist it like that (due to not comply KLSE R&R) without a solution ......

Posted by Gepoh83 > 2019-05-17 16:11 | Report Abuse

Agreed with momoney, get the money and reinvest somewhere else. Share market is very weak.

Posted by TheContrarian > 2019-05-17 16:18 | Report Abuse

People who want to fight for a better cash offer need to appoint a leader among yourselves to engage the Offerors like in MBf Holdings case.

Posted by firehawk > 2019-05-17 16:27 | Report Abuse

In the Mbf case, the difference was the offer price between two take -over offers ..... not about appoint a representative to negotiate with offeror..... not likely the offeror will compromise without encounter failure ....... (in Selangor properties, it was, but it was a very rare case and the rising amount was very little)

Posted by k3nthiew > 2019-05-17 16:58 | Report Abuse

price coming down... close 1.02... seller knew something?

Posted by Cipta > 2019-05-17 17:16 | Report Abuse

Who are frightened can leave now, no point trembling for extra 5 to 8 cents for now and a few months on (if SCR success) since they think selling cheaper 10 to 20 cents is acceptable.

Posted by Filoose > 2019-05-17 17:46 | Report Abuse

Let us talk about the PN17 status and the extension, if granted by bursa. Assuming maa finds a new business. What price will they pay? What guarantees do we have that the business will give good dividend returns & when?
For sure, the cash is gone, to finance the purchase. And with it the opportunity for us to cash out with a known amount. I say again, we have an opportunity now to cash out with a good return. Take the money and run.
Whether a big portion of the cash goes to the offeror under the SCR or any future business acquisition (if SCR is rejected and if maa manages to acquire a new business), to me it would be the same, our opportunity to get a certain return is gone.

Posted by TheContrarian > 2019-05-17 20:30 | Report Abuse

Bursa has today granted extension of time for a regularisation plan until 31st October.

Posted by theong > 2019-05-17 23:36 | Report Abuse

Suddenly there new kids on the block giving advise. Don't be confuse use your logic and make your own judgment.To hold or to sell.

Posted by csan > 2019-05-18 09:03 | Report Abuse

Theong & other dissenters,

My opinion is that you have 2 options:

1. Reject the SCR AND change the board so that majority is in your control.

2. Accept the offer.

I am also seeing what all of you are seeing....there is a giant amount of cash in the company. But u must also realise that the conpany's operating cash flow has been negative for past few years....they are burning cash. If you reject the offer, I can assure you that 10 years down the road, the cash u see now will be evaporated. The company looks mismanaged and the directors and management will sapu all the cash over the next 10 years.

So it's either u accept the offer at 1.10 or reject AND change board. If u all have no power to change board to be majority in your favour, accept the offer because you can be assured that 10 years down the road, MAA is worth nothing. If u cannot change the board, you all will be destroying value for all those who want to accept the offer and get RM1.10

Posted by theong > 2019-05-18 09:23 | Report Abuse

It not up to me to accept it now.

Posted by theong > 2019-05-18 09:43 | Report Abuse

Why are telling me. I am just small fry.

Posted by linda77 > 2019-05-18 10:01 | Report Abuse

http://www.klsescreener.com/v2/news/view/527098

Posted by linda77 > 2019-05-18 10:08 | Report Abuse

look like Theong & DumbMoney has already collected more than 20million shares, the SCR can be easily rejected

Posted by theong > 2019-05-18 10:35 | Report Abuse

I don't have the money to accumulate so much share of MAA.I have very small amount of shareholding in it.And it not for me to block or accept the SCR it the majority of minority shareholders to decide it is fair or unreasonable.
18/05/2019 10:33 AM

Posted by theong > 2019-05-18 11:51 | Report Abuse

I am not misleading anybody why not you go and buy The Edge this week edition ( paragraph 19 to 20) page 19 and The Star.You will get some idea what happening

Posted by TheContrarian > 2019-05-18 13:30 | Report Abuse

If the SCR fails how much will market price drop? If you and your gang have 20 million shares, a drop of 10 sen means a loss of RM2 million.

Posted by theong > 2019-05-18 13:35 | Report Abuse

No body can forecast anything who know it go up now the dividend they proposal have to distribute.

Posted by candygirl > 2019-05-18 15:34 | Report Abuse

We are ALL OUT to REJECT THE SCR offer . Even Mercury Securities as Independent Advisor mentioned deal is unfair . Suddenly we have so many new Gepohs coming here to change our minds . Last time it was Danny123 n he disappeared. If it's your boys TY, pls don't waste your time here to trying hard to change our decision . Like what Theong said get today's Edge and The Star for those who have not make up their minds . It is easily worth more than RM1.80

Posted by candygirl > 2019-05-18 15:35 | Report Abuse

REJECT THE SCR OFFER

Posted by taitaumau > 2019-05-18 15:51 | Report Abuse

My stand is crystal clear. Though i am a very small fry, i will do my part to cast a AGAINST VOTE.

Posted by TheContrarian > 2019-05-18 16:42 | Report Abuse

Unlike an MGO or VGO, in an SCR the offer price cannot be revised once the EGM is called. And if the SCR is not approved at the EGM, the Offerors cannot make another offer for the next 12 months.

Posted by candygirl > 2019-05-18 16:52 | Report Abuse

Then get ready for a special dividend to be declared after the RM93 million is in this end June.

Posted by Cipta > 2019-05-18 17:59 | Report Abuse

If SCR fialed, TY can come back with VGO. He can first declare lucrative dividend to decrease NAV and increase his fortune to buy over minority share. In both case, he can use co money to fund his move. So don't too worry if SCR failed.

Posted by Cipta > 2019-05-18 18:03 | Report Abuse

Or doing share buy back and cancel it. This will increase TY share holding. So never think SCR is the last escape plan.

Posted by dumbMoney > 2019-05-18 20:08 | Report Abuse

For a comparison of how generous the SCR offer is compared to recent cases, take a look at this
https://1drv.ms/x/s!AgLvGZpm89Yskj8c1XUUcaN5NDon
There has been only one failed SCR exercise in recently years, Ireka, which was offered at the same discount to NAV as the present one. So now management is allow you to withdraw your own share of the capital from the company after a steep haircut and you are supposed to thank them for giving you the opportunity to do so, how reasonable of them. The company is worth more dead (unlisted) than alive and that is why they want to kick out the minorities.

Posted by Gepoh83 > 2019-05-18 20:45 | Report Abuse

Before SCR announcement price was RM0.60. Now RM1.10 offer.

Posted by stupid > 2019-05-18 21:14 | Report Abuse

马联合保险（MAA 1198）特别股东大会即将在五月廿九日召开，大会唯一议案就是通过大股东献议的每股RM1.10选择性削资与资本回退（SCR），盛传有一批小股东将＂团结＂起来，阻止该议案通过。
若特大议案遭小股东们投票拒绝，这项私有化下市计划将回到原点，若大股东不再做任何行动，马联合保险最终因为没有核心业务而下市除牌，到底小股东是拿了RM1.10走人，还是和大股东斗到底？

马联合保险主席，也是大股东美丽华集团掌舵人东姑耶谷摆明车马，他绝对不会再提高私有化价格，如今股东通知书已发出，就等特大召开。

他表示，一旦特大拒绝他提出的SCR计划，那MAA的股价会回到原本的60仙水平。

在美丽华集团提出SCR计划之前，MAA的股价一直维持在RM0.60以下水平，当这项建议出炉，MAA股价火速冲高至RM1.10水平，五月十七日收市时报RM1.02。