Posted by kumar1st > 2013-03-08 17:07 | Report Abuse

My remiser told me monday is the last day of trading n i should sell my shares by then

Posted by yunsking > 2013-03-08 18:36 | Report Abuse

Kumar1st, ask your remisier to put it in black and white or else he will say you heard wrongly

Posted by jtpc2006 > 2013-03-08 19:56 | Report Abuse

Extension granted, read up the announcements:
The Company has today received the attached press notice from HLIB, on behalf of the Joint Offerors, informing the Company that the closing date and time for acceptance of the Offer has been extended from 5.00 p.m. (Malaysian time) on Wednesday, 20 March 2013 to 5.00 p.m. (Malaysian time) on Wednesday, 3 April 2013 (“Revised Closing Date”). Notice of the said extension will be posted to the holders of the Offer Shares, Offer Warrants and Offer RCSLS. Save for the Revised Closing Date, all other details, terms and condition of the Offer remain unchanged.

This announcement is dated 8 March 2013.

Posted by yunsking > 2013-03-09 19:54 | Report Abuse

MBF HOLDINGS BERHAD (“MBfH”)
MBfH in their amended announcement dated 27 February 2013 stated that the joint offerors had collected 91.24% of MBF’s shares and they had no intention to maintain the listing status of MBfH and the trading of MBfH Shares and Warrants shall be suspended upon the expiry of 5 market days from the date of the Announcement, i.e. the suspension of trading will be effected from 9.00 a.m. on 7 March 2013.

Following several complaints from minority shareholders, MSWG organised a forum to obtain the views of minority shareholders on the MBfH privatisation. MSWG contacted Bursa and urged Bursa to defer the suspension of trading of MBfH shares to allow shareholders more time to trade as notice of the take-over offer was issued only recently. In this regard, Bursa Malaysia had informed the company via a letter dated 28 February 2013 that MBfH’s shares will be suspended only upon 5 market days after the despatch of the Independent Advice Circular (“IAC”) by Affin Investment Bank Berhad, the Independent Adviser (“IA”) for the take-over offer by the joint offerors.

MSWG’S COMMENTS:
Bursa Malaysia’s decision to defer the suspension of MBfH shares only upon 5 market days after the despatch of the IAC is commendable and welcomed by minority shareholders, who have yet to accept the offer, as they will be given more time to assess the advice from the IA.

In addition, minority shareholders are expecting the Board to uphold their commitment on the distribution of the proceeds from the disposal of the credit card business as dividends to shareholders who also expect that the dividend to be paid shall not be deducted from the offer price. In this regard, MSWG had also written to MBfH’s Board to consider the aforesaid issue and  the IAC should be based on the latest results as at 31 December 2012 and not the audited results as at 31 December 2011. The audited results as at 31 December 2011 has not factored in the gains from the sale of the card services business which was completed subsequently.

Posted by jtpc2006 > 2013-03-09 19:58 | Report Abuse

yunsking, thanks for the clarification. So, still waitung for the IAC from Affin.

Posted by yunsking > 2013-03-10 14:33 | Report Abuse

Email by a minority shareholder of MBF Holdings Berhad to Starbiz

Dear Ms Gurmeet,

I refer to the article with the title "Ninian making third attempt to take MBF private" which was published on 8 Feb 2013. I want to draw your attention to this article is because of certain material inaccuracy in the article. The net asset per share excluding the net assets of MBF Cards that has been disposed and the proceeds from the sale of MBF cards is around RM1.74 and not 1.54 as stated by Zulkifli Hamzah, head of research at MIDF Amanah Investment Bank. In fact, according to the latest Q4 2012 financial result of MBF which was published on 25 Feb 2013 MBF has a Net Asset Value of RM2.37 and the net profit for the year is RM385.2 million. En Zulkifli had said that the offer price is about one times his estimated net assets of MBF Holdings and reckons the offer is a reasonable one. With the lastest net asset value at RM2.37 per share, does he still reckon the offer price of RM1.50 as being fair to the minority shareholders?

Currently we have some issues to be resolved with MBF and has seeked assistance from the MSWG who has published an article below for your attention and publication if possible. The minority shareholders are definitely not impressed with the manner the board of directors especially the independant directors has handle this matter.

MBF HOLDINGS BERHAD (“MBfH”)
MBfH in their amended announcement dated 27 February 2013 stated that the joint offerors had collected 91.24% of MBF’s shares and they had no intention to maintain the listing status of MBfH and the trading of MBfH Shares and Warrants shall be suspended upon the expiry of 5 market days from the date of the Announcement, i.e. the suspension of trading will be effected from 9.00 a.m. on 7 March 2013.

Following several complaints from minority shareholders, MSWG organised a forum to obtain the views of minority shareholders on the MBfH privatisation. MSWG contacted Bursa and urged Bursa to defer the suspension of trading of MBfH shares to allow shareholders more time to trade as notice of the take-over offer was issued only recently. In this regard, Bursa Malaysia had informed the company via a letter dated 28 February 2013 that MBfH’s shares will be suspended only upon 5 market days after the despatch of the Independent Advice Circular (“IAC”) by Affin Investment Bank Berhad, the Independent Adviser (“IA”) for the take-over offer by the joint offerors.

MSWG’S COMMENTS:
Bursa Malaysia’s decision to defer the suspension of MBfH shares only upon 5 market days after the despatch of the IAC is commendable and welcomed by minority shareholders, who have yet to accept the offer, as they will be given more time to assess the advice from the IA.

In addition, minority shareholders are expecting the Board to uphold their commitment on the distribution of the proceeds from the disposal of the credit card business as dividends to shareholders who also expect that the dividend to be paid shall not be deducted from the offer price. In this regard, MSWG had also written to MBfH’s Board to consider the aforesaid issue and the IAC should be based on the latest results as at 31 December 2012 and not the audited results as at 31 December 2011. The audited results as at 31 December 2011 has not factored in the gains from the sale of the card services business which was completed subsequently.

Posted by jtpc2006 > 2013-03-12 19:58 | Report Abuse

yunsking, extract of article from PublicInvest Research Headlines:
MBF: Major shareholder extends offer. In a bid to mop up all the remaining shares that he does not own in MBF Holdings, its major shareholder Tan Sri Dr Ninian Mogan Lourdenadin, who is taking the company private, has extended the takeover offer by another two weeks to April 3.
No wonder the price is going up!

Posted by yunsking > 2013-03-13 23:33 | Report Abuse

Jtpc2006, reason for extension is the IAC, which was supposed to have been despatched by 08 Mar 2013, has not been approved by Security Commission after been alerted by MSWG.

The directors, esp the Independent directors, neglect their fiduciary duty by jumping the gun to accept the offer ever before the IAC is despatched. WHERE IS IAC?

We guess the offerors have 'parked' some 12,000,000 shares with the Independent Director to be used to support take over or to suppress price. The 'parked' shares has been used to accept the offer and to suspend the counter on 07 Mar 2013 but Bursa disallowed the suspension after being briefed by MSWG.

They have less spare bullets to shoot. I was informed that one group purchased the shares at RM1.51 to clear more of the parked shares and make the offer of RM1.50 obsolete. I will follow the group to buy some at above Rm1.50 and enjoy the show.

Posted by jtpc2006 > 2013-03-14 06:58 | Report Abuse

yunsking, thanks for the update. Indeed it looks as though as there's something very fishy about the whole offer. Do hope the price rises more and more!


Privatisation of MBf causing unhappiness among minority shareholders
Author: value_investor | Publish date: Wed, 13 Mar 10:00 | >> Read article in Blog website

The planned privatisation of MBf Holdings Bhd (MBf) is causing unhappiness among minority shareholders. Among the main grouses is the special dividend that was promised to them following the sale of its card business to the AmBank Group. They also contended that MBf's takeover offer should have been based on its recently released financial year (FY) 2012 results, which had factored in the gains from the disposal of its card business as opposed to FY2011. On Monday, MBf's major shareholder, Tan Sri Dr Ninian Mogan Lourdenadin, had extended the takeover offer by another two weeks to April 3 from March 20. (StarBiz)

Source: CIMB Daybreak - 13 March 2013

Posted by cmcSandy026 > 2013-03-14 09:57 | Report Abuse

Any further comments? Now the price is @1.67 and wonder they will give the special dividend as requested?

Posted by lkloke > 2013-03-14 10:35 | Report Abuse

I feel the Indian boss will pay out the mentioned dividend as he has collected a lot shares more after the announcement has been sent out to shareholders. If not the authorities will be collaborating with him. After all not much will be paid out. He will stand to gain the most. The IA is still not dispatched yet to-date. Why? This independent adviser must have written something detrimental to the take over price.

Posted by jtpc2006 > 2013-03-14 10:40 | Report Abuse

it's a case of penny wise, pound foolish. Trying to get around paying what was rightfully announced to the shareholders, he stands to lose more by the delays as time is always precious to the businessman.
So should the true price be 1.50 + 0.30 = 1.80 ?

Posted by lkloke > 2013-03-14 10:40 | Report Abuse

Now 1.75, have feeling the IA document already sent out and will be received by shareholders today or tomorrow.

Posted by jtpc2006 > 2013-03-14 10:42 | Report Abuse

yunsking, glad that your efforts to 'educate' the public have paid off, at least the price has gone up much more above the 1.50. Pity the other shareholders who sold theirs already at 1.50. Can they claim the difference from MBFH?

Posted by tommylou > 2013-03-14 10:50 | Report Abuse

Time for me to let go this counter.....held for too long ......good luck to the rest ....hopefully hit 1.8

Posted by lmf_hau > 2013-03-14 11:05 | Report Abuse

Yuns King,

Bravo , thank you ,, really has to spend u a cup of coffee .....

I m still holding , as this 晤阴功Indian Director so selfish & sly , must really squese his hand until sugar cane for another $$$ 30c ....

Posted by jtpc2006 > 2013-03-14 11:35 | Report Abuse

hahaa, with all these bad feng shui going his way, his privatisation exercise will be very bumpy, and he deserves it,
3 simple words, serve him right!

Posted by yunsking > 2013-03-14 14:18 | Report Abuse

Dont sell mbfhldg at RM1.70, they revised offer only after we blocked their suspension, SC reject IAC and we clear the RM1.51 seller. We should stay united to demand minimum of RM1.85 or else we pursue the NTA of RM2.37 plus valuation of assets

Posted by jtpc2006 > 2013-03-14 14:23 | Report Abuse

yunsking, that sounds reasonable. U sure IAC was rejected?

Posted by jtpc2006 > 2013-03-14 14:37 | Report Abuse

From The Star:
KUALA LUMPUR: MBf Holdings Bhd (MBf) major shareholder, Tan Sri Dr Ninian Mogan Lourdenadin has raised his takeover offer price for the remaining shares and warrants following opposition from minority shareholders.

Ninian and parties acting in concert with him announced on Thursday the offer shares were revised from RM1.50 to RM1.70 and the warrants from 50 sen to 70 sen.

Most importantly, shareholders who had accepted the original offer would also benefit from the higher revised offer and they would receive the incremental increase within 10 days.

MBf said the revised offer would be kept open for acceptances until 5pm on April 3, which is the extended closing date.

At midday, MBf shares rallied 18 sen to RM1.70 and the warrants gained 16.5 sen to 66 sen.

==========================================

Posted by arv18 > 2013-03-14 14:46 | Report Abuse

Man, I didn't realise that the MSWG had any bite. How wrong I was.

Good work guys!

Congrats.

Posted by lmf_hau > 2013-03-14 15:01 | Report Abuse

hahaha ,, ,song ah ,,

The 1st target accomplished .. now need another +15c ,,, we want the warrant at 85c ....

Yuns King , thank you very much ,,,,,

jtpc2006 , thanks for your update news

Posted by lkloke > 2013-03-14 15:31 | Report Abuse

Why go up? Just announced in Bursa, take over price now revised to $1.70 . Still can keep until received IA circular, worth much more than revised price.

Posted by sudahkena > 2013-03-14 17:39 | Report Abuse

adus,sudah let go at 1.50......rugi2...

Posted by abu5566 > 2013-03-14 19:29 | Report Abuse

just brought 60 lot @ RM1.70

Posted by lkloke > 2013-03-14 20:01 | Report Abuse

Hi! Sudahkena, adus,sudah let go at 1.50......rugi2...
No worry!
I think the Acquirer has to pay you the difference of the new offer price and old offer price. This has been the case in the late 80's. I was paid the difference after I have sold my Pengkalen shares which was acquire at a higher price later on.

What they do is entirely wrong and unprofessional. To-date the Independent Adviser Circular has not been sent out yet. This Indian is following what law!

Posted by yunsking > 2013-03-15 00:55 | Report Abuse

Hot Stock: MBF hits 9-yr high amid demands for higher takeover offer

by Chong Jin Hun of theedgemalaysia.com on Thursday, 14 March 2013 02:59

KUALA LUMPUR (Mar 14): MBF Holdings Bhd (MBFH) soared as much as 17% to its highest in over nine years amid minority shareholders' unhappiness over the takeover offer  by the diversified company's controlling shareholder,  dealers said.

At 10.47 am, MBFH shares were traded at RM1.75 with some 955,000 shares done, placing the stock among ten top gainers. The stock had earlier risen as much as 26 sen to RM1.78 --  its highest since June  2003, Bloomberg data show.

A dealer said the gains in MBFH shares were due to investors are asking for a higher offer from Tan Sri Dr Ninian Mogan Lourdenadin, who is offering RM1.50 a share to take over the firm.

"The public will reject the offer as they are not happy. Minority shareholders are hoping that the acquirer will offer a higher price,"  the dealer told theedgemalaysia.com.

The edgemalaysia.com yesterday received calls from some shareholders saying they were even prepared to go to court on this.

Ninian had owned 87% of MBFH when he offered to buy the remaining shares of the firm at RM1.50 each on February 6 this year.

page 1 / 3 | Next Page | Back to Headlines

Posted by yunsking > 2013-03-15 01:02 | Report Abuse

Jtpc2006, correction ... The IAC that was supposed to be despatched latest 08 Mar 2013 has not been approved by SC as minority shareholders through MSWG requested that the report be based on the latest results as at 31 Dec 2012 to factor in the gains from the disposal of MBF Cards Sdn Bhd. As such they have apply for extension of time to amend the IAC.

Posted by rupert > 2013-03-16 00:22 | Report Abuse

Power! power!! More cumming!

Posted by rupert > 2013-03-16 00:22 | Report Abuse

Shhhhhh!

Posted by rupert > 2013-03-16 01:08 | Report Abuse

Make the dividen ok....we want....

Posted by yunsking > 2013-03-16 07:50 | Report Abuse

Jtpc2006, Lmf_hau, abu5566 pls add my live chat/email at yunsk@hotmail.com for group chat. More interactive

Posted by jtpc2006 > 2013-03-16 07:53 | Report Abuse

yunsking, noted and thanks.

Posted by Rupert > 2013-03-23 15:29 | Report Abuse

This one done deal my Indian Tan Sri .".....green

Posted by yunsking > 2013-03-23 19:01 | Report Abuse

KUALA LUMPUR: In an apparent attempt to mollify minority shareholders’, MBf HOLDINGS BHD [] (MBfH) CEO and largest shareholder Tan Sri Dr Ninian Mogan Lourdenadin has raised the takeover offer price to RM1.70 per share from RM1.50 previously.

He has also raised the offer price of the warrants to 70 sen from 50 sen each in a bid to ensure a successful privatisation of the company. The new offer price is 22 sen higher or a 14.86% premium to the closing price of RM1.48 on Feb 5, the last trading day before the takeover offer was officially made.

The revised offer price for the warrants is 27 sen or 62.79% higher than the closing price of 43 sen on Feb 5. However, the revised offer price is still inferior to the company’s book value of RM2.37 per share.

In a filing with Bursa Malaysia yesterday, the group said minority shareholders who have accepted the previous offer will receive another 20 sen per share or 20 sen per warrant to match the new offer prices. They will receive these increments within 10 days.

The joint offerors for the rest of the MBfH shares are Tor Pte Ltd, Nadin Holdings Sdn Bhd, Impact Action Sdn Bhd and Market Share Investments Ltd. Lourdenadin has accumulated 93.02% or 537.1 million million shares in MBfH.

He needs to reach an acceptance level of more than 98% in order to take MBfH private. Lourdenadin has extended the takeover offer by two weeks to April 3 from March 20 in a bid to mop up all the remaining MBfH shares he does not own.

In an immediate comment, a minority shareholder said he was still not happy with the revised offer price of RM1.70, and suggested RM1.85 instead. This would be the sum of the original offer of RM1.50 per share, plus an added estimate of about 35 sen per share as the special dividend.

“I think RM1.85 is still a good discount for the company. If they can give us that, we will be very happy and there will be no need for any more negotiations,” he said.

Yesterday, MBfH saw a surge in its share price to a nine-year high of RM1.78. The counter closed 20 sen higher to RM1.72, with 1.6 million shares done.

The price rise in MBfH shares may indicate that shareholders view the offer price as unattractive as it is lower than the intrinsic value. This could mirror Tan Sri Quek Leng Chan’s recent failed attempt to privatise Hong Leong Capital Bhd (HLCap).

Last month, Quek failed to take HLCap private after receiving a poor response to his takeover offer of RM1.71 per share. The unconditional takeover offer had garnered only 2.21% acceptance from minority shareholders, who felt the offer price was a big discount to the share price which had risen above the offer price after the privatisation announcement.



This article first appeared in The Edge Financial Daily, on March 15, 2013.

Posted by lkloke > 2013-03-23 19:55 | Report Abuse

Yunsking, why should shareholders be happy with $1.85? Shareholders are not beggars, this is daylight robbery. What happen to the Independent Adviser Circular? They have not sent out yet to-date. What is their professional advice? Why the authorities do not question them? They are all birds of the same feather! Taking shareholders for suckers.

Posted by yunsking > 2013-03-25 13:11 | Report Abuse

Those who has mbf shares and are not happy with the overlapping of special dividend by the take over offer can call SC 03-6204 8999. We appeal so that the counter is not suspended until the special dividend is paid or until minority shareholders get a fairer exit price. The IAC on page 71 states the revised offer of RM1.70 is not fair. Only to prove that the original offer of RM1.50 if carried through was bullying minority shareholders

Posted by yunsking > 2013-03-26 19:22 | Report Abuse

Tuesday March 26, 2013

Minority shareholders of MBf likely to hold out for better offer

MBf’s major shareholder Tan Sri Dr Ninian Mogan Lourdenadin had on March 14 raised his takeover offer price to RM1.70 from RM1.50 per share.
PETALING JAYA: The minority shareholders of MBf Holdings Bhd would most likely remain adamantly opposed to the current revised offer of RM1.70 per share to take the company private, as they seek for a “fairer” offer.

“Existing shareholders are only waiting for a fairer exit; the independent advisor (for the deal) has not looked at the real value of the South Pacific Island assets, considering the boom in the oil and gas industry,” one minority shareholder told StarBiz.

“Our (preferred) offer of RM1.85 per share only requires about an additional RM8mil, which is already a huge sacrifice' vis-vis the value of the adjusted net asset of MBf's shares,” he added.

The offer price of RM1.85 per share, as demanded by minority shareholders, comprised of the 35-sen special dividend that they were asking for on top of the original takeover price of RM1.50.

Meanwhile, Affin Investment Bank, the independent advisor to the minority shareholders of MBf, had, on Monday, issued an independent advice circular stating that the range of the adjusted net asset of MBf's shares ranged between RM2.45 and RM3.20. Affin had described the major shareholder's takeover offer of RM1.70 as “not fair” but “reasonable”.

Affin Investment Bank said that while the derived valuation range was between RM2.45 and RM3.20 per share, it was of the opinion that shareholders would not be able to realise their investment in MBf shares.

It said there was a loss of a significant contributor to the group's profitability, following the completion of the sale of MBF Cards to the AmBank Group. Another factor was a greater concentration of the group's business in the South Pacific Islands, which were perceived as remote markets, following the disposal of MBF Cards. The third factor was the heavy losses incurred by the group's shipping segment since financial year ended Dec 31, 2010, which had drained the group's cash reserves.

To recap, MBf's major shareholder, Tan Sri Dr Ninian Mogan Lourdenadin, had on March 14 raised his takeover offer price for the remaining shares and warrants, following opposition from minority shareholders.

Ninian and parties acting in concert announced that the offer shares had been revised from RM1.50 to RM1.70 and the warrants from 50 sen to 70 sen. Most importantly, shareholders who had accepted the original offer would also benefit from the higher revised offer and they would receive the incremental increase within 10 days.

MBf said the revised offer would be kept open for acceptance until 5pm on April 3, which is the extended closing date.

The stock would be suspended on April 2.

According to a filing, the joint-offerors had accumulated 93.17%, or 537.88 million MBf shares, as at March 21. The joint-offerors had to get a 98% level of acceptance in order to take MBf private.

It is understood that minority shareholders who had disapproved of the current takeover offer price collectively owned up to 2.4%, or 13.8 million, of MBf shares.

Their solidarity could thwart Ninian's plan to take MBf private.

Posted by yunsking > 2013-03-26 19:23 | Report Abuse

Dear Sir,

With reference to the IAC which was posted on the Bursa's website today (25th Mar 2013), Affin Investment concluded that the REVISED offer for the MBF shares (RM1.70 per share) and warrants (RM0.70 per warrant) is NOT FAIR but REASONABLE.

The minority shareholders commended IA for their comments but where does that lead us to except to sell with the suspension 'SCARE' on 02 April 2013. We note that 'suspension issue' has been given greater priority and overshadowed the protection of the minority shareholders who have to BEG for the special dividend or a percentage of their share of net assets.

On behalf of the minority shareholders, I again appeal to Authorities to refrain from suspending / delisting the counter until the special dividend has been paid or a fairer exit price of RM1.85 is met (as against NA of RM2.45). The special dividend of RM172.07, as per the circular to shareholders dated 30 Aug 2012, is to be paid within 6 months from the completion of the sale of MBF Cards Sdn Bhd to AMMB on 03 Dec 2012, i.e. by 03 Jun 2013.

From Yun Sii King
On behalf of a group of minority shareholders
Tel : 016-8866 345

Posted by yunsking > 2013-03-26 19:26 | Report Abuse

To MSWG, Bursa and SC,

I was distraught upon reading the Interdependent Advice circular (IAC) recently done by Affin Investment. I cannot understand why such confusing advise is allowed. In the advice, the derived value of the company mentioned is between RM2.35 to RM3.20 vs an offer price of 1.70. Surely this is unreasonable!

I also cannot agree with some of the reasons given  in the IAC report.
1. It was mentioned that shipping is a drain on capital but that was in the past and is currently managed. According to the latest quarterly report Q4 2012, the management reported this. "The rationalization of the liner operations which comprise the re-organisation of its fleet size and voyage routes and the introduction of logistic services by the agency operation in PNG had resulted in better performance by these sectors".

2. It was mentioned that the group business is largely concentrated in South Pacific region and it is perceived to be a remote market. Surely just being in South Pacific cannot be negative. Markets for agriculture produce e.g. coconut oil are for the international markets.  Oil and Gas investments are at an all time high with further discovery of new gas fields (http://www.hydrocarbons-technology.com/projects/pnglng/). In the latest MBF quarterly report again, the management reported that the higher  revenue was also due to the existing operations - 7% increase. GDP for Papua New Guinea in 2011 and 2012 is 8.9% and 7.7% respectively. And again according to management "Fiji Operations – Fiji’s growth outlook remains relatively flat and with the rationalization of operations and cost controls put in place, the Group is expecting its operations to perform better than 2012....The Group’s focus for 2013 remains the same which are to achieve greater group synergies, managing costs and production efficiency. Efforts shall include expanding its existing operations to increase market share and venturing into businesses which complement its shipping and retail operations." Moreover, it was also reported in the Star that the group is developing their 3450 acres of land in Kulim, Malaysia for mixed property development. This 'remote market' perception does not hold water and I would have expected the independent advice to have dispelled it!

3. The loss of significant business from MBF cards should NOT be a concern as the company has now an additional RM641M cash and probably can fund many projects which could have yielded a much better rate of return. Moreover, the management has mentioned that  cards business have been very competitive, intense with eroding margins especially  when compared with margins from bank backed card competitors.

4. My last point is that just because there are no other offers doesn't mean that the current offer is reasonable.  If the offer is unfair , then it is unreasonable, how can it be otherwise?

Again, minority shareholders are always bearing the brunt of ambiguous advise and lack of independence. I hope in future such advise would not be allowed so as to raise the investing standards in this country and to encourage more retail participation!

I am also very shocked that MBF will be suspended from the 2nd April 2013. I believe the intent of suspending the counter was to protect minorities from buying into a company that was going to be delisted. However, this very same act also disadvantages the minorities as the person taking over the company is using it to bully minorities into accepting his unfair and unreasonable offer. Can something be done about this urgently?

Also, a special dividend has been proposed in a circular to shareholders on the 30 August 2012 and payment was mentioned to be paid  within 6 months from the completion of MBF cards sale on 3  Dec 2013 . This effectively means 2 nd. June 2013  is the last date of payment.

I strongly appeal to Bursa and SC to defer any suspension until after payment of the dividend to at least allow the minority shareholders some breathing space and enjoy what was promised. This is fair. I look forward to help from the authorities so that some justice will prevail.

Disgrunted Minority shareholder,

Wilfred Koh

Posted by yunsking > 2013-03-26 19:30 | Report Abuse

Dear Sirs 

With regard to the above, I would like to bring to your attention that the above counter will be suspended from KLSE on 2nd April 2012 persuant to the release of the IAC report by Affin Investment Bank. On behalf of the minority shareholders I would like to request Bursa to defer the suspension on the following reasons. 

1) THE PROMISED SPECIAL DIVIDEND HAS NOT BEEN PAID. It was reported in a circular dated 8th August 2012
 under Bursa's website on Utilization of proceed. A total of RM 172.07 million was promised to be paid no later than 
6 months after completion of sale, i.e by 03rd June 2013. It is now in the 4th month and there is still no news of the special dividend BUT on the contrary minorities are being bullied about the impending SUSPENSION.  
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1033225

2) The IAC reported on page 71 states that the offer of revised RM1.70 as NOT FAIR. Only to proof that minority SH 
are being bullied as the original offer was only RM1.50 We appeal to Bursa not to suspend MBF Holdings on this special occasion.

3) If an offer is NOT FAIR, then it only means it is not fair. Does it make sense for anyone to accept an offer that is not fair.

4) On 27th February 2013, an independent director who owns more than 2% accepted the offer of RM1.50 before the IAC report. This is proof of impartiality at work. Can an independent director owns more than 2% and if not, Bursa should 
start to investigate this matter immediately.

5) I am appealling again to Bursa not to suspend the counter as scheduled but to defer the suspension until after 
    3rd of June 2013. The counter is also lightly traded and is not speculative.

Chor Kiang Mong

Posted by lmf_hau > 2013-04-02 09:26 | Report Abuse

Damn ,,,, MBF holding , suspended , i confirmed with all my 2x remisier , we can only sell through the Offer Form received.

Chor KM & Yun Sking , shall we hold any longer ?

As according to the Offer Form , MBF holding will delist on 03.05.2013.....

Posted by jtpc2006 > 2013-04-03 06:47 | Report Abuse

MBf Holdings Bhd has extended its revised takeover acceptance offer to minority shareholders to Apr 28 from tomorrow. The company said all other items and conditions of the offer remain unchanged. MBf‟s major shareholder, Tan Sri Dr Ninian Mogan Lourdenadin, is taking the company private. (BT)

Posted by yunsking > 2013-04-03 22:59 | Report Abuse

Lmf_hau, I suggest you sign the form and you have until 26 Apr to do so. We are negotiating with the managing director for a final revision. No promise though. In return we should help Tan Sri achieve his target of 98.91 % and close the chapter and we all move on.

Posted by lkloke > 2013-04-11 23:33 | Report Abuse

Yunsking, Have you read the latest news on bursa? MBF has increase the take over price to $1.775 for its share and $.775 for its warrants. BTW what action has the MSWG taken? Any reply from Bursa or SC? I am sure there are some shareholders who are holding quite a substantial amount of MBF shares todate. Any idea what they are doing? TQ in advance for your comment and reply.

Posted by sudahkena > 2013-04-12 09:13 | Report Abuse

adus......i already sold 1.50 at open market........hemmmm.......

Posted by lmf_hau > 2013-04-12 09:54 | Report Abuse

Yuns King,

I m still reluctanct to sell , r u wanto convert the warrant to mother share in order to increase the share %?
Pls contact me akhau76@hotmail.com

Posted by lkloke > 2013-04-12 10:08 | Report Abuse

lmf_hau, I think its a good idea to convert into mother share, the next revised exercise will benefit the mother share probably with a 10cts to 15cts dividend. The warrants will not get it, my 2 cts.

Posted by lmf_hau > 2013-04-12 10:13 | Report Abuse

IK Loke,

I boh lui loh ,,, can u borrow me ??

Posted by yunsking > 2013-04-12 22:49 | Report Abuse

Our group of 13.8 million shares negotiated for the revision of the offer price from RM1.50 to RM1.70 and finally to RM1.775. We have all sent the acceptance forms to the company to be verified. As investors we should weigh the pros and cons of parking our money in an unlisted company as the company may eventually be delisted. We forsee less potential upside, and therefore we negotiated for a revised exit price to be invested elsewhere. With the revised offer we hope other shareholders benefited and cash out as we are no longer around to negotiate for minority shareholders