Posted by jtpc2006 > 2013-04-13 07:05 | Report Abuse

thank you yunsking, you and team have demonstrated that bullies cannot do as they like to the minority shareholders. I would think he has lost more than paying this revised price, time is money and so much time has been wasted. Big lesson to be learnt!

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

Yuns King,

To seek your final confirmation, Shd we accept this final offer by selling the balance of share / warrant @ RM 1.775 / 77.5c ??

Prior to this , Thank alot of your effort on MSWG vs this indian fella.

Posted by yunsking > 2013-04-13 11:07 | Report Abuse

Saturday April 13, 2013

Happy ending for MBf minority shareholders
By GURMEET KAUR
gurmeet@thestar.com.my


PETALING JAYA: The group of minority shareholders who had, for some time now, been holding out for a higher price in the buyout of MBf Holdings Bhd have decided to throw in the towel and accept major shareholder Tan Sri Dr Ninian Mogan Lourdenadin's latest revised offer of RM1.775 per share.

This group of minorities had collectively held 13.86 million shares or 2.4% of the company. With their acceptance, Ninian would now have secured 98.28% of MBf shares, enabling him to compulsorily acquire the remaining shares, thus ending one of Bursa Malaysia's longest most drawn-out buyouts.

The doctor-turned-entrepreneur had first tried to privatise MBf in 2006 and later in 2010, but minority shareholders had rebuffed both bids.

Ninian had upped the offer price again to RM1.775 on Thursday after engaging shareholders who had requested for a higher price after his second revised offer to take the company private at RM1.70 on March 14 was opposed. He had also raised the offer price for the warrants to 77.5 sen from 70 sen previously.

“Our group of minority shareholders had requested the offerors to revise the revised offer of MBf shares of RM1.70. Tan Sri Ninian responded and agreed to up it to RM1.775. Thus, we have come to an amicable agreement,” a representative of the minority shareholders told StarBizWeek.

“We also like to suggest that other shareholders accept the offer and we wish Tan Sri well in his South Pacific ventures while we move on with our extra cash,” he said. The revised offer would be kept open for acceptance until April 26.

The higher offer met the RM1.85 per share that the group of minority shareholders had deemed a fairer price half-way. The RM1.85 price, incidentally, was arrived at after factoring in a 35-sen special dividend to the RM1.50 original takeover price that Ninian had launched on Feb 7.

The minorities had contended that the dividend was “due to them”, following the sale of MBF Cards (M) Sdn Bhd to AMMB Holdings Bhd for RM641.4mil last December.

Posted by yunsking > 2013-04-13 11:12 | Report Abuse

Lmf_hau, I suggest we cash out and move on like what I have said to the Star, Edge, Nanyang and Oriental Daily. We will invest in another 'MBF' and do keep in touch

Posted by yunsking > 2013-04-13 11:19 | Report Abuse

Jtpc2006, as smart investors we should be looking at maximising return on investment and not winning or losing on an issue. We can disagree with the company but we can also work out a win win solution to have a happier ending for both parties.

Posted by lkloke > 2013-05-06 15:47 | Report Abuse

Yunsking, Hope you can assist. With regard to MBF Hldg shares, the company in charge of collecting on behalf of Impact Action collected the said shares from me on the 16th April, 2013 but to-date no payment received yet. It is over 10 days as stipulated on the document sent to shareholders. Do you have any contact of this company . Hope you can assist me on this. Thank you in advance. Loke

Posted by yunsking > 2013-05-07 00:14 | Report Abuse

Ikloke, I was told by my remisier that payment will be process 10 days after the closing on 26 Apr 2013. If we dont receive by Wed 08 May 2013 , I will call the company to check

Posted by lkloke > 2013-05-10 23:56 | Report Abuse

yunsking, MBF Hldgs has just declared a 40cts dividend. Can we shareholders who have accepted the take over price of $1.775 protest on this? It is daylight robbery. Basically it is very wrong for this Indian snake to do this. He can do it after he has completely collected 100% of MBF Hldgs shares, then nobody will even care about it. I think we ex-minority shareholders has a case in this. To recall back, I still got paid the difference for Pengkalen shares sold in the open market from the new take over price by the offeror in the late 80's automatically, no hassle.

Posted by necro > 2013-05-11 12:35 | Report Abuse

perghhhhh..