94.31% of PJDev. They need 98.9% to trigger compulsory acquisition.
84.95% of PJDev-WC. They need 96.8% to trigger compulsory acquisition.
It is so far away from their target and unlikely for them to be successful. The main reason is due to the extremely unreasonable offer prices. It may also due to many shareholders bought their shareholdings at prices higher than RM1.50 during the run up at end of 2013 (as high as RM2.23). They are reluctant to lelong their shares.
The real value of PJDev is RM4.60, OSK n OLH must offer a more reasonable price for the minority shareholders to accept their general offer.
The first offer dateline has passed. Although the offer is extended, those who still keep the shares are those who have decided to reject the offer at RM1.50. They represent about 50% of the outstanding shareholders for both PJDev and PJDev-WC. That is very high percentage and it reflects the unfairness and unreasonableness of the offer prices.
On the Saujana Consolidated Berhad case, it has been commented by one of i3 user in this blog that he was paid three times the original offer price for his shares. The following is the comment from Pillay 15. You can trace back his comment.
@FnR : I also read the news on Goodwood Park today. True, the major shareholder offers $42.81 as compared to the initial offer at $11.88. On top of that, the major shareholders together with the minorities were given dividends many times.
There is for sure another extension as allowed by the Takeover Act.
I am not so worried about being a minority shareholder of PJDev after it is delisted. OLH may be a tough negotiator. However, as you can see, everything he do is following the Company Act and business laws. Even though it is unlisted, every related party transaction in future will be revalued by professional valuer. Nothing much to worry about.
He has offered a low price for PJDev but this is permissible by the laws. It is up to the minority shareholders to decide whether they want to accept the offer or not. If they think that the offer is unreasonable, they can reject the offer.
The daily volume is low. The announcement by OSK shows that the quantity purchased from the open market and the offer acceptance are low after 11/10/16. Those who have decided to accept the offer might have already done so before 11/10/16. The remainings are those who have decided to stay on and continue to become minority shareholders unless a fair and reasonable new offer is announced.
Note : WCT - a direct business transaction by Desmond Lim on 1/11/16. The Net Book Value per share is based on the latest quarterly results as at 30/6/16.
Just look at it yourself, PJ Dev is the only one where the offer price is below the Net Book Value / share. If PJDev offered price is to match WCT,OSKH should offer RM2.74 for each PJDev share. The Warrant should be offered at RM1.74 per share.
The Revalued Net Asset Value (RNAV) of PJDev is RM4.60. Pls don't accept at RM1.50. OSKH is trying to blackmail the minorities by delisting the counter. Many who are worried about the delisting have already sold off their holdings. The remainings are those who know the actual value of the counter and just simply unable to accept the diliculous price.
The offer price of RM1.50 is UNFAIR and UNREASONABLE
hi guys, I used to have PJDEV-WC. But I managed to convert to PJDEV mother shares with the exercise price of RM1.00. That mean if you have 10k PJDEV-WC shares, you need to fork out 10k to convert the warrants to mother shares (PJDEV). Now I get a decent dividend payout from them.... it's around 0.20cent per share yearly. In my opinion, it's worth holding the PJDEV shares.
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