Type of Meeting EGM Indicator Outcome of Meeting Date of Meeting 31/07/2012 Time 11:00 AM Venue Ground Floor, East Wing, Bangunan ECM Libra 8 Jalan Damansara Endah Damansara Heights 50490 Kuala Lumpur Outcome of Meeting
ECM LIBRA FINANCIAL GROUP BERHAD (“ECMLFG” OR THE “COMPANY”)
· Proposed Disposal;
· Proposed Business Merger;
· Proposed Capital Repayment;
· Proposed Share Split; and
· Proposed Share Consolidation,
(collectively referred to as the “Proposals”)
(Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcement in relation to its Proposals dated 15 June 2012)
We refer to the announcement dated 15 June 2012, 21 June 2012 and 6 July 2012 made by ECM Libra Investment Bank Berhad (“ECMLIB”), on behalf of the Board of Directors of ECMLFG (“Board”) in relation to the Proposals.
On behalf of the Board, ECMLIB is pleased to inform that at the Extraordinary General Meeting (“EGM”) of the Company held today, shareholders of the Company have approved by way of poll all the special resolutions for the Proposals, as set out in the Notice of the EGM contained in the Circular dated 9 July 2012.
Good news....share buyback, that means ECM will rise further.....abalone on the table now, haahaahaa
Type of Meeting AGM Indicator Outcome of Meeting Date of Meeting 31/07/2012 Time 10:30 AM Venue Ground Floor, East Wing, Bangunan ECM Libra 8 Jalan Damansara Endah Damansara Heights 50490 Kuala Lumpur Outcome of Meeting The Board of Directors of ECM Libra Financial Group Berhad ("Company") wishes to announce that at the 7th AGM held today, the shareholders of the Company had approved all the following ordinary and special businesses as set out in the notice of the AGM dated 9 July 2012:-
1. Receipt of audited financial statements for the financial year ended 31 January 2012 ("FY 2012");
2. Payment of first and final single-tier dividend of 2.4 sen per ordinary share for FY 2012;
3. Payment of Directors' fees;
4. Re-election of retiring Directors;
5. Re-appointment of Messrs Ernst & Young as Auditors;
6. Authority to issue shares pursuant to Section 132D of the Companies Act, 1965; and
I think that ECM will come in stronger this week because of yesterday AGM approved for the sale of the brokering arm to Kenanga, directors strong buying support buying & also because of the yesterday's AGM approval for share buyback....well we wait for the share buyback especially as this will support the share from falling down and at the same time buying higher & higher everyday to support ECM to bring it to a new level where price is concern....will we see ECM go as high as $1.10 cents within these 3 months?
Yesterday went down as some people prefer to take profit before ex-date of dividend. But hang on much longer until the capit repayment, issuance of new kenanga shares. Besides, it will be interesting to see how ECm diversify it's portfolio too. Also, bear in mind this is a debt free company. Need not worry of near term bankruptcy for now
Friends, let them throw to sell yesterday as the price will go up furthers while we collect our dividend. With strong company support in share buyback, we will see our ECM move north...just don't worry as some scumbags & leeches discourage you all to buy when I recommend you all to buy from 77 cent cents...now you eat abalone...cheers.
Yes, Kenanga will be one of the biggest stockbroker & that appears good too. FYI, Kenanga AGM a day back also approved the buying of ECM on the same day ECM AGM also approved the sale...so all is in order now & so we wait for our money, hee, hee, hee
Hidden gems in ECM Libra in the Edge, Corporate: The financial group has a few gems that may have escaped the notice of investors. This includes a proprietary investment portfolio, which it bought back from its former investment banking arm. Another piece of good news!!
Brother kilrathi , where's the stablising point....Kenanga & ECM AGM had bot approve the sale , so we see money coming...about 60 cents solid cash, free Kenanga shares & we get to keep our ECM shares with is cash rich...what else do you expect for brother...cheers.
You only want to enter now & not before when it was at 77 cents...now we all are dividend son[already ex], our prices had increase & we are looking to the $1.00+ price level.
KUALA LUMPUR: ECM Libra Financial Group Bhd, which will be left with some RM350 million after the disposal of its investment banking unit to K&N Kenanga Holdings Bhd, is looking to acquire new businesses within and outside Malaysia to diversify its income stream.
ECM Libra chairman Datuk Seri Kalimullah Hassan said the company is looking at opportunities in countries such as the UK and Myanmar. “We are not limited [to] just looking at domestic [businesses].
We’re looking out for opportunities in countries like the UK and Myanmar. We’re looking at UK for real estate, but [there is] nothing firm yet at the moment. Property prices are cheap [now in the UK] because of the euro crisis.
“We’re looking at opportunistic investment. The board will evaluate it and we will come up with the proper announcements when we firm up things,” Kalimullah said after the company EGM.
Kalimullah, who is also a shareholder of Tune Hotels, said ECM Libra may consider buying hotels abroad as there will be appreciation in foreign exchange rates and property values.
Kalimullah, who is also a shareholder of Tune Hotels, said ECM Libra may consider buying hotels abroad as there will be appreciation in foreign exchange rates and property values. Kalimullah: You can rest assured that we will find something good within the next 12 months. Photo: Kenny Yap/The Edge
“These are areas we know we’re good at it,” he said. At the EGM yesterday, the shareholders approved the disposal of ECM Libra Investment Bank to K&N Kenanga for RM875 million to be paid in cash, loan stocks and shares.
Following the sale, ECM Libra proposes to undertake a capital reduction in which shareholders will be rewarded between 63 sen and 68 sen each. Out of the amount, 53 sen will be in cash and the rest is to be paid in Kenanga shares and loan stock.
The disposal of its major profit generating investment bank will leave the company with only its asset management and unit trust business, generating some RM10 million in net profit per year, which is insufficient to sustain the business, Kalimullah said.
ECM Libra will have 12 months after the disposal of its investment bank business to add some new businesses into its portfolio in order to avoid falling into the Practice Note 17 company category.
With zero borrowings on its balance sheet, the company will have the financial muscle for new acquisitions. “You can rest assured that we will find something good within the next 12 months,” said Kalimullah.
When asked if the group’s core business will remain in financial services, he said it is not necessarily the case. “If we wanted it as our core, we wouldn’t have sold off the bank right?
The finance sector is very competitive now. It is hard to compete in financial services without being bank backed. You must be bank backed to to make big deals and big money. Otherwise, you’ll just continue making small money, you won’t be able to grow that way,” he said.
The group’s first quarter ended April 30, 2012, which included profits from the investment bank business, posted a net profit of RM6.04 million, down 56.5% from a year ago. Revenue was also down by 1.8% to RM45.8 million from RM46.6 million a year ago.
This article appeared in The Edge Financial Daily on August 1, 2012.
bro Chong,I am sorry for the delay, trying to remember in which part of the Edge that article appeared and get the link for you. I remember it was from the Corporate page of the Edge. Hope this little bit of info helps.
Brother Rajandaran Kannaya , there's no good news as all good news had been posted by yours truly. The one posted above by brother Vincent Wong just state that the director Lim Kian Onn had bought a certain percentage of ECM shares in the open market. It also state that EC need to seek a new core business within one year, or face delisting .....however, no need to worry too much about this as ECM chairman says that ECM now being loaded with plenty of cash is definitely finding a new core business. And even if they find a new core business, I am sure that there are plenty of suitors who may want to list their private companies by backdoor listing, hee,hee,hee
And ECM still hold a good portfolio of bursa listed shares too like E&O, etc
"Just before the Hari Raya break, Sime Darby had announced it was acquiring a 30% block of E&O at a price of RM2.30 per share when the market price of those shares was RM1.45."
Yes, brother justin220 , ECM had about 60 million of E&O shares, that means ECM will make an excess of at least $50 million and we the shareholders of ECM will gain from it too....cheers.
Still the decision of the SC can be challenged in court....read this please
The SC said in a statement on Friday that its position on the GO requirement in the Sime Darby-E&O acquisition remained unchanged as per the statement issued on Oct 11, last year.
"The decision is now subject to judicial review which is pending in court," the SC said.
So, are we back to square one in E&O case?
Sister Vivi, you can come to my forum....give me your email address and I will send you the details...thanks.
Today will be my last day here & after that I will always be at my forum......cheers & do take care too.
congrats bro Chong. You mean you will no longer post in i3investor? pls dont make final decision, take a break if you wish, but come back stronger and refreshed. We need more writings/reviews from you. take care.
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chong
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Posted by chong > 2012-07-31 18:45 | Report Abuse
Here it is brother grss..
Type of Meeting EGM
Indicator Outcome of Meeting
Date of Meeting 31/07/2012
Time 11:00 AM
Venue Ground Floor, East Wing, Bangunan ECM Libra
8 Jalan Damansara Endah
Damansara Heights
50490 Kuala Lumpur
Outcome of Meeting
ECM LIBRA FINANCIAL GROUP BERHAD (“ECMLFG” OR THE “COMPANY”)
· Proposed Disposal;
· Proposed Business Merger;
· Proposed Capital Repayment;
· Proposed Share Split; and
· Proposed Share Consolidation,
(collectively referred to as the “Proposals”)
(Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcement in relation to its Proposals dated 15 June 2012)
We refer to the announcement dated 15 June 2012, 21 June 2012 and 6 July 2012 made by ECM Libra Investment Bank Berhad (“ECMLIB”), on behalf of the Board of Directors of ECMLFG (“Board”) in relation to the Proposals.
On behalf of the Board, ECMLIB is pleased to inform that at the Extraordinary General Meeting (“EGM”) of the Company held today, shareholders of the Company have approved by way of poll all the special resolutions for the Proposals, as set out in the Notice of the EGM contained in the Circular dated 9 July 2012.
This announcement is dated 31 July 2012.