Posted by ziyang8896 > 2021-09-23 13:13 | Report Abuse

For my view is the CW issuer normally will do hedging for mother share to minimize the risk. Maybe direct involved some but should be not much. Look at MAA SCR failed case..it's share price hit over offer price almost a month before EGM .. investors who bought higher than offer price sure vote against to ask for higher price. Conclusion is when you see the price hit over the offer price for some times..the risk to fail is getting high.

Posted by SincereStock > 2021-09-23 13:25 | Report Abuse

@ziyang8896 if I am not wrong, CW issuers are the one that have been controlling the price of this counter, prior and after privatization announcement, it have been the same style, so I believe should be the same entity, price DIP prior some of the recently expired CWs convinced me more that they are behind controling the price.

if that is the case, they definitely holding significant amount of mother shares to be able to control the price like this

Posted by ziyang8896 > 2021-09-23 13:26 | Report Abuse

Good luck to who still hold and voted.

Posted by kinuxian > 2021-09-23 14:04 | Report Abuse

Here the CW transactions volume since issuing date, claiming CW issuer as sole deal breaker seems unlikely. But what causing the sale down is quite interesting.

Many are traded below issuing size actually. Even we ignored the recycle trades and assume its fully hedged which is impossible & meaningless in real life, total hedged on issuer merely 70mil, or 4.78% from 1469mil share that eligible for vote.

CW - Total transacted (issuing size) [conversion ratio]
C25 - 21,072,700 (35,000,000) [2.8 : 1]
C26 - 9,735,000 (100,000,000) [2 : 1]
C27 - 2,726,300 (35,000,000) [2 : 1]
C28 - 5,786,700 (60,000,000) [3.8 : 1]
C29 - 55,059,100 (150,000,000) [1 : 1]

Posted by idkdontaskmelol > 2021-09-23 14:52 | Report Abuse

idk y got ppl keep blame CW. Last time glove drop also blame CW. i remember kaywhywhy oso blame CW. Wut oso blame cw aiyoyo. Now that guy here say sold mmc dy, but most active here, so weird. kikiki

Posted by SincereStock > 2021-09-23 15:05 | Report Abuse

why blame CW? price drop, siapa untung? privatization fail, siapa untung?

Posted by kinuxian > 2021-09-23 16:12 | Report Abuse

While for PNB, they're actually keep trimming down local holding since years back. Unless they vote down to force TM sweeten the deal, if not, SCR is kinda a fair exit for them.

https://malaysia.news.yahoo.com/increased-foreign-investments-way-forward-021451205.html

Posted by Johnzhang > 2021-09-23 16:19 | Report Abuse

Don’t you think what is going on is a psychological warfare on minorities? Especially when the Advisor rated it unfair with over $3 EV

Posted by SincereStock > 2021-09-23 16:41 | Report Abuse

@johnzhang highly possibility also as of now without much other more reasonable possibilities

Posted by 500Bilis > 2021-09-23 16:52 | Report Abuse

tmr top up again fall if below 1.70

Posted by ziyang8896 > 2021-09-23 17:00 | Report Abuse

these scenario exactly same as happened in 27/7 before BOD accepted.press down to 1.54 then only rebound. This time should be totally different caused BOD and SC already approved.EGM just around the corner,no u turn. The only thing is insider news that the deal will fail from registrar's office or from PNB,but I hardly believe it.of cause anything can happen.

Posted by ValueInvesting > 2021-09-23 17:40 | Report Abuse

@SincereStock, I think the theory that the call warrant issuers are pushing down the share price to block the SCR simply makes no sense for the following reasons:-

1. As quite a few commenters have already pointed out, usually the warrant issuers would have hedged their position to limit their exposure to a sudden increase in the underlying share price, so they wouldn’t really be affected by the SCR succeeding. And even if they did not hedge (which is super unlikely), the warrants are currently trading at such a low price compared to the SCR price of RM2.00 that it would be much easier, cheaper and cost effective for the warrant issuers to just simply buy back the warrants issued if necessary.

2. As for the theory that warrant issuers are holding more than 10% of the 1,468mil “Entitled Shares” in MMC (which is more than the transacted warrants) and they would vote down the SCR to cause the share price to fall below the exercise price of the call warrants, this also doesn’t make financial sense at all, since (a) they would lose a ton of money due to the fall in the price of MMC share (don't forget that in this theoretical situation, they would also be substantial MMC shareholders), and (b) they would make much more money from the SCR succeeding as compared any downside exposure that they may have in the transacted warrants.

3. Anyway, it has also been pointed out that pushing down the share price of MMC now actually makes the SCR offer price of RM2.00 appear even *more attractive*, which would encourage MMC shareholders to vote "Yes" on the SCR offer instead of "No". So if the plan is to push down the share price of MMC to block the SCR, then I am really thankful to the whoever came up with such an “ingenious” plan lol.

Posted by ziyang8896 > 2021-09-23 18:51 | Report Abuse

I don't understand why there is Mmc share related to CW? Issued CW should be nothing to do with holding any mother share right ? Issuer no need to hold a single share still can issue many Mmc CW

Posted by ziyang8896 > 2021-09-23 18:54 | Report Abuse

Logically analyze PNB should be vote for,if not they no need to wait until EGM.they will reject the offer directly before launched the SCR

Posted by ValueInvesting > 2021-09-23 19:17 | Report Abuse

It is possible that the drop in MMC share price could be because of insider info that the SCR will fail for some reason. It could also be operators/syndicates manipulating the share price and market sentiment to squeeze out retailers and collect cheap shares before the EGM, or any other reason you can think of. As someone who doesn't have any insider info and is not part of any operator/syndicate's scheme, I can only make an educated guess, and based on what I can see there is still nothing concrete to suggest that the SCR will fail:-

1. I think that people are reading too much into the MMC BOD's previous delay in accepting the SCR proposal. The delay was probably caused by the recent lockdowns which would have made everything more difficult and time consuming, especially the independent adviser who has to conduct a due diligence exercise before completing their report.

2. News of MMC’s plan to list its ports business has been brewing for years now. The SCR, being the first concrete step towards the port business listing that TSSM has taken after planning for so long, must have been carefully considered and coordinated. With TSSM’s connections, I refuse to believe that this SCR was done without the blessing of PNB, EPF and other substantial MMC shareholders.

3. This is also clearly a great timing to list the port business as the overall performance and sentiment in the logistics business is one of the most positive it has been for years. I believe that TSSM would want to complete the listing exercise as soon as possible to take advantage of the positive sentiment and it would make no sense for him to waste time with the SCR unless he is confident that it would succeed. A failed SCR would not only damage TSSM’s own reputation, it may also jeopardise the port listing plan itself.

4. Most important of all, the offer price of RM2.00 is a great price! Even though the independent adviser deemed the offer price of RM2.00 to be “not fair” because it is lower than their estimated value of MMC’s share price of RM3.32-RM3.41, the “fair value” that the market is willing to pay for a MMC share is clearly lower than RM2.00 as it is being traded lower than RM2.00 today and for the more than 3 years now.

5. Anyway, I also think that someone who genuinely has insider info would be quietly shorting MMC shares instead of writing cryptic messages here about the SCR and exposing themselves for no good reason. It seems more likely that such people are just trolling and having fun causing panic.

Posted by ziyang8896 > 2021-09-23 19:23 | Report Abuse

Value investing@ good analyze. Hopefully everything goes smoothly in EGM

Posted by dompeilee > 2021-09-23 19:34 | Report Abuse

If the SCR fails, it COULD conceivably drop back to $1, where it started to move up from. In fact, tabing haji sold all their shares below $1 in 2019-2020.

Posted by ValueInvesting > 2021-09-23 19:42 | Report Abuse

@dompeilee Yes, I agree fully with what you said.

The fact that Tabung Haji was willing to sell their shares below RM1.00 and that there is a risk that MMC's share prices may drop sharply if the SCR fails, actually shows that MMC shareholders are MORE LIKELY to accept the offer price of RM2.00 and for the SCR to succeed.

Posted by SincereStock > 2021-09-23 21:24 | Report Abuse

RM1 if SCR fails? I think not, the lowest I think it can go down if SCR fail is RM1.20, simply due to the latest QR

Posted by emsvsi > 2021-09-23 21:35 | Report Abuse

SM is laughing at you guys lol so easy to shake you and vote the SCR through

Posted by ziyang8896 > 2021-09-23 22:17 | Report Abuse

I think is the operator goreng down the share then pick up at the lowest side to earn in between or short selling.if you have extra money think about to collect extra for very good return.so long you believe PNB will vote FOR

Posted by Cheah5555 > 2021-09-23 22:18 | Report Abuse

It's quite strange that a privatisation exercise take such a long time and the price keep dropping. Normally, a major shareholder would want to finalise the deal as earlier as possible to avoid possible hiccups and fail subsequently, but not in this case & we does not know the real reasons behind. I sold out the counter earlier with handsome gain, this is a solid company and is definately undervalue at RM2 offer price. Base on my experience, insiders would react earlier on insider news & reflect directly on the price movement! Just my experiece sharing,others might think otherwise.

Posted by Mohd Yazid Mohd Ali > 2021-09-24 09:39 | Report Abuse

Today limit up

Posted by secret1q > 2021-09-24 10:19 | Report Abuse

another low today. may challenge previous low of 1.5x

Posted by SincereStock > 2021-09-24 10:50 | Report Abuse

@mMohd Yazid Mohd Ali macam macam limit up lagi o, privatization pun RM2 saja

Posted by 500Bilis > 2021-09-24 11:14 | Report Abuse

Many are not confident but some may think it’s even higher than 2.00

Posted by kinuxian > 2021-09-24 11:34 | Report Abuse

How will the counting works for those who sent the voting proxy, but, they sold it afterward? Isn't it messy in their counting to nullified these tickets?

Or there're cut off day of eligibility as I noticed boardroom accept the proxy form till 29 Sept.

Posted by kinuxian > 2021-09-24 11:39 | Report Abuse

I got my answer...
For the purpose of determining who shall be entitled to attend the EGM via the RPV, the Company shall be requesting Bursa Malaysia Depository Sdn Bhd to make available to the Company, a Record of Depositors as at
23 September 2021. Only a member whose name appears on this Record of Depositors shall be entitled to attend the EGM via RPV or appoint a proxy to attend, speak and vote for and on his/her/its behalf.

Posted by TheContrarian > 2021-09-24 11:42 | Report Abuse

Those people who buy from today can't vote and those who sell from today can vote.

Posted by fighter88 > 2021-09-24 11:44 | Report Abuse

Really a lot weird comment here, just 1 Pure Privatisation deal also link to CW , i think totally not related to cw , just simple back to basic , Which big shareholder not satisfy the exit price 2.00 ? Why so huge price gap from 11%-18% since 1st day announce till now EGM date fixed ( does it means high chance some shareholder will object and deal failed ) , Normal arbitrage spread in Msia stand at 3%- 5% for recent year . Market price sometime tell the risk and fact .

Posted by kongming1 > 2021-09-24 11:45 | Report Abuse

@kinuxian meaning to said yesterday is the last day ?

Posted by kinuxian > 2021-09-24 11:53 | Report Abuse

Yes, if u correlate to T+2, it explained why sell down started on 21 Sept.

Posted by Sslee > 2021-09-24 11:54 | Report Abuse

At 1.65 is still a valued buy even if SCR fail

Posted by SincereStock > 2021-09-24 12:02 | Report Abuse

Reentered at 1.65, SCR please PASS~!!

Posted by fighter88 > 2021-09-24 12:19 | Report Abuse

Now price 1.65 , failed moslty drop back to 1.35 , EGM pass go to 1.95 , Lose 0.30 , Win 0.30.
!!!

Posted by nickinvests > 2021-09-24 12:22 |

Post removed.Why?

Posted by ziyang8896 > 2021-09-24 12:45 | Report Abuse

If only 80% uninterested shareholders vote,means just PNB +EPF+ TABUNG HAJI will become almost 60% ,I don't believe the rest shareholders can't even get another 15% to vote for. If these few days shares traded were not recycle shares,means they all out almost 8%,I am sure many retailers do not vote, especially used the rakuten account caused they need 14days advance to finalize

Posted by ziyang8896 > 2021-09-24 12:50 | Report Abuse

10% needs for all uninterested shares to object , not registered to vote, means need around 148mil shares need to register to vote against. this is what I think only PNB can do it. I have checked top 30 shareholders except PNB++the rest all have reshuffle..mean most of the shareholders were bought from low side

Posted by ziyang8896 > 2021-09-24 12:56 | Report Abuse

I think if the fund manager throw the shares instead of go ahead to vote FOR ,they need give report or explanation to their units trust committee why need to throw early instead of wait for RM2..Unless they have a group chat who spread the insider news which I am not believing

Posted by klseshare > 2021-09-24 13:01 | Report Abuse

yes , i still believe on SCR as PNB most likely is a king maker and this SCR will not even started if PNB is not in favor , further more board has agreed mean also other major shareholders already in agreement . I as retailer had already registered to vote what say you

Posted by ziyang8896 > 2021-09-24 13:01 | Report Abuse

My view is very high chance is the operator play games...same happened on 27/7 threw to 1.54,sold until no buyers will to come out.very scary,I was thinking finished already this time.The BOD must be objected the offer.Lucky finally nothing was happening.

Posted by ziyang8896 > 2021-09-24 13:03 | Report Abuse

Of course everyone buys on own judge whether is worth to invest at this moment. Good luck !

Posted by klseshare > 2021-09-24 13:03 | Report Abuse

very simple just follow the instruction available in MMC website and put in your CDS account plus your front and back IC copy , then from board room meeting website enrol for MMC EGM meeting that's all and waiting for 30th Sept to vote for your own pocket

Posted by DickyMe4 > 2021-09-24 13:05 |

Post removed.Why?

Posted by ziyang8896 > 2021-09-24 13:07 | Report Abuse

It cannot rules out that operator use short selling to scare retailers to throw out thier shares.. is that the possibility? Only God knows

Posted by ziyang8896 > 2021-09-24 13:21 | Report Abuse

I think PNB no point to hurt investors if they not agreed for the deal sure they would turn down when asked for consent before the SCR was launched

Posted by sethoylo > 2021-09-24 14:20 | Report Abuse

Don't anticipate too much. All possibility is there. if you believe the value of MMC just buy.. keep one or two year.. sure come to RM2 . ..investing is for long term.. If short term that call Ang Pow.

Posted by zombie20 > 2021-09-24 15:13 | Report Abuse

wah..... who is disposing???

Posted by ValueInvesting > 2021-09-24 15:31 | Report Abuse

For all old and new investors who wishes for the SCR resolution to be passed during the EGM on 30.09.2021, remember to register to for eproxy / attendance to vote "YES"!

If you have a direct CDS account, please register an account at https://investor.boardroomlimited.com/

If you have a nominee CDS account please contact your stock broker about how to register to for eproxy/attendance

Since this is a virtual meeting, we can easily do our part to push the SCR resolution towards success!

Posted by SincereStock > 2021-09-24 15:39 | Report Abuse

@sethoylo if want invest for long term can enter after SCR fail lo, that time much more cheaper, now enter mainly is hope for SCR to pass only