@kinuxian Im on the same boat and do believe TSSM should be able to privatize MMC like what he did last time privatized Bernas and Tradewinds with blessing from government fund TSSM has good experience in privatization…
The fact is local institutions net seller last week where I thought was retailer panic selling caused it.. turns out retailers are the net buyer…
Hopefully no private fund object it and all got 20% earning finger cross~~
sold my MMC at RM1.78, RM0.13 profit without needing to going through the voting ^_^ I am satisfied enough that I got 3 rounds of profit here already, gd luck to you all that convinced that the SCR will go through.
I am not that positive with the mentality of justice by some of the so called long term value investors, only willing to risk go through the voting at discounted price like below RM1.7
Reached $1.79 . Just over 2 days the prospect of privatization succeeding suddenly turn brighter??? I still hold the belief that it will go thru in tomorrow’s EGM. It’s worth the risk I took last Friday loading up at $1.64.
Yesterday short selling 500k, today Bursa website didnt show any short selling total. Meaning they covered back yesterday. Short selling to collect. The SCR will go through!
@clc689 thanks for sharing! Regarding the reason for local institutions being net sellers last week, my guess is that due to their longer investment time horizon and greater "Investment discipline", they may have chosen to take some profits first hedge against the SCR not being approved as it is ultimately still an uncertain outcome. Whereas retailers may be more focused on the short term gain from the SCR and are more willing risk our relatively small investment sum. Just my guess lah.
It is highly unlikely the SCR will fail, as there is almost no chance for MMC to go higher than RM2 in coming years as it's a conglomerate, just like Berjaya. Unless there are more than 10% that hope for higher offer from TSSM. TSSM is highly unlikely to offer any higher price as everyone knows MMC hardly ever touch RM2, he might as well just buy it from open market and trigger a compulsory take over once his share reaches 90%.
@kinuxian good idea, but I will suggest replace TENAGA with SURIA. imo, TENAGA is currectly trade at it's fair price, not undervalued. Should have look for undervalue stock to swap instead. Moreover, SURIA is the stock is the most similarities with MMCCORP
fyi, most of my investment money now have already put into SURIA
I don't suggest people invest into counter that is currently traded at fair value, why? simple just see what happen when people invest MMC at it's fair value (above RM2)
@menotassossin. I agree on what you said. If SCR fails, the minority shareholders got nothing to gain but most probably will suffer loss. On the other hand the Offeror can buy cheaper than the failed offer price of RM 2. Take it private directly via share purchase at lower cost! That is why I have been saying it is crazy to oppose the offer on the table now.
@karlos, I think the listing rule is a general offer is triggered if any shareholders already holding more than 33% in the company increase it's shareholding by 2% or more within any 6 months period. SM definitely has no time to waste on this . He will do what it takes to make it successful in one go.
Actually, that is incorrect, if the offeror has to buy in the open market, it will probably end up like FGV, shoot past the takeover price if it failed.
Then why the price of MMC dropped recently ? If SCR passed, it will rise to RM 2, if fails it may go over RM 2 ?
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If it fails under a takeover proposal like the one with FGV, then it will shoot past RM2, but unfortunately, this is SCR, the uncertainty is there.
The recent drops are risk management, market psychology, and behavioral finance at work. No one knows for sure that the SCR will pass, so they trade according to their understanding and risk tolerance. So, when there is some heavy selling, the reasonable thing to do is assume the takeover will be failed, so fund managers will naturally cut some of their positions to reduce risk exposures, assuming no insider information. Even if those funds are aware of the insider information, they are unlikely to act on it, since it will trigger more harm (career, legal, and reputation) than short-term monetary gain.
@Karlos Under SCR, it is more likely to drop than rising if SCR failed as the offeror has no mandate to buy at RM2 if that is the case.
But for a takeover plan similar to FGV (which we were referring to), the offeror just buys up whatever amount of shares at or around the offer price in the open market. So if their plan failed, the price will overshoot the offer price, as those who didn't sell at the offer price think FGV is worth more.
Anyhow, it is a happy day for us! We should celebrate and (of course) remember to attend EGM and vote tomorrow to make sure this is a done case! Cheers!
Just like that "Blablahaha" account from yesterday with a "friend work in mmc office", this "ravenhongwei996654" is another account with "friends working in registrar" and has no other comment history except for the 2 posts here. Not to forget that there is also the "Syndicates" account who also mentioned a "friend" telling him something about an announcement that is apparently pending. Anyone that is concerned with these messages should think, if you really receive info from a "friend" about some bad news , would you quietly sell all your shares ASAP at the highest price possible or publicly tell people about the bad news here and that you are "gonna sell all" (meaning you haven't sold yet and could risk causing the share price to fall by sharing this "bad news" publicly)? Completely illogical to do the later right? All of these accounts should be reported to the SC for market manipulative activity lah
The boardroom staff told me due to too many shareholders to register,the login ID only will send out later... I still not yet received the ID.Hopefully everything goes smoothly.
To avoid tomorrow might not able to login due to too many shareholders rushing to login ..you can opt to send e-proxy vote FOR and put X or him/her failing the chairman of the meeting to ensure your vote will not miss. No matter you able to login..the vote has done.
@ziyang8896, is it still within time to register for e-proxy now? Boardroom's website mentioned that the registration would be closed at 10am today and the option to register for the EGM is no longer listed at the website now. Anyway, personally I am not too concerned with a slight delay in sending the login ID so long as they send them out by this evening lah. Then at least we can sleep soundly tonight and wake up tomorrow to vote "FOR" at 10am ma!
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clc689
42 posts
Posted by clc689 > 2021-09-29 01:15 | Report Abuse
@valueinvesting the weekly fund flow report from securities research CIMB, MIDF got publish weekly, not sure other research bodies