If they want private then us turn to no mercy to them . Ask them pay 90sen . Since the boss like to con people We cannot mercy to him want our share at 18 or 15sen or even 10sen he also feel expensive.
Maybe now the Boss is thinking Keep kicking loyal investors out of bjland in order to private at below 10sen ?
I think the RM4 billion intangible is the excess of the cost of investment in BJToto shares over BJToto's NTA. Not certain because I haven't examined the accounts. Can someone clarify?
1. BJLand's net asset per share is 0.82, based on most recent quarter report. This 0.82 has included all intangible value, including that of gaming rights. This basically means that BJLand's tangible book value is ONLY 0.02 per share based on what's reported. Though, it should not be alarming, given that many assets under BJLand were not revalued for years.
2. To get an idea of BJLand's true value, a sum of part valuation could be easier. BJLand has a net debt of 1.6 billion excluding BJToto's. The recent Vietnam hotel disposal will bring in 500+ million cash that should reduce BJLand's net debt to less than 1.4 billion (some money has been spent to buy Iceland property and kick start Okinawa Four Season.) BJland's BJtoto is worth roughly 1.4 billion, basically means BJLand will be debt free after disposing BJtoto. Meanwhile, BJLand, together with BJCorp, is in the process (or is it a lie?) of disposing Kyoto Four Season worth at least 3.2 billion (800 million USD) and BJLand stands to collect 1.6 billion, or RM 0.32 per share. Besides that, BJLand is awaiting court ruling on Jeju Island, China Great Wall, and Sungai Besi compensation. Based on what's reported, BJLand is looking to collect at least another 1.6 billion. Assuming 50% discount to reflect VT's credibility, its another RM 0.16 per share. Besides all these, BJLand still hold on to hotels and lands to be developed (including those currently held as clubs.) My guess that's should be another 1.6 billion, or RM 0.32 per share. So, probably BJLand's net asset per share of 0.82 is a reflection of its net tangible asset as well.
A special purpose company (特定目的会社 tokutei mokuteki kaisha, abbreviated SPC or TMK) is a type of corporation which can be formed under Japanese law. SPCs were enacted by the Diet of Japan in Law No. 105 of 1998.
The main features of an SPC are:
An SPC can only be used for the fluidization (i.e. securitization) of assets (資産の流動化 shisan no ryūdōka). It cannot manage or dispose of assets, although it can commission these activities to a third party manager. If certain conditions are met, an SPC can write off the assets it distributes as losses for tax purposes, thus exempting those distributions from corporate taxation. SPCs are the only corporate entity which can make tax-free distributions under Japanese tax law as of 2006, and are an attractive alternative to general partnerships, tokumei kumiai, trusts or other tax-free alternatives in a number of investment transactions.
more and more people high notice on bjland now Vt should be cannot sleep because he cannot count how big he want to pay back your guys after so many yeras masuk pocket even he now offer 80sen for Bjland will you guys let him private this Goldland bjland or you guys need 90sen or 99sen ? Vt please give a Offer price at least 88sen 88 is a good number
u guys never learned from lesson ? whatever said by Vincent tan is a myth. 5 months ago what Vincent tan is , maybe next 10 years he will privatise bjland. come on, if he really have the intention to privatise, you think he will say out loud and let u buy and buy back from u at higher price ?
Be humbled. VT is not going to be an easy paymaster. He like to swim in red ocean... Weak player better sell now before going down to 10 cents... Coming.
Leong1982 i agree with u ,v should form a group of retail investor, so that our voice can reach to d management n also the whole world .if the deal is fair v can accept, if not v make it politically serious.ph will be in critical position.
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