Posted by luckypunting > 2018-07-18 12:20 | Report Abuse

waiting for Independent Advisor comment and see how Independent they are .... hope for price revise ... :p

Posted by villa1668 > 2018-07-18 15:08 | Report Abuse

There are a lot of famous Investment quotes in the world. Today, i want to emphasize on this: Investing should be more like watching paint dry or watching grass grow. I treat TA as a grass and wanna watching my grass to grow for the next 3 months. How about you my friends?

Posted by villa1668 > 2018-07-18 15:12 | Report Abuse

What is Tony Tiah’s plan for TA Enterprise?

http://www.theedgemarkets.com/article/what-tony-tiahs-plan-ta-enterprise

Posted by villa1668 > 2018-07-18 15:24 | Report Abuse

@singh1, we are here to sharing and caring each other :)
@ironcrowz, if the independent come out with "very attractive offer" comment, i will be the first one to report SC and question thier integrity of the report. They can only give "very attractive offer" suggestions provided TA Enterprise no more landbanks, negative ROE, PE more than 20, all hotels occupancy below 50%, without cash cow biz - TA securities, property projects launched with take up rate less than 40%. However, the TA Enterprise current situation is very far different from given example above.

Posted by hopetobecorrect > 2018-07-18 15:43 | Report Abuse

my guess is TT wants to take TAGB private via TA enterprise. the whole value is in TAGB.
so everyone buy some TAB now to prevent him from getting TAG delisy=ted one day

Posted by villa1668 > 2018-07-18 15:53 | Report Abuse

Tiah will get another 25% to 40% shareholding if take TAGB private, but Tiah will get 60% of TAGB if take TA private. TA holding 60% of TAGB.

Posted by luckypunting > 2018-07-18 15:54 | Report Abuse

my thinking is TT is afraid of losing control of TA which no one has > 50% controlling stake

Posted by luckypunting > 2018-07-18 15:55 | Report Abuse

TAGB already owned by TA with 60% so no worry ... But if anyone can own TA means also own TAGB :p

Posted by rico_lwc > 2018-07-18 23:01 | Report Abuse

zzzzz

Posted by TheContrarian > 2018-07-19 13:41 | Report Abuse

All others will move up but TA capped at 0.66.

Posted by villa1668 > 2018-07-19 22:51 | Report Abuse

@singh1

You commented that Datuk and pac members have 33%. He is allowed to accumulate up to 2% within 6 months without having to revise the offer price. Where you read this information and can you share with me?

http://winvestglobal.com/v2/yingcaijing-july-keith-lim/
I am referring to the above link i posted.

问：什么状况之下触发收购条例 – Take-Over-Code？
答：1.大股东持股比例增至超过33%。（或）2.大股东持股比例介于33% – 50% 之间， 且在半年内增持了2%以上。

问： 在献购过程进行中，收购者可以在公开市场上增持？
答： 可以，但得注意的其买入价。若其买入价高于献购价，收购者得更改及提高其献购价为收购者最后的最高交易价。（这也解释了为什么献购价只会往上调高）

问： 若献购最终失败，收购者会怎样？
答： 收购者在一年内不能再提起同样的收购。同时也不能在1年内增持至触发另一个强制性收购。


Based on my understanding, Tiah can continue to buy TA shares in the open market and not just limited to 2% during this offer period. If he buy RM0.66 above, he definitely need to offer the highest price to us. Let say MGO failed this time, then Tiah cannot buy more than 2% shares within 6 months (Currently, Tiah is holding 33% above, if Tiah acquires more than 2% within 6 months, it will trigger another MGO, which is not allowed by law)

Correct me if i am wrong. Thank you.

Posted by villa1668 > 2018-07-19 23:12 | Report Abuse

No of shares 100% : 1,711,909,630 units
2%: 34,238,192 units


Tiah recent purchased in open market after MGO announcement.

6July - 2,500,000 units
9July - 1,360,400 units
10July - 200,000 units
11July - 300,000 units
12July - 500,000 units
13July - 800,000 units
16July - 1,300,000 units
19July - 2,000,000 units

Total: 8,960,400 units purchased.

Posted by singh1 > 2018-07-20 11:34 | Report Abuse

Villa1668 There is a very comprehensive file on RULES ON TAKE-OVERS, MERGERS AND COMPULSORY ACQUISITIONS attached here:

https://www.sc.com.my/wp-content/uploads/eng/html/resources/guidelines/tom/160815/tom_rules_160815_complete.pdf

The rules are so many, some rules will override others. So it is rather complicated.

From my understanding, during the offer period up to the 59th day he can purchase from the open market at above the offer price and make a new offer based on highest price paid during open market purchase. He will need to give two weeks notice before the maximum offer period which is 74 days. Which means the two weeks notice would be from 60th - 74th day.

Another rule states he would need to make an offer before the 46th day from beginning of offer period in order to make a revised offer. In this case I guess it can be done without having paid a higher amount in the open market.

There are also many rules in the notice of MGO as follows:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5843229

Let me know if you find something interesting from this file that you would like to discuss.

Posted by luckypunting > 2018-07-20 17:26 | Report Abuse

next few days can receive dividend $$$ , right?

Posted by singh1 > 2018-07-20 21:32 | Report Abuse

Direct deposit on payment date today. Thank you Datuk.

Posted by RVI123 > 2018-07-21 23:56 | Report Abuse

Please don't sell your shares. Your shares worth RM2.50 (after properties revalued) a share. Don't sell it for R0.66 and being looked foolish by Datuk. Datuk will not thank you but feel proud that he is able to take advantage of you.

Posted by RVI123 > 2018-07-22 00:37 | Report Abuse

Tony's offer is even worse than what Ong Leong Huat offered for OSK Property in its MGO in 2015.

Comparisons

----------------------- Offer Price -------NTA (in the book)------ Percentage (NTA/Offer)

OSK Property ------- RM2.00 ----------- RM2.26 -------------------- 88.5%
TA Enterprise ------- RM0.66 ----------- RM1.45 -------------------- 45.5%

If Tony were to give an offer at the same percentage, Tony has to offer RTM1.28 a sharfe for TA Enterprise.

Posted by Jon Choivo > 2018-07-22 00:39 | Report Abuse

Tony does not intend to privatize. Thats the difference. He was just complying with SC ruling.

Posted by RVI123 > 2018-07-22 00:41 | Report Abuse

Please don't sell to unrealistic offer. We purchase TA Enterprise with our hard earned money. It is a very good counter with very good potential going forward. Don't "LELONG" your shareholdings away.

Posted by RVI123 > 2018-07-22 00:52 | Report Abuse

I have different views. Tony wants to increase its shareholdings in TA to more than 50% if not privatising the whole company entirely. That is his tactic to make the shareholders think that he is not aiming at your shares. Bare in mind, Tony is very experienced and a veteran financier. He is many times above us.

Posted by Fabien Extraordinaire > 2018-07-22 08:39 | Report Abuse

wah TA forum still so active. let's wait for the events to unfold itself.

in the meantime, just HOLD only

Posted by TheContrarian > 2018-07-22 12:22 | Report Abuse

Most people stuck with TA for years at higher cost.

Posted by enid888 > 2018-07-22 16:39 | Report Abuse

Major shareholder usually makes the most money from privatisation. The following example shows very clearly about this. Symphony House was bought over by its chairman Tan Sri Azman at RM60mil in 2014 and sold at RM164.1mil to Boardroom 4 years later. He laughs all the way to the bank with RM104.1mil profits. Minorities are always on the losing side as many of them do not have the financial knowledge.

Minorities do not look at the real value of the company. What they know is the property market not good. Don't buy property stock. I give you a very good analogy for the current TA offer. Do you sell your semidee that you have bought at RM1.45mil many years ago for RM660k as the property market is not good. Worst still is that semidee worths much more today. Minorities, don't sell at 66 Sen.

http://www.theedgemarkets.com/article/boardroom-take-over-symphony-hou...

https://www.thestar.com.my/business/business-news/2014/03/27/azman-and...

Posted by villa1668 > 2018-07-22 19:01 | Report Abuse

The proposed merger of RHBand AmBank last year, the deal came to one time price-to-book (P/B) value for both banks.

The last major merger and acquisition (M&A) in the stockbroking industry was about 4 years ago when Affin acquired Hwang-DBS Investment Bhd at 1.3 times P/B.

Market said that Kenanga is going to buy Inter-Pac stockbroking assets at RM142mil, but Inter-Pac net value assets at RM100mil, which valued at 1.42 times P/B.

Accept the MGO @ RM0.66? When you referring to above information, i believe i dont have to tell you the answer already.

Posted by Fabien Extraordinaire > 2018-07-22 20:58 | Report Abuse

my cost is at 57sen. bought in 2013. holding for 5 years now.

i have sold off 40% of my holdings at 0.655 with total profit of 33% and CAGR of 5.92% over the 5 years holding period. consider decent la...though its far from my 15% requirement.

anyway keeping 60% while waiting to see how this MGO pans out.


Posted by TheContrarian > Jul 22, 2018 12:22 PM | Report Abuse

Most people stuck with TA for years at higher cost.

Posted by TheContrarian > 2018-07-22 21:58 | Report Abuse

Five years to me is pretty long time. 5.92% is only slightly higher than risk free FD rate. Now for the next few months TA gonna remain static at 0.65 to 0.66 while most other counters are bouncing up from their lows.

Posted by Fabien Extraordinaire > 2018-07-23 11:05 | Report Abuse

5.92% CAGR over 5 years acceptable la...few years ago FD is nowhere near 4%.

Posted by calvintaneng > 2018-07-23 15:29 | Report Abuse

WHOA!!
JUST RECEIVED A HUGE DIVIDEND

SO GOOD!!

Posted by enid888 > 2018-07-24 10:56 | Report Abuse

More than 10 years ago, companies are allowed and encouraged to revalue their landbanks. Therefore, the NTA would reflect the actual market values of the landbanks. However, the subsequent FRS (Financial Reporting Standards) by Bursa requires the landbanks to be carried at cost. This new requirements is suitable for companies who bought lands for immediate developments like SDB, Hua Yang, MCT, Thriven and Sunsuria.

However, there are some companies that bought their development landbanks and keep them for a long time, between 10 years to as long as 40 years in some cases. The NTA in this type of companies is grossly underestimated. As the NTA does not show the true picture of the company, the financial analysts then create a new term for the actual NTA when the current market values of the properties are calculated. They name it RNAV (Revised Net Asset Values). In fact, the RNAV is actually the NTA of the development companies.

I would say Bursa has set the wrong FRS and enable the property counters to grossly underestimate their NTAs and hence artificially suppress the share price of the property counters. The major shareholders are very happy with this because they can buy back the shares from the market either in their personal capacities or company share buybacks at very low price. That is the reason that there were so many privatisations taken place in these few years in property counters.

This includes Hunza, OSK Property, PJ Dev, Wing Tai and a few more. The two ongoing mandatory general offers are TA and TAGB. The major shareholders are taking advantage of the wrong situations and ignorant of the general retail shareholders. If Bursa Malaysia does not revise the FRS and corrects the situations, more and more companies will be privatised. The counters that fall into this catogery are E&O, MKH, Paramount, Oriental, TA, TAGB, KSL, Tropicana and some others.

Many of the retail investors do not have the financial knowledge and are fooled by the wrong situations. For me, I am equipped with the financial knowledge and many years of experience in Bursa to witness and realise the wrong development took place.

Posted by apachehelicopter0803 > 2018-07-24 12:46 | Report Abuse

when will they revise the price?

Posted by enid888 > 2018-07-24 13:13 | Report Abuse

They will not revise unless Bursa changes the Financial Reporting Standards (FRS), requiring them to revalue their landbanks every fixed interval (may be every 3 years).

Posted by luckypunting > 2018-07-24 13:30 | Report Abuse

Great analysis and background of what is happening

Posted by Lim Tek Wai > 2018-07-24 13:31 | Report Abuse

Good stock, bought it !

Posted by villa1668 > 2018-07-24 17:16 | Report Abuse

The retailers who want to sell at RM0.655 will definitely become lesser and lesser. If MGO @ RM0.66 failed, price almost confirmed going up steady without much resistance. Why? Because they sold cheap to Tiah already. Tiah will not going to dispose any shares in an open market. For those who refuse to sell now mostly want to see the price closed to its intrinsic value.

Posted by singh1 > 2018-07-24 20:41 | Report Abuse

enid888 That is a sui sui report. Thank you.

Posted by enid888 > 2018-07-24 21:32 | Report Abuse

Just sharing for ppl to understand that we should look at RNAV instead of NTA. RNAV is the actual and the correct NTA to refer to. For TA Ent, the actual NTA should be RM2.50 per share.

Therefore, Datuk's offer at RM0.66 is only 26.4% of the actual value. In simple words, he wants to buy your RM2.5million bungalow at the price of RM660k. Offer is too bad. Don't sell.

Posted by hopetobecorrect > 2018-07-25 09:39 | Report Abuse

enid888, thanks for your sharing your knowledge. anyone volunteer to write to bursa to inform them of this unfairly rules towards minority shareholders.
bursa should implement rules that require all companies to revalue their assets and liabilities if the major or anyone intend to take a company private

Posted by luckypunting > 2018-07-25 10:38 | Report Abuse

hope the daily volume getting lesser and lesser ... dried It up ... :D

Posted by enid888 > 2018-07-25 12:07 | Report Abuse

@hopetobecorrect, your view that the assets of the target privatisation company should be revalued is really constructive. It is workable and correct from every aspects. Bursa and SC should really think about it and put it as a requirement. It is also making the items in the balance sheet showing true and fair figures. The balance sheet should shows the present and up to date figures, not historical figures like the existing balance sheet is showing now. After this, the RNAV will become the NTA in the balance sheet.

Posted by hopetobecorrect > 2018-07-25 16:04 | Report Abuse

@enid888., anyone know the way to inform or put forward the above suggestion to Bursa and SC?????

Posted by hopetobecorrect > 2018-07-25 16:33 | Report Abuse

imagine if a few hundred/thousand of shareholders wrote to them, i believe we can use this as shareholders activism

Posted by KgNew > 2018-07-25 16:55 | Report Abuse

Suggest sign a petition to BURSA.
Anyone knows the proper procedure?
Can any coporate lawyer here help?

Posted by Special4U > 2018-07-25 18:49 | Report Abuse

Mandatory takeover - is that means if offeror reach certain level of percentage, the price wouldn’t revise? Am I right?

Posted by singh1 > 2018-07-25 22:13 | Report Abuse

When the offer period ends, there are two possible outcomes. Either the buyer (offeror) achieves 50% condition or the buyer does not achieve. If achieve, the buyer accepts all shares sold to him. If not achieved, buyer cannot accept the shares.
After offer period the share price will start to move up or down as before. Hopefully up. He! He! He!
Nobody knows !!!

Posted by luckypunting > 2018-07-26 09:21 | Report Abuse

By that time whoever want to sell already sold 7788 .....

Posted by Yong Sheng Fan > 2018-07-26 17:46 | Report Abuse

actually when the offer period will end...i though just 21 days

Posted by TheContrarian > 2018-07-26 18:34 | Report Abuse

The first closing date is 21 days after the posting date. When was the posting date?

Posted by Fabien Extraordinaire > 2018-07-26 21:48 | Report Abuse

Trop sold their piece of land at Jalan Kia Peng back in 2013 for RM2,121 psf. Pocketing handsome profit of RM132mil.

i wonder how much that prime land TA1 & TA2 would worth....

Posted by luckypunting > 2018-07-26 22:09 | Report Abuse

Good to see daily volume dried up....

Posted by villa1668 > 2018-07-27 06:52 | Report Abuse

TA1 & TA2 landbank is like Singapore orchard road. Once sold,is irreplaceable. TA is different like other developers, they are more focus on recurring income.