sometimes i noticed that if a counter's share price doesn't move for a period of time, after you force to sell a few lots, the share price will start move up. i have test for protasco, sold yesterday at 1.70 and now move to 1.75, mkh sold at 3.03 and finally move 4.34, for plenitude sold at 2.66 and finally move 3.50, matrix sold at 3.87 and finally move to 4.70, ksl sold at 3.78 and now was at 4.68 and etc. luckily i just sold out a small portion of each counter. you may try if you counters' share price didn't move.
Reference is made to our announcements dated 30 January 2014, 10 February 2014, 25 July 2014 and 5 August 2014. Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the previous announcements above.
Protasco Berhad (“Protasco” ) wishes to announce that Protasco has today filed a legal suit at the Kuala Lumpur High Court against PT Anglo Slavic Utama (“1st Defendant”) and two of its directors, namely Tey Por Yee (“2nd Defendant”) and Ooi Kock Aun (“3rd Defendant”) (“Legal Proceeding”). Protasco’s claim against the 1st Defendant is for the refund of the Purchase Price paid under the Restated SPA dated 28 January 2014 and/or damages and/or for damages arising from the breach of contract. Apart from the Restated SPA being void, and as a further or alternative claim, as the Conditions Subsequent were not fulfilled within the Condition Period, Protasco proceeded to terminate the Restated SPA and demanded for the return of the Purchase Price from the 1st Defendant vide its letter dated 4 August 2014.
Protasco’s claim against the 2nd Defendant and the 3rd Defendant is premised on the breach of their fiduciary and statutory duties including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profit. Protasco is seeking damages against the 2nd Defendant and the 3rd Defendant.
Protasco wishes to state that the Legal Proceeding it has initiated has no significant immediate adverse impact on the current financial position of Protasco. Protasco will make impairment on the Purchase Price if necessary in consultation with its Auditors.
Looks stupid why such conspiracy theory. Was ceo trying to play our new shareholders like he did to last old shareholders? Dont trust this management anymore. Disgusting liers.
Protasco’s claim against the 2nd Defendant and the 3rd Defendant is premised on the breach of their fiduciary and statutory duties including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profit. Protasco is seeking damages against the 2nd Defendant and the 3rd Defendant
Bankers rumor the ceo chong cheated 2 new shareholders to buy out old shareholder. Must be from some one with major shares. Cheated once now twice. Also all minor shareholders along the way. A company which repeatedly cannot works with shareholders and cannot negotiate solution and end up risking investors money is not qualified to run public company. Worst trying to divert responsibility with poison pen rather than solution, could be on purpose. Such reckless company is hopeless. Minorities get hurt the most.
Most forummers on this thread thought the worse case scenario was the default in the repayment of the money. Now it is far worse than that. Also, how come that TPY and OKA were on the board of PTASU was not known to the Protasco, unless its MD, Chong Kah Kiat was sleeping, or something worse than that.
Rumor ceo chong bribe oil company to setup trap and cheated new shareholders with oil business later cheat big investor to invest and follow the business with the setup to dishonor his promise like today. Cunning way to cheat investor setting trap to play out one investor after another. Was there any proper negotiation to recover company interest or all just one man decision to complete his bad intension from day one? No matter what lies company executive directors ran the show, from start until now. Get big investors, made up story, approve everything. Who to blame if drives the car bang the country cow? Go blame the farmer? Why not drive safe? All the world got cheated. Shame.
Bankers rumor if true the chong ceo is a cunning bad hearted lier. Never appreciate his investors but worst set them up to play them out. He is not sleeping but openly cheat investors to buy out other big investor and play small investors like us like fools. What kind of evil is this disregard small investors interest. Disgusting.
I believe TPY and OKA if proven not even knows ASU and read this may get company in trouble sue for defamation. I hope not like big shots sue big money. Pray. Then all these politic at minority investors cost. What kind of reckless ceo is this? Get your politic privately and stop abusing public for your own agenda. Wrongly invested now stuck high price. Curse you in hell.
The trio shareholders got their own problem go settle among themselves why play small investors sue here and there? Later found out wrong kena sue back. Again small investors get hurt the most. Said enough. My average down looks dead now at least for long while. Am out.
Power fight is always end up price up and up! The MD chong may end up being sued for power abuse and sell his shares to pay back for his reckless decisions. Enjoy the ride!!
haha... let see any drastic prices drop... good time to accumulate if any opportunity arise... Bear in mind tht Prtasco may need to make impairment loss provision of RM 71.9 million... haha...it is about 2 years net profits of the group... lucky! lucky!... i quit all liao...:) :) runtuh...runtuh...
Dun hope for the next quarter results when come to impairment loss provision and its dividen may reduce as well.... let quit 1st and accumulate later.. the fundamental of it remains unchanged..but only due to Dato Chong put trusts on the wrong person.. but u know...one u be "con" and u have to pay a price, perhaps the whole prtasco shareholders need to pay for the price... but one time sakit sakit lo...wht to do..
Really disappointed. I still had so much faith on it despite so many bad news before this. Still hopeful that the price will up since its earnings still intact, fundamentals remained unchanged. But after this news out, I gave up. Directors are fighting among themselves, this will cause serious damage to the company. Can they still focus on the business and bring value to the company? Court case will take years to complete and not forgetting the impairment loss that will impact their bottom line. So, bye bye Prtasco! Learnt a great great lesson here..
cfoong, why impairment loss of RM 71.9 mil ? the deposit of acquisition of o&g is RM 50 mil and the balance sheet recorded that the reserve is RM 62 mil.
The price drop so much not good for this three person, their are shareholder in protasco. So the best way is collect more share and make the voting to kick out from the boardroom.
Maintain BUY. We see the latest development as no more than a “rough patch” for Protasco. We continue to like the company as it offers investors the best of both worlds – high earnings growth (driven by construction and property development projects) and a high dividend yield of 6%, underpinned by strong cash flow from its road maintenance concessions. We keep our SOP-derived FV at MYR2.43 (see Figure 2).
The two investors got cheated and now got bully falling into MD conspiracy sure no choice buy more. See from strong buying. Small Investors is on your side.
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cfoong
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Posted by cfoong > 2014-09-19 09:10 | Report Abuse
haha.. 1.63/1.65... sound interested...