In HOVID case , announcement of takeover was on 10-10-17 and advisor recommended shareholders to accept the offer on 9-11-17. It is reasonable to assume the whole process should be around 2 months and payment less than 3 months.
We refer to our announcement dated 7 December 2017 in relation to the receipt of a letter from Fu Yu Corporation Limited, on behalf of Fu Yu Investment Pte Ltd requesting the Company to undertake a selective capital reduction and repayment exercise pursuant to Section 116 of the Companies Act, 2016.
The Board of Directors of LCTH has appointed RHB Investment Bank Berhad as the Principal Adviser for the Proposed SCR.
If RHB factored the appreciation of the JB land and the hidden agenda of the future planned expansion by Fu Yu, the offer price should be more than 58 cts,,,,
No way out. Cannot push up the price as HOVID. 'They' will make sure the price will be below 0.58, making the offer at 0.58 is very attractive! At this moment 'all' agreed to the Fu Yu offer.
Giving NTA price is not fair as LCTH has built a lot of tangibles and intangibles assets and goodwill , transparent or non transparent hidden by Fu Yu, which could be good or bad...
On behalf of the Board, RHB Investment Bank Berhad wishes to announce that the Company had on 4 January 2018 written to the Board of Directors of Fu Yu Corporation Limited to request for an extension of time from 5 January 2018 up to 19 January 2018 for LCTH to respond to Fu Yu Corporation Limited with its decision as to whether to take steps to implement the Proposed SCR and to recommend the Proposed SCR to the shareholders of LCTH for consideration.
- hopefully, Fu Yu will agree to the proposed extension of time
On behalf of the Board, RHB Investment Bank Berhad wishes to announce that Fu Yu Corporation Limited had vide its letter dated 5 January 2018, resolved to grant the Company an extension of time from 5 January 2018 until 19 January 2018 to respond to Fu Yu Corporation Limited with its decision as to whether to take steps to implement the Proposed SCR and to recommend the Proposed SCR to the shareholders of LCTH for consideration.
Save for the extension of time for the Company to respond to Fu Yu Corporation Limited, all other terms and conditions as stated in the SCR Offer Letter remain unchanged.
why the time extension by 2 weeks to finish the assessments n make a recommendation? Is there possibility of hidden assets? or something else which cannot be confirmed? Hopefully there is some hidden assets.
We refer to the announcements dated 7 December 2017, 4 January 2018 and 5 January 2018 in relation to the Proposed SCR.
In accordance with Paragraph 3.06 of the Rules on Take-Overs, Mergers and Compulsory Acquisitions 2016, the Board (save for the interested directors who are the persons acting in concert with Fu Yu Investment Pte Ltd, being Hew Lien Lee, Tam Wai, Ho Nee Kit and Ching Heng Yang (collectively, the “Interested Directors”)), had on 8 January 2018 appointed Mercury Securities Sdn Bhd as the Independent Adviser to provide comments, opinions, information and recommendations to the Board (save for the Interested Directors) and to the entitled shareholders in respect of the Proposed SCR.
Barring any unforeseen circumstances and subject to LCTH obtaining the necessary approvals and/or consents from the relevant authorities/parties as disclosed in Section 5 of this announcement, the Proposed SCR is expected to be completed in the second quarter of 2018.
We refer to the announcements dated 7 December 2017, 14 December 2017, 4 January 2018, 5 January 2018, 8 January 2018, 10 January 2018 and 12 January 2018 in relation to the Proposed SCR.
On behalf of the Board, RHB Investment Bank wishes to announce that the Securities Commission Malaysia had, vide its letter dated 13 February 2018, informed that they have no further comments on the circular in relation to the Proposed SCR.
Type of Meeting Extraordinary General Meeting Indicator Notice of Meeting Description LCTH CORPORATION BERHAD ("LCTH") -Notice of the Extraordinary General Meeting ("EGM")
Enclosed Notice of the EGM of LCTH dated 14 February 2018 to convene the EGM on 8 March 2018. Date of Meeting 08 Mar 2018 Time 02:00 PM Venue Kayangan Suite, Pulai Springs Resort, 20KM Jalan Pontian Lama, 81110 Pulai, Johor, Malaysia Date of General Meeting Record of Depositors 02 Mar 2018
... ... In arriving at our conclusion and recommendation, we have considered the fairness and reasonableness of the Proposed SCR based on all relevant and pertinent factors as summarised below which you should carefully consider before voting on the Special Resolution pertaining to the Proposed SCR to be tabled at the forthcoming EGM:-
Fairness We view the Proposed SCR as NOT FAIR in view that the SCR Cash Amount of RM0.58 is lower than and represents a discount of 9.38% to the estimated value per LCTH Share of RM0.64.
Reasonableness We view the Proposed SCR as REASONABLE in view of the following:- (i) The SCR Cash Amount is:- (a) higher than the daily VWAPs of LCTH Shares for 99% of the Market Days in the past 1 year before the date of the SCR Offer Letter up to the LPD, representing a premium of 8.33% over the VWAP of LCTH Shares for the said period of RM0.5354; and (b) higher than the daily VWAPs of LCTH Shares for 85% of the Market Days in the past 3 years before the date of the SCR Offer Letter up to the LPD, representing a premium of 10.18% over the VWAP of LCTH Shares for the said period of RM0.5264. (ii) The SCR Cash Amount represents a premium of between 4.37% and 31.82% over the 1-year VWAP up to the last traded market price of the LCTH Shares on the LTD; (iii) The LCTH Shares are illiquid, with a simple average monthly trading volumeto-free float for the past 6 months up to November 2017 (being the last full trading month prior to the LTD) of 3.88%; and (iv) As at the LPD, LCTH has not received any alternative offer for the LCTH Shares or any other offer to acquire its assets and liabilities. In view that the Non-Entitled Shareholder currently holds a controlling stake of more than 70% equity interest in LCTH, any such offer will not be successful unless with the support of the Non-Entitled Shareholder.
Recommendation Premised on the above, Mercury Securities is of the view that the Proposed SCR is NOT FAIR but REASONABLE. Accordingly, we recommend that the Entitled Shareholders VOTE IN FAVOUR of the Special Resolution pertaining to the Proposed SCR to be tabled at the forthcoming EGM. ... ...
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yjinnvy
312 posts
Posted by yjinnvy > 2017-12-11 10:47 | Report Abuse
I think they are likely to see the price maintain at this level, so that shareholders will agree with their privatise price.