Section 9.1 (i) Completion risk
The acquisition of additional interest in TAG will be undertaken by way of the Proposed
VGO. The Proposals are subject to, amongst others, the approval by the shareholders of TAE
and Bursa Securities for the listing of and quotation for the Consideration Shares and
Subscription Shares on the Main Market of Bursa Securities. In the event these approvals are
not obtained, the Proposals shall be terminated and the benefits arising from the Proposals
will not materialise.
The actual value of TAEnt is RM3.01 per share as the TAGB's assets are not revalued. Tony Tiah is getting 550,539,554 new TAEnt shares at RM0.665 per share. He is paying just a mere 22.1% of the the actual value.
Just from the new shares issuance alone, he is quietly gaining RM2.345 per share or RM1.291bil from this deal.
“Tiah is looking to kill two birds with one stone. Both offer prices for TA Enterprise and TA Global are extremely undervalued. Shareholders will likely reject both offers, ” said one analyst.
If got the tagb share but do nothing, what happen to the share?? Will it automatic convert to money in cds account or convert to ta share at the end? Using bank invest so no remiser to ask.
my remisier told me TAGB got 2 options either accept or not. if not, then have to sell in open market before shares delist. Tony is not giving any good deal to TAGB shareholders.
A clear cut unfair practice by major shareholders to short change minorities. If securities commission approve this kind of practice, then there is no hope for klse.
MSWG is organizing an Investors’ Forum to discuss the issue raised. The details of the forum are as follow:-
Topic: TAG’s “Privatisation”: Implication to Minority Shareholders
Date: 27 February 2020
Time: 9.30 am to 11.30am
Venue: MSWG Training Centre
11th Floor, Bangunan KWSP,
No. 3, Changkat Raja Chulan,
Off Jalan Raja Chulan
50200 Kuala Lumpur
If you are interested to attend , please register with Ms. Sharon Goh/Ms. Mages at 03-2070 9090 or email to mageswary@mswg.org.my or sharongoh@mswg.org.my by 25 February 2020.
Thank you very much for providing the contact details as since I cannot attend due to distance,I will shoot an e-mail to sharon and mageswary to voice my dissatisfaction . Time to hit back and hit hard. We cannot take this BS!!! Bursa needs to wake up and put a stop to such nonsense. For those that cannot attend should send your protests by contacting the officers as detailed above. Good job to all forumers involved. You should be proud of yourselves as fighters. Huat Ah !!!! 21/02/2020 11:10 PM
villa1668 Disappointed and disgusted. Though I sold all my TAGB at 27 sen, I will still speak out as minority need to come together and fight with one voice. It is like David vs Goliath. Don't under estimate the power of the righteous. May the lord be with us and punish this fake preachers.
sounds like tony tiah and his son joo kim tiah are both disliked and hated by many. disgusting greedy fake personality. narcissistic and always talking about God, yet all they care about is their own wallet.
Totally agree with you. Somemore they make the offer that it is not for TAGB investors to decide. I think they will send another acceptance offer document at a later date. I don't see it mention about the Closing Date in the notification.
Here is the e-mail. Please voice out your dissatisfaction as best as you can. These are my own views and opinion. Speak for yourselves as according to your own situation.
Hi Mageswary, and Sharon Goh
With regards to recent developments at TAGB, I would like to strongly voice my dissatisfaction with offer made by TA Enterprise and Majority share holder Tony Tiah's to purchase TAGB shares from minority shareholders at a mediocre 28 sens cash or exchange of 0.42 TA shares for every TAGB share as exchange offer.
My first investment into TAGB was in 2010 at 42 sens. After substantially increasing it's properties holdings and overall valuations to net asset value of $1.10 to $1.20/share, the offer of 28 sens is akin to receiving a "slap to the face" for being such a loyal investor that had to bear receiving mediocre dividends and a sharp drop in share price over the span of 10 years.
We the minority have suffered and continue to suffer in an environment of self enrichment by Tony and family. I urge you or rather beg you and all officials at your organization to please stop this man and his gargantuan greed. Save us please.
May the lord provide the strength to you and colleagues to overcome this almost impossible challenge to overcome this Goliath like character.
As I am abroad, I apologize for not being personally there to meet your team. Thank you for fighting for us helpless little souls. 26/02/2020 9:02 AM
This would bring the new enlarged share base of TAE to 2.6 billion shares, 1.5 times more than the current share base of 1.71 billion.
In this case, Tiah’s stake in TAE would increase to 45.99% after the proposed privatisation and thereafter to 57.41% after the issuance of new shares for the cash injection. It would also trigger the creeping rule and result in an obligation to call for a mandatory general offer.
However, should all of TAG shareholders opt for the share swap, Tiah’s stake in TAE after the proposed privatisation will be diluted to 36.27% from 41.92% currently.
Shares held by Offeror 60.17% Shares held Persons acting in Concert(PAC) 15.34% Total 75.51%
Publicly Held 24.49%
Scenario 1 : Public acceptance less than 14.49% Offeror to acquire until Total > 90% OR Delist (16.06) by offering minority shareholders a reasonable exit price
Scenario 2 : Public acceptance more than 14.49% Delist (16.07). Not clear what happens to minority shareholders
and if Public acceptance more than 22.04% Compulsory Acquisition at 0.28 cash to minority shareholders
Last Financial Report Top 30 shareholders = 85.63% Top 30 shareholders which are not Offeror nor PAC = 10.12% Òther small shareholders = 14.37%
At the low price of 0.28 (compared to RNAV of 1.10), I doubt public acceptance will exceed 14.49%. I plan to reject the offer.
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Posted by luckypunting > 2020-02-14 09:55 | Report Abuse
Section 9.1 (i)
Completion risk
The acquisition of additional interest in TAG will be undertaken by way of the Proposed
VGO. The Proposals are subject to, amongst others, the approval by the shareholders of TAE
and Bursa Securities for the listing of and quotation for the Consideration Shares and
Subscription Shares on the Main Market of Bursa Securities. In the event these approvals are
not obtained, the Proposals shall be terminated and the benefits arising from the Proposals
will not materialise.