Benalec made an announcement on Bursa yesterday night (14 Mar 2014) with regards to the heads of agreement (HoA)t that the brothers signed in early January to settle their issues.
Salient points on the agreement: 1. The return of the land that was sold by Benalec to the private companies (that hidden links to the two brothers who quit Benalec - i.e. what caused all these problems in the first place) has been completed. Land titles returned to Benalec as at 19 Feb 2014.
Land in question is 93,126 m3. Benalec refunded the sale amount of RM28,067,190.77.
2. In the same announcement, Benalec stated that they are disposing the said land to another company (Teobros Development Sdn Bhd) for RM48,115,196.16.
To put it in perspective, when Benalec first sold the land for RM28.06m, the company made a profit of RM9.26m from that sale.
3. I was wondering when they rescinded the land sale how long it would take them to sell it again to another (independent) party. If not this would have reversed the company's P&L for the next quarter by RM9.26m until this was done. (potentially causing Benalec to show another quarterly loss ala Q32013.
I think it's fantastic that they've signed another land sale so quickly with an additional RM20m (pre-tax) profit on top of it.
4. The sale is expected to be completed by Q32014 barring unforeseen circumstances.
5. An EGM will be called for shareholders to ratify the HoA. Might be interesting to attend and ask management questions about this as well as query them on how the Tanjung Piai situation is going.
Hoorey!!! A testimony of insider's trading??? Any stern action as deterrent by KLSE to set example??? Only then it will create fears to future wrongdoers???
jenabchen: Good point. Not insider trading though, more to do with unreported related party transaction / breach of fiduciary duties by a director.
I like (and am in favour of) the HoA simply because it clears up all _civil_legal issues between Benalec and all the other parties.
There is however nothing in the HoA that can prevent _criminal_ legal action to be taken against the two directors et al.
Whether SC / PDRM takes action against them is another matter altogether.
At the end of the day the HoA restores the situation (financially) for Benalec as if the illegal RPT never happened. (Assuming that there are no other illegal RPTs hidden there)
The damage that's left is image wise. Although with the two brothers out as directors and one (the bigger culprit) having sold his stake, it's one step towards restoring credibility.
Also as an aside, I note yet again with amusement comments stating that this company is going to go bankrupt / PN17 / die etc. It makes me wonder as to how on earth that's going to happen once you look at the financial figures of the company.
P.S: I do own shares in Benalec. If you consider me biased due to that, please diregards all my above comments and carry on!
silly comment. Common perception on assets especially the land. it just keep appreciated. The longer interested parties delaying purchasing, the higher the buying price gonna be. More buyers coming, more demand, higher price. More prospect profit to Ah Ben. Ah Ben need more commitment to bring back trust. The criminal action? but this is up to the Regulator and why no action?? Wrong or right, another question to be determined by our law but justice must try to be served. Let the wrongdoers go through all the hassle for years. Ah Ben need to be kinder to us. Higher dividend??? I loike this.
jenabchen123 and Kukuman is lobbying everyone to have negative view on ben, then they can gain from our fear selling. Let us think like this, is it easy to establish land reclaim company and have technology like ben in malaysia?
Don't bother with what that 'Kukuman" posting. This lowlife creature is full of negative ion. If you checked on his postings, is like opened up a 'shit tank', full of stink smell and vomited things. His comments like "rubbish company", "That's right, carry on", zero constructive ideas or any facts that backed it up. If a person don't have knowledge and experience to analysis something, is better to keep their mouth shut, otherwise people will smell the stink. A success investor is very much lay on a person's quality. Guys, do you believe an -ion man can survive in the equity market? I think his losses had brought endless -ion to his body, before he change his chracter, "the loser" will still be his middle name. Happy investing.
i really dont bother what u all argue... but this share i will enter coz all chart show uptrend... and kenanga give tp 1.250 . i will buy some on monday n keep it. invest no who true or wrong, just u all opinion different only. Happy invest :)
Self-make believe would not help turn the company around. I did not question the company's technology and its know-how on land reclaimation works. I am questioning the way they conduct business. They need very long time to repair their image and reputation. Some here claimed to be so-called long-term investor but quickly run away when the share price tumble like what happened in Dsonic. You get defensive now because you got stuck in Mr Ben and that I can understand.
By the way, what the price now? 0.875. where is all the chest thumping experts that say it will reach 1.00 soon? Even it could reached 1.00, Mr Ben is still a loser. Its all-time high was around RM1.50. Many stocks had recorded new high and here you are so happy when Mr Ben only being target at RM1.25.
@Kukuman, I know that Ben had beating you so hard untill you lost your pant, that why you kept making those idiotic words, no even comments because there isn't any contents. That exactly reflected that you're such a low life creature. If you think Ben is a "rubbish company" as wrote by you, just go elsewhere, don't polute here with your -ion from your rubbish mouth. Your chracter had already decided your destiny, a lifetime loser who hardly managed to keep your pant on your butt. Just look at your postings, full of crap. You're really one of the kind. What's a pathetic loser. Gave a life, live with that.
Kukuman prefer buy @ peak price rather den turning point price... @ kukuman no matter purchase @ what price as long making profit that is call trading...he like to buy @ peak price keep for years..that why he condemning this counter...
You considered it as full of crap just because i said Mr Ben is rubbish company. It show that you are bias in your thinking. You only want to hear good news. Contrary news is crap to you. No wonder you stuck in this stock. trying so hard to prop up the support. Yes, i lost money in this rubbish company which promised so much since ipo until the financial scandal involved the directors came to light. But I had since dumped the shares and parked my money in other stocks and had recovered all my losses. I suppossed you are still losing money and still stuck in this rubbish company. That is why you are so defensive. Who is loser here?
Kukuman: It sounds like you're claiming to know more about what happened behind the scenes than is already known.
You claim that everyone that remains with the company is still guilty.
In that case, tell us. I would love to know more, assuming that you actually know something that is.
Thus far all I have seen is you denigrating the company with the standard spiel of "rubbish company" et al.
This is as useful as people who claim target prices for the company within the next day or next week. Utterly pointless.
I try to make a constructive (factual) post, and you give a snide reply instead.
It doesn't sound like you think that the company is going to go downhill as much as you want the company to go kaput.
If you can't at least try to back up your statements with facts then just accept that they're as good and qualitative as promises from our government of the day.
Kukuman, It's undeniable facts that you're such a loser in this counter, that's made you became a psycho, you're so angry towards all the people who bought into Ben, that why you made that self-created allegation that the new controlling director also a 'con' without any facts that disclosed here. If you have evidences that supported your allegation that the new controlling director also has integrity issue, you should brought it to the authority. Otherwise, I will inform Dato Leaw Seng Hai for his further action towards your serious allegation in order to cleanse his own reputation. Please stand still on your statement above. Good luck.
Then i better erase the comment since u get so personal. I am sorry to have make u so anxious. I am truly is. Continue with your investment with mr ben. By the way, how you expect him to cleanse his reputation? Sue me?
break 0.915-920... only we back this TP price topic.. 3rd attempt in a month since feb... to break 0.915-0.920... .. happy trading.... base form @ 880 and 860.... gud sign....
betul betul. walaupun kukuman Nampak keras dgn komen dia, tapi kita orang kena dengar cerita dua dua belah. jangan hanya nak dengar cerita baik baik aje. buat pertimbangan sendiri
Tew, some like to hear praises only. if you condemn, they will threaten to sue you and throw in datuk title as well. Back to stock, Mr Ben stuck at 0.80-0.90 for months. OCK has raced from 0.70 to 0.98 now. Which is more worthwhile investing in? Only self-make believe person will still believe in Mr Ben. By staying faithful with Mr Ben may not lose anything but lose on the opportunity cost.
Benalec Holdings (BHB MK) Technical BUY with +27.8% potential return Last price : RM0.900 Target Price : RM1.07, RM1.15 Support : RM0.860 Stop-loss: RM0.850 BUY with a target price of RM1.15 with a stop loss placed below RM0.850. BHB’s share price has been trading below the long-term downtrendline since 17 Jul 13 before finding major support at RM0.860 following the formation of a “quadruple bottom”. We think yesterday’s breakout above the trendline on the back of a higher trading volume of 9.3m shares (vs 20-day average of 1.9m) confirms the creation of a new up-leg which also signals the end of the long-term bearish bias. The bullish crossover in Stochastic and DMI suggests a rising momentum and the establishment of a new uptrend, thus we envisage an upward movement hereafter. We peg our initial upside slightly above the 38.2% Fibonacci retracement level which is at the previous strong support (now resistance) of RM1.15 over the medium term.
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taciturn
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Posted by taciturn > 2014-03-14 10:34 | Report Abuse
Benalec made an announcement on Bursa yesterday night (14 Mar 2014) with regards to the heads of agreement (HoA)t that the brothers signed in early January to settle their issues.
Salient points on the agreement:
1. The return of the land that was sold by Benalec to the private companies (that hidden links to the two brothers who quit Benalec - i.e. what caused all these problems in the first place) has been completed. Land titles returned to Benalec as at 19 Feb 2014.
Land in question is 93,126 m3. Benalec refunded the sale amount of RM28,067,190.77.
2. In the same announcement, Benalec stated that they are disposing the said land to another company (Teobros Development Sdn Bhd) for RM48,115,196.16.
To put it in perspective, when Benalec first sold the land for RM28.06m, the company made a profit of RM9.26m from that sale.
3. I was wondering when they rescinded the land sale how long it would take them to sell it again to another (independent) party. If not this would have reversed the company's P&L for the next quarter by RM9.26m until this was done. (potentially causing Benalec to show another quarterly loss ala Q32013.
I think it's fantastic that they've signed another land sale so quickly with an additional RM20m (pre-tax) profit on top of it.
4. The sale is expected to be completed by Q32014 barring unforeseen circumstances.
5. An EGM will be called for shareholders to ratify the HoA. Might be interesting to attend and ask management questions about this as well as query them on how the Tanjung Piai situation is going.