Posted by kahhoeng > 2017-01-18 20:20 | Report Abuse

kelvin, valour, would you please put in your free days and your intention to meet SC?

Posted by valour > 2017-01-18 21:48 | Report Abuse

kahhoeng
U set the date i make myself free . Time to give u real support rather than posting here . My take is that we must unite if there any chance of making an impact . I also agree with ur exit plan .

Posted by angiess > 2017-01-18 22:38 | Report Abuse

Why they are not under PN16 since they have sold off their core business & why they have unlimited time to look for new business... why no time frame & with all the expenses incurred and without income... the company has been making looses...

I'm not sure whether my reason valid for SC's concern...


I will join the SC meeting definitely

Posted by cheoky > 2017-01-19 08:28 | Report Abuse

Kahhoeng outstation supporter how

Posted by kahhoeng > 2017-01-19 11:37 | Report Abuse

cheoky, let us confirm on the appointment date, and you can call before the meeting to the SC on your support to the discussion to be held, sounds OK?

Posted by rogers123 > 2017-01-19 15:29 | Report Abuse

Puncak is the best stock i have ever bought. One day up then fall many days. Luckily sold half. Or else really kanasai

Posted by rogers123 > 2017-01-19 15:36 | Report Abuse

Puncak if u fall below 0.80, i will be very sad

Posted by kahhoeng > 2017-01-19 16:54 | Report Abuse

Its my understanding the following, including me, has agreed to meet SC.

1. kahhoeng
2. kelvin HK
3. valour
4. rMoi
5. angiess

In addition, the following has not been able to attend due to outstation

1. cheoky
2. cljy
3. DK66

Is there anybody else interested to join the meeting?
Also, is either day of Feb 14, Feb 15, and Feb 16 sounds OK? Thinking about giving 3 days for SC's option.
The agenda would be to request SC to push Puncak for a capital repayment of 2.50 per share given the BOD's show of mismanagement: (1) quarter report showing investment as if to avoid PN 16 classification (2) plantation deal that's not only expensive compared to a similar recently announced deal by SOP and misinformed details classifying young trees as 'matured'

Anything else? I will add accordingly. Thanks.

Posted by Kelvin HK > 2017-01-19 17:07 | Report Abuse

kahhoeng, i not understand and my doubt as below

1. if there is such law in bursa to protect minority like us ?
2. why is 2.5 repayment not 1.5, 3.0 ?
3. how long will this whole exercise took ?

Posted by kahhoeng > 2017-01-19 17:28 | Report Abuse

Kelvin HK,

My request of 2.50 is based on net asset per share of 3.41 and cash per share of 2.50 reported in the most recent quarter report. This is an amount Puncak can easily offer without having to sell assets.

Frankly, I do not know what SC can do for us, but clearly, Puncak BOD do not have us in mind when making any decision. It seems to me, to them, Puncak minority shareholders are nothing but disposable diapers that have been used. So, I sincerely doubt BOD will act on behalf of us, particularly that the issue has been raised in the AGM before, i.e., share price is at huge discount to cash in hand and net asset and an urgency for share buy back to assuage minority shareholders the huge cash the firm is holding will be spent wisely.

Posted by angiess > 2017-01-19 18:39 | Report Abuse

Kahhoeng please try to make the appointment in the morning so can go to work after that...thanks

Posted by rogers123 > 2017-01-19 19:24 | Report Abuse

Y kahhoeng not included me? Look down on me? Hahahaha

Posted by kahhoeng > 2017-01-19 19:38 | Report Abuse

roger123, you wrote down your friend's not your's... the rest include theirs

Posted by cheoky > 2017-01-19 20:49 | Report Abuse

Kahhoeng, rmoi add on is a good point as proposal B. At minimum,, this make SC think twice on the deal making by rozali and will frustate rozali plan. I think it is better for outstation guy like to support by letter rather by verbal right?

Posted by Chinaboleh > 2017-01-19 20:57 | Report Abuse

If kahhoeng plan successful so we also can request China counters to pay us dividend base on their cash holding? If not can we complain SC bias?

Posted by traderman > 2017-01-19 21:08 | Report Abuse

Chinaboleh, i can assure you that the 2.5 repayment will be ignore 100% by the SC

Posted by FAIRnREASONABLE > 2017-01-19 21:52 | Report Abuse

While I applause kahhoeng's initiative and efforts, I tend to agree with trademan that the RM2.50 repayment request will be ignored by SC.

There is no basis for SC to act on the request of 2.50 repayment. SC simply has no power, no relevant backup law or rules & regulation to act, even if the officers there are convinced and sympathetic to our problems.

SC does not interfere if the share price is absurdly low or absurdly high compared with its intrinsic value. SC may act, however, if it found evidence of price manipulation or rigging.

SC may act if alerted of possible irregularity, illegal activity or misdeeds. SC may also take action if there is violation of listing rules or provisions in Company Act.

We need to put together evidences that things in Puncak are not in order and hence our request for SC's intervention.

Posted by valour > 2017-01-19 22:06 | Report Abuse

We have to meet up get organised this fight will take some time . Formal complaint is the very beginning got to start somewhere

Posted by FAIRnREASONABLE > 2017-01-19 22:15 | Report Abuse

What are signs that Puncak is not in order and hence our request for SC's intervention? I can identify the following:

1. Massive losses over the last few quarters - there could be leakages??
2. Excessive offer price for TRIPLC (far, far above market price) which benefits controlling shareholder/directors, but bad for minorities;
3. Inexperienced, not-adequately qualified, not-competent and too young MD to lead Puncak over this difficult time;
4. Excessive chairman/director fees when Puncak is suffering massive losses;
5. No clear and transparent strategy to utilize the cash to buildup new business - venturing into other unfamiliar (and challenging) businesses may incur further losses to Puncak;
6. Depressed share price (compared with cash and intrinsic value) over a long period is evidence of no confidence in the directors and management - Puncak should employ competent CEO to revive the business, not simply putting Chairman's son in a cushy position and draw gaji-buta.

Posted by FAIRnREASONABLE > 2017-01-19 22:26 | Report Abuse

With cash of 2.50, it is UNFAIR & UNREASONABLE to take Puncak private by offering a price say around 1.00. SC can intervene in such case.

If the cash is used up to buy inflated assets, and that the share price stays around today's level, offer to take Puncak private at around 1.00 will be consider UNFAIR but REASONABLE. In such case SC may not intervene. This scenario is my major concern.

Posted by traderman > 2017-01-19 22:44 | Report Abuse

FAIRnREASONABLE, base on your 6 points then a lot company need to do share repayment already hahaha

Posted by FAIRnREASONABLE > 2017-01-19 22:51 | Report Abuse

You missed my points, traderman.
Based on my 6 points together, SC can intervene - like sending query.
SC cannot order repayment.
Share holders can put in proper resolution, and if passed then repayment is possible (but unlikely to achieve if Rosali not supporting). In any case, resolution for voting will in itself exert pressure on directors and management.

Posted by traderman > 2017-01-19 23:14 | Report Abuse

FAIRnREASONABLE, waste of time, sell and buy other better stock

Posted by kahhoeng > 2017-01-20 09:40 | Report Abuse

so, FAIRnREASONABLE, will you be joining our meeting with SC?
Roger123, will you too? Or, only your friend?

If you are joining, please add on to the list before I try to call SC next Monday or Tuesday.

Posted by rogers123 > 2017-01-20 09:46 | Report Abuse

I am not staying in KL. But i can give u my proxy. I am sure u need it....

Posted by steveooikp > 2017-01-20 15:06 | Report Abuse

heading south....

Posted by steveooikp > 2017-01-20 15:48 | Report Abuse

92.5...
1 day 1 sen drop...

Posted by steveooikp > 2017-01-20 15:49 | Report Abuse

hng33 is still on holiday...

Posted by firehawk > 2017-01-20 16:24 | Report Abuse

since elite announced fight for 2.50, price still sliding .... may be some unknowledgable ppl don know and go to sell .....

Posted by nekosan > 2017-01-20 19:09 | Report Abuse

Let's buy some and hope for 2.5

Posted by FAIRnREASONABLE > 2017-01-20 19:48 | Report Abuse

Kahhoeng

I won't be in KL at the time and regret not able to join you & others.

Please go ahead with your planned meeting with SC.

In the event that SC is unable to act on your proposed 2.50 repayment ( which I think is most likely), please request that SC send a query to the Chairman & Board about issues we raised. It is best that you prepare a proper written submission on the various issues, with each backup with strong reasons.

Thank you again for taking the lead to do something. Please ignore the noises and negative remarks in this forum, bearing in mind that many are traders who gain from share price fluctuations.

Posted by firehawk > 2017-01-20 21:09 | Report Abuse

nekosan, if u buy to try yr luck, is ok .... if u aim for 2.5, pls think twice x3

Posted by kahhoeng > 2017-01-21 22:53 | Report Abuse

Kind of disappointing seeing so few, so far 5 including me, willing and able to meet SC between Feb 14 and Feb 16. It would be great if we could get more participants.

Posted by FAIRnREASONABLE > 2017-01-22 12:57 | Report Abuse

How I wish CEOs of our listed companies can take responsibilities like Foxconn's CEO who publicly bowed and apologized to all, including employees, for the 1st decline in business in over 20 years. Note that the apology was for a decline not a loss.

（台湾．台北22日讯）鸿海 (Foxconn) 嘉年华上午热闹登场，鸿海集团总裁郭台铭表示，鸿海去年交出一个应该检讨的成绩单，20多年来首次衰退，他向员工及眷属鞠躬致歉。

Posted by FAIRnREASONABLE > 2017-01-22 13:05 | Report Abuse

Kahhoeng

If we can convince LTH to support us, then that will be a great achievement. To convince LTH, we may need to bring in Malay/Muslim minorities to go along to talk with LTH.

Posted by r°Moi > 2017-01-22 13:17 | Report Abuse

.


Also... to email to Lembaga Tabung Haji..



Concerned Puncak minorities are encouraged to email to SC... BursaMalaysia... MSWG... the following draft with or without modification.....





Dear Sir

I am a minority shareholder of Puncak Niaga Bhd (Puncak).


I would like to bring to SC attention potentlial corporate governance shortcomings in Puncak's recently announced proposed acquisition of TRIplc Bhd (TRIplc), a related party transaction (RPT).


TRIplc is a related company of Puncak as both have Tan Sri Rozali (Interested Party) as the major shareholder.


I would to highlight to SC that a company by the name PEB has been set up by Interested Party to effectively privatise the listed TRIplc which have a market price at RM 1.90 at the LPD (even way lower prior) and the unlisted TRIplc is then to be sold to Puncak at RM 3.04 immediately. The unlisted TRIplc is 100% the same, in fact, is just the privatised listed TRIplc.


A company's fair value is not just all about its figures only. There are risks/concerns/factors which are non monetary and the market will price it accordingly taking these risks/concerns/factors into account.


I comment SC efforts in making BursaMalaysia a well established, well regulated open market where willing buyers willing sellers can take part in fair price discovery after taking all rewards/risks/concerns/factors into account. I believe this is also the basis for the mark-to-market policy.



PEB has the effect of getting around and circumventing the above.




In this regard, I would like to seek SC guidance on the following:



- Is this RPT at much higher than the market price fair to Puncak minorities?

Puncak minorities who want exposure on TRIplc can certainly buy TRIplc at RM 1.90 in BursaMalaysia. No need to buy at RM 3.04.

The Interested Party by all means should take TRIplc private with his personal resources if he thinks it is undervalued.



- Is PEB not against the whole purpose of having BursaMalaysia?

Circumventing a fair market price determined by a well established, a well regulated open market where willing buyers willing sellers take part on fair price discovery, freely, is just not right in relation to what BursaMalaysia and SC stand for.


- Puncak minorities are worried that they will be defeated by voting by proxies even though it is understood they have the right to vote against the RPT.

This is a real concern as the use of PEB itself clearly demonstrated that established rules have not been followed.

This concern also has manifested itself in Puncak's low share price at around RM 0.90 when it has cash in hand per share above RM 2 and NTA per share above RM 3.



Thanking you in advance.

.

Posted by FAIRnREASONABLE > 2017-01-22 19:57 | Report Abuse

Thanks, rMoi, for the excellent draft.

I shall use it with some adjustment - adding some points I indicated earlier.

It will be great if someone can provide the PIC contact at each of the organisation - SC... BursaMalaysia... MSWG. It will be much more effective if all can direct our email submission to a person-in-charge (PIC) instead of sending to the general contact because such emails may just vanish without any response.

Should we also send a copy to the independent directors in Puncak? IDs are supposed to take care of minority interest.

Posted by steveooikp > 2017-01-23 06:59 | Report Abuse

r moi is a lawyer??
can really draft very well....

Posted by steveooikp > 2017-01-23 07:00 | Report Abuse

can use this letter for other counters also.
mkland
osk

Posted by valour > 2017-01-23 10:04 | Report Abuse

Like for u guys draft ! Clear n precise . Triple like !!!

Posted by r°Moi > 2017-01-23 13:32 | Report Abuse

.


Tq


But dont just say it is excellent.. very well.... clear and precise.... and give a triple like


USE IT... USE IT... USE IT


.

Posted by r°Moi > 2017-01-23 13:49 | Report Abuse

.


Will see.. will see..

Lets robe in SC MSWG... to take on rosali... come on everybody...

At the very least a great experience it will be...

.

Posted by r°Moi > 2017-01-23 13:58 | Report Abuse

.

Will see.. will see..

Will see.. will see..

Lets robe in SC MSWG... to take on rosali... come on everybody...

At the very least a great experience it will be...

.

Posted by r°Moi > 2017-01-23 14:10 | Report Abuse

.


Email to SC MSWG... stop lamenting... start acting.....

.

Posted by valour > 2017-01-23 15:46 | Report Abuse

Actual representation meeting the SC / MSWG as a group with signed petitions would be the way to go . Sending individual email here n there probably would be ignored .

Posted by voon1900 > 2017-01-23 15:57 | Report Abuse

holland ship !

Posted by r°Moi > 2017-01-23 17:02 | Report Abuse

.


Rosali... full of negetivities

Minorities... full of negetivities

Almost... giving up already


.

Posted by kahhoeng > 2017-01-23 17:07 | Report Abuse

valour, actually, from my discussion with SC, they do read our complaining emails. By the way, I have been busy today and didn't have to time to call up SC for appointment. Will attempt to do it tomorrow and reply to you guys.

Posted by FAIRnREASONABLE > 2017-01-23 19:39 | Report Abuse

rMoi, you did a very good job. Don't be disappointed just steveooikp keep pouring cold water

Posted by cheoky > 2017-01-23 20:35 | Report Abuse

R moi draft is precise n good