Posted by steveooikp > 2017-02-10 15:39 | Report Abuse

sliding down....

Posted by kahhoeng > 2017-02-10 16:36 | Report Abuse

To those who have called SC for meeting, could you kindly be around this website between 8:00 and 9:00 pm this evening to discuss our meeting with SC? SC has called me on concern too many have called and asked us to form a committee of not more than 5 before meeting them. Anyway, looking forward to hearing from you guys later 8:00 and 9:00 pm Malaysia time.

Posted by firehawk > 2017-02-10 17:04 | Report Abuse

some ppl might alrdy sold their holding and reap ~10% in a month :-)

Posted by kahhoeng > 2017-02-10 20:14 | Report Abuse

Anyone here ready to discuss about the meeting with SC? In particular, may I know how many here have called and told SC that they would like to attend the Feb 14 meeting? I was told by SC that too many have called to meet. Intriguingly though, I have not seen so many here saying they would like to meet. Wonder why?

Posted by cheoky > 2017-02-10 20:21 | Report Abuse

Dear kahhoeng i only emailed. I m in jb. Hopefully kl guys can join you....

Posted by kahhoeng > 2017-02-10 20:26 | Report Abuse

cheoky, SC called me to cancel, and asked me to form a committee with all those called so no more than 5 attend the meeting. Unfortunately, I have yet to know who else called SC wanting to attend the meeting. Sigh! Think I will call SC up Monday (the person in charge is not available today) to make sure the meeting will still be held on Tuesday.

Posted by r°Moi > 2017-02-10 20:34 | Report Abuse

Kahhoeng

As so many have emailed and called... SC has got the message... no need so many to attend... you are doing fine... but see if you can expand the matters to discuss...

Posted by kahhoeng > 2017-02-10 20:42 | Report Abuse

Initially I plan to complete my complain and have it shown to you guys. Unfortunately, still haven't figured out how it should be written (I thought about presenting on Feb 14.)

rMoi, did you call to say you want to meet?

Posted by kahhoeng > 2017-02-10 20:46 | Report Abuse

I have presented some materials to SC October 2016. However, I have yet to see SC act. Meanwhile, with the revealed TRIPLC deal, I can't say how angry and frustrated I am, especially when no action from SC yet.

Posted by kahhoeng > 2017-02-10 20:53 | Report Abuse

rMoi, this reply is useless. Once the TRIPLC deal is completed, nothing can be done already. Furthermore, with independent investment bank advising minority shareholders to take below net asset offer price at heavy discount to net asset due to non-performing share price, I am worried that will happen to Puncak too. So long Rozali is buying asset at premium and later offer to take Puncak private citing non-performing share price as reason, that would be like slapping minority shareholders of Puncak after using us as disposal diapers!

Posted by kahhoeng > 2017-02-10 20:54 | Report Abuse

rMoi, this reply is useless. Once the TRIPLC deal is completed, nothing can be done already. Furthermore, with recent cases of independent investment bank advising minority shareholders to take below net asset offer price at heavy discount to net asset due to non-performing share price, I am worried that will happen to Puncak too. So long Rozali is buying asset at premium and later offer to take Puncak private citing non-performing share price as reason, that would be like slapping minority shareholders of Puncak after using us like disposal diapers!

Posted by r°Moi > 2017-02-10 20:54 | Report Abuse

But.... you meeting SC shows the seriousness of the matter.. and the seriousness of the minorities..

Posted by kahhoeng > 2017-02-10 20:57 | Report Abuse

rMoi, SC has asked to call off the meeting, citing too many wanting to meet. That's why I want to know who have called saying they would like to meet. This is intriguing, given less than 5 here saying wanting to meet SC. Thought you are one of those wanting to meet earlier.

Posted by kahhoeng > 2017-02-10 20:59 | Report Abuse

Until SC agrees to force Puncak offer a capital repayment option for minority shareholders opting out, I can't stop worrying, sigh!

Posted by r°Moi > 2017-02-10 21:00 | Report Abuse

Errr... no this meeting.. as the person who replied is not the same person that you are going to meet...

Posted by kahhoeng > 2017-02-10 21:03 | Report Abuse

Reading the quarter reports and announced deals made me real worry, especially after so many privatization deals that offer way below net asset offer price to minority shareholders. There's a likelihood of Rozali doing that, something that can't be ruled out...

Posted by r°Moi > 2017-02-10 21:06 | Report Abuse

Kahhoeng

A step at a time.. have to block the TRIplc first..

Posted by r°Moi > 2017-02-10 21:10 | Report Abuse

Kahhoeng

As you have highlighted... in those cases market price is paramount... regardless of NTA.. that is why that TRIplc RPT is so wrong...

Posted by kahhoeng > 2017-02-10 21:13 | Report Abuse

Frankly, with my presented information, I was wondering why is it taking so long for SC even to offer help to minority shareholders?!? Puncak is really taking its minority shareholders like disposable diapers that have been used and 'experts', particularly those from CIMB, fooling us yet no action taken against them.

Posted by valour > 2017-02-10 21:15 | Report Abuse

I thought i opt out bcos i hav less than 100k shares so i was thinking the big investors would be more interested to go SC . If dont hav 5 person i dont mind attending

Posted by kahhoeng > 2017-02-10 21:15 | Report Abuse

Particularly when I am merely asking to make sure Puncak offer a capital repayment option to let us GO?

Posted by r°Moi > 2017-02-10 21:15 | Report Abuse

And... the use of PEB to circumvent the market price is the strongest case that we the minorities can make ...

The other... is voting by proxies

Posted by kahhoeng > 2017-02-10 21:18 | Report Abuse

valour, let me check with SC Monday. If there's no more than 5 indicating a desire to meet, I want to make sure SC will meet us Tuesday. I am from Penang, and I have planned up my trip particularly for this purpose. Even if its more than 5, I will propose to let us meet at SC office to decide who will meet with SC's staff on Puncak matter after we have chatted among ourselves. There's no venue for us to meet or decide any further action.

Posted by r°Moi > 2017-02-10 21:20 | Report Abuse

Capital repayment... the selective capital repayment type... you can try... but not likely thru SC.... have to propose to the BOD

Posted by kahhoeng > 2017-02-10 21:21 | Report Abuse

rMoi, Puncak BOD will never offer this unless SC forces them to offer citing unfair deals that some have raised concern and can't approve unless an option-out for them is presented.

Posted by r°Moi > 2017-02-10 21:33 | Report Abuse

That is why....

Step 1... citing abuse by major shareholder... get SC to assist to block the TRplc RPT..

Step 2... citing abuse has been attempted... move to have a sort of like a no confidence vote to censure rosxli

Step 3... citing no confidence on BOD.. move to have a capital repayment or special divvy

Posted by r°Moi > 2017-02-10 21:34 | Report Abuse

SC cant impose out of the blue... with no evidence

Posted by kahhoeng > 2017-02-10 21:42 | Report Abuse

(1) purchase of LV3 investment to hide the fact that its already a PN 16 company.
(2) the plantation deal is expensive compared to a recent deal from the seller, not to mention that this deal won't go through (not profitable or sufficient for a PN 16 company of Puncak size) if Puncak is a PN 16 company.
(3) TRIPLC deal that's clearly expensive.
(4) Most importantly, with each announced deal, Puncak share price has nowhere to go but now.

If BOD is so confident with their deals, its more than enough to require them to offer an option out if they don't want to participate with the new corporate ventures!

Posted by r°Moi > 2017-02-10 21:44 | Report Abuse

.


And... to use oppression of minorities... liberally


.

Posted by kahhoeng > 2017-02-10 21:45 | Report Abuse

rMoi, I would rather having SC agreeing to make sure a capital repayment option of at least 2.50 per share for minority shareholders when TRIPLC deal is presented for voting. I want out as soon as I can and I don't want someone telling me to just sell in the open market. It would be like Selangor state government asking Rozali to sell his shares in open market when denying the water tariff increase or forcing through the acquisition. Selangor government didn't do that, so minority shareholders shouldn't agree to selling shares in market when the cash per share is 2.50 while net asset is 3.41 and market price ONLY 1.02. Just because Rozali is majority shareholder, he can't just treated us like used disposable diapers!

Posted by kahhoeng > 2017-02-10 22:00 | Report Abuse

ks55 please be specific if you would like to contribute. Engaging MSWG is useless, its a powerless organization. Seeing how they have targeted Shell Refinery only makes me laugh...

Posted by kahhoeng > 2017-02-10 22:05 | Report Abuse

ks55 if you have something you are willing to share, appreciated. Otherwise, I know only one thing, if I don't seek to meet SC and SC not willing to act, it doesn't matter what legal advice I seek. And losing my money due to some garbage deals is worse than losing face trying to learn my right. So, in a way, thank you but no thanks...

Posted by kahhoeng > 2017-02-10 22:23 | Report Abuse

ks55, that's 2007, to defend minority shareholders right, SC has been more vocal of late. Puncak has a cash per share of 2.50 while net asset of 3.41 per share. Why's it unfair to offer minority shareholders letting go of their shares? Furthermore, what I am requesting is not to vote if to offer 2.50 capital repayment. What I am requesting is to offer minority shareholders an option to surrendering their share in exchange for 2.50 if they are not keen to the proposed deal. That is, offer an option to minority shareholders, if want to stay, agree to the deal, if don't want to stay, take 2.50 per share and leave.

I think you are assuming that I am asking for a capital repayment of 2.50 per share to every shareholder? NO, I am only asking Puncak BOD to offer shareholders not agreeing to the TRIPLC and plantation deal to GO, surrendering share in exchange for 2.50 per share. Plain and simple, not some crazy request.

Puncak's majority shareholder is Rozali with over 40+% shareholding, following by LTH's 10+%. Rozali can't vote in the TRIPLC deal, so LTH's vote is crucial, its holding means it has a hefty 15-20% right to vote. Still, its useless, given so many shareholders without the presence of EPF or other big funds.

Even with minority shareholders successfully voting out the TRIPLC deal, Rozali can easily come up with another, like the plantation deal that requires NO voting by owning 60% of a 60% company at hefty premium. He can then later buying up the rest with Puncak's money without having to go through any voting.

Posted by kahhoeng > 2017-02-10 22:43 | Report Abuse

ks55, to your knowledge, I have met with SC once and have communicated with them a couple of times through phone. Whether SC can eventually help or not, I don't know. One thing for sure though, SC is friendly (even if they are merely pretending to avoid being called corporate-friendly) and trying their best to inform us what they can and can't. Plus, seeking professional help they way you are suggesting is costly, lengthy in process and not something I can afford to do alone. The whole process may end of useless if Puncak's fund has been fully utilized during the process. I personally don't believe Rozali is honorable, given what I have seen so far, A 100% wrong reading on character this time round.

Posted by angiess > 2017-02-10 22:50 | Report Abuse

Hi kahhoeng u should just tell SC that just proceed with 14th feb as you didn't really have their contacts and real names...
Did SC recorded the person who called them??

If you managed to call SC just let us know whether the 14th feb can proceed ...

Posted by kahhoeng > 2017-02-10 22:51 | Report Abuse

angiess, did you call SC saying that you would be attending? If yes, may I know what's their response? I have been trying to learn about why the sudden change. Thanks.

Posted by cheoky > 2017-02-10 23:02 | Report Abuse

Dear kahhoeng pls be cool. Rmoi pointers is more realistic n reasonable. Use triple ccse with SC. Vote against during egm. Cap repayment is a bonus try. Still my vote is with u.

Posted by angiess > 2017-02-10 23:18 | Report Abuse

Hi I have enquirer you before whether is it compulsory to call them before we attend.. few days later you did reply the details ... but subsequently you said only 5 can attend.. so I thought you should have better person/expert rather than me ... everyday I'm looking at i3 see got enough 5 or not ...

Posted by kahhoeng > 2017-02-10 23:21 | Report Abuse

ks55 Quite frankly, I have read a few annual reports before investing in this company. It has a history of paying dividend until it struggled to raise tariff with a change of state government. That's has led me to believe in Rozali not being a piece of shit but somewhat reasonable. I bought at a cost of 1.80 and bought more all the way down to .90 to make sure my cost of investment after financing cost will remain at or below 1.80. When I sensed something not right, its when the first quarter report of 2016 and I have approached Rozali during the AGM hoping he being sensible and allocate RM 200 million for share buy back to at least assuage shareholder concern money being squandered. The share price is already around 1.20 and too late to exit.

I have been holding Puncak throughout 2015 primarily believing in the water deal will be completed, holding on in 2016 in the first quarter thinking that Rozali could have been misunderstood, 2nd quarter worrying that I might have misread Rozali's character, particularly after attending AGM and seeing no action. By 3rd quarter, frankly, nothing could be done already. I can only hope that, with 2.50 cash per share and 3.41 net asset in Puncak's balance sheet, there's something SC can do for minority shareholders. I have approached LTH, seeking their participation to correct what's went wrong. While having concern over the plantation deal, LTH is not keen to seek further action, preferring to approach independent director for better clarification. In a way, LTH is investing on behalf of others, it would be tarnishing their reputation if they were found not exiting a company that's fraudulent, I guess, and that's led them to take different approach. I guess, they will sell when they can materialize a profitable venture unless they can keep Puncak investment in their book as long term investment with no impairment.

Posted by angiess > 2017-02-10 23:22 | Report Abuse

But why SC said many called whom want to attend ?? Or ask SC to choose 5 to attend... choose based on their complaints which they think is reasonable..

they should have their contact.. since Kah hoeng doesn't have their number and real names

Posted by kahhoeng > 2017-02-10 23:24 | Report Abuse

angiess, ok thanks for updating your status with SC. Will post further details once I have gotten in touch with SC on Monday.

Posted by angiess > 2017-02-10 23:26 | Report Abuse

If they really read through the complaints they should know who to look for to further clarify the information provided ..

Posted by kahhoeng > 2017-02-10 23:36 | Report Abuse

quite frankly, if Puncak board has presented deals or quarter reports that too hard to read like BJCorp's, I would have not complained. With little businesses left, quarter reports are easier to read. With level 3 investment that's so clear to mainly used to cover up PN 16 classification is plainly assuming minority shareholders could be set aside. Plantation deal that can be compared and shown to be expensive has assumed BOD can do however they like. TRIPLC deal assumes they are so powerful that they are untouchable. I guess that's really anger me and hope to slap them with legal actions. Unfortunately, I am just a small investor with little resources. That's why I have decided to seek SC assistance. Frankly, should this fail, I will personally write a letter to second Finance Minister, Datuk Johari, and seek his assistance. His appearance in the public has been rather positive and shown his willingness to right what's wrong.

Posted by kahhoeng > 2017-02-10 23:53 | Report Abuse

ks55 thanks for the advice. I have only added Puncak to make sure my average cost after including financing cost is around 1.80, and moved the rest to buy BJCorp. Frankly, BJCorp is not really a good choice for value investing. I have chosen it primarily because of improving balance sheet with a potential in Vietnam Toto while its share price has been ignored for the past few years.

Posted by chonghai > 2017-02-11 00:02 | Report Abuse

kahhoeng If Puncak and BJCorp are your major investment, I feel a bit worried for you.

Posted by kahhoeng > 2017-02-11 00:11 | Report Abuse

chonghai haha... indeed, I'm shaky now, not used to own so many high risk stocks... Primarily never thought Puncak to be one, given its net cash position. I have actually chosen this stock as my ride against the commodity cycle. I have forecasted correctly the commodity cycle during the 2nd half of 2015 but failed to realize Puncak is a con-stock... (I have initially invested in a basket of MNRB, Oriental, Hwang Capital and Puncak when I believed there's a commodity down cycle then. Sigh!)

Posted by moneycashrich > 2017-02-12 11:55 | Report Abuse

It have become a 'long long term' stock. Investors are stuck for now. Best to reduce. Traders are the real winners not long term investors.

Posted by kahhoeng > 2017-02-13 09:59 | Report Abuse

I received a call from Mr. Shashi just now. The meeting for tomorrow has been cancelled. Please let me know who's interested to meet SC again next week, probably between Monday and Wednesday in the morning? If the number interested is more than 5, we will need to select among ourselves to limit the number to 5, thanks.

Please add your username below if you are keen.

1. kahhoeng

Posted by angiess > 2017-02-13 11:44 | Report Abuse

2.angiess (if Wednesday I'm ok )

Posted by kahhoeng > 2017-02-13 15:10 | Report Abuse

angiess, What I will do is to create an email so you guys can send me the days you will be free before presenting it to SC. The current list is to check the number of interested person.