Uncle Pui and Mdm Diana Chua are the solid independent investors whom owned substantial stock for many quality PLC like Analabs, LTKM,NHF,BOX PACK BHD,CMSB&etc...
Monday, 18 January 2016 | MYT 7:10 PM Abric plans cash distribution of 43 sen BY JOSEPH CHIN
KUALA LUMPUR: Cash rich Abric Bhd plans to distribute 43 sen a share totaling RM63.90mil to its shareholders under a corporate exercise which will lead to its delisting from Bursa Malaysia Securities.
Abric, which is a Practice Note 16 company, had on Monday proposed a capital reduction and repayment exercise and a special cash dividend.
On Dec 16, 2014, the company was classified a cash company after it had received substantial cash proceeds from the sale of its entire core business.
Since then, Abric had been actively trying to identify suitable business opportunities to regularise its condition.
It said Bursa Securities had given it up to June 10, 2016 to submit a regularisation plan to the Securities Commission. However, the board had considered numerous business opportunities to regularise its PN16 condition and felt it was appropriate to distribute the company’s assets back to its shareholders.
“Accordingly, the proposed distribution and de-listing represents an expedient way to distribute substantially all the company’s cash reserves back to its shareholders pending completion of the winding-up process,” it said.
Abric said based on its paid-up capital as at Jan 15, 2016 comprising 140.51 million shares and 8.06 million outstanding warrants 2011/2016, the proposed distribution and de-listing will be up to RM63.9mil.
“The company intends to fund the proposed Distribution and de-listing through its existing cash reserves, including its cash reserves placed in the custodian account,” it said.
Trading was suspended on Monday and its last trading price was 51 sen.
Recall in its 2013 annual report, Abric noted that it was a leading security seal provider selling to 88 countries.
The company, established in 1983, has a patent for a security seal which was initially used for the plantation industry in Malaysia. The security seal design is now a global industry standard.
Just my personal Opinion I value the Net Realisable Value at 61 sen 41 sen upon delisting and cash distribution expected Q2 2016 (Based On Announcement) 20 sen upon winding up of the delisted company. there are only 2 assets one building and another property for investment purposes. I believe it will not be too difficult to disposed and convert to cash. My estimation is all this should be done by Latest Q3 Prefer to Hold on rather than sell at the current price
nta per share is 65cents, 43cents is the cash portion, will give back shareholders first since it is the most liquidity.
The rest of is made up 22cents ppe and investment prop, but it takes time to liquidize, so u would become a private limited shareholder when the co is delisted.
First time facing this kind of situation, anyway, i continue to avg down my cost at 50cents.
for investment prop, it has facotry at Jln Meru Ipoh and shop at Soalris dutamas stated at book value of 15m, i guess it is at least worth 20m nowadays.
if the boss treats every shareholder fairly, then i should get something back.
I think Mr. Pui will go all out to defend his investment and just ride along with him. Seems like not much choice available to us as minority shareholders
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