Posted by HC Lee > 2014-02-18 16:34 | Report Abuse

Yes...the waiting can be very long and a lot of missed chances in the current bull market if funds are tied up. They are collecting at these levels since the announcement but it not easy for them to take over at 3.90 as their majority is not much.

Posted by stkoay > 2014-02-18 16:57 | Report Abuse

Hope you are right. I am also hoping for a higher exit price.

Posted by leslieroycarter > 2014-02-19 09:27 | Report Abuse

SOME SAID 4.60, OTHERS SAID SHOULD BE 6.00 ! HOPE THEY ARE RIGHT! IF SO, ACCUMULATION AT THIS PRICE LEVEL SHALL BE A BETTER OPTION THAN PUNTING WHICH MAY GET U NOWHERE!

Posted by leslieroycarter > 2014-02-19 09:38 | Report Abuse

extract:
别从献议价开始比较●陈金阙

Author: Tan KW | Publish date: Fri, 24 Jan 13:03

2014-01-22 11:37

先说一个案例。小陈有一间排屋，价值60万。这天来了一个人甲君想要买，小陈就请他出价。

甲君很“诚恳”的开了20万的价钱，还告诉小陈，他为此已特地请了独立估价师来评估，估价师做了许多市场个公认的评估方式，认为这是个既公平又合理的出价，希望小陈可以接受，不然这间屋子短期内应该不会找到买家，小陈可能会错失套现的机会。

那么，你们认为，小陈是应该一口回绝、出价80万等甲君来讨价还价，还是因为甲君出了个20万，他就开回一个30万的价钱，才不致于太过份？

明眼人都知道最后的说辞是很愚蠢的，不过，现实世界里，真的会有这种不可理喻的事情发生。

对了，我们来看看本年开始最有意思的收购计划———霹雳机构（PRKCORP）。

收买者是前大股东霹雳州发展局（PKNPK），持有52.9%，方式是选择性资本回退（SCR），出价是每股3.90令吉，忘了公司资产是5.03令吉，忘了公司年年赚钱，忘了公司净现金一直增加，摆到明当小股东没到。

为甚么这么说？让我们来看看霹雳机构的财务（见表）。

霹雳机构的缴足资本是1亿令吉，因此，分析数字相当容易呈献（例如，净利和每股盈利的数字）。

最少值RM12

从上述财表可见，霹雳机构是少见的良好管理官联公司，其财务正从2008年金融风暴中复苏，就要腾飞，难怪大股东这么心急行动。

上周一家英文报章借此大作文章，并举例霹雳州发展局有关的两家公司，让读者看了觉得霹雳州有意向雪兰莪看齐，实行大整合。

而一些小股东也借媒体呼吁同伴们不要为蝇投头小利所诱，放弃了霹雳机构的锦绣前程。

他们认为这公司最少值得12令吉，3.90令吉的收购价，是出价太贱了。

不过，他们又觉得如要收购，至少是6令吉才值得考虑。噢，这象不象我一开始提的例子？

妙的是，一群自称是捍卫霹雳机构小股东的委员会迅速成立，同时要求小股东一起反对。

这似乎没什么不好，奇怪的是，他们似乎不大懂得法律上的权利。

两个星期来，他们自称已有超过7%的股权，不过还忧心忡忡，怕累积不到10%而反对失败。

报章的记者也好象并没有SCR的专业知识，一起和他们担心。

非盈利股东 反对票不得超过10%

其实，根据SCR条例，其中一个通过的条件是涉及献议的非利益股东投的反对票价值不得超过10%，即47.1%乘以10%=4.71%，如果他们得到7%的委托（来反对建议），冒冷汗的该是霹雳州发展局，这项SCR想必无疾而终。

可惜的是，许多小股东缺乏独立思考的能力，当大股东一出价，就绕着价钱打转，完全忘了自己手上的股票到底值得多少钱。

之前贸易风种植（TSWPLNT）出价5令吉，就有人高喊公司最少值得10令吉以上，但最后也是乖乖的接受收购，让它除牌。

关键是，手上持股的多少，是迫使他们向现实低头的原因。

如果人人只持100股，那么很容易豁出去，因为输到完也只是390令吉。

如果你手上有10万股，甚至1至2%股权，就完全不同了。你怕不怕万一SCR失败，你的股票重回到2令吉？那时你怎么卖？

所以，“时穷节乃见，无求品自高”，像我们这些又“穷”又有节操“的微小股东”，无论如何是不会向乱出价的股东低头的，希望捍卫霹雳机构小股东委员会讲到做到，把手中的7%筹码，迫使大股东低头。


陈金阙 专业财务规划师

Posted by cgtan2020 > 2014-02-19 15:46 | Report Abuse

http://www.theedgemalaysia.com/business-news/276122-ireka-privatisation-fails-to-get-shareholders-nod.html

Posted by leslieroycarter > 2014-02-20 09:40 | Report Abuse

extract:
收买者是前大股东霹雳州发展局（PKNPK），持有52.9%，方式是选择性资本回退（SCR），出价是每股3.90令吉，忘了公司资产是5.03令吉，忘了公司年年赚钱，忘了公司净现金一直增加，摆到明当小股东没到。
Prkcorp chosed to use SCR to underpay the minority shareholders at a much lower price @ RM 3.90 than what has been quoted in co reports at RM 5.09 thinking that the minority shareholders will accept all in total?

Posted by HC Lee > 2014-02-20 12:39 | Report Abuse

May be a good idea for jking to consider. Since Yu kuan chon may not have the shares, maybe he can give a better offer to us !!. Moreover, as a property developer, he sure know the worth of prkcorp land/ properties.

Posted by upsidedown119 > 2014-02-22 10:54 | Report Abuse

Yeah, good idea. Meanwhile buy a few thousand each time spare cash is available. Nothing to lose - a certain 24-25 sen gain in a few months. Better than FD!

Posted by eric123 > 2014-02-22 22:30 | Report Abuse

yes ,sure better than fd

Posted by stkoay > 2014-02-24 10:32 | Report Abuse

upsidedown119, what do you think of the possibility of the deal be rejected? Appreciate your view, thanks.

Posted by upsidedown119 > 2014-02-25 16:58 | Report Abuse

@atkoay. At this stage I think is 50-50. Publicity with minority though. Wonder what's the status with JKing?

Posted by stkoay > 2014-02-25 17:07 | Report Abuse

Noted. Thanks.

Posted by leslieroycarter > 2014-02-27 15:03 | Report Abuse

so , 3.90-3.66/3.67 , balance 23-24 cts for sure , if there is any adjustment of offer price , then it will be a bonus! no harm buying and keep on buying.....than playing contra which u may not make anything but losing in the end!

Posted by HC Lee > 2014-02-27 18:16 | Report Abuse

Results out...again it seems that they have understated the NTA to only $5.19 instead of $5.95. (Total asset-total liabilities)/No of shares = $5.95 !!

Posted by limayseng > 2014-02-28 12:27 | Report Abuse

min 22/23 cts for a 6.2 % return for prkcorp at this 366/367 price if do not wish to trade contra with high risks, may see this another option!

Posted by limayseng > 2014-02-28 15:10 | Report Abuse

any hope of securing higher than 3.90?

Posted by leslieroycarter > 2014-03-04 15:52 | Report Abuse

get more support for scr...
http://prkcorpminoritygroup.blogspot.com/2014/01/lets-get-started-with-new-blog-in.html?showComment=1393919449650#c6526798811263812211

Posted by limayseng > 2014-03-06 17:04 | Report Abuse

extract:
PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE UNDER SECTION 64 OF
THE COMPANIES ACT, 1965 (¿PROPOSED SCR¿)

can anyone clarify this...capital reduction and repayment, scr?

Posted by leno > 2014-03-07 12:06 | Report Abuse

Major holders propose but i heard got enough minority holders to reject lor ... minority want better price of at least RM 4.50 ... Anyway, i am collecting like crazy at current price. Reject or no reject, prkcorp is very valuable stock to collect.

Posted by 林俊松 > 2014-03-09 10:21 | Report Abuse

Still can enter Pkrcorp?
What is the tp?
Why the renevue droping?

Posted by limayseng > 2014-03-10 13:51 | Report Abuse

just hoping to get a higher refund than 3.90 . anything higher will be a bonus but has to wait ....

Posted by limayseng > 2014-03-11 13:56 | Report Abuse

revenue up or down has no problem coz the refund is sure at 3.90 . If scr is approved and the amount of fair refund is adjusted to a much higher value , then it will be a double bonus to those holding the scripts ...

Posted by JKing > 2014-03-12 16:43 | Report Abuse

should take note that there are using 20mil cash to buy a piece of land from govt saving them from liquidate
if SCR not successful, they can use other method to get the value out from the company

Posted by JKing > 2014-03-12 16:44 | Report Abuse

riks point to consider

Posted by calvin > 2014-03-12 17:44 | Report Abuse

JKing, still can keep?

Posted by JKing > 2014-03-13 09:12 | Report Abuse

why not? 5% return in 4 months time equal to 15% return without much risk. better than FD right.

Posted by JKing > 2014-03-13 09:12 | Report Abuse

look at KFIMA, valuation is RM4 , trading now at RM2.40

Posted by calvin > 2014-03-13 14:23 | Report Abuse

JKing, If the company make profit lose on next quarter or company make less the NTA may effect share price drop!!! Is it possible??

Posted by Ooi Cheng Kee > 2014-03-13 17:40 | Report Abuse

Buy. May be increase offer to 4.++. Good bet.

Posted by leno > 2014-03-18 09:30 | Report Abuse

YEEHAAA ! This mornin manage to GRAB a few last lot of PRKCorp at 3.67 ! Meet u all at RM 4.50 ya ! KAYA ! KAYA DAN BERJAYA !

Posted by calvintaneng > 2014-03-20 10:31 | Report Abuse

LENO,

NICE TO SEE YOU HERE IN PERAK CORP FORUM. Perak Corp I bought at 60 Cts and another Great one KFima I also bought at 35 Cts years back when nobody wanted. Both too hot now for me.

I Think You Should not miss MP Corp. MP CORP IS JUST LIKE PERAK CORP WHEN PERAK CORP WAS AT 60 CTS.

Posted by summer22 > 2014-03-31 10:26 | Report Abuse

http://www.nst.com.my/nation/general/new-theme-park-in-perak-1.540815

Posted by stkoay > 2014-04-11 19:37 | Report Abuse

http://www.nst.com.my/business/todayspaper/majuperak-eyeing-perak-corp-1.560705

Posted by gohku > 2014-04-12 22:04 | Report Abuse

Be prepare to accept the scr proposal at rm 3.90.
still make good monies ?

Posted by houseofordos > 2014-04-14 13:28 | Report Abuse

JKing, based on the response you have gotten so far from various parties, what is the likelihood of the SCR approved or revise offer ?

Posted by ruben88 > 2014-05-09 21:28 | Report Abuse

Why suddenly drop today?

Posted by Stockman > 2014-05-09 22:11 | Report Abuse

Is the offer price 3.90 not that good?

Posted by ruben88 > 2014-06-28 18:44 | Report Abuse

So how do I get the offer price?

Posted by AvatarTree > 2014-06-29 17:59 | Report Abuse

JKing , any update for us ?

Posted by stkoay > 2014-07-10 13:08 | Report Abuse

http://www.theedgemalaysia.com/highlights/296654-edge-weekly-ksl-hidden-gem-with-steady-recurring-income-hl.html

Posted by stkoay > 2014-07-10 13:17 | Report Abuse

calvintaneng made SELL call on KSL on 30-03-14 when it was trading at 2.11-2.13.
Today KSL is trading at 2.41-2.45. UP an average of 14% !!!!!!!

Posted by AyamTua > 2014-07-11 02:48 | Report Abuse

all of you newbies and slow punters , slow predictors - should take Calvin Tan words into consideration including immediate buy! Calvin Tan sees things way more sophisticated than your short sighted miserably punt slow shoes kikiiikii

Posted by countfind > 2014-07-11 06:46 | Report Abuse

calvin MJPerak how

Posted by stkoay > 2014-07-18 12:51 | Report Abuse

Sold all at 3.65/7 and switched to KSL at 2.13/7.
Now, KSL is at 2.60 and this stock is at 3.45.
Maybe its time to buy back.
12-13 % return in a few months, if/when SCR is completed, is so attractive!

Posted by stkoay > 2014-07-18 13:03 | Report Abuse

I knew the SCR will take a long time to complete. Taking TRIUMPHAL ASSOCIATES BHD as example, it took about 12 months to complete the exercise.
What's holding back is the long time taken by SC for the approval of notes to shares holder and notes from independent adviser.
So I think it may takes another few months....................

Posted by stkoay > 2014-07-18 13:07 | Report Abuse

Few months for 12-13% returns, with a little risk, where to find?
I'm accumulating..........slowly.

Posted by stkoay > 2014-07-18 13:53 | Report Abuse

We refer to the announcements dated 6 January 2014, 15 January 2014 and 5 March 2014 in relation to the Proposed SCR.

On behalf of the Board of Directors of PCB, AFFIN Investment Bank Berhad wishes to announce that the Securities Commission Malaysia had via its letter dated 16 May 2014 which was received on 19 May 2014, approved the proposed exemption under Paragraph 1.1 of Practice Note (“PN”) 44 of the Malaysian Code on Take Overs and Mergers 2010 (“Code”) pursuant to the Proposed SCR, subject to compliance with the requirements under Paragraph 1.2 of PN 44 of the Code.

This announcement is dated 20 May 2014.

Posted by stkoay > 2014-07-18 13:57 | Report Abuse

@Mun Hong. They are still waiting for ANOTHER SC approval, like this one:

We refer to the earlier announcements in relation to the Proposed SCR.

On behalf of the Board of Directors of TAS, AFFIN Investment Bank Berhad wishes to announce that the Securities Commission Malaysia had vide its letters both dated 18 December 2013 granted its consent for the contents of the circular to the shareholders of TAS in relation to the Proposed SCR, the Explanatory Statement prepared by AFFIN Investment Bank Berhad, on behalf of Golden Power Holdings Sdn Bhd, to the non-interested shareholders of TAS in relation to the Proposed SCR under Practice Note 44 of the Malaysian Code on Take-Overs and Mergers, 2010 and the independent advice letter prepared by TA Securities Holdings Berhad, the Independent Adviser to the non-interested Directors and the non-interested shareholders of TAS in relation to the Proposed SCR (collectively referred to as the “Documents”).

The Documents will be despatched to the shareholders of TAS in due course in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

This announcement is dated 19 December 2013.

Posted by stkoay > 2014-07-18 14:06 | Report Abuse

@Mun Hong. Actually, 2 approval from SC is needed.
1) the proposed exemption under Paragraph 1.1 of Practice Note (“PN”) 44 of the Malaysian Code on Take Overs and Mergers 2010

2) Explanatory Statement prepared by AFFIN Investment Bank Berhad, to the non-interested shareholders and the Independent Adviser to the non-interested Directors and the non-interested shareholders.

Posted by stkoay > 2014-07-18 14:10 | Report Abuse

They have obtained the first and are now waiting for the second approval before EGM can be held.