Posted by Johnzhang > 2 months ago | Report Abuse

@ ajleat
@glxlonline88
@Simmer
@Opportunate
@Kaya Toast
@Silemak,
I kindly request you to send a short email to MSWG at
complain@MSWG.org.my (for attention of Rita) expressing your unhappiness on the SCR offer.
In your email , I guess it is good to provide your actual name and shareholding to MSWG .
I have with me 15 others shareholders , people whom I personally know , given me mandates to represent their similar view to be conveyed to MSWG.
I encourage any other minority shareholder who are not happy with the offer price to do the by writing to MSWG directly.

Posted by ajkeat > 2 months ago | Report Abuse

@Johnzhang,I have just succesfully emailed MSWG complaining on UNREASONABLE offer price of RM1.70 on privatisation,the column listed only request name,contact number,email address and subject matter,there is no attention or any particular person.Hopefully they receive my complain email and contact me.BTW,I can also provide you with the mandate should situation require,we will decide how to get in touch then

Posted by dompeilee > 2 months ago | Report Abuse

😱MSWG actually replied!😱 I guess they did change their aloof ways after Covid!

Posted by Kaya Toast > 2 months ago | Report Abuse

John, I did and mswg had replied on my concern on 6th June 2024 stated to wait for IFA and Boards recommendation. EGM if any minority unable to attend to vote, then can sign the proxy form to assign John Zhang ..

Posted by calvintaneng > 2 months ago | Report Abuse

MPHBCAP TAKING PRIVATE FOR ITS 1,600 ACRES LANDS IN PENGERANG

TSH GOT 94,700 ACRES IN IKN NUSANTARA

THERE IS A LAND CLEANER & GREENER THAN SINGAPORE: AND LAND PRICES AS LOW AS 3 SEN SINGAPORE PER SQ FEET: WHERE TO FIND?

https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2024-06-23-story-h-158783703-THERE_IS_A_LAND_CLEANER_GREENER_THAN_SINGAPORE_AND_LAND_PRICES_AS_LOW_A

Posted by Kaya Toast > 2 months ago | Report Abuse

Two more days, if Board rejected the proposal, be ready knee jerk reaction. Anyone preparing to buy the dip?

Posted by Kaya Toast > 2 months ago | Report Abuse

Youwin, it's jz wayang. UOBKH was accepted because they willing and paid to work on Surin terms... Unless it was appointed by SC, none IFA is independent. We minority are on our own to protect our interests.

Posted by Johnzhang > 2 months ago | Report Abuse

OCBC only secured 0.3% shares at the closed of the takeover offer . Great Eastern share price this morning after the news of failed takeover and threat of delisting still stay at SGD25.65 as opposed to takeover offer price of SGD25.60. Kudos to minority shareholder of GE! Something for us to emulate.

https://newswav.com/A2406_UpL4Hs?s=A_rPEpn4k&language=en

Posted by Endgame > 2 months ago | Report Abuse

The SCR accepted already

Posted by speakup > 2 months ago | Report Abuse

? Meaning?

Posted by TheContrarian > 2 months ago | Report Abuse

Dear John, GO and SCR are different. In a SCR, even if you vote "No" your shares could still be forcibly acquired.

Posted by Johnzhang > 2 months ago | Report Abuse

@ TheContrarian, I do understand that . I just want to bring up the level of minority activism in spore.

Posted by Johnzhang > 2 months ago | Report Abuse

@speakup, Endgame trying to say SRC is accepted by him or her . Hahaha…

Posted by Endgame > 2 months ago | Report Abuse

Scr got sufficient support already

Posted by goh555 > 2 months ago | Report Abuse

Extend date 18july haha🤣

Posted by Opportunate > 2 months ago | Report Abuse

I Status quo until BOD coming up with their proposal either to accept SCR

Posted by Opportunate > 2 months ago | Report Abuse

In 2015 , when BOD requested 1 month extension , Surin rejected the proposal. 2018 , he proceed with SCR again for MWE at 1.75 and successful.
At least this round he accepted the extension😅😅

Posted by goh555 > 2 months ago | Report Abuse

Cause it's time request half month 🤣🤣🤣

Posted by TheContrarian > 2 months ago | Report Abuse

Time extension will bleed the minority shareholders.

Posted by Johnzhang > 2 months ago | Report Abuse

@TheContrarian,
Anyone thinks the price is going to fall can opt to cash out now! Afterall, it is only 10sen or 5.8% difference from the SCR offer. Individual investor is absolutely free to made own decision.
Why you think it is a bleeding situation?
—————


TheContrarian wrote :
Time extension will bleed the minority shareholders.

Posted by Kaya Toast > 2 months ago | Report Abuse

[wishful thinking] Maybe Board has insider info Johor Government going to submit notice to acquire the lands.. by then, disinterest shareholder will have more bargaining power to reject the scr.

Posted by TheContrarian > 2 months ago | Report Abuse

If there's no longer any 10% minorities left to oppose the SCR then Surin wins.

Posted by Johnzhang > 2 months ago | Report Abuse

I shall update you guys tomorrow the outcome of my discussion with MSWG.
There are other valuable information to share too.
Meanwhile, stay calm. With cool head, you shall make better decision for yourself.

Posted by Opportunate > 2 months ago | Report Abuse

@johnzhang. Thank you very much.

Posted by Johnzhang > 1 month ago | Report Abuse

In the meeting with MSWG, i have presented a list of 33 shareholders who have given me mandate to voice similar position.
Meeting with CEO MSWG covered the following topics :
1. Our position with respect to the proposed SCR i.e. not opposing the SCR but opposing the unfair and unreasonable offer price.
2. presented historical facts, figures and development in the company since inception in 2013 to support our position.
3. Requested MSWG to immediately engage the BOD, offerer and all stakeholders with the hope of reaching a somewhat "palatable" price level. As basis of negotiation - $2.40/share (per BV) and it is still very much below the NRV of the assets.
4. Discussed at length on the contentious issue of properties valuation in the book which have been stated as up-to-date valuation in the yearly annual report. There is issue of misrepresentation in annual report on the valuation claimed to be updated to very current date to be dealt with. (i will write about the misrepresentation in AR in a separate posting)
5. Discussed the rules and regulations governing SCR .
6. Explore further involvement of other regulatory authorities such as Security Commission, court etc. . I will am pursuing these options.
7. Various irregularities and deficiencies in virtual meeting, my personal experience.

MSWG agrees to dig deeper into the issue raised and write to the company and/or offeror. Let's give MSWG a bit of space to do their work. More minority support to MSWG is welcome to motivate MSWG in this pursuit. I urge more dissatisfied minority to approach MSWG directly and provide them useful information to facilitate their work.

Posted by ajkeat > 1 month ago | Report Abuse

@johnzhang, very well written,thank you very much on your hardwork and effort,I am not selling my share and may buy more below 1.60

Posted by dompeilee > 1 month ago | Report Abuse

Sooo...the other takeover target Great Eastern finally settles down to the exact takeover price of S$25.60, 2 days after I SOLD my shares slightly above that to lock in my 46% capital gain on top of 3 divvies. Those who chased shortly after the takeover announcement on May 11th up to a high of S$26.40 counting on OCBC to raise its offer closer to 0.8 x fair value are caught in a dilemma: suspension coming on Jul 13th as the predator's stake finally breaches 90% on the 3rd takeover attempt in the last 20 years.

Bursa unlike SGX has no 'fair & reasonable' exit offer b4 delisting provision so trade carefully here!

Posted by Johnzhang > 1 month ago | Report Abuse

Contentious issues on Properties Valuation

In my opinion, UOB KH, the independent advisor (AI), is having tough job to describe the $1.70 SCR offer as "reasonable" in the AI's report. Mind you that the AI report must first be approved by Securities Commission (SC) before it can be tabled.
The valuation for corporate exercise must be on the basis of Net Realisable value (NRV) , NOT book value (BV). SC must be satisfied that the NRV is done diligently and professionally (In this regards, our engagement with SC as soon as possible is important)

We have records that UOBKH's sum-of-the-parts (SOTP) valuation for MPHB capital in 2014 at $3.36/share. The the valuation in 2014 was based on following assumptions :
1. MPIB, the insurance unit valued at $0.94-0.98/share.
MPIB was finally sold in 2 tranches for about $868mil or $1.21/share of MPHB capital.
ie $0.23/share higher than UOBKH's valuation.
2. In 2014, UOBKH cited that the Pengerang land compulsory acquisition by state government in 2012 at $0.93 psf was well below the valuation of many transaction in adjacent area. Yet the BV as at 31/12/2023 for the remaining 1,663.4 acres of land is $0.81 ie 13% below the compulsory acquisition price 12 years ago . The land was undeveloped, poor accessibility 12 years ago. What is the NRV today with considerable development , good infrastructure and earmarked for Johor-Spore SEZ ? $10 psf, $20 psf or $50 psf ? Any NRV numbers are simply multiple fold higher than BV.
3. Ampang parcel of land (Flamingo by the lake and the commercial complex) which is 5+ km away from KLCC. In 2014, The Edge reported that Desmond Lim was interested to buy the site for an estimated $500 mil. Total land size is 2.71 acres + 12.04 acres = 14.75 acres. UOB KH only considered $250m in the 2014's SOTP valuation . UOBKH opined that if the redevelopment of these land is properly structured, the value of this property could exceed RM500 mil
BV of this 14.75 acres combined is merely about $58 mil, a small fraction of potential NRV.
4. Land is KL/Imbi - in 2014 , UOB cited in their report the market price was ABOVE $2,500 psf . However, for SOTP valuation, only $2,000 psf is considered. BV for the 4.89 acres of KL prime land is $1,394 psf. I wonder if anyone can provide evidence of actual transactions at this vicinity below $3,000 psf in the last few years!!

I don't need to go further with the NRV of prime land in Rawang (152.4 acres, BV $19.3 psf), Setapak (324 acres, BV $9.73psf !), Telok Tempoyak , few KM from bayan Lepas (83.1 acre, BV $22.44psf).

In other words, UOBKH SOTP valuation in 2014 at $3.36/share was already very conservative. NRV today could be anything between 2-4 times higher than $3.36.

Has anything change in the characteristic of the land or in the property market that may have resulted the NRV plummented ???

Posted by Endgame > 1 month ago | Report Abuse

Surin already plan many years for this take private, including siblings to buy. I think they already confident this buy is successful, unfortunately they overlooked Johnzhang team up, this SCR getting more interesting. I don't have much, only 100k quantity left. If my 100k shares can help, pls let me know.

Posted by Johnzhang > 1 month ago | Report Abuse

@ Endgame, every dissatisfied minority and any amount of share help.
Myself and my group of friends is prepared to go very far to challenge the unfair and unreasonable attempt takeover.

Posted by Johnzhang > 1 month ago | Report Abuse

Anyone has good contact with the major newspaper for us to gain wider exposure in the main media? Pls provide is you have .
I have been trying to reach to The Edge writer on the recent article on MPHB by Ms Jenny Ng but she has yet to respond after 3 days.

Posted by Sslee > 1 month ago | Report Abuse

The offer price reasonable or not is in comparision of price history to offer price.
The offer price is fair or not is in comparision with sum of parts or DCF valuation with offer price.

You can be assets heavy (sum of parts) but when come to cash flow it is a totally different ball game.

Posted by Endgame > 1 month ago | Report Abuse

Most likely to adjust a bit, like range 1.8-
2.0. It will be treated as not fair but reasonable due to price already increase from 1.0 to 1.70...2.0

Posted by speakup > 1 month ago | Report Abuse

I expect minimum rm2

Posted by Endgame > 1 month ago | Report Abuse

But oh.... except uncle Surin, anyone willing to take 2.0? Or who willing to offer 1.70, so far only uncle Surin willing to offer this price. If not he offer this price, this stock unlikely can go to 1.60 now. Therefore, the big holders sure willing to accept, if not don't know when got this chance again.

Posted by dompeilee > 1 month ago | Report Abuse

As befits a 3rd world backwater, many major shareholding-individuals notoriously SHORTCHANGE minority owners over the years: crooks like Chen Lip Keong of Petaling Tin(was lucky to escape that one with a profit), Yap Yong seong of Olympia(ongoing delayed saga) & quite a few others.

Posted by Sslee > 1 month ago | Report Abuse

Under the SC’s rules, the value of the votes cast against the proposed SCR at the EGM must not be more than 10% of the votes held by the remaining shareholders.

Only voting shareholders will decide to accept or reject the SCR offer.
But do note many companies listed in Malaysia their share price is traded below the NAPS.
If SCR failed then Mr. Market will decide what will be the share price.

Posted by Sslee > 1 month ago | Report Abuse

I make some good profit from MMC SCR.
It was a roller coaster ride as some hidden hand press down price and shareholders were coerced into accepting the SCR at EGM.


The MMC shares had hit a low of RM1.63 on Sept 27 as some investors were spooked by rumours on social media platforms that the EGM may be delayed, according to a trader with a local brokerage.

MMC’s independent adviser Alliance Investment Bank Bhd on Sept 8 had stated the SCR offer price of RM2 a share was “not fair” but ‘reasonable’ and after estimating the fair value at between RM3.32 and RM3.41.

Alliance advised shareholders to accept on the grounds that MMC shares had not traded above the offer price for three years before the proposal was announced on June 3.

MMC’s earnings per share (EPS) and price to earnings ratio (PER) were also taken into consideration. For the financial year ended Dec 31, 2020, MMC’s EPS was 12 sen with a PER of 9.4968 times.

Posted by Johnzhang > 1 month ago | Report Abuse

@YouWin, it is fair for SSLee to "sound the alarm bell" to minority of MPHB capital. The share price can go either way if the SCR failed. However, too alarming and too frequently the bell being sounded may not serve the best interest of the minority shareholders.
The final outcome of the SCR can go many possible ways too -eg SCR got thru at $1.70 or SCR failed or offered price revised before EGM or next SCR attempt at price satisfying the dissatisfied one like me etc.
So, minority shareholders must think what works best for him/her INDIVIDUALLY and take appropriate action.
From my personal experience, conviction and patience usually pay off most of the time . The very volatile and uncertain situation during MMC and Bplant privatisation process didn't scare me . The outcome finally come up very well for me .
I hope i have made a fair comment.

Posted by dompeilee > 1 month ago | Report Abuse

Even if he raises the offer, it will be Scroogey at best eg 10-20c. A lot of the most optimistic projections are rather speculative & perhaps too forward looking to help at this stage...maybe if the SCR FAILS & no more offer for 1-2 yrs like CCB by Jardines, then will get closer to the upside possibilities mentioned.

Posted by Kaya Toast > 1 month ago | Report Abuse

Crescendo released it's result. These type of gain is easily few fold if MPHB were to sell it's landbank.

Posted by Opportunate > 1 month ago | Report Abuse

Let's wait for the outcome from UOBKH and BOD. Let them do their job.
If you are not satisfy with the offer price , vote against during EGM.
If EGM unsuccessful to turn down the resolution , just get the money and invest elsewhere.
If worry the SCR get rejected and stock price dip , consider to sell now.
If worry after selling the SCR end up with higher offer price , can consider selling a portion. If with higher offer price , can still benefited from the offer. If SCR got rejected and price dip , can buy back at lower price.

Many alternatives to look into , just decide the best options for you

Posted by Opportunate > 1 month ago | Report Abuse

For myself , I will hold on until BOD and UOBKH come out with their decision.
Many other stocks to pay attention to and take opportunity.

Posted by Opportunate > 1 month ago | Report Abuse

Not much you can do here. Jumping up and down won't change anything.

Posted by Opportunate > 1 month ago | Report Abuse

This is SOP. Why not let them do their job and avoid unnecessary speculation ?

Posted by Opportunate > 1 month ago | Report Abuse

We can judge ourselves from their report later.

Posted by Opportunate > 1 month ago | Report Abuse

This is my 1st time dealing with SCR.
My focus mainly on technology stocks in Malaysia and abroad.
Taking opportunity from PN17 companies restructuring for hefty return of more than 10x

Posted by Opportunate > 1 month ago | Report Abuse

Dealing with PN17 companies need to be very patient and calm as the process can take years to complete.

Posted by Opportunate > 1 month ago | Report Abuse

Stay cool. Decide what the best alternative for yourself base on possible scenarios.

Posted by Opportunate > 1 month ago | Report Abuse

SCR kind of stressful for those holding above the offer price. Before 2015 , the price was above 2. After holding for almost 10 years , force to sell at a lost. Will be a painful experience.
But this is reality in stock investment for minority shareholders