Posted by Orson Chin > 2023-04-08 21:30 | Report Abuse

Monday limit up !!!!!!!!!! All sell to China man…. China need oil !

Posted by izoklse > 2023-04-08 21:40 | Report Abuse

From the Edge Weekly :

According to sources, the company has since recapitalized following the conversion of the debt owning to MIEH via the issuance of new shares.

"Reach Energy slipped into PN17 status based on the unaudited results for the period ended December 2022. The debt-to-equity exercise was only completed in March this year," says a source.

If the sale of the Emir-Oil concession materialises, Reach Energy will be a cash company with no assets. However, the amount of cash in the company from the sale of the Kazakstan asset will be far from the 75 sen per share that early investors paid when it was listed as a SPAC.

Posted by izoklse > 2023-04-08 21:45 | Report Abuse

The above statement by the sources is based on the assumption, that the concession, which was valued at close to USD300 Million in 2016. But now already 2023 and the oil price at USD 80 - 86 per barrel. You can now imagined the asset value in 2023.

Posted by izoklse > 2023-04-08 22:04 | Report Abuse

That is why Super Racer Ltd (SRL) willing to take up 1.03 billion new shares at an issue price of 20 sen apiece as they know there is an interested buyer already for the kazakstan asset and upon completion of the asset sale, they can generate cash value more than 75 sen per share.

Posted by Orson Chin > 2023-04-08 22:39 | Report Abuse

Limit up Monday !!!! Goooooo

Posted by newbie_2016 > 2023-04-09 00:40 | Report Abuse

so Honkie guy not silly after all!!!! wow!!!!

Posted by JuliusCeasar > 2023-04-09 09:27 | Report Abuse

Can someone share the link!

Posted by hoot9e996 > 2023-04-09 09:36 | Report Abuse

all speculations, we malaysian think a lot when using HOPE as a catalyst for it to go up

Posted by Leoleo > 2023-04-09 10:10 | Report Abuse

Your English is good ? Read carefully what the edge article had said. If the deal go thru. The amount of cash in the company will far from 75 cents.
Reach share had been double up after HK guy came in. The cash in the comp , doesnt mean u shareholder will receive that cash. Unless comp declare to give all the cash it received as dividen.
izoklse

That is why Super Racer Ltd (SRL) willing to take up 1.03 billion new shares at an issue price of 20 sen apiece as they know there is an interested buyer already for the kazakstan asset and upon completion of the asset sale, they can generate cash value more than 75 sen per share.

11 hours ago

Posted by JuliusCeasar > 2023-04-09 10:24 | Report Abuse

Link!

Posted by TheContrarian > 2023-04-09 10:45 | Report Abuse

In order for the Kazakhstan oil concessions to be sold, the HK guy need to take control of Reach because he personally only owns 40% of the concessions whereas Reach owns the remaining 60%, which is what he has finally done. As for the debt conversion price of 20 sen per Reach share the HK guy would have done his homework to calculate that after the disposal, the net cash value of enlarged share capital of Reach would at least come to 20 sen for him not to lose out.

Posted by izoklse > 2023-04-09 11:08 | Report Abuse

LeoLeo, Yeah my english is very bad. So what ? You got problem meh ? The figure is based on the assumption that the concession, which was valued at close to USD300 Million in 2016. But now already 2023 and the oil price at USD 80 - 86 per barrel. I also don`t know how high the value after 7 years with current high oil price environment. But surely it will be more than 20 sen for the Hk guy not to lose out.

Posted by izoklse > 2023-04-09 11:15 | Report Abuse

JuliusCeasar i can't copy the link as im using the digital version of the Edge Weekly. They don't allow copy even on the page itself. If i copy and paste the link you might have problem to view it as you need to have access to the Edge Weekly version. If anyone figure out how to share the link here maybe can help on that matter. Tq.

Posted by BobAxelrod33 > 2023-04-09 11:16 | Report Abuse

Kazakhstan is not just your friendly neighborhood petrol pump station and certainly not just located at your front lawn. Same as the Middle East was for Serba and South Africa is for Coastal.........the show has just begun!

Posted by TheContrarian > 2023-04-09 11:27 | Report Abuse

When I first started my accumulation of Reach several months ago at between 3.5 and 4.5 sen I did some estimation that the concessions were worth 30 sen per share but after the debt conversion and the resulting enlarged share capital I would adjust it to 25 sen.

Posted by JuliusCeasar > 2023-04-09 12:27 | Report Abuse

izoklse. Ok noted.

Posted by TheContrarian > 2023-04-09 14:07 | Report Abuse

Extracts from Edge Weekly : Reach Energy slipped into PN17 status based on the results ended Dec 2022. The Company has since recapitalised following the conversion of debt via issuance of new shares completed in March this year. If the sale of the Emir-Oil concession materializes, Reach Energy will be a CASH COMPANY with no (other) assets.

Posted by jasontan1177 > 2023-04-09 14:34 | Report Abuse

you make sense a lot then the one said reach can go beyond 76 a share

TheContrarian

When I first started my accumulation of Reach several months ago at between 3.5 and 4.5 sen I did some estimation that the concessions were worth 30 sen per share but after the debt conversion and the resulting enlarged share capital I would adjust it to 25 sen.

3 hours ago

Posted by TheContrarian > 2023-04-09 14:52 | Report Abuse

Announcement or news reports on Reach will always produce a knee and jerk reaction. Announcement of PN17 status created an unnecessary panic. If you put money into this counter it should be with your eyes all open and with belief and with knowledge of its value relative to the market price. Tomorrow when the market opens .... how will Reach share price perform? Will it open gap up? ...... gap down? ...... haha, que sera sera, whatever will be, will be ........ que sera sera ..........

Posted by BobAxelrod33 > 2023-04-09 14:57 | Report Abuse

Jason, you caught him with pants down? From TP of over 76c adjusted to around 25c.....LOL!

Posted by newbie_2016 > 2023-04-09 15:10 | Report Abuse

the origianl guys who bought at 76 cents were the losers.... if like @TheContrarian accumulated at 3.5-4.5 cents, 25 cents is like 5x increase in value??? Kudos @TheContrarian!!!!

Posted by TheContrarian > 2023-04-09 15:11 | Report Abuse

The value of the Emir-Oil concession is subjective. There may be new oil discovery increasing its value many fold. If someone thinks it might be worth 76 sen he may turn out to be right. It would be good for all of us. Lets not belittle one another. The forum here is for sharing information in order for us to make better investment judgement.

Posted by izoklse > 2023-04-09 15:12 | Report Abuse

TheContrarian yes you are right. Let us wait for tomorrow. Anything can happen.

Posted by TheContrarian > 2023-04-09 15:17 | Report Abuse

We must be thankful to izoklse for taking the trouble to produce extracts of The Edge Weekly breaking news, sharing it to us here for all to read.

Posted by kk7198 > 2023-04-09 16:17 | Report Abuse

@deMusangking, so all in ??????. indeed Musang, you will be rewarded with a whole year of free Ahmoiing.

Posted by BILLC > 2023-04-09 16:46 | Report Abuse

The edge been trapped many in sap,,,hope this will not be another con jobs,,,,haha,,,

Posted by newbie_2016 > 2023-04-10 09:08 | Report Abuse

@TheContrarian, was wondering.. just to pick your brain...what would be the end game for the Honkie? Sell the asset and exit? capital returns? or buy another assets??

Posted by jasontan1177 > 2023-04-10 09:30 | Report Abuse

purposely go in pn 17 then delisted, then sell the oil field.

checkmate to ikan billis

Posted by TheContrarian > 2023-04-10 09:31 | Report Abuse

Sell, exit, return.

Posted by newbie_2016 > 2023-04-10 09:52 | Report Abuse

@jasontan1177 when they sell the asset (at a good price), ikan bilis will be rewarded too no? or else SC would have asked them to do Mandatory General Offer?

Posted by TheContrarian > 2023-04-10 09:55 | Report Abuse

Selling Emir-Oil needs 75% shareholders approval.

Posted by newbie_2016 > 2023-04-10 10:06 | Report Abuse

Honkie already controlled Reach at circa 68% already right @TheContrarian? Just need another 7% friendly party? (or God-knows-what?? huhuhuhu)

Posted by TheContrarian > 2023-04-10 10:33 | Report Abuse

48.5%

Posted by newbie_2016 > 2023-04-10 11:10 | Report Abuse

MIEH 40% not his?

Posted by jasontan1177 > 2023-04-10 11:17 | Report Abuse

newbie_2016
ikan billis are boss family ??
why want to treat u so good ??
@jasontan1177 when they sell the asset (at a good price), ikan bilis will be rewarded too no? or else SC would have asked them to do Mandatory General Offer?

Posted by JuliusCeasar > 2023-04-10 12:25 | Report Abuse

Look like truly Syndicates start accumulate starting last week!

Posted by newbie_2016 > 2023-04-10 12:46 | Report Abuse

@JuliusCeaser what can syndicates do? sorry silly question :)

Posted by TheContrarian > 2023-04-10 14:09 | Report Abuse

Syndicate absorb the weak holders and once they absorb sufficient amout will ramp up the price.

Posted by izoklse > 2023-04-10 14:19 | Report Abuse

Market a bit boring as many are waiting for Wednesday onward i think on US data. Next week last play for IB or Investor before Raya long leave. Just my opinion.

Posted by newbie_2016 > 2023-04-10 14:32 | Report Abuse

Thanks @TheContrarian! Learnt something new today!!

Posted by TheContrarian > 2023-04-10 15:24 | Report Abuse

Local market is flat, play is currently on the glove counters.

Posted by hoot9e996 > 2023-04-10 17:10 | Report Abuse

https://www.theedgemarkets.com/node/662791
what you gonna say now? Reach Energy says no intention to sell Kazakhstan assets in immediate future

Posted by izoklse > 2023-04-10 18:25 | Report Abuse

hoot9e996 standard la the process take time ma. They also want to collect ma.
See simple answer from the board : -
“The board reiterates that it is cognisant of the need for proper dissemination of information to the public and will continue to release the appropriate announcements on Bursa Securities on a timely basis as required by the Main Market Listing Requirements of the Bursa Securities,” Reach Energy said.

Posted by Iamnotasifu > 2023-04-10 23:25 | Report Abuse

denying the news = the deal is on

look at how dnex clarified the 'fake news' and fly like hell

Posted by izoklse > 2023-04-11 01:35 | Report Abuse

hehe that is the cover up strategy. The Edge article during weekend actually disturbs their strategy. In order to contain it they not pushing the price on Monday to just show that there is no knee jerk reaction to the share price due to weekend released article and released counter report at the Edge Monday afternoon to deny the rumors. In my opinion this is a plan to give opportunity to newly appointed board member a chance to collect slowly and when the time come they will released the news. Many company has done that before,

Posted by JuliusCeasar > 2023-04-11 06:50 | Report Abuse

Agree

Posted by haziqaz > 2023-04-11 12:10 | Report Abuse

Reach Energy bawah Tan Sri Dr. Azmil Khalili kini syarikat PN17
https://thecorporatesecret.com/blog/2023/04/11/reach-energy-bawah-tan-sri-dr-azmil-khalili-kini-syarikat-pn17/

Posted by Orson Chin > 2023-04-13 00:35 | Report Abuse

Sell to Petronas la

Posted by rev588 > 2023-04-13 17:07 | Report Abuse

Run first la, don't need to think

Posted by Joel Jebaraj > 2023-04-17 09:22 | Report Abuse

Volume is building up today. Is there gonna be some changes today?