Posted by TanChinku > 2018-03-30 09:59 | Report Abuse

This could the first FB spac successful in Qa, congrats to all believer.

Posted by TheContrarian > 2018-03-30 10:21 | Report Abuse

Still a long way to go. Need to buy out all the yield investors at 50 sen.

Posted by Rio2814 > 2018-03-30 12:10 | Report Abuse

Back to same price.....

Posted by Yeowc Yeowc > 2018-03-31 00:17 | Report Abuse

Looks positive....may be chances good in getting a deal

Posted by ktsk88 > 2018-03-31 10:23 | Report Abuse

nothing is sure until the final voting process.

Posted by ktsk88 > 2018-03-31 10:25 | Report Abuse

those holding mother shares could get back your capital plus yields for the 3 years but those holding warrants could loss everthing like what SONA warrantholders does......caution.

Posted by Faiza > 2018-03-31 12:51 | Report Abuse

Chances of refund is very high

Posted by Rio2814 > 2018-03-31 15:02 | Report Abuse

Faiza. U mean QA will failed.

Posted by stockjobber > 2018-03-31 15:56 | Report Abuse

Yes watchout ....as the current financial environment is not so rosy, major SH could opt for cash rather than stay invested with a newly acquired company..

Posted by stockjobber > 2018-03-31 16:00 | Report Abuse

Look at poor Reach SH, instead of getting out with CASH .75 ++ (accrued interest), now the market price is struggling at .3..

Posted by stockjobber > 2018-03-31 16:07 | Report Abuse

If QA fails, warrants will become waste paper...zero value..!

Posted by afandi > 2018-03-31 18:10 | Report Abuse

guess all those negative comments want to buy it cheap

Posted by Rio2814 > 2018-03-31 21:05 | Report Abuse

Afandi. The owner himself not confident that they can get QA approve. It is not us....

Posted by ktsk88 > 2018-03-31 21:35 | Report Abuse

Only spac Reach managed to stay listed. We are not negative. The history of spac is not encouraging throughout the world.

Posted by ktsk88 > 2018-03-31 21:35 | Report Abuse

It is your money but best invested in mother than son.

Posted by ktsk88 > 2018-03-31 21:37 | Report Abuse

Munchy board not necessary want to cash out. Even they want, RSena board need to get the require acceptance level to get the deals fine

Posted by ktsk88 > 2018-03-31 21:37 | Report Abuse

Done

Posted by afandi > 2018-03-31 22:33 | Report Abuse

tq ktsk88 ..maybe im still in denial mode..still believe that QA will be successful..will closely monitor if the result is the other way round

Posted by Rio2814 > 2018-03-31 22:38 | Report Abuse

Ktsk88. Rsena cfm dealing with Munchy?

Posted by DK66 > 2018-03-31 23:13 | Report Abuse

From what I read, Double-V Series Sdn Bhd, the Tan brothers’ holding company, currently owns a 70% stake in Munchy’s with the remaining 30% held by fund investor Tap Crunch Sdn Bhd. Rsena has to acquire at least 51% of munchy to qualify for QA.

Posted by DK66 > 2018-03-31 23:21 | Report Abuse

Not sure if Tan brothers want to give up control..... Unless they remain the controlling shareholders which can be done thru share swap. In which case, the 20% shareholdings of the promoter will be diluted.....

Posted by DK66 > 2018-03-31 23:27 | Report Abuse

In the financial year ended Dec 31, 2015, Munchy’s posted a net profit of RM41.34 million. Assuming 20% profit growth for 2016 and 2017, its net profit would be around RM60m At 15x PE, it is worth about RM900m. Rsena has less than RM400m. How to make it happen ?

Posted by DK66 > 2018-03-31 23:35 | Report Abuse

Maybe RM400m cash + 1.1b new shares at RM0.50 each will make it happen. Tan brothers retain control with 52+% ownership. However, I m not sure whether this kind of arrangement will be approved by the SC.

Posted by DK66 > 2018-03-31 23:37 | Report Abuse

Tap Crunch Sdn Bhd will walk away with RM270m cash.

Posted by DK66 > 2018-03-31 23:38 | Report Abuse

Bear in mind, all the above are all purely my speculation.

Posted by DK66 > 2018-04-01 00:08 | Report Abuse

Of course, there are questions to ponder.... eg. why don't munchy go for listing by themselves ?

Posted by stockjobber > 2018-04-01 07:50 | Report Abuse

For unlisted entity, the acqired PE should around 5 to 8 times and not 15x as espouseb by DK66

Posted by DK66 > 2018-04-01 09:46 | Report Abuse

If Munchy selling just 5 to 8x PE, Rsena's Management should not be worried about the high valuation sought by the seller. Why would Tan Brothers be selling Munchy at such low valuation when it can go for listing at higher than 15x PE, considering the current high PE regime for the listed F&B stocks.

Posted by DK66 > 2018-04-01 10:04 | Report Abuse

Tan brothers had 30 - 40% revenue growth target for Munchy in 2017. With such high growth rate, I m doubtful, even 15x PE could entice them to part an empire they build for 25 years. They sold 30% ownership each to KWAP and TAP in Oct 2014, later restructured in 2015 to see Double-V Series Sdn Bhd, the Tan brothers’ holding company, owns a 70% stake in Munchy’s with the remaining 30% held by fund investor Tap Crunch Sdn Bhd. In a 2016 report, KWAP said it has a 15% exposure in Munchy. Does it mean that Tan brothers bought back 15% each from KWAP and TAP, or was there a corporate exercise to dilute their shareholdings ? If Tan brothers were increasing their stake in Munchy in 2015, why would they want to sell to Rsena now ?

Posted by DK66 > 2018-04-01 10:26 | Report Abuse

To Rsena, Munchy as QA, at reasonable valuation, would certainly increase its odd of getting the shareholders' approval. Munchy is still on high trajectory growth path which will attract venture capitals and fund managers investments to buy out the yield investors.

Posted by DK66 > 2018-04-01 10:28 | Report Abuse

In short, Munchy is a good QA target. But until they inked the agreement, there is still plenty of doubts in the market.

Posted by Duitlai > 2018-04-01 13:32 | Report Abuse

Impossible is nothing in corporate games! IF if if the Tan bros had its proxy already holding a substantial stake in R sena and Warrants
The Tan bros. will allow R sena to QA controlling stake of 5!% .

Posted by Duitlai > 2018-04-01 15:10 | Report Abuse

The Tan bros. can always appear on the steering wheel again after the Qa is over,

Posted by TanChinku > 2018-04-01 18:50 | Report Abuse

@ Dk, thank you for your input.

Posted by DK66 > 2018-04-01 19:53 | Report Abuse

TanChinku, you are welcome

Posted by jeffreymib > 2018-04-02 14:57 | Report Abuse

Thanks DK for infos shared

Posted by DK66 > 2018-04-02 15:20 | Report Abuse

Jeffreymib, you are welcome

Posted by cybergreen > 2018-04-03 09:51 | Report Abuse

those holding mother shares could get back your capital plus yields for the 3 years but those holding warrants could loss everthing like what SONA warrantholders does......caution.

Posted by cybergreen > 2018-04-03 09:51 | Report Abuse

If QA fails, warrants will become waste paper...zero value..!seller is greater much more from the buyer.

Posted by jordanmaggie61 > 2018-04-03 10:10 | Report Abuse

best invested

Posted by cybergreen > 2018-04-03 10:27 | Report Abuse

lollol s

Posted by cybergreen > 2018-04-03 10:28 | Report Abuse

seem like the deal is failed. the seller is overwhelm. soon become paper.

Posted by DK66 > 2018-04-03 14:19 | Report Abuse

If Rsena can't find anything worth buying, better don't waste money on all the paper works. If all returned, shareholders can get exta1.8 cents on top of the cash in the trust account.

Posted by DK66 > 2018-04-03 14:23 | Report Abuse

But I don't think the promoters will lay down without a fight. Although the valuation of the QA target may not be cheap, but it also speaks well of the future prospects of the F&B industry. Good industry prospect is vital to the success of SPAC. That is why we had 4 SPACs listed during the US$100 oil regime.

Posted by DK66 > 2018-04-03 14:27 | Report Abuse

The promoters are probably courting some big investors to buy out the yield investors now. Time is running out for the paper works.

Posted by cybergreen > 2018-04-03 14:30 | Report Abuse

yeah agreed with you DK66. dun spectacular on the uncertain deal. very risky to buy rsena warrant. lucky i mange to sell back 3.5c.

Posted by DK66 > 2018-04-03 14:52 | Report Abuse

Rsena warrant is very high risk. If QA fails, it is worthless. But if it succeeds, warrant can double/triple or more. Only invest with money you can afford to lose.

Posted by cybergreen > 2018-04-03 15:29 | Report Abuse

yeah DK66, based on the price.... not worth to buy. i rather buy others for better perspective.

Posted by cybergreen > 2018-04-03 16:10 | Report Abuse

market really bad. hit all the cut loss point.

Posted by Faiza > 2018-04-03 16:31 | Report Abuse

when spac failed to secure qa
promotors and founders lost all their seeds money
warrant holders turned to toilet papers