LINGKARAN TRANS KOTA HOLDINGS

KLSE (MYR): LITRAK (6645)

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Last Price

0.505

Today's Change

-0.005 (0.98%)

Day's Change

0.505 - 0.515

Trading Volume

1,310,000

Additional Listing


Ann. Date Date Type Units Price View
Discussions
Be the first to like this. Showing 50 of 732 comments

IronShirt

4.57?? No wonder CEO, Director keeps Selling. Who took away 0.51 sen????

1 month ago

million76

Any idea when can the retention sum of 0.51sen being released?

1 month ago

HowardMY

Refer to the circular issued in July 22 - Para 5.1 Distribution to shareholders (estimated at $5.09) will be in two forms (a) Special dividend $4.54 (within 45 days) (b) Capital Repayment $0.55 (within 12 mths)

1 month ago

observatory

Yes. The distribution has been defined in the circular. By declaring a special dividend of RM4.57, Litrak would have distributed about 90% of the RM5.08 sales proceed within 45 days of completion date. The remaining RM5.08 - RM4.57 = RM0.51 will be distributed within 12 months, plus maybe 1 or 2 sen of accrued interest.

Litrak should not trade above RM5.08 tomorrow. After ex date of 10 Nov, it should not trade above RM0.51.

1 month ago

speakup

Sold all
TQ

1 month ago

speakup

Profit almost 25k

1 month ago

Hayashi20

May i ask what will happen to the share price of Litrak after EX Date of their Special Dividend? Will their share price be revised or drop down from RM5 to just RM 0.51 sens?

1 month ago

cklimm

what if we choose not to sell the remaining 0.51? Can we be sdn bhd shareholder?

1 month ago

speakup

Price will be adjusted down rm4.57 ex dividend.

1 month ago

speakup

Why would U wan to keep it?
After all biz sold to ALR, it is a shell company with no biz. Owners will privatize it and likely shut it down.

1 month ago

LossAversion

Special dividends to cover the "redundant"/"cant sell"/"no buyers" remaining shares????

1 month ago

Syndicates

4.57+5.08=9.65
why sell early???

1 month ago

speakup

Hahaha I oso tot that until someone here corrected me

1 month ago

speakup

After I realized 4.57 is part of 5.08, I sold off all

1 month ago

LossAversion

Sell before no one wants to buy!

1 month ago

chkhooju

Same case as MPHBCAP.

1 month ago

80gram

Litrak is paying all back and delist..pls do not mislead ppl here

1 month ago

Kris Wong

EPF keep selling here !!!

1 month ago

speakup

U guys still here?

1 month ago

observatory

I actually still retain a portion, opting to receive special dividend instead of selling the entire holding which incur transaction cost. I just treat the remaining portion as cash, to be deployed if new opportunities arise. I also keep an eye for price after ex date, just in case the price gap becomes attractive.

1 month ago

ckkhor0722

Hey guys, please study before u make any decision, Litrak going to be delisted next year, capital return estimate about 0.52 only.

1 month ago

IronShirt

Got capital repayment, people Bet for 3--4 sen spread, also syiok

1 month ago

observatory

According to company announcement on Oct 13, LITRAK Holdings’ portion of total equity holders’ proceeds RM2,739m. After full exercise of ESOS the number of shares will be 538.263m. Value per share = 2,739/538 = RM5.09.

Before today's ex-date, the share price has traded around RM5, which was about 10 sen or 2% discount before transaction cost.

After ex-date the remaining value is about 5.09 - 4.57 = RM0.52. The volume weighted average price up to this moment is about RM0.50, which is about 2sen or 4% discount.

It seems a fair discount. There is little attraction to buy or sell at this price.

1 month ago

Just88

You have not included the cash on hand as well as the future interest income.

1 month ago

IronShirt

Cash in hand is inside 5.08

1 month ago

pogbaggmu

everyone is wrong here. the capital repayment will be a minimum of RM0.535 within 11 months. read the completion announcement where it says the actual amount received is RM2739 million, which is RM8 million higher than the amount stated in the circular previously of RM2731 million.

4 weeks ago

pogbaggmu

the circular also says any future interest income has not been calculated in yet. litrak has around RM200 million cash now after paying the special dividends. at an interest rate of around 3%, that would add another 1sen in 11 months time. that's why i say minimum RM0.535 but investors can expect RM0.545 in 11 months time. this is why there was a big wave of buying below 50sen yesterday.

4 weeks ago

Syndicates

just keep it secret bro. we diam diam collect can ady hehe.. too much people know then make lesser

4 weeks ago

Just88

You should not include the corporate expenses and the working capital

4 weeks ago

observatory

Yes, the cash in bank generates interest. So is money parked in FD instead of chasing after Litrak shares. Moreover companies pay 25% corporate tax for their interest income while our own FD interest is tax free.

Even a holding company still incurs expenses. Up to probably a million a year for directors’ remuneration. There is also staff cost, though it could be minimal. They may also engage advisors/ consultants in winding down the company. This overhead has to be spread over a company which is now only a tenth of its previous size. The cash return will be smaller after offsetting the various cost.

This is why I feel that a few percent discount, to be realized within a 12 month period, is merely fair instead of attractive. Any gain in arbitrage has to be measured against the opportunity cost incurred.

4 weeks ago

pogbaggmu

observatory, it shows that you did not read the circular. all those expenses have been taken into account and deducted when they estimated the RM5.09 total. they even estimated RM4.7 million for all remuneration, not RM1 million like you think.

4 weeks ago

observatory

Good reminder. Page 19 of the circular has provided the breakdown - RM1.62m for disposal expenses, and RM8m for general corporate expenses.

Page 16 shows the expenses will be be deducted from the originally estimated RM2,731m (now RM2,739m, after extra RM9 or about 2% p.a. interest income as disposal date was delayed for two months)

The company will pay special dividend RM4.57 * 539m shares (as of Jun 30) = RM2,463m

The estimated amount left for final distribution to shareholders (exclude future interest income) = RM2,739m - RM2,463m - RM9.62m (though expenses could be a bit lower if completed earlier) = RM266m

Estimated final distribution per share (before future interest income) = RM266m/ 539m = RM0.49

As for interest income, as mentioned before, it's better to get tax free FD income ourselves instead of Litrak's taxable interest income.

Did I miss something?

4 weeks ago

pogbaggmu

observatory, hahaha. you seem like you can analyse but i wonder how you can miss out pg 18 when you seem to have seen pg 16 and pg 19.

it wouldn't take a genius to point out that you omitted the non-disposal cash in hand that litrak has. this is mostly from esos conversion over the years until now. this is RM39 million as pointed out in pg 18. all esos with exercise price of RM5.02 were not exercised so scenario 1(a) in pg 18 is not relevant. scenario 1(b) is the relevant one.

and btw, its not 539 million shares. its 541.46 million shares now.

go on and recalculate. the amount i get is RM0.543 and that does not include any future interest income. lets see if you can pull out something "different" now.

3 weeks ago

csan

pogbaggmu, your calculation is correct but don't be so sarcastic. observatory made a mistake and is in denial. its quite common.

3 weeks ago

observatory

Yes, I missed out page18. The calculation would have been a lot simpler by just taking the originally stated RM5.09 and add the interest accrued as announced on Oct13.
I'm glad that by posting my calculation it attracted correction. It looks like I can afford to sit on the share a lot longer.

Csan, welcome back. Haha, of all people, you're the one advising others not to be sarcastic? But still I appreciate your earlier warning that the deal may fall through and Litrak may have to dispose at a lower price. Despite the scenario never came true, caution was still warranted.
No, I'm not in denial. What for? Both denial and pride are just unnecessary emotional baggage.

3 weeks ago

Just88

Anyone knows that under PN16, only the money inside the trust account is certain to be distributed to the shareholders prior to delisting ? And that money is definitely less than 0.50 a share.

3 weeks ago

csan

observatory, yes i actually took profit for most of my holdings at around RM4.90 and kept the rest. could have earned a little bit more if i had kept it all. and no, RM5.09 + interest accrued is not correct. it should be RM5.09 + additional RM8 million due to delay in completion + interest accrued. overall, it should not be a surprise if we get around RM0.55 in 11 months time.

just88, its capital repayment after liquidation. and what other assets does litrak have now other than cash in trust account? lol

3 weeks ago

taitaumau

Not to dampen the high expectation of return as shown by many of you, may i take a cautious views to draw your attention on the following matters
Upon completion of disposal on 13/10/22,
1. Compensation receivables (80.5M) - this amount is still pending certification by Malaysian Highway Authority. EGM circular says "If the Government of Malaysia actually settles less than the amount receivable shown in this Circular for any reason, then the relevant Concession Holding Company bears the full risk of this shortfall.
2. Retention sum (20.5M) - uncertain whether there is any warranty claim (retention period will only expire on 31/1/13)

Anyway, i do hope that there is no significant impact on capital repayment should the above events unfortunately occur.
Note: EGM Circular Pg 118 refers

3 weeks ago

taitaumau

correction: retention period expires on 31/1/2023

3 weeks ago

csan

taitaumau, the circular also says that the actual amount received compared to the estimate has always been +-5% historically. The future interest income should cover for any shortfall. and if i am not mistaken, there is also a WACC return on that retention sum that ALR has to pay to Litrak.

3 weeks ago

Just88

Only 90% of the money is in the trust acccount

3 weeks ago

csan

just88, are you referring to investment in securities as the non-trust cash?

3 weeks ago

Just88

No, its asset is 100% in cash, but only 90% of the cash is in designated trust account which can only be distributed to shareholders or acquiring new business. Balance is in normal bank account under BOD's free control.

3 weeks ago

csan

just88, now i understand. this should be for the RM9.6 million in future estimated expenses?

3 weeks ago

Just88

Csan, the regulation stipulates that at least 90% cash in hand must be placed in a designated trust account. Could be more than the estimated future expenses. Need to wait for the next results to see the trust amount.

3 weeks ago

speakup

Speakup bought 3.80, sold off all avg 4.97

3 weeks ago

rohank71

all made money here. dividend paid out yesterday. enjoy the last 53 to 55 Sen in Oct 2023 or earlier.

3 weeks ago

cklimm

there goes our Goose that Laid the Golden Eggs

3 weeks ago

speakup

good thing litrak sale to alr completed before GE15, otherwise litrak deal sure cancelled by PN

2 weeks ago

speakup

After Litrak, will govt privatise IJM's LEKAS, NPE & BESRAYA?

1 week ago

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