Latest news on E&O MGO by Sime, yess yess

[arostock]

any news?

Ppl say no news is good news

[K$NGK$NG PERKESO]

MORE TO CHAN MALI CHAN

[Bull-Buster]

any news?

Ppl say no news is good news

 

[arostock]

D-day today but still no news yet.
No news is good news.

Meanwhile here are some extract from ST, giving us some hope ... still  :

In recent days, Sime Darby executives have dismissed suggestions that the company was acting in concert with the sellers of the E&O shares, a situation that would definitely trigger a general offer.


But critics of the deal are not convinced. They note that Sime Darby, which is still recovering from heavy losses sustained from its foray into the oil and gas sector, would be negligent to its own minority shareholders for entering into a huge amount of capital without having some form of control.


How the SC decided will be crucial. There is already speculation that other shareholders of E&O are considering legal action to force a general offer.”

[MoneyMagnet]

Link: http://www.themalaysianinsider.com/malaysia/article/probe-on-sime-eo-deal-pressure-for-general-offer/

Probe on Sime-E&O deal, pressure for general offer
September 09, 2011

KUALA LUMPUR, Sept 9 — Securities Commission (SC) chairman Tan Sri Zarinah Anwar is under pressure to investigate her husband, Datuk Azizan Abdul Rahman, for insider trading over conglomerate Sime Darby Bhd’s recent purchase of 30 per cent in property developer Eastern & Oriental Bhd (E&O).

There is also pressure on Sime to make a mandatory general offer (MGO) to E&O’s minority shareholders as the plantations-to-property group had paid a 60 per cent premium for the 30 per cent stake bought from three shareholders. Azizan, who is E&O chairman, did not sell to Sime but has been reportedly buying shares in the past few months.

The SC has already said it is investigating the deal although it did not note the relationship between Zarinah (picture) and Azizan.

“We are also examining the circumstances surrounding the transaction for any Takoever Code implications. Our course of action will be based on our findings,” SC said in an e-mail response to local newspapers on Wednesday.

Minority Shareholders Watchdog Group (MSWG) chief executive officer Rita Benoy Bushon had also questioned the deal and asked if there would be an MGO although the share purchase was below the 33 per cent threshold to trigger a mandatory buy.

“Where does this leave the minority shareholders? Is it fair to them?

“We believe that in the circumstances, the Securities Commission should investigate whether the other conditions for an MGO have been fulfilled,” Bushon wrote in The Star newspaper yesterday.

Bursa Malaysia filings showed that shareholders and board members of E&O and investment firms had been buying up E&O shares ahead of the deal being announced on August 28.

Just before the Hari Raya break, Sime Darby announced it wanted to buy a 30 per cent block (involving 273 million shares and 60 million irredeemable convertible secured loan stocks) in E&O at RM2.30 per share or a total of RM766 million from three vendors — E&O managing director and founding member Datuk Tham Ka Hon, Tan Sri Wan Azmi Wan Hamzah and Singapore-listed GK Goh Holdings Ltd.

The RM2.30 offer price represented a 60 per cent premium to E&O’s then market price.

The filings revealed that GK Goh bought shares totalling 1.25 million shares from the open market for three consecutive days starting August 10. Others buying up E&O shares in August ahead of the deal being announced include ECM Libra Financial Group Bhd, which acquired 6.16 million shares, increasing its stake by 0.63 per cent amounting to 6.25 per cent in four transactions in August.

Azizan also purchased 100,000 shares on August 12 from the open market, bringing his total purchase to some 450,000 shares from the open market involving five separate transactions from April to August this year.

In a statement to The Star, Azizan said: “With regard to the issues raised pertaining to Sime Darby’s proposed acquisition of a 30 per cent interest in E&O, I would like to highlight that it is a private transaction between major E&O shareholders and Sime Darby.”

“The transaction does not require board approval and, hence, was not discussed at the board level. As such, board members were not privy to the transaction and continued to trade in accordance with the prevailing rules and had made appropriate filings with Bursa Malaysia,” Azizan said in the e-mail response.

Apart from these transactions, three of the transactions were done in July and August. Based on Bloomberg data, E&O saw trading volumes increase drastically in July and August, with the company’s share price hitting an initial high of RM1.70 ahead of the deal being announced. E&O’s share price had been moving upwards since mid-March (RM1.08 on March 16) and closed at RM1.68 yesterday.

“The main sore point is the offer price which amounts to 19 times E&O’s forecast earnings for 2012 and 1.85 times its price-to-book value, where, by comparison, the property sector has an average of 12 times forecast earnings for 2012 and 0.8 times price-to-book value,” Bushon had said in her column in The Star daily.

She argued while the premium could be partially justified since it is a controlling block, “but with a mere 30 per cent stake, the extent of earnings contribution accruing to Sime is merely at the equity-accounting level as an associate, or a mere 0.6 per cent increase to Sime Darby’s profits in 2012 and 2013”.

“So soon after reeling from its recent billion-ringgit losses in its energy division, it is hoped that the board had undertaken all due diligence in this deal,” she added.

[bob2424]

D-day today but still no news yet.
No news is good news.

Meanwhile here are some extract from ST, giving us some hope ... still  :

In recent days, Sime Darby executives have dismissed suggestions that the company was acting in concert with the sellers of the E&O shares, a situation that would definitely trigger a general offer.


But critics of the deal are not convinced. They note that Sime Darby, which is still recovering from heavy losses sustained from its foray into the oil and gas sector, would be negligent to its own minority shareholders for entering into a huge amount of capital without having some form of control.


How the SC decided will be crucial. There is already speculation that other shareholders of E&O are considering legal action to force a general offer.”

WHAT IS THE SCANDAL ABOUT ?
SIME DARBY BUYING E&o SHARES FROM SOME SUBSTANTIAL SHAREHOLDERS?
WHO ARE THEY?
BUY AT LOWER OF HIGHER PRICE THAN MARKET? WHY NY NOT BUY FROM OPEN MARKET? PLENTY OF SELLERS RITE?
SO SIMEDARBY USE WHOSE MONEY? THE SIMEDARBY DIRECTORS COME OUT FROM THEIR OWN POCKET OF BLLIONS OF CASH FROM CPO?

WHY SIMEDARBY WANTS TO BUY FROM CERTAIN "PEOPLE" AT 2.30? WHEN AHKOW AND MUTUSAMY WANTS TO SELL AT 163 TO THEM NOW, BUT NO RESPONSE FROM SIMEDARBY?

[gorengbursa]

Buy~~~~~~~~~~
show is ON!!!

[arostock]

Buy~~~~~~~~~~
show is ON!!!

so  U wanna goreng us too?

[may-i-know]

Buy~~~~~~~~~~
show is ON!!!

striptease show or magic show?

[alvintan]

strong support at 1.61 and 1.60 

buy !!!

[arostock]

WHAT IS THE SCANDAL ABOUT ?
SIME DARBY BUYING E&o SHARES FROM SOME SUBSTANTIAL SHAREHOLDERS?
WHO ARE THEY?
BUY AT LOWER OF HIGHER PRICE THAN MARKET? WHY NY NOT BUY FROM OPEN MARKET? PLENTY OF SELLERS RITE?
SO SIMEDARBY USE WHOSE MONEY? THE SIMEDARBY DIRECTORS COME OUT FROM THEIR OWN POCKET OF BLLIONS OF CASH FROM CPO?

WHY SIMEDARBY WANTS TO BUY FROM CERTAIN "PEOPLE" AT 2.30? WHEN AHKOW AND MUTUSAMY WANTS TO SELL AT 163 TO THEM NOW, BUT NO RESPONSE FROM SIMEDARBY?

Ah Kow & Mutu only has 10% shares, SIME wanted a block of 30% to take control of the company. Of course SIME can oso buy from the market but that will be time consuming. Maybe prior to the agreement SIME has bought some shares in the market. SIME buy from the E&O Trio which is the easy & quicker way out.

Unfortunately or fortunately, SC Chairman is oso the bed partner of E&O Chairman which makes it a bit of  an embarassment .

[deva74]

if anyone gets prosecuted for this - i can almost guarantee you that cows will start flying

 

[ckhkbursa]

Deal is on
Type : Announcement
Subject : OTHERS
 
Description : PROPOSED ACQUISITION BY SIME DARBY BERHAD OF 273 MILLION ORDINARY SHARES OF RM1.00 EACH IN EASTERN & ORIENTAL BERHAD (“E&O”) AND 60 MILLION IRREDEEMABLE CONVERTIBLE SECURED LOAN STOCKS OF RM0.65 EACH IN E&O REPRESENTING APPROXIMATELY 30% OF THE FULLY DILUTED EQUITY INTEREST IN E&O FOR A TOTAL CONSIDERATION OF RM766 MILLION (“PROPOSED ACQUISITION”)
 
Announcement Details/Table Section :

Reference is made to the announcement dated 28 August 2011 in relation to the above. CIMB Investment Bank Berhad, on behalf of the Board of Directors of Sime Darby Berhad is pleased to announce that the completion process for the Proposed Acquisition has been implemented today with settlement on 14 September 2011.


This announcement is dated 9 September 2011. 
 
 

[ilovenajib]

Deal is on
Type : Announcement
Subject : OTHERS
 
Description : PROPOSED ACQUISITION BY SIME DARBY BERHAD OF 273 MILLION ORDINARY SHARES OF RM1.00 EACH IN EASTERN & ORIENTAL BERHAD (“E&O”) AND 60 MILLION IRREDEEMABLE CONVERTIBLE SECURED LOAN STOCKS OF RM0.65 EACH IN E&O REPRESENTING APPROXIMATELY 30% OF THE FULLY DILUTED EQUITY INTEREST IN E&O FOR A TOTAL CONSIDERATION OF RM766 MILLION (“PROPOSED ACQUISITION”)
 
Announcement Details/Table Section :

Reference is made to the announcement dated 28 August 2011 in relation to the above. CIMB Investment Bank Berhad, on behalf of the Board of Directors of Sime Darby Berhad is pleased to announce that the completion process for the Proposed Acquisition has been implemented today with settlement on 14 September 2011.


This announcement is dated 9 September 2011. 
 
 

as i mentioned earlier, the deal will go on. But now with so many negative news on the scandals news floating around, may make investors less confident now

[lucy]

 

[arostock]

as i mentioned earlier, the deal will go on. But now with so many negative news on the scandals news floating around, may make investors less confident now

 

[arostock]

Ooooops

  

 

[arostock]

Twin probe by SC

http://www.btimes.com.my/Current_News/BTIMES/articles/zaeno-2/Article/index_html

Let's see if this is done fairly n its impact on EO shares.

Can huat huat today arrrrrr?

[tajudinhelmikari]

any news?

Ppl say no news is good news

This type of news is good news
Makes speculation interesting

[dkpm8910]

E and O boss, SC's Zarinah's hub bought 500,000 shares in E and O prior to announcement>>>?

[arostock]

From NST-

While the Takeover Code states that an MGO is only triggered by a 33% or more change in shareholding, there are other instances where control can be deemed to have passed, thereby giving the regulator the power to require the buyer to make a GO.

The possibility of triggering an MGO arises if an acquirer has bought between 20% and 33% of a listed company and the vendor of the shares still retain shares in the company (to the extent that if combined with the buyer, the total would be more than 33%).

All three vendors of the E&O block of shares being sold to Sime Darby will still retain a collective 12% in E&O post-transaction

[arostock]

From edgemalaysia today


KUALA LUMPUR: The Securities Commission Malaysia (SC) will review all stock transactions made by all parties over the relevant period related to SIME DARBY BHD []’s acquisition of a 30% stake in property developer Eastern & Oriental Bhd (E&O).

SC chairman Tan Sri Zarinah Anwar said on Wednesday, Sept 14, the details would be announcement when they are ready.

“We will let you when it is ready,” she said.

To recap, the SC had on Monday said it is viewing all “stock transactions by all parties” in Sime Darby’s acquisition of the 30% stake in E&O after it was queried by the investing public and shareholder activists alike.

Sime Darby had proposed to pay RM2.30 per E&O share for the block from three major shareholders - Datuk Terry Tham Ka Hon, Tan Sri Wan Azmi Wan Hamzah and GK Goh Holdings Ltd - at a price that worked out to a 60% premium to market.

Some quarters suggested that Sime Darby should be forced into making a mandatory general offer for E&O as the company, together with the three shareholders who sold the 30% block, have about 41% equity interest

[ikan Besar]

everyday ppl say buy buy buy buy buy
2day tong tong chiang
all pondan laughing 2day, hero & heroine
all masuk lumpur dan longkang

[wombie88]

give MGO lar, sime can privatise E&O already lol

[deva74]

gua mau gelak teguling guling.

TMI said SC issued a statement today  about the probe - 14 Sep.

On SC website they backdate the press statement to 12 Sep. So glaringly lah - because it is sandwhiched between two 14 Sep annoucements. Ayoyo Samy  - mau klentong siapalah?
 

http://www.sc.com.my/main.asp?pageid=379&linkid=2917&yearno=2011&mod=paper


http://www.theedgemalaysia.com/business/192939-sc-will-announce-stock-transactions-over-sime-eao-deal.html

[arostock]

Type : Announcement
Subject : DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS)
DEALINGS OUTSIDE CLOSED PERIOD
 

 
Description : We wish to inform that Dato' Tham Ka Hon, the Managing Director of the Company has given notice of his dealings in the Company's securities as set out below:-
 
   
 

Announcement Details/Table Section :




Transaction Date of Transaction No of Securities Price per unit (RM) % of Securities
Disposal of Ordinary Stock Units of RM1.00 ("Stock Units") 9.9.2011 108,000,000*

(Direct and Indirect)
 2.30 12.19
Disposal of Irredeemable Convertible Secured Loan Stocks 2009/2019 ("ICSLS") 9.9.2011 38,000,000*

(Direct and Indirect)
 2.30 17.59



Notes:




* Disposal of Stock Units and ICSLS to Sime Darby Nominees Sdn Bhd (“SDN”) pursuant to a Share Sale Agreement dated 27 August 2011 between Dato' Tham Ka Hon, Terra Realty Sdn Bhd, Terra Construction Sdn Bhd, Pusaka Setia Sdn Bhd, Grand Mission International Limited and SDN.




 
 
 

[arostock]

gua mau gelak teguling guling.

TMI said SC issued a statement today  about the probe - 14 Sep.

On SC website they backdate the press statement to 12 Sep. So glaringly lah - because it is sandwhiched between two 14 Sep annoucements. Ayoyo Samy  - mau klentong siapalah?
 

http://www.sc.com.my/main.asp?pageid=379&linkid=2917&yearno=2011&mod=paper


http://www.theedgemalaysia.com/business/192939-sc-will-announce-stock-transactions-over-sime-eao-deal.html

hahahahhhhhhhhh

and SC even has the guts to say "SC observes the highest ethical n governance standards in the discharge of our functions" in that statement.

come come kita gelak ROTF lagi 
 

[alvintan]

99% confirm mgo ... buy more ya ...

[GenY]

99% confirm mgo ... buy more ya ...

don't la con innocent people....like that u worse than Leno & gang

[mestikaya]

stop dreaming

[GenY]

99% confirm mgo ... buy more ya ...

i believe u are trapped.....and desparate?

[demonlsy]

15sep Liao or no mgo

[upandowntrend]

syndicate by this bastard sime...... pity to ikan bilis like us 

[USuck]

Sime Darby now owns 31.38% of E&O.

[demonlsy]

Don have to look at those rumours. E&o long term tp still above 1.7 any thing at below 1.45 good buy one

[arostock]

Sime Darby now owns 31.38% of E&O.

Your source of info plz.

Until now, only the block of shares owned by Datuk Tham (12.19%) has been announced as 'disposal' to SIME.

[USuck]

Just check the announcement from Bursa yesterday. It's there! Otherwise, how would I possibly know the exact percentage?

[bob2424]

“The main sore point is the offer price which amounts to 19 times E&O’s forecast earnings for 2012 and 1.85 times its price-to-book value, where, by comparison, the property sector has an average of 12 times forecast earnings for 2012 and 0.8 times price-to-book value,” Bushon had said in her column in The Star daily


if SIME DARBY I A FUND MANAGER, WILL EVER PUT A SINGLE CENT INTO THIS FUND , SC "THE WATCH DOG" ?

[arostock]

Just check the announcement from Bursa yesterday. It's there! Otherwise, how would I possibly know the exact percentage?

OK U r right
Its there under Changes in Shareholder

[alvintan]

1.5 got 2.8k lots now

who wanna sapu ?

[wombie88]

2 more % sime darby will trigger MGO at 2.30... whys till drop?

[upandowntrend]

1.45 mayb ......trade nxt week..mmmm

[bob2424]

“The main sore point is the offer price which amounts to 19 times E&O’s forecast earnings for 2012 and 1.85 times its price-to-book value, where, by comparison, the property sector has an average of 12 times forecast earnings for 2012 and 0.8 times price-to-book value,” Bushon had said in her column in The Star daily


if SIME DARBY I A FUND MANAGER, WILL EVER PUT A SINGLE CENT INTO THIS FUND , SC "THE WATCH DOG" ?

OSKPROPERTY TAKEN PRIVATE AT NTA X0.6, PE 12
WHEN OWNERS WANTS TO SAPU ,THEY SAPU AT AS VERY  LOW PRICE FROM MINORITY SHAREHOLDERS

WHEN ROGUE FUND MANAGER WANT TO BUY FROM 3 PERSON , THE FUND MANAGER WILL OFFER VERY HIGH PRICE TO THE 3 PERSON, BECOS THEY USING SIME DARBY CASH. tHE 3 PERSON LOL TO THE BANK. THE SIMEDARBY  LOL TO THE LONGKANG
 

[bob2424]

LOOKING AT THE CULTURE OF LOSING $ IN TOO-BIG-TO-FAIL SIME DARBY, WILL YOU BE SURPRISED IF SIME DARBY SUDDENLY NEED BAILOUT WITHIN NEXT 10 YEARS?

[USuck]

OSKPROPERTY TAKEN PRIVATE AT NTA X0.6, PE 12
WHEN OWNERS WANTS TO SAPU ,THEY SAPU AT AS VERY  LOW PRICE FROM MINORITY SHAREHOLDERS

WHEN ROGUE FUND MANAGER WANT TO BUY FROM 3 PERSON , THE FUND MANAGER WILL OFFER VERY HIGH PRICE TO THE 3 PERSON, BECOS THEY USING SIME DARBY CASH. tHE 3 PERSON LOL TO THE BANK. THE SIMEDARBY  LOL TO THE LONGKANG
 

Sime really needs those junk refilled yard in Penang as it is losing its competitiveness. Even Vincent Tan purchased land in Penang (good location). Sime bought refilled yard as they forgot to send a staff over Penang to do a proper study. Workers too lazy.

[GenY]

that's your mama told u not to gamble.....gamble not good...tsk tsk

[bob2424]

what is a regulation/guidline?

it is meant to provide a fair market enviroment to all participants, major or minority shareholders.

when a deal happen bypassing  market regulation/guideline, tho not illegal, it destroyS confidence in integrity of market  players .  you know they cheat, and cheated big time, yet you are like the ANJING TENGOK (WATCH DOG), HELPLESS AND CAN'T DO MUCH

[mark1970]

2 more % sime darby will trigger MGO at 2.30... whys till drop?

Sime owns more than 33% of E&O already... now up to SC whether to call for GO or not

[upandowntrend]

selllllllllllllllll

[GenY]

what is a regulation/guidline?

it is meant to provide a fair market enviroment to all participants, major or minority shareholders.

when a deal happen bypassing  market regulation/guideline, tho not illegal, it destroyS confidence in integrity of market  players .  you know they cheat, and cheated big time, yet you are like the ANJING TENGOK (WATCH DOG), HELPLESS AND CAN'T DO MUCH

ethics only.....since when Bolehland got ethic??