As posted a few days earlier, Time Engineering Bhd ('Time') has offered to sell its stake in Time Dotcom Bhd ('Time.com') to its shareholders on the basis of 8 Time.com shares for every 10 Time shares owned at an offer price of RM0.53 each. The Offer Acceptance Form contained an error, which can be misleading. The Form is divided into 3 parts; the error is in the heading for "Part 1 - Acceptance of Offer Warrants". This should read as "Part 1- Acceptance of Offer Shares". This offer does not contain any warrant and as such, it could lead to shareholders filling up the form incorrectly.
"Part II- Application for remaining Offer Shares" is the usual space where you make your application for excess shares. The last part- "Part III- Declaration"- is your personal particulars which most of you must be familiar with.
Thanks for sharing. Although I don't have TIME, if i receive this kind of form with errors, I will get confuse.
ReplyDeletedear alex,
ReplyDeletewhat's your view on ksl holdings?
Hi kerry lee
ReplyDeleteIt is quite strange to see so many people asking about KSL. To be frank, I am not familiar with this stock. It may test its 2007 high of RM2.10. It may also challenge its all-time high of RM2.50 but don't bet on that.
My feeling is that this property mania has reached a bubble stage & we may see some correction soon. Hopefully, it is not a sharp drop.
There were a few reports of developers experiencing slowing sales lately. My checking with a friend, who sells data to real estate agencies, revealed that secondary sales are slowing due to buyers' strike. Now, the government is getting into the act with the introduction of PR1MA. Soon, more measures would be announced. After a sharp run-up in prices, a drop-off in demand could see a lull in the market and a correction in the prices of property stocks. I'm on cautious mode with regards to the property sector. I feel that you should consider selling into strength over the next few months.
Hi Alex
ReplyDeleteMany interest on KSL probably because of several factors that i can think of
1. Changing earning pattern of KSL. Starting these year onwards, about 50% KSL earning will derive from its recurring properties investment division: newly ksl mall cum Tesco + 2 exiting Giant supermarket are expected contribute about 50m pa. However, investor can only see full earning impact from Q3, as Q2 result will only record 1 month contribution from Tesco reside within ksl mall, which commence operation from 2 June.
2. Property division will be getting another round of boosting next year once its KSL resort (5 star hotel with 1000rooms) start operate early next year, estimate another recurring income of 30-50m.
3. Upcoming warrant issue at 20sen, exercise price at 1.60, should serve as sweetener as warrant itself already in money. Expecting detail of entitlement of warrant to be announce by these week.
4. KSL maiden project in klang (Banting), will be launched next month, price start from 500k for cluster Semi-D is deem attractive compared to neighborhood project by WCT, Gamude and IOI. Once again, KSL should command good profit margin as its land value is at cost of RM8psf compared to market value of RM25-30psf