Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On the 5 October 2018, property developer <a href="https://www.smartkarma.com/entities/amverton-bhd" target="_blank" data-smartkarma-citation="entities:13089:1" rel="noopener">Amverton (AM MK)</a> (AB)'s board <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2894751" target="_blank" rel="noopener">announced</a> the public shareholding spread was 23.37%, and as such, AB did not comply with the public shareholding spread requirement of 25% pursuant to Paragraph 8.02(1) of the LR of Bursa Securities. AB said it would apply to Bursa Securities for an extension of time to rectify the shortfall but had, at the time, no formal rectification plan.
On the 18 Oct 2018, Bursa Securities <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2897671" target="_blank" rel="noopener">granted</a> AB an extension of time of six months until 4 April 2019 to comply with the public shareholding spread, then a further <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2942111" target="_blank" rel="noopener">extension</a> until 4 October 2019.
On the 21 Oct 2019, AB <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2996023" target="_blank" rel="noopener">announced</a> it intends to undertake a private placement exercise to rectify the non-compliance with the public shareholding spread, and targeted to complete the private placement exercise by 1Q20. Bursa Securities <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3003943" target="_blank" rel="noopener">granted</a> AB a further extension of time of six months until 4 April 2020.
On the 13 Jan 2019, AB <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3015865" target="_blank" rel="noopener">received</a> an unconditional voluntary takeover offer from Tan Sri Ng Boon Thong, AB's controlling shareholder and director of Dalta Industries (the ultimate Offeror), to acquire the remaining 80.83mn shares or 22.14% of AB for RM1.20/share (zero premium) or RM96.99mn. 
Persons acting in concert (PACs) with Ng include his wife Catherine Yeoh Eng Neo and sons Ambrose Leonard Ng Kwee Heng, Milton Norman Ng Kwee Leong, Steven Junior Ng Kwee Leng and Malcom Jeremy Ng Kwee Seng. Together with the PACS, Ng has 85.54% of shares out.
Ng/Dalta does not intend to maintain AB's listing status of the company. As such, the proposed private placement will not proceed.
The public spread has declined to 12.83% as at <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3016735" target="_blank" rel="noopener">16 January</a>. If this % falls below 10.01% at the close of the Offer, shares will be suspended five business days after the close of the Offer. 
But even if the Offeror and connected parties hold between 75%-90% after the close of the Offer, and have no intention of maintaining the listing, AB can make the necessary application to withdraw its listing. 
Either way, this is the end of the road for AB's minority shareholders.

On the 5 October 2018, property developer Amverton (AM MK) (AB)'s board announced the public shareholding spread was 23.37%, and as such, AB did not comply with the public shareholding spread requirement of 25% pursuant to Paragraph 8.02(1) of the LR of Bursa Securities. AB said it would apply to Bursa Securities for an extension of time to rectify the shortfall but had, at the time, no formal rectification plan.
On the 18 Oct 2018, Bursa Securities granted AB an extension of time of six months until 4 April 2019 to comply with the public shareholding spread, then a further extension until 4 October 2019.
On the 21 Oct 2019, AB announced it intends to undertake a private placement exercise to rectify the non-compliance with the public shareholding spread, and targeted to complete the private placement exercise by 1Q20. Bursa Securities granted AB a further extension of time of six months until 4 April 2020.
On the 13 Jan 2019, AB received an unconditional voluntary takeover offer from Tan Sri Ng Boon Thong, AB's controlling shareholder and director of Dalta Industries (the ultimate Offeror), to acquire the remaining 80.83mn shares or 22.14% of AB for RM1.20/share (zero premium) or RM96.99mn. 
Persons acting in concert (PACs) with Ng include his wife Catherine Yeoh Eng Neo and sons Ambrose Leonard Ng Kwee Heng, Milton Norman Ng Kwee Leong, Steven Junior Ng Kwee Leng and Malcom Jeremy Ng Kwee Seng. Together with the PACS, Ng has 85.54% of shares out.
Ng/Dalta does not intend to maintain AB's listing status of the company. As such, the proposed private placement will not proceed.
The public spread has declined to 12.83% as at 16 January. If this % falls below 10.01% at the close of the Offer, shares will be suspended five business days after the close of the Offer. 
But even if the Offeror and connected parties hold between 75%-90% after the close of the Offer, and have no intention of maintaining the listing, AB can make the necessary application to withdraw its listing. 
Either way, this is the end of the road for AB's minority shareholders.

Malaysia

Karambunai Corporation Berhad is an investment holding company which provides management services. Through its subsidiaries, the Company develops properties, constructs highway, manufactures and distributes wood products, operates travel agency, and provides money lending. Karambunai Corp Bhd also has operations in golf and country club and resort hotel.

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Karambunai Corp (KRBN MK)

Amverton: Game Over For Minorities

On the 5 October 2018, property developer Amverton (AM MK) (AB)'s board announced the public shareholding spread was 23.37%, and as such, AB did...

David Blennerhassett

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