Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Tony Tiah's <a href="https://www.smartkarma.com/entities/ta-enterprise-berhad" target="_blank" data-smartkarma-citation="entities:6920:1" rel="noopener">Ta Enterprise (TAE MK)</a> has made a Conditional Voluntary Offer (VGO) for 60.17%-held <a href="https://www.smartkarma.com/entities/ta-global-bhd" target="_blank" data-smartkarma-citation="entities:14029:1" rel="noopener">Ta Global Bhd (TAGB MK)</a>. TAG shareholders are afforded the option of choosing RM0.28/share in cash, a 21.7% premium to last close; or scrip in TAE at a ratio of 0.4211 new ordinary shares in TAE to be issued at RM0.665/share - a 23.2% premium to TAE's last close.
TAG's Offer is conditional on regulatory approval and TAE's disinterested shareholders approving the Offer and the share issuance. The Offer is not conditional on any acceptance level as TAE holds &gt;50%.  
TAE's interest in TAG increases to 75.51% when including various parties acting in concert (PACs), including Tiah, his spouse and related-family members, holding 15.34%. 15.25% of that 15.34% will tender into the Offer and have indicated the scrip alternative.
The new shares of TAE issued to Tiah under the VGO will increase his current holding in TAE of 41.92%, triggering an MGO at RM0.665/share.
TAE will finance the Offer for TAG via the issuance of up 550.54mn new shares to Tiah at RM0.665/share.  
TAG's unaudited net assets/share - comprising property interests in Australia, Canada, Malaysia, Singapore and Thailand - was RM0.603/share as at 30 September 2019. Inclusive of a new valuation surplus of RM, as opined by independent valuers, the estimated RNAV/share is RM1.01, therefore the Offer represents a discount of 74.57%.
TAG is already in contravention of the 25% free float and has until June to rectify the requirement. Should TAE, including PACs, hold 90% of shares out as at the close of the Offer, TAG will be suspended and subsequently delisted.
As always, more below the fold.

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Tony Tiah's Ta Enterprise (TAE MK) has made a Conditional Voluntary Offer (VGO) for 60.17%-held Ta Global Bhd (TAGB MK). TAG shareholders are afforded the option of choosing RM0.28/share in cash, a 21.7% premium to last close; or scrip in TAE at a ratio of 0.4211 new ordinary shares in TAE to be issued at RM0.665/share - a 23.2% premium to TAE's last close.
TAG's Offer is conditional on regulatory approval and TAE's disinterested shareholders approving the Offer and the share issuance. The Offer is not conditional on any acceptance level as TAE holds &gt;50%.  
TAE's interest in TAG increases to 75.51% when including various parties acting in concert (PACs), including Tiah, his spouse and related-family members, holding 15.34%. 15.25% of that 15.34% will tender into the Offer and have indicated the scrip alternative.
The new shares of TAE issued to Tiah under the VGO will increase his current holding in TAE of 41.92%, triggering an MGO at RM0.665/share.
TAE will finance the Offer for TAG via the issuance of up 550.54mn new shares to Tiah at RM0.665/share.  
TAG's unaudited net assets/share - comprising property interests in Australia, Canada, Malaysia, Singapore and Thailand - was RM0.603/share as at 30 September 2019. Inclusive of a new valuation surplus of RM, as opined by independent valuers, the estimated RNAV/share is RM1.01, therefore the Offer represents a discount of 74.57%.
TAG is already in contravention of the 25% free float and has until June to rectify the requirement. Should TAE, including PACs, hold 90% of shares out as at the close of the Offer, TAG will be suspended and subsequently delisted.
As always, more below the fold.












Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes on the back of relatively stable industrial production growth seen in the January-April period. The main contribution to industrial production came from electricity production and manufacturing, while mining continued to exhibit weakness.Electricity production grew 8.9% y-o-y in May on a 3-month moving average basis compared to 9.1% y-o-y in April…

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes on the back of relatively stable industrial production growth seen in the January-April period. The main contribution to industrial production came from electricity production and manufacturing, while mining continued to exhibit weakness.Electricity production grew 8.9% y-o-y in May on a 3-month moving average basis compared to 9.1% y-o-y in April…

Malaysia: Bank Negara Malaysia Cuts Rates by 25 Basis Points; Data Reflects Slowing Domestic Demand

Malaysia

TA Enterprise Berhad is an investment holding company.  Through its subsidiaries, the Company provides services such as stock broking, security dealing, nominees, fund management, and money lending. TA Enterprise also has operation in general construction, project management, property development and investment, and trusteeship.

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Ta Enterprise (TAE MK)

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Tony Tiah's Ta Enterprise (TAE MK) has made a Conditional Voluntary Offer (VGO) for 60.17%-held Ta Global Bhd (TAGB MK). TAG shareholders are...

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Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes...

Rajan Govil

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