Eastern & Oriental Berhad's Annual General Meeting was held upon Friday.
One vital object upon a agenda was a assignment of ECM Libra Financial Group Bhd's representatives to a Board of Directors as well as a re-election or as a tenure used by a Bernama report, reappointment of E&O authority Azizan Abdul Rahman, handling executive Terry Tham, as well as dual alternative directors.
Bernama reported which 75% of a shareholders present deserted ECM Libra's nomination, whilst 90 to 95% overwhelmingly voted for a reappointment of Azizan, Tham, Henry Chin, as well as Vijay.
That seemed similar to commercial operation as usual.
The same inform quoted E&O Deputy Managing Director Eric Chan Kok Leong as claiming which shareholders gave overwhelming await for a collaborative agreement with Sime Darby Berhad (Sime Darby).
That is a business-as-usual, sanitised, certain acknowledgement from any businessman as well as corporate man.
With a little knowledge of how AGMs as well as EGMs have been staged as well as rubbed in Malaysia, shareholders might not have perceived a proper answers as well as most answers have been sanitised. In any AGM as well as EGM of PLCs, there is some-more during work behind a scenes than meet a eye.
Despite a explain of support, Chan said, "The appetite is high. They (shareholders) have some-more questions than usual." What were a questions lifted by a floor? How were they answered? Were they rubbed satisfactorily? Was there any suppression or diversion of issues lifted by a floor?
The Chairman is Azizan, a argumentative father to a Chairperson of Securities Commission, Tan Sri Zarinah Anuar.
Read a Bernama inform first:
E&O sharehold! ers reje ct assignment of ECM Libra's nominees
September 30, 2011
KUALA LUMPUR: Eastern & Oriental Bhd (E&O) shareholders right away deserted ECM Libra Financial Group Bhd's nominees Mahadzir Azizan as well as Leong Kam Weng to a company's residence of directors.
About 75% of a shareholders who attended a skill developer's annual ubiquitous assembly (AGM) here, voted conflicting ECM Libra's request, E&O deputy handling executive Eric Chan Kok Leong told reporters.
Mahadzir is right away a executive of ECM Libra, Syarikat Takaful Malaysia Bhd, ECM Libra Investment Bank Bhd, Libra Invest Bhd as well as several alternative companies, as well as is a member of a investment cabinet of Amanah Raya REITS.
Leong sits upon a residence of directors as well as review cabinet of TA Enterprise Bhd as well as TA Global Bhd.
As of Sept 22, ECM Libra binds 6.3% of E&O, making it a second largest shareholder after Sime Darby Bhd which owns 30% equity interest.
Sime Darby acquired a stakes from E&O managi! ng direc tor Terry Tham (12.2%), Wan Azmi Hamzah (9.1%) as well as GK Goh Holdings of Singapore (9.5%) upon Sept 9 for RM766 million or RM2.30 per share.
After a sale, Tham still has 5.1% whilst Wan Azmi as well as GK Goh hold 2.9% as well as 3.5% respectively.
Chan pronounced about 60% of a shareholders of E&O attended a AGM which lasted about four hours.
He pronounced in in in between 90% as well as 95% of a shareholders voted for a reappointment of E&O authority Azizan Abdul Rahman, handling executive Tham as well as dual alternative directors Henry Chin Poy Wu as well as Vijayaratnam Thamotharam.
"We perceived overwhelming await from a shareholders. The appetite is high. They (shareholders) have some-more questions than usual," he pronounced after a AGM.
Chan also pronounced E&O would hold a initial assembly with Sime Darby in October to brand areas which both parties could work t! ogether.
"We've sealed a collaborative agreement with Sime Darby. We'll call for a initial assembly next month in accordance with a agreement," he said.
E&O as well as Sime Darby sealed a three-year collaborative agreement upon a same day share sale understanding was concluded.
Chan pronounced a organisation was right away focusing upon promoting E&O's unique brand proposition as a true lifestyle developer.
He combined which a vital corporate recognition attained by a organisation from a sales as well as marketing partnership with Mitsui Fudosan Co Ltd a corner try with subsidiaries of Khazanah Nasional Bhd as well as Temasek Holdings Pte Ltd to develop an iconic wellness municipality in Iskandar Malaysia as well as a entry of Sime Darby would provide vital impetus for a organisation to move brazen with a growth strategy. - Bernama
Did shareholders ask about insider trading?
All 3 parties concerned in a sale of a 30% retard to Sime Darby had existent shares in a association as well as paid for a little shares prior to to a announcements of a share sale ! agreemen t as well as a collaborative agreement.
It is during large known which Chairman Azizan paid for 100,000 shares upon Aug 16th, about dual weeks prior to a announcement. Some commentator shielded Azizan with a argument which he has all along been land couple of million shares in a Company. So what?
All members of a Board of Directors with shares in a association have been cramped to shopping as well as offered shares in a association to inside of certain periods. Those "windows" have been prior to as well as after a General Meeting, critical price sensitive announcements, etc. It is inconceivable as well as roughly impossible which a Chairman was not told or alerted of an impending vital corporate move dual weeks prior to a announcement.
Not usually that, Azizan also paid for 100,000 as well as 50,000 shares upon Apr 1st as well as Apr 6th respectively. Tha! t was le ss than six months prior to a announcement. If a single refers to a elementary chart below, which was a time of a initial marketplace bid to "push" a shares
The collaborative agreement was sealed upon a same day as a shar! e sale a greement in in in between E&O handling executive Terry Tham (12.2%), Wan Azmi Hamzah (9.1%) as well as GK Goh Holdings of Singapore (9.5%) as well as Sime Darby for a retard of 30% valued during RM766 million or RM2.30 per share. The date was Sept 9th.
We have extracted from a Bursa website here:
http://www.bursamalaysia.com/website/bm/listed_companies/company_announcements/changes_in_s_holding/historical.jsp
Note a list of changes in shareholding of E&O for a period of six months prior to a announcement.
Except for couple of purchases from ECM Libra as well as "secretive" off-shores accounts, most of a exchange were meddlesome parties of vendors Terry Tham, Wan Azmi as well as GK Goh Holdings, Singapore as well as their associated people as well as association directors.
They were carrying a great time receiving a moment during this insider information!
Why is ECM Libras seeking Board representation?
Referring to a Bursa list again, ECM Libra as well as Tan Sri Azman Hashim joined in a ravel from sometime in May 2011. Could a off-shore accounts be theirs too?
That subject is asked given this blogger got breeze of a review over lunch during a restaurant in in in between Dato' Kalimullah Hasan as well as Ayub Ali, a Managing Director of Bumiwerks Sdn Bhd, a boutique monetary services company.
Ayub is an open secret. He is a tighten associate as well as has had a long, personal attribute with Tan Sri Nor Mohamad Yakcop given their days in a ! Bank as well as Bank Negara Malaysia in a currency. In fact, Ayub is during large believed to be an adopted brother of Nor Yakcop.
In their rather shrill conversation, standard of mamak, Ayub spoke of carrying acquired seductiveness in E&O. Former traders as well as gamblers similar to Ayub as well as Nor Yakcop do not fool around with usually a couple of shares though understanding in millions of shares. Ayub could expected be land seductiveness for Nor Yakcop as well.
Without consideration for nearby ears eavesdropping upon their conversation, he t! aged Kali mullah to verbalise to Zarinah as well as go for a General Offer for them to cash out.
ECM Libra has usually 6.3% of E&O though their seductiveness to be represented upon a Board of Director of E&O usually shows they have a substantial amount of shares in E&O. It would not be a warn if a likes of Ayub, offshore "secretive" accounts, etc. were working in unison with ECM Libra.
The actuality which Kalimullah has been asked to verbalise to Zarinah is a lead which either Azizan or CIMB has sloping them off.
Azizan is a tighten commercial operation associate of Kalimullah. He is together with Kalimullah upon a Board of Directorship of couple of PLCs as well as took over MBf Holdings most years ago. CIMB, meanwhile, is an confidant to ECM Libra.
Did shareholders ask about a General Offer?
With a partnership agreement brought together rught away after a sales of shares to Sime Darby, because did Wan Azmi have a acknowledgement which a businessman could opinion their own way?
Read The Star inform below:
Tuesday September 20, 2011
E&O shareholder Wan Azmi says no agreement to exercise choosing by casting votes shares according to Sime Darby's interest
PETALING JAYA: Sime Darby Bhd as well as Eastern as well as Oriental Bhd (E&O) continue to have a headlines as both their share prices changed again in conflicting ! directio ns upon conjecture which a former will launch a ubiquitous suggest (GO) for a latter's shares.
Sime Darby declined by thirty sen, seeing about RM1.8bil of a marketplace capitalisation wiped out, whilst there was active trade in E&O shares, which ended a day 2 sen up.
The Securities Commission, which is seeking in to whether Sime Darby would be required to control a GO for a rest of a shares in E&O after shopping a 30% retard in a latter (at a 60% premium to market! ), has y et to have a decision upon a matter.
Meanwhile, vital shareholder as well as partial seller of a 30% retard of E&O shares Tan Sri Wan Azmi Wan Hamzah told StarBiz which there was absolutely no agreement or bargain in in in between himself as well as Sime Darby upon how he would exercise his choosing by casting votes rights upon a superfluous E&O shares he owned.
"There is absolutely no agreement to contention to Sime Darby's wishes in a destiny what a preposterous thought," he pronounced in an talk during his office.
"If any resolutions come up to opinion we will action as we have regularly acted, await it if it's great for a association as well as oppose it if it's bad," he said.
While a Takeover Code states which a mandatory ubiquitous suggest (MGO) is usually triggered by a 33% or some-more shift in shareholding, there have been alternative instances in which an MGO can be required by a regulator.
According to Para 6.2 of Practice Note 9 of a Takeover Code 2010, a SC has a right to consider all surrounding circumstances to deem if control has been passed to a brand new party, including a premium to marketplace which was paid for those shares.
Wan Azmi also confirmed which Sime Darby's squeeze of a 30% retard of shares from himself, Datuk Terry Tham (the handling executive of E&O) as well as GK Goh Holdings Ltd of Singapore had been completed, with full payment made as well as a shares crossed.
Wan Azmi pronounced he had owned E&O shares ! given 20 06 which is partial of his portfolio of open equity investments. Having been an active corporate player in a 1990s, he seemed to have dead from a limelight in a aftermath of a 1997-98 Asian monetary crisis.
He also has stakes in UK-listed PureCircle Ltd, Kazakhstan-based Steppe Cement Ltd as well as is reportedly concerned in mining activities, including gold. He also owns a Rohas Perkasa bureau building in Kuala Lumpur, which houses his tiny though tastefully-decorated as well as art-filled bureau of Halfmoon Bay Capital Ltd, where this talk took place.
S! ime Darb y's share price ended a day during RM7.70 after reaching a brand new 52-week low of RM7.65 during a day. Along with E&O, both stocks were among a most actively-traded counters upon Bursa Malaysia.
An MGO will price Sime Darby an a single more RM1.8bil to acquire a superfluous 70% of E&O, upon tip of a RM761mil cash it has paid for a 30% stake.
An analyst pronounced a marketplace was pricing in a possibility of Sime Darby carrying to do a GO even prior to it was required to do so.
"Sime Darby is right away trade during a lowest valuation operation of tighten to twelve times price-to-earnings ratio. Even if there is an MGO, a misfortune case is which it will abandon a one-year collateral expenditure," he said.
The group's camp as well as industrial divisions should be able to maintain a group's monetary performance, he added.
An analyst with a foreign bank-backed investigate residence forked out which even if an MGO was needed, Sime Darby had a money to do a deal.
"The acquisition is usually such a tiny component compared with a group's altogether operations," she said.
However, both analysts pronounced they weren't advising their clients to buy in to Sime Darby upon a weakness, deliberation a uncertainty with courtesy to a obligation to do a GO for E&O.
It is not usually a superfluous shares being questioned for insider trading. Who is Wan A! zmi tryi ng to fool?
With a partnership agreement sealed by all of them, Wan Azmi (3.9%), Terry Tham (5%) as well as GK Goh Holding (2.5%) with Sime Darby (30%) have been deliberate to be working in concert. It equates to their total land have been 36.9%, which has exceeded a 33% trigger point.
Much as we hate to see Sime Darby being taken for a float by ECM Libra, they have been supposed to do a General Offer. Why didn't Sime Darby see all this?
As Dato Bakke Salleh said, which Sime Darby is capable of fulfilling a GO is a single thing; aren't a share vendors supposed to do a GO also?
!
Did shareholders ask about CIMB's dispute of interest?
This blog as well as also blogger Big Dog lifted a points of dispute of seductiveness as well as a unprofessional control of CIMB.
CIMB was an confidant of ECM Libra who is receiving a float upon this collaboration; words is which they backstabbed ECM Libra's goal to acquire as well as do an item frame by showing a 30% retard to Sime Darby, another customer of theirs in a humongous tri-merger failure.
That is another dispute of seductiveness which missed a eyes of many.
In June 2005, CIMB took control of GK Goh Securities Singapore by acquiring a 51% stake from Goh Geok Khim. Part, if not all of a superfluous 49% in GK Goh Securities is substantially held by GK Goh Holdings or associated parties of GK Goh Holdings.
Isn't it a dispute of seductiveness as well as unprofessional upon CIMB's partial to be concerned in this understanding as well as a assorted unprofessional dealing manouvres?
Probably, there have been most alternative issues which need to be raised. Did a shareholders lift all these issues or did they usually not bother?
If they didn't bother, they should realise which any offenses committed by officials of a association might have strong implications upon destiny approvals from a SC for a association to control commercial operation in a future.
Having been concerned in AGM! s as wel l as EGMs of PLCs, shareholders do not care as well as in all likelihood, a meddlesome parties have cornered a shares as well as any issues lifted will be stonewalled by a Chairman of a meeting, Board of Directors as well as alternative meddlesome shareholders.
Was a E&O AGM so well orchestrated which a shareholders re-elected a conductor as well as friends, as well as gave them a pat upon a behind for a lullaby, with sorcery shows during a interval?
- Another Brick in a Wall
Malaysians Must Know a TRUTH Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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