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27 comment(s). Last comment by Sslee at Jul 28, 2020 8:53 AM
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Tom
2984 posts

Posted by Tom > Jul 20, 2020 9:41 PM | Report Abuse

how come you so stupid, sslee? just ignore jaks and buy other stocks


hello_VN
27 posts

Posted by hello_VN > Jul 20, 2020 9:59 PM | Report Abuse

sslee is not stupid, but you are for sure.sslee comes out with facts and arguments, while you have nothing! go fly kite!


EngineeringProfit
13261 posts

Posted by EngineeringProfit > Jul 20, 2020 10:07 PM | Report Abuse

A noble deed to be supported (Conflict of interest: None. I'm not holding any Jaks at this moment)


hello_VN
27 posts

Posted by hello_VN > Jul 20, 2020 10:08 PM | Report Abuse

low life is forever low life..even god cannot help you


Tom
2984 posts

Posted by Tom > Jul 20, 2020 10:10 PM | Report Abuse

aiyo god also don't want to help chartao(木头)ppl if they still insist to become chartao, lol...


hello_VN
27 posts

Posted by hello_VN > Jul 20, 2020 10:17 PM | Report Abuse

not a god, not even near god.you have no right to judge/label


gohkimhock
1211 posts

Posted by gohkimhock > Jul 20, 2020 10:48 PM | Report Abuse

Sslee, you got trapped in Jaks?


PeterPan1979
6 posts

Posted by PeterPan1979 > Jul 20, 2020 10:55 PM | Report Abuse

sslee, I support your action. Kindly share with us the response by SC & Bursa


cskek81
213 posts

Posted by cskek81 > Jul 21, 2020 7:16 AM | Report Abuse

Sslee, give a 1 million LIKE


Sslee
3674 posts

Posted by Sslee > Jul 21, 2020 8:44 AM | Report Abuse

Dear all,
Amended with addition points:

For illustrative purposes, Shareholders who do not subscribe RI will see their share value dilute from 5-day VWAMP of JRB Shares up to and including 7 July 2020, being the latest practicable date prior to this announcement (“LPD”) of RM0.9443 to TERP of JRB Shares of RM0.50 whereas underwriters only pay RM0.225 for 1 rights shares together with 0.5 free warrant. Isn’t that a very clear day light robbing the poor shareholders to enrich the rich underwriters?

Since CEO Andy Ang is confident coal power plant in Hai Duong province, Vietnam, to achieve commercial operation in November this year, and it is expected that the energy business will contribute more than half of its profit in FY2021 and since JAKS gearing ratio as of at end of the fiscal year 2019 is still at a low level of about 0.28. This gives the company the ability to raise funds through borrowings hence my suggestion to JAKS management please replace this RI with Bank Borrowing.

Please allow me to suggest for a more fairer and equitable RI, discount should be capped at 10% and free warrants distribute to the current shareholders and subscribe Rights shares:
My suggest proposed Rights Issue with Warrants may now entail an issuance of up to 321,821,645 Rights Shares together with 321,821,645 free Warrants based on the above mentioned enlarged number of 804,554,115 Shares in issue, a revised illustrative entitlement basis of 2 Rights Shares for every 5JRB Shares held with 1 warrant for every 5 JRB shares currently held and 1 warrant for every 2 Rights shares subscribe and a revised illustrative issue price of RM0.815 per Rights Share, the issue price of the Rights Shares is now assumed at RM0.815 per Rights Share throughout this announcement, which represents a discount of RM0.090 or approximately 10% to the TERP of JRB Shares of RM 0.907, calculated based on the 5-day VWAMP of JRB Shares up to and including 7 July 2020, being the latest practicable date prior to this announcement (“LPD”) of RM0.9443.
The exercise price of the Warrants is now assumed at RM0.905 per JRB Share throughout this announcement, which represents the TERP of JRB Shares of RM0.905 calculated based on the 5-day VWAMP of JRB Shares up to and including the LPD of RM0.9443.

If SC and Bursa enforce above fairer and equitable RI, I believe those do not wish to subscribe will still get the free warrant and those RI subscribers and underwriters will get the 10% discount and also sweetener free warrants. Moreover the market price will not be disrupted due to huge discount and dilution effect.


bfg9000
378 posts

Posted by bfg9000 > Jul 21, 2020 11:14 AM | Report Abuse

Thank you SS Lee for raising the concerns with coherent and substantiated points, something which is lacking in the shareholder base of JAKS which has been driven by heavy emotional investment into the stock until you can see borderline psychopathic behaviours (illustrated by Tom in this thread, and the bullying behaviour in the general JAKS thread where any question raised on JAKS is attacked straight away without considering the merit).

Kindly do let us know the outcome.

Plan B is a mass rejection of RI. I don't think it will amount to much considering most shareholders are afraid of RI failure. But a high proportion of rejection votes is a signal that there are governance issues.

If you or anyone is willing, I will nominate as proxy.


stockraider
18128 posts

Posted by stockraider > Jul 21, 2020 11:22 AM | Report Abuse

Sslee again talk rubbish loh....!!
Jaks raise fund...bcos is in need....to finance its project...the free warrant is given to the shareholders as a sweetener for their support to subscribe the Rights share mah...!!


Sslee
3674 posts

Posted by Sslee > Jul 21, 2020 12:37 PM | Report Abuse

Haha stoickraider,
Already sold your NETX for 0.5 cents gain or buying more multiple of 50,000X NETX and entitle to subscribe 6000X Rights shares at RM 600X together with 3000X free warrants.

i) Proposed consolidation of every 50 ordinary shares in NetX (“NetX Shares” or “Shares”) into 1 NetX Share (“Proposed Share Consolidation”); and

ii) Proposed renounceable rights issue of up to 629,491,596 new Shares (“Rights Shares”) together with up to 314,745,798 free detachable warrants in NetX (“Warrants C”) on the basis of 6 Rights Shares together with 3 free Warrants C for every 1 existing Share (after the Proposed Share Consolidation) held by the entitled shareholders on an entitlement date to be determined (“Proposed Rights Issue with


BlessedInvestor
216 posts

Posted by BlessedInvestor > Jul 21, 2020 1:31 PM | Report Abuse

Thank you SSlee for taking this action which will serve as alert or reminder to ALP not to misuse or abuse the funds raised from RI. As a shareholder, I am dissapointed that ALP put in the proposal to increase the RI to raise funds for the following

(Based on max scenario)

a) Future business projects or investments - RM 80 million
b) Preliminary expenses-venture new construction projects Vietnam - RM 25 million
c) Working capital - RM 19 million

Jaks mgt leads by ALP needs to be more specific on this rather than asking shareholders to give him blank cheque. You may ask them to be more specific. If it is used to buy the remaining 10% equity interest in the power plant to 40% then is ok. Right now they should focus on power plant rather than venture into new projects again before settling their mess in Star Project. Till now they still yet to settle problems in the Star Project, and still has court case ongoing. Why asking money again to venture into new projects since the existing project still in mess...


1901
520 posts

Posted by 1901 > Jul 21, 2020 6:12 PM | Report Abuse

pls cc to minority shareholder watch group as well...


Henry8833
813 posts

Posted by Henry8833 > Jul 21, 2020 6:29 PM | Report Abuse

Thank you sslee for doing this for Minority shareholders. Some one make noices will help such that mgt does not play a fool. See today share price started to rebound....

Jaks has a gold mine ie its power plant. As long as it focuses on power plant, it should be ok. I believe in DK working on relative valuation if mgt does not venture into stupid property project again. The Star saga shows that they are not capable of executing project. They have good Chinese partner to take care of power plant.


BlessedInvestor
216 posts

Posted by BlessedInvestor > Jul 21, 2020 9:17 PM | Report Abuse

Good idea, Dear SSlee, kindly cc to the Minority Shareholders Watch Group (MSWG)


apple4ver
15 posts

Posted by apple4ver > Jul 21, 2020 10:12 PM | Report Abuse

My comment...

The 6-months moratorium on bank loan repayments due to MCO will expired end of September. The very purpose for this moratorium is to ease the financial strains on individuals and companies during this unprecedented time. We are sure that with majority of shareholders being Malaysian, it is fairly reasonable to assume that most of the shareholders too are finacially stressed. Yet, this is around the time when the right issue will be due and payable. Under original proposal, each entitled shareholders holding 1,000 shares needs an estimated RM200 to fully subscribed his entitlement. The required capital layout nearly doubled to RM360 under revised proposal. And we have not yet factored in the nearly 20% in unrealised captial loss from RM1.03, the closing price of JAKS before the first announcement.

We understand the company's difficulties in getting bank loan currently. We also fully agree that it is proper and essential to increase the effective economicc interest to 30% in JHP as per adviced in the original propasal. Now, let's be fair to the shareholders. Do JAKS really need to increase RI RIGHT NOW to pay for future (2 years? 3 years?) business projects or investments (RM20-80m) or expenses to venture into new construction projects in Vietnam (RM10-25m)? Or why can't JAKS raise bank borrowing to roll over maturing loan (RM31.6m)? Eliminating those "extra items", there is simply no need to revise up RI. Fairness here means propotionally sharing the burden of funding between equity and loan market. Fairness also means not forcing shareholders to reduce their shaerholding especially so in the trying times immediately after loan moratorium is over.


Sslee
3674 posts

Posted by Sslee > Jul 22, 2020 9:17 AM | Report Abuse

Remember the last Private placement: Renewable Energy Projects RM10 million.
Most likely this kind of money are for ALP pocket money and to entertain Vietnam local government officers.


human
120 posts

Posted by human > Jul 22, 2020 10:18 AM | Report Abuse

With interest rate at record low in many countries, bank borrowing is a better option for Jaks to take.
Last agm Alp mentions the forecast profit of power plant is 100mil while the LD of property business should stop once they exit the business 2020.
The original RI meant to raise minimum 130mil while the revised RI 200mil. This amount should not be difficult if Jaks credit rating is good.


Sslee
3674 posts

Posted by Sslee > Jul 22, 2020 1:48 PM | Report Abuse

Dear all,
I’m now piss-off with CEO ALP for forcing me to cut loss and thinking of adding this hard hitting PS to my official complaint to SC & Bursa with CC to ALP and MSWG.

PS: 22 May 2020: Announcement of RI: JAKS market share price: RM1.03: 23 May 2020: RM 0.875
DATO' RAZALI MERICAN BIN NAINA MERICAN: 20-Jul-2020: Disposed Warrant: 35,500: RM 0.518
DATO' RAZALI MERICAN BIN NAINA MERICAN: 20-Jul-2020: Disposed: 4,000,000: RM 0.843
DATO' RAZALI MERICAN BIN NAINA MERICAN: 20-Jul-2020: Disposed: 1,000,000: RM 0.843
DATO' RAZALI MERICAN BIN NAINA MERICAN: 13-Jul-2020: Disposed: 5,000,000: RM 0.948
DATO' RAZALI MERICAN BIN NAINA MERICAN: 03-Jul-2020: Disposed: 1,500,000: RM 0.958
DATO' RAZALI MERICAN BIN NAINA MERICAN: 29-May-2020: Disposed: 2,000,000: RM 0.883
DATO' RAZALI MERICAN BIN NAINA MERICAN: 27-May-2020: Disposed: 1,500,000: RM 0.888
DATO' RAZALI MERICAN BIN NAINA MERICAN: 28-Jan-2020: Disposed: 1,000,000: RM 1.367

It is very clear the RI is value dilutive/destroying even to JAKS directors who might not be as rich as CEO Andy Ang and was forced to cut win/cut loss as he might not have enough money to take up the RI.

Just imagine how about me and many who loaded up early in the year in anticipation promised by JAKS that Jaks’ Hai Duong Vietnam power plant will be operational in year 2020 and will generate net profit/ cash flow of RM 120 - 250 millions to JAKS for the next 25 years. Everyone is hopeful PublicInvest will then upgrade JAKS like MFCB but instead PublicInvest ceasing coverage after repeat warning, “All told, we are still wary over the various dilutive equity fund raisings done so far to meet its liquidity demands and the poor execution especially on its property business”

The current RI is the last straw that broke the camel’s back, it show how poorly CEO Andy Ang on execution that instead of turning “Cash Cow JHD” into rewarding the shareholders but a poorly thought out RI had turned shareholders into Cash Cow for the CEO and underwriters to milk dry.

Will SC and Bursa also investigate the Award of Free Shares under the Restricted Share Plan of JAKS Resources Berhads (JRB or the Company) Long-Term Incentive Plan 38,709,760 LTIP Shares is against certain performance merit yardstick, might constitute abuse of power or conflict of interest to unjustifiable award or any SC/Bursa rule and regulation or on corporate governance practices and transparency?

Date of Offer of LTIP Shares: 30January 2019
Executive Director/Chief Executive Officer: 27,625,760
Senior Management: 10,645,800Other
Selected Employees/Executives: 438,200


stockraider
18128 posts

Posted by stockraider > Jul 22, 2020 1:52 PM | Report Abuse

The major shareholder do not have so much monies, so he sell some warrant of jaks to raise fund to prepare for rights issue loh...!!

Posted by Sslee > Jul 22, 2020 1:48 PM | Report Abuse

Dear all,
I’m now piss-off with CEO ALP for forcing me to cut loss and thinking of adding this hard hitting PS to my official complaint to SC & Bursa with CC to ALP and MSWG.

PS: 22 May 2020: Announcement of RI: JAKS market share price: RM1.03: 23 May 2020: RM 0.875
DATO' RAZALI MERICAN BIN NAINA MERICAN: 20-Jul-2020: Disposed Warrant: 35,500: RM 0.518
DATO' RAZALI MERICAN BIN NAINA MERICAN: 20-Jul-2020: Disposed: 4,000,000: RM 0.843
DATO' RAZALI MERICAN BIN NAINA MERICAN: 20-Jul-2020: Disposed: 1,000,000: RM 0.843
DATO' RAZALI MERICAN BIN NAINA MERICAN: 13-Jul-2020: Disposed: 5,000,000: RM 0.948
DATO' RAZALI MERICAN BIN NAINA MERICAN: 03-Jul-2020: Disposed: 1,500,000: RM 0.958
DATO' RAZALI MERICAN BIN NAINA MERICAN: 29-May-2020: Disposed: 2,000,000: RM 0.883
DATO' RAZALI MERICAN BIN NAINA MERICAN: 27-May-2020: Disposed: 1,500,000: RM 0.888
DATO' RAZALI MERICAN BIN NAINA MERICAN: 28-Jan-2020: Disposed: 1,000,000: RM 1.367

It is very clear the RI is value dilutive/destroying even to JAKS directors who might not be as rich as CEO Andy Ang and was forced to cut win/cut loss as he might not have enough money to take up the RI.

Just imagine how about me and many who loaded up early in the year in anticipation promised by JAKS that Jaks’ Hai Duong Vietnam power plant will be operational in year 2020 and will generate net profit/ cash flow of RM 120 - 250 millions to JAKS for the next 25 years. Everyone is hopeful PublicInvest will then upgrade JAKS like MFCB but instead PublicInvest ceasing coverage after repeat warning, “All told, we are still wary over the various dilutive equity fund raisings done so far to meet its liquidity demands and the poor execution especially on its property business”

The current RI is the last straw that broke the camel’s back, it show how poorly CEO Andy Ang on execution that instead of turning “Cash Cow JHD” into rewarding the shareholders but a poorly thought out RI had turned shareholders into Cash Cow for the CEO and underwriters to milk dry.

Will SC and Bursa also investigate the Award of Free Shares under the Restricted Share Plan of JAKS Resources Berhads (JRB or the Company) Long-Term Incentive Plan 38,709,760 LTIP Shares is against certain performance merit yardstick, might constitute abuse of power or conflict of interest to unjustifiable award or any SC/Bursa rule and regulation or on corporate governance practices and transparency?

Date of Offer of LTIP Shares: 30January 2019
Executive Director/Chief Executive Officer: 27,625,760
Senior Management: 10,645,800Other
Selected Employees/Executives: 438,200


mmk79
1814 posts

Posted by mmk79 > Jul 23, 2020 8:52 PM | Report Abuse

I fully support you sslee. You have done all of the us a good favour.


human
120 posts

Posted by human > Jul 27, 2020 4:04 PM | Report Abuse

sslee, is the letter send?


Sslee
3674 posts

Posted by Sslee > Jul 27, 2020 7:00 PM | Report Abuse

Yes already send.
Today received case no from SC


human
120 posts

Posted by human > Jul 27, 2020 9:03 PM | Report Abuse

Thanks for taking the lead.


Sslee
3674 posts

Posted by Sslee > Jul 28, 2020 8:53 AM | Report Abuse

Dear human,
You are welcome. Will start preparing JAKS AGM questions this weekend.

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