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jm2212 Veteran	14-Apr-2015 22:06        jm2212 About Contact  Quote this Post!   Mood:
x 0   x 0  Alert Admin	management continue to receive huge pay out despite company is still loosing $
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Qanghoo Supreme	06-Mar-2015 08:04        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	My own view is some of the measures, like additional stamp duties shd be lifted. But if the arguement for putting in TDSR is due to concern that the population here is too highly leveraged, then it shd not be removed unless there is a significant rise in income levels at a considerably higher pase than debt. Indonesia? My understanding is that the pty mkt there is quite good partly due to the rising middle-income population. Hopefully, the major holders of TG who had recently injected one of their indonesian property coys into it, has not thrown in a rotten apple. Afterall, they are the same people who own the scintilating Sinarmas Land and can cherry pick what they want to put where. Finally with regard to explaining accounting, I have little knowledge. If you are referring to profit attributable to owners of the coy, as against minority interests, what I gather from the little understanding I have is the ' minority interest' separates earnings due to minority owners of the coy' s subsidiaries. Hope someone cld correct this if wrong. dragonn      ( Date: 05-Mar-2015 23:30) Posted: Will singapore cooling measure be ever lifted? How' s the indonesia properties going? One thing I don' t understand the difference between Companies profit and Group profit, care to explain? Qanghoo      ( Date: 05-Mar-2015 07:08) Posted: After having taken the somewhat opportunistic n successful step  in selling their stake in the Capitol project, they missed a golden opportunity in making a follow-through killing, which wld have probably propelled their profitability even higher, by delaying their two property launches in the Braddell arel for too long.  Indeed, they did so only at the pt of/after the introduction of the most severe n crippling property cooling measures.  Otherwise, the share px wld probably have performed much better.
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dragonn Veteran	05-Mar-2015 23:30        dragonn About Contact  Quote this Post!
x 0   x 0  Alert Admin	Will singapore cooling measure be ever lifted? How' s the indonesia properties going? One thing I don' t understand the difference between Companies profit and Group profit, care to explain? Qanghoo      ( Date: 05-Mar-2015 07:08) Posted: After having taken the somewhat opportunistic n successful step  in selling their stake in the Capitol project, they missed a golden opportunity in making a follow-through killing, which wld have probably propelled their profitability even higher, by delaying their two property launches in the Braddell arel for too long.  Indeed, they did so only at the pt of/after the introduction of the most severe n crippling property cooling measures.  Otherwise, the share px wld probably have performed much better. kusje58      ( Date: 05-Mar-2015 00:06) Posted: If they issue new shares at this price then they will be beaten up by us shareholders. Further, the company has 74 mil in cash and 450 mil in unsold properties. If anything, they should concentrate on selling their property and getting cash from there instead.
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Qanghoo Supreme	05-Mar-2015 07:08        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	After having taken the somewhat opportunistic n successful step  in selling their stake in the Capitol project, they missed a golden opportunity in making a follow-through killing, which wld have probably propelled their profitability even higher, by delaying their two property launches in the Braddell arel for too long.  Indeed, they did so only at the pt of/after the introduction of the most severe n crippling property cooling measures.  Otherwise, the share px wld probably have performed much better. kusje58      ( Date: 05-Mar-2015 00:06) Posted: If they issue new shares at this price then they will be beaten up by us shareholders. Further, the company has 74 mil in cash and 450 mil in unsold properties. If anything, they should concentrate on selling their property and getting cash from there instead. dragonn      ( Date: 04-Mar-2015 23:50) Posted: As at 31 December 2014 30,418,653,240 --> Number of Shares $256,812,000 --> Share Capital $256,812,000 / 30,418,653,240 = $0.0084 each share. $11,000,000 Profit / $256,812,000 = 4.28% gain   But these values is what they deem in report. Before the 19,000,000 share issue at 31% discount, the average share price is $0.012 If rights issues at discount again then problem would occur
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kusje58 Member	05-Mar-2015 00:06        kusje58 About Contact  Quote this Post!
x 0   x 0  Alert Admin	If they issue new shares at this price then they will be beaten up by us shareholders. Further, the company has 74 mil in cash and 450 mil in unsold properties. If anything, they should concentrate on selling their property and getting cash from there instead. dragonn      ( Date: 04-Mar-2015 23:50) Posted: As at 31 December 2014 30,418,653,240 --> Number of Shares $256,812,000 --> Share Capital $256,812,000 / 30,418,653,240 = $0.0084 each share. $11,000,000 Profit / $256,812,000 = 4.28% gain   But these values is what they deem in report. Before the 19,000,000 share issue at 31% discount, the average share price is $0.012 If rights issues at discount again then problem would occur   kusje58      ( Date: 04-Mar-2015 23:24) Posted: They finally declared some profits this quarter/FY. 9.7 mil for the quarter and 11 mil for FY14. Can it start to float a little now?
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dragonn Veteran	04-Mar-2015 23:50        dragonn About Contact  Quote this Post!
x 0   x 0  Alert Admin	As at 31 December 2014 30,418,653,240 --> Number of Shares $256,812,000 --> Share Capital $256,812,000 / 30,418,653,240 = $0.0084 each share. $11,000,000 Profit / $256,812,000 = 4.28% gain   But these values is what they deem in report. Before the 19,000,000 share issue at 31% discount, the average share price is $0.012 If rights issues at discount again then problem would occur   kusje58      ( Date: 04-Mar-2015 23:24) Posted: They finally declared some profits this quarter/FY. 9.7 mil for the quarter and 11 mil for FY14. Can it start to float a little now? haroujf      ( Date: 24-Feb-2015 19:51) Posted: This company should just delist and spare itself the disgrace of poor management in every aspect.
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kusje58 Member	04-Mar-2015 23:24        kusje58 About Contact  Quote this Post!
x 0   x 0  Alert Admin	They finally declared some profits this quarter/FY. 9.7 mil for the quarter and 11 mil for FY14. Can it start to float a little now? haroujf      ( Date: 24-Feb-2015 19:51) Posted: This company should just delist and spare itself the disgrace of poor management in every aspect. Zoroex      ( Date: 30-Dec-2014 16:52) Posted: wow someone bought 48,982,000 shares at one goal. is there any good news coming soon?
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haroujf Senior	24-Feb-2015 19:51        haroujf About Contact  Quote this Post!
x 0   x 0  Alert Admin	This company should just delist and spare itself the disgrace of poor management in every aspect. Zoroex      ( Date: 30-Dec-2014 16:52) Posted: wow someone bought 48,982,000 shares at one goal. is there any good news coming soon?
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Zoroex Member	30-Dec-2014 16:52        Zoroex About Contact  Quote this Post!
x 0   x 0  Alert Admin	wow someone bought 48,982,000 shares at one goal. is there any good news coming soon?
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ninjawarrior Member	10-Dec-2014 11:10        ninjawarrior About Contact  Quote this Post!   Mood:
x 0   x 0  Alert Admin	Trading stopped for Top Global......aiyah. News or no news.....will not make any difference. Why halted....unless just formality.Hahahahha....
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drbull Member	26-Nov-2014 11:20        drbull About Contact  Quote this Post!
x 0   x 0  Alert Admin	what happened? It is sitll not flying. kusje58      ( Date: 03-Nov-2014 09:22) Posted: Shit stocks now starting to fly.   Hope this big piece of shit can at least float. I' ll be totally out at 1.5 cents while selling on the way up.  xiaofang_      ( Date: 14-Oct-2014 11:17) Posted: I'm waiting for bull market when even shit stocks can fly and get out without losing $. Yourself
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kusje58 Member	03-Nov-2014 09:22        kusje58 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Shit stocks now starting to fly.   Hope this big piece of shit can at least float. I' ll be totally out at 1.5 cents while selling on the way up.  xiaofang_      ( Date: 14-Oct-2014 11:17) Posted: I'm waiting for bull market when even shit stocks can fly and get out without losing $. Yourself? dragonn      ( Date: 14-Oct-2014 08:17) Posted: Yup true, But can i ask, will you sell your shares off given such situation
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dragonn Veteran	25-Oct-2014 19:59        dragonn About Contact  Quote this Post!
x 0   x 0  Alert Admin	Xiaofang you there? dragonn      ( Date: 16-Oct-2014 08:37) Posted: Anyway whats still in after nta drop to 0.0096? Have they addressed in egm? xiaofang_      ( Date: 15-Oct-2014 20:05) Posted: Saw this online today, thought good to share this with you folks.. MONEY Investor Central: Top Global Limited ― Why did controlling shareholder?s son sell 300m shares just days before today?s EGM? Oct 14 ― Top Global Ltd's independent shareholders will gather at Regent Hotel today to vote on the contentious acquisition of a 71.52 per cent stake in Indonesia Stock Exchange listed PT Suryamas Dutamakmur Tbk for S$153 million (RM392 million) from Top Global's controlling shareholder Sukmawati Widjaja. Mdm Widjaja (who belongs to the family which controls the Sinar Mas Group in Indonesia) owns a 54.12 per cent stake in Top Global, as per the circular on September 29. Top Global has proposed to allot 19 billion new shares to Mdm Widjaja to pay for the stake. As a result, she would own an 82.76 per cent stake in Top Global after the acquisition. But a group of shareholders who say they hold 250 million shares have told Investor Central they will vote against the transaction because the 19 billion new shares will be offered at a 31 per cent discount to their net asset value, while the purchase price of S$153 million will be more than double the S$64.7 million they are worth. When the acquisition was first announced last December the sale consideration included 5 million options in Top Global ― a requirement which was dropped in a supplement to the circular on September 4. The acquisition will not trigger an obligation for Top Global to make a tender offer for the public shareholders of Suryamas Group as the acquisition doesn't lead to a change in control of Suryamas Group. Simply put, the transaction leads to transfer of Mdm Widjaja's controlling stake in Suryama Group to another company controlled by her. At the prevailing stock price of 8 Singapore cents, Top Global's market capitalisation would increase to about S$240 million after the acquisition. Evidently, the proposed interested party transaction is beneficial for the controlling shareholder of Top Global Ltd, while the independent public shareholders will see their stake in the company will be reduced to 17.24 per cent from 45.92 per cent now. Investor Central. We keep your investments honest. 1. Why did Sukmawati Widjaja's son sell 300 million shares just days before the EGM? According to an announcement on October 7, Hano Maeloa ― an executive director cum CEO of Top Global ― sold 300 million shares for to an undisclosed buyer for 0.7 cents per share in an off-market transaction on October 2. As a result, his stake in the company dropped to 0.53 per cent from 3.15 per cent earlier. Hano Maeloa is the son of Oei Siu Hoa @ Sukmawati Widjaja. After the sale, Mdm Widjaja's total stake in Top Global has dropped to 51.46 per cent from 54.08 per cent previously. The timing of the transaction is important because it was executed just three days after the circular for the EGM was despatched to Top Global's shareholders, and just 12 days before the scheduled EGM. Top Global is buying a 71.52 per cent stake in Suryamas Group from Mdm Widjaja for S$153.7 million (including costs). Apparently, it is an interested party transaction. Consequently, Mdm Widjaja and her associates will have to abstain from voting at the EGM today. But now that Hano Maeloa has sold a 2.62 per cent stake just days before the EGM, one wonders if this is just an arrangement to enable the controlling shareholder to vote at the EGM, which they can't do otherwise. Moreover, on page 57 of the September 29 circular, the company said that Mdm Widjaja and Hano Maeloa have guaranteed not to sell any shares for a period of 6 months from the date of completion of the acquisition. Technically, Hano Maeloa can sell his shares before the acquisition is completed. But the bigger question is: is it appropriate for him to sell shares just 3 days after agreeing to a moratorium in the circular on the independent shareholders September 29? In response to our queries a spokesman said the company would be happy to address all shareholders? questions at the EGM. 2. Why are the parts of the circular, where the independent and reporting auditor almost qualified its opinion, illegible? According to the circular (page 2), Nexia TS Public Accounting Corporation is the Independent and Reporting Auditor of Top Global. For the purpose of the circular, Nexia TS converted the financials of Suryamas Group to IFRS in order to prepare its report on examination of the unaudited pro forma consolidated financial statements of Top Global after the acquisition (refer page 95 of the circular). But the report of Nexia TS (appended on page 439 onwards) is hardly legible in the circular. More importantly, the audit opinion on page 440 draws attention towards some adjustment relating to the bargain purchase. But due to a very bad print of the report, we are unable to read any further. And that continues for the entire report appended from page 440 to page 612 of the circular. The company spokesman said the document was compressed during conversion to PDF, and a hard copy would be made available to shareholders at the EGM. 3. Is the purchase price of Suryamas Group justified? Suryamas Group is listed on Indonesia Stock Exchange. As per the latest trading price of Suryamas Group, a 71.52 per cent stake is worth about S$50 million. That's just about a third of the S$153.7 million Top Global is paying for the stake. On page 15 of the circular, Top Global said the independent valuer estimated the fair value of a 71.52 per cent stake in Suryamas Group at about S$306 million. Asia Valuation & Advisory Services Pte Ltd is the independent valuer hired by Top Global Ltd. In estimating the fair value of Suryamas Group, the independent valuer assumd that the market price of the company doesn?t reflect its true value. Therefore, the valuer used the median price-to-net-asset-value and price-to-total-assets ratios of a few other companies to arrive at the fair value (page 21 of the circular). Also, the valuer worked with a local property valuer, IHOT, Dollar & Raymond, to arrive at the market value of the real estate assets and property, plant and equipment of Suryamas Group in Indonesia. To estimate the market value of the real estate assets of Suryamas Group, the property valuer used the "highest and best use" method. On page 22, it added: 'For example, a plot of land zoned for residential use will be sold for what can be practically built on it considering, among other factors, the various legal limitations and market demands. One will not build anything less to realise the value of the land, unless there is an existing approved development plan that cannot be altered. Accordingly, in the absence of documents that indicate otherwise (for instance, the development plan limiting the land use that must be complied with), the Valuer and the Property Valuer are of the view that it is reasonable to value the asset based on its ?highest and best? use.' Apparently, the property valuer estimated the worth of Suryamas's real estate assets at the highest possible valuation. Therefore that makes us wonder if it is reasonably 'fair' to assume the worth of a 71.52 per cent stake in Suryamas Group at S$306 million. 4. What would Top Global's shareholders gain from the acquisition? According to page 19 of the circular, the net assets attributable to the equity holders of Suryamas Group, in Singapore Dollar terms, has been consistently declining in the last three years. It was S$216 million in FY2011 which dropped to S$192.2 million in FY2012 and S$163 million in FY2013. Also, in Q1 FY2014, Suryamas Group recorded a net profit of S$199,000 which was just about 5 per cent of its full year profit in FY2013. After the acquisition, the Net Tangible Assets per share of Top Global will drop to 0.96 Singapore cents compared to 1.17 Singapore cents earlier (page 55 of circular). Based on these numbers, any reasonable investor would wonder what's in the deal for the existing independent shareholders of Top Global Ltd. In response to our queries a spokesman said the company would be happy to address all shareholders? questions at the EGM. ― Investor Central Source: http://m.themalaymailonline.com/money/article/investor-central-top-global-limited-why-did-controlling-shareholders-son-se#sthash.dSCdfqJy.dpuf
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dragonn Veteran	16-Oct-2014 08:37        dragonn About Contact  Quote this Post!
x 0   x 0  Alert Admin	Anyway whats still in after nta drop to 0.0096? Have they addressed in egm? xiaofang_      ( Date: 15-Oct-2014 20:05) Posted: Saw this online today, thought good to share this with you folks.. MONEY Investor Central: Top Global Limited ― Why did controlling shareholder?s son sell 300m shares just days before today?s EGM? Oct 14 ― Top Global Ltd's independent shareholders will gather at Regent Hotel today to vote on the contentious acquisition of a 71.52 per cent stake in Indonesia Stock Exchange listed PT Suryamas Dutamakmur Tbk for S$153 million (RM392 million) from Top Global's controlling shareholder Sukmawati Widjaja. Mdm Widjaja (who belongs to the family which controls the Sinar Mas Group in Indonesia) owns a 54.12 per cent stake in Top Global, as per the circular on September 29. Top Global has proposed to allot 19 billion new shares to Mdm Widjaja to pay for the stake. As a result, she would own an 82.76 per cent stake in Top Global after the acquisition. But a group of shareholders who say they hold 250 million shares have told Investor Central they will vote against the transaction because the 19 billion new shares will be offered at a 31 per cent discount to their net asset value, while the purchase price of S$153 million will be more than double the S$64.7 million they are worth. When the acquisition was first announced last December the sale consideration included 5 million options in Top Global ― a requirement which was dropped in a supplement to the circular on September 4. The acquisition will not trigger an obligation for Top Global to make a tender offer for the public shareholders of Suryamas Group as the acquisition doesn't lead to a change in control of Suryamas Group. Simply put, the transaction leads to transfer of Mdm Widjaja's controlling stake in Suryama Group to another company controlled by her. At the prevailing stock price of 8 Singapore cents, Top Global's market capitalisation would increase to about S$240 million after the acquisition. Evidently, the proposed interested party transaction is beneficial for the controlling shareholder of Top Global Ltd, while the independent public shareholders will see their stake in the company will be reduced to 17.24 per cent from 45.92 per cent now. Investor Central. We keep your investments honest. 1. Why did Sukmawati Widjaja's son sell 300 million shares just days before the EGM? According to an announcement on October 7, Hano Maeloa ― an executive director cum CEO of Top Global ― sold 300 million shares for to an undisclosed buyer for 0.7 cents per share in an off-market transaction on October 2. As a result, his stake in the company dropped to 0.53 per cent from 3.15 per cent earlier. Hano Maeloa is the son of Oei Siu Hoa @ Sukmawati Widjaja. After the sale, Mdm Widjaja's total stake in Top Global has dropped to 51.46 per cent from 54.08 per cent previously. The timing of the transaction is important because it was executed just three days after the circular for the EGM was despatched to Top Global's shareholders, and just 12 days before the scheduled EGM. Top Global is buying a 71.52 per cent stake in Suryamas Group from Mdm Widjaja for S$153.7 million (including costs). Apparently, it is an interested party transaction. Consequently, Mdm Widjaja and her associates will have to abstain from voting at the EGM today. But now that Hano Maeloa has sold a 2.62 per cent stake just days before the EGM, one wonders if this is just an arrangement to enable the controlling shareholder to vote at the EGM, which they can't do otherwise. Moreover, on page 57 of the September 29 circular, the company said that Mdm Widjaja and Hano Maeloa have guaranteed not to sell any shares for a period of 6 months from the date of completion of the acquisition. Technically, Hano Maeloa can sell his shares before the acquisition is completed. But the bigger question is: is it appropriate for him to sell shares just 3 days after agreeing to a moratorium in the circular on the independent shareholders September 29? In response to our queries a spokesman said the company would be happy to address all shareholders? questions at the EGM. 2. Why are the parts of the circular, where the independent and reporting auditor almost qualified its opinion, illegible? According to the circular (page 2), Nexia TS Public Accounting Corporation is the Independent and Reporting Auditor of Top Global. For the purpose of the circular, Nexia TS converted the financials of Suryamas Group to IFRS in order to prepare its report on examination of the unaudited pro forma consolidated financial statements of Top Global after the acquisition (refer page 95 of the circular). But the report of Nexia TS (appended on page 439 onwards) is hardly legible in the circular. More importantly, the audit opinion on page 440 draws attention towards some adjustment relating to the bargain purchase. But due to a very bad print of the report, we are unable to read any further. And that continues for the entire report appended from page 440 to page 612 of the circular. The company spokesman said the document was compressed during conversion to PDF, and a hard copy would be made available to shareholders at the EGM. 3. Is the purchase price of Suryamas Group justified? Suryamas Group is listed on Indonesia Stock Exchange. As per the latest trading price of Suryamas Group, a 71.52 per cent stake is worth about S$50 million. That's just about a third of the S$153.7 million Top Global is paying for the stake. On page 15 of the circular, Top Global said the independent valuer estimated the fair value of a 71.52 per cent stake in Suryamas Group at about S$306 million. Asia Valuation & Advisory Services Pte Ltd is the independent valuer hired by Top Global Ltd. In estimating the fair value of Suryamas Group, the independent valuer assumd that the market price of the company doesn?t reflect its true value. Therefore, the valuer used the median price-to-net-asset-value and price-to-total-assets ratios of a few other companies to arrive at the fair value (page 21 of the circular). Also, the valuer worked with a local property valuer, IHOT, Dollar & Raymond, to arrive at the market value of the real estate assets and property, plant and equipment of Suryamas Group in Indonesia. To estimate the market value of the real estate assets of Suryamas Group, the property valuer used the "highest and best use" method. On page 22, it added: 'For example, a plot of land zoned for residential use will be sold for what can be practically built on it considering, among other factors, the various legal limitations and market demands. One will not build anything less to realise the value of the land, unless there is an existing approved development plan that cannot be altered. Accordingly, in the absence of documents that indicate otherwise (for instance, the development plan limiting the land use that must be complied with), the Valuer and the Property Valuer are of the view that it is reasonable to value the asset based on its ?highest and best? use.' Apparently, the property valuer estimated the worth of Suryamas's real estate assets at the highest possible valuation. Therefore that makes us wonder if it is reasonably 'fair' to assume the worth of a 71.52 per cent stake in Suryamas Group at S$306 million. 4. What would Top Global's shareholders gain from the acquisition? According to page 19 of the circular, the net assets attributable to the equity holders of Suryamas Group, in Singapore Dollar terms, has been consistently declining in the last three years. It was S$216 million in FY2011 which dropped to S$192.2 million in FY2012 and S$163 million in FY2013. Also, in Q1 FY2014, Suryamas Group recorded a net profit of S$199,000 which was just about 5 per cent of its full year profit in FY2013. After the acquisition, the Net Tangible Assets per share of Top Global will drop to 0.96 Singapore cents compared to 1.17 Singapore cents earlier (page 55 of circular). Based on these numbers, any reasonable investor would wonder what's in the deal for the existing independent shareholders of Top Global Ltd. In response to our queries a spokesman said the company would be happy to address all shareholders? questions at the EGM. ― Investor Central Source: http://m.themalaymailonline.com/money/article/investor-central-top-global-limited-why-did-controlling-shareholders-son-se#sthash.dSCdfqJy.dpuf unique6      ( Date: 15-Oct-2014 02:09) Posted:   Unfortunately management is incompetent.  They bought the 4 land parcels cheap at S$650-730psf. Plus 300 psf for development, they would have made a decent profit had they decided to sell at market price rather than stubbornly keep the selling price 3-5% higher than the neighbouring developments. I went to the show flat and ask about pricing and discounts, the room for negotiations was limited. It didn' t take a genius to feel that after so many govt measures, that property prices will cool. They should have unloaded their units at decent prices back then, $1,400 spf could have been sold out, instead of asking for $1,600spf. Developments job is simple, buy cheap land then resell. Not speculate and hold onto the property. Other developers, buy the land, and launch the sale within few months to lock in the spread. Yes prices could be higher, but that' s taking directional risk. The Braddell and Bartley project took  15-20 months from acquisition to launch. I just think they  have  very poor judgment. The Suryamas company only makes $1-3m a year. They paid $153m plus discount 31% using TG shares. How much would $1-3m a year make? The EPS is now divided by 19 billion more shares.
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xiaofang_ Member	15-Oct-2014 20:05        xiaofang_ About Contact  Quote this Post!
x 0   x 0  Alert Admin	Saw this online today, thought good to share this with you folks.. MONEY Investor Central: Top Global Limited ― Why did controlling shareholder?s son sell 300m shares just days before today?s EGM? Oct 14 ― Top Global Ltd's independent shareholders will gather at Regent Hotel today to vote on the contentious acquisition of a 71.52 per cent stake in Indonesia Stock Exchange listed PT Suryamas Dutamakmur Tbk for S$153 million (RM392 million) from Top Global's controlling shareholder Sukmawati Widjaja. Mdm Widjaja (who belongs to the family which controls the Sinar Mas Group in Indonesia) owns a 54.12 per cent stake in Top Global, as per the circular on September 29. Top Global has proposed to allot 19 billion new shares to Mdm Widjaja to pay for the stake. As a result, she would own an 82.76 per cent stake in Top Global after the acquisition. But a group of shareholders who say they hold 250 million shares have told Investor Central they will vote against the transaction because the 19 billion new shares will be offered at a 31 per cent discount to their net asset value, while the purchase price of S$153 million will be more than double the S$64.7 million they are worth. When the acquisition was first announced last December the sale consideration included 5 million options in Top Global ― a requirement which was dropped in a supplement to the circular on September 4. The acquisition will not trigger an obligation for Top Global to make a tender offer for the public shareholders of Suryamas Group as the acquisition doesn't lead to a change in control of Suryamas Group. Simply put, the transaction leads to transfer of Mdm Widjaja's controlling stake in Suryama Group to another company controlled by her. At the prevailing stock price of 8 Singapore cents, Top Global's market capitalisation would increase to about S$240 million after the acquisition. Evidently, the proposed interested party transaction is beneficial for the controlling shareholder of Top Global Ltd, while the independent public shareholders will see their stake in the company will be reduced to 17.24 per cent from 45.92 per cent now. Investor Central. We keep your investments honest. 1. Why did Sukmawati Widjaja's son sell 300 million shares just days before the EGM? According to an announcement on October 7, Hano Maeloa ― an executive director cum CEO of Top Global ― sold 300 million shares for to an undisclosed buyer for 0.7 cents per share in an off-market transaction on October 2. As a result, his stake in the company dropped to 0.53 per cent from 3.15 per cent earlier. Hano Maeloa is the son of Oei Siu Hoa @ Sukmawati Widjaja. After the sale, Mdm Widjaja's total stake in Top Global has dropped to 51.46 per cent from 54.08 per cent previously. The timing of the transaction is important because it was executed just three days after the circular for the EGM was despatched to Top Global's shareholders, and just 12 days before the scheduled EGM. Top Global is buying a 71.52 per cent stake in Suryamas Group from Mdm Widjaja for S$153.7 million (including costs). Apparently, it is an interested party transaction. Consequently, Mdm Widjaja and her associates will have to abstain from voting at the EGM today. But now that Hano Maeloa has sold a 2.62 per cent stake just days before the EGM, one wonders if this is just an arrangement to enable the controlling shareholder to vote at the EGM, which they can't do otherwise. Moreover, on page 57 of the September 29 circular, the company said that Mdm Widjaja and Hano Maeloa have guaranteed not to sell any shares for a period of 6 months from the date of completion of the acquisition. Technically, Hano Maeloa can sell his shares before the acquisition is completed. But the bigger question is: is it appropriate for him to sell shares just 3 days after agreeing to a moratorium in the circular on the independent shareholders September 29? In response to our queries a spokesman said the company would be happy to address all shareholders? questions at the EGM. 2. Why are the parts of the circular, where the independent and reporting auditor almost qualified its opinion, illegible? According to the circular (page 2), Nexia TS Public Accounting Corporation is the Independent and Reporting Auditor of Top Global. For the purpose of the circular, Nexia TS converted the financials of Suryamas Group to IFRS in order to prepare its report on examination of the unaudited pro forma consolidated financial statements of Top Global after the acquisition (refer page 95 of the circular). But the report of Nexia TS (appended on page 439 onwards) is hardly legible in the circular. More importantly, the audit opinion on page 440 draws attention towards some adjustment relating to the bargain purchase. But due to a very bad print of the report, we are unable to read any further. And that continues for the entire report appended from page 440 to page 612 of the circular. The company spokesman said the document was compressed during conversion to PDF, and a hard copy would be made available to shareholders at the EGM. 3. Is the purchase price of Suryamas Group justified? Suryamas Group is listed on Indonesia Stock Exchange. As per the latest trading price of Suryamas Group, a 71.52 per cent stake is worth about S$50 million. That's just about a third of the S$153.7 million Top Global is paying for the stake. On page 15 of the circular, Top Global said the independent valuer estimated the fair value of a 71.52 per cent stake in Suryamas Group at about S$306 million. Asia Valuation & Advisory Services Pte Ltd is the independent valuer hired by Top Global Ltd. In estimating the fair value of Suryamas Group, the independent valuer assumd that the market price of the company doesn?t reflect its true value. Therefore, the valuer used the median price-to-net-asset-value and price-to-total-assets ratios of a few other companies to arrive at the fair value (page 21 of the circular). Also, the valuer worked with a local property valuer, IHOT, Dollar & Raymond, to arrive at the market value of the real estate assets and property, plant and equipment of Suryamas Group in Indonesia. To estimate the market value of the real estate assets of Suryamas Group, the property valuer used the "highest and best use" method. On page 22, it added: 'For example, a plot of land zoned for residential use will be sold for what can be practically built on it considering, among other factors, the various legal limitations and market demands. One will not build anything less to realise the value of the land, unless there is an existing approved development plan that cannot be altered. Accordingly, in the absence of documents that indicate otherwise (for instance, the development plan limiting the land use that must be complied with), the Valuer and the Property Valuer are of the view that it is reasonable to value the asset based on its ?highest and best? use.' Apparently, the property valuer estimated the worth of Suryamas's real estate assets at the highest possible valuation. Therefore that makes us wonder if it is reasonably 'fair' to assume the worth of a 71.52 per cent stake in Suryamas Group at S$306 million. 4. What would Top Global's shareholders gain from the acquisition? According to page 19 of the circular, the net assets attributable to the equity holders of Suryamas Group, in Singapore Dollar terms, has been consistently declining in the last three years. It was S$216 million in FY2011 which dropped to S$192.2 million in FY2012 and S$163 million in FY2013. Also, in Q1 FY2014, Suryamas Group recorded a net profit of S$199,000 which was just about 5 per cent of its full year profit in FY2013. After the acquisition, the Net Tangible Assets per share of Top Global will drop to 0.96 Singapore cents compared to 1.17 Singapore cents earlier (page 55 of circular). Based on these numbers, any reasonable investor would wonder what's in the deal for the existing independent shareholders of Top Global Ltd. In response to our queries a spokesman said the company would be happy to address all shareholders? questions at the EGM. ― Investor Central Source: http://m.themalaymailonline.com/money/article/investor-central-top-global-limited-why-did-controlling-shareholders-son-se#sthash.dSCdfqJy.dpuf unique6      ( Date: 15-Oct-2014 02:09) Posted:   Unfortunately management is incompetent.  They bought the 4 land parcels cheap at S$650-730psf. Plus 300 psf for development, they would have made a decent profit had they decided to sell at market price rather than stubbornly keep the selling price 3-5% higher than the neighbouring developments. I went to the show flat and ask about pricing and discounts, the room for negotiations was limited. It didn' t take a genius to feel that after so many govt measures, that property prices will cool. They should have unloaded their units at decent prices back then, $1,400 spf could have been sold out, instead of asking for $1,600spf. Developments job is simple, buy cheap land then resell. Not speculate and hold onto the property. Other developers, buy the land, and launch the sale within few months to lock in the spread. Yes prices could be higher, but that' s taking directional risk. The Braddell and Bartley project took  15-20 months from acquisition to launch. I just think they  have  very poor judgment. The Suryamas company only makes $1-3m a year. They paid $153m plus discount 31% using TG shares. How much would $1-3m a year make? The EPS is now divided by 19 billion more shares.   Qanghoo      ( Date: 14-Oct-2014 20:04) Posted: To be fair to this company though, the catalyst for their move into Indonesia was the extremely difficult property market in Singapore after TDSR.  Recall their indicating as much during one of their financial qr reporting last yr.  If not,  their developments at E n R Maisons and the Quinn might have moved better and they probably would have been quite profitable and declared a dividend without having to seek their fortunes outside Singapore.  So, fingers crossed.  the move to Indonesia might be generally well intended, albeit the way it was done probably disadvantaged minority shareholders, and shareholders may still see daylight yet.
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dragonn Veteran	15-Oct-2014 10:16        dragonn About Contact  Quote this Post!
x 0   x 0  Alert Admin	Whether consolidated or not will not make any differences because the shares you hold is  still gonna be the same % I have no doubt that this will be a profitable buisness, just whether sukmawati will benefit shareholders over the long term or she only benefit herself.     kusje58      ( Date: 15-Oct-2014 09:28) Posted: Consolidation  or not, it doesn' t do  mean anything even though EPS changes because the number of shares we hold  will be the same. 10 mil shares with 1 cent EPS is the same as 1 mil shares and 10 cents EPS.  hmphie      ( Date: 15-Oct-2014 09:20) Posted: TG shares will be consolidated.
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kusje58 Member	15-Oct-2014 09:28        kusje58 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Consolidation  or not, it doesn' t do  mean anything even though EPS changes because the number of shares we hold  will be the same. 10 mil shares with 1 cent EPS is the same as 1 mil shares and 10 cents EPS.  hmphie      ( Date: 15-Oct-2014 09:20) Posted: TG shares will be consolidated. unique6      ( Date: 15-Oct-2014 02:09) Posted:   Unfortunately management is incompetent.  They bought the 4 land parcels cheap at S$650-730psf. Plus 300 psf for development, they would have made a decent profit had they decided to sell at market price rather than stubbornly keep the selling price 3-5% higher than the neighbouring developments. I went to the show flat and ask about pricing and discounts, the room for negotiations was limited. It didn' t take a genius to feel that after so many govt measures, that property prices will cool. They should have unloaded their units at decent prices back then, $1,400 spf could have been sold out, instead of asking for $1,600spf. Developments job is simple, buy cheap land then resell. Not speculate and hold onto the property. Other developers, buy the land, and launch the sale within few months to lock in the spread. Yes prices could be higher, but that' s taking directional risk. The Braddell and Bartley project took  15-20 months from acquisition to launch. I just think they  have  very poor judgment. The Suryamas company only makes $1-3m a year. They paid $153m plus discount 31% using TG shares. How much would $1-3m a year make? The EPS is now divided by 19 billion more shares.
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hmphie Veteran	15-Oct-2014 09:20        hmphie About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	TG shares will be consolidated. unique6      ( Date: 15-Oct-2014 02:09) Posted:   Unfortunately management is incompetent.  They bought the 4 land parcels cheap at S$650-730psf. Plus 300 psf for development, they would have made a decent profit had they decided to sell at market price rather than stubbornly keep the selling price 3-5% higher than the neighbouring developments. I went to the show flat and ask about pricing and discounts, the room for negotiations was limited. It didn' t take a genius to feel that after so many govt measures, that property prices will cool. They should have unloaded their units at decent prices back then, $1,400 spf could have been sold out, instead of asking for $1,600spf. Developments job is simple, buy cheap land then resell. Not speculate and hold onto the property. Other developers, buy the land, and launch the sale within few months to lock in the spread. Yes prices could be higher, but that' s taking directional risk. The Braddell and Bartley project took  15-20 months from acquisition to launch. I just think they  have  very poor judgment. The Suryamas company only makes $1-3m a year. They paid $153m plus discount 31% using TG shares. How much would $1-3m a year make? The EPS is now divided by 19 billion more shares.   Qanghoo      ( Date: 14-Oct-2014 20:04) Posted: To be fair to this company though, the catalyst for their move into Indonesia was the extremely difficult property market in Singapore after TDSR.  Recall their indicating as much during one of their financial qr reporting last yr.  If not,  their developments at E n R Maisons and the Quinn might have moved better and they probably would have been quite profitable and declared a dividend without having to seek their fortunes outside Singapore.  So, fingers crossed.  the move to Indonesia might be generally well intended, albeit the way it was done probably disadvantaged minority shareholders, and shareholders may still see daylight yet.
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dragonn Veteran	15-Oct-2014 08:46        dragonn About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yeah thats the point, what they were thinking is that other developers are selling off the buildings around the same area could not be as good as theirs in terms of deisgn and environment. So they' re charging a higher premium over the other devleopers not willing to go down.   I really hope sumawati will be happy with her current salary and not give herself big bonuses this time round. haruta      ( Date: 15-Oct-2014 07:48) Posted: Xiaomi CMI just like its name can only be a mi. How to compete with samsung or apple. No chance man
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haruta Elite	15-Oct-2014 07:48        haruta About Contact  Quote this Post!
x 0   x 0  Alert Admin	Xiaomi CMI just like its name can only be a mi. How to compete with samsung or apple. No chance man
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