good decision. and those that invested in Gent/GenM typically put in a substantial amount for mid to long term investment hoping for capital growth + collecting dividend in the mean time. Dividend is gone now and GenM will be gone too (possibly delisted if privatization is successful). Tough time for GenM shareholders now - to accept or reject the offer.

Genting vs genm...
Base on genm currently price ... gent can't buy the shares at all... BUT...
Is LKT really failed to takeover?
Let's think twice .. LKT Already plan this takeover plan since 1 year ago..
Or he still got other plan for next ?
if I am LKT ..I will collect huge lots on 1.47++ and make it 60% before announce takeover plan ...
why he doesnt want to do this ?

Kenanga's annoucement today showed GenT bought 2.37 last Friday, it may take days to come out with a revised offer price to match 2.37, with an extension of at least 14 days, let's wait. With this price increase, more will be willing to join GenT perhaps?

Many different possibilities. It can also be a Hollywood drama for show of support to convince gaming board to issue RWNYC the license due to parent Genting Bhd holding majority stakes in GenM? And there are only two finalists for the 3 NY full casino license. He just need to complete the show and doesnt really matters if he is not successful to privatize GenM now. He can try again next year and take his time accumulate?

Should not be at the expense of minority shareholders, Francis :) well, the supplemental doc showing RWNYC is gung-ho about the prospect of full casino license and if that's the case, why not offer higher price to privatize GenM? Everyone will be happy except the owners :)

Agree ! Cheng ! :-)
I noticed at the moment
genting investor vs genm investor. .
but lkt sure will know since the takeover price for genm 2.35...99% of investor sure unwilling to accept the offer unless only wait is revise the offer price to RM2.45-2.50..
Win Win !

The funding for GenM privatization will be done through debt financing and just a matter of 6bil+ or 7bil+. 90% shareholdings at this rate is really tough and unlikely by 1st Dec. 75% will be really tight. Will be interesting to see the outcome by 1st Dec.

Agreed, Vin. And owners can spend additional 1bil+ for the higher offer price from their private vehicle instead of load the debt to Genting and sell the stakes In the future if GenUS is listed to recoup the privatization cost

Not sure about rumors, Francis. Genting's MTN program can be used to issue up to 10bil bonds. 2bil+ used so far. It will drag Genting's earnings if the total debt for the privatization is loaded to Genting. And yet to include the usd5.5bil NYC expansion plans if they secure the license.

another route for listing of GenUS will be for Gent and GenM to sell the US assets (spin-off) to GenUS/Kien Huat Realty and the returns of the sale to be distributed to every Gent&GenM shareholders via special dividend :)

no idea where the confidence came from, Kyory :) US assets performance were not good over the years as can be seen from GenM and recent RWLV performance comparing to the invested capital in these assets. If the team is struggling with US assets performance, will investment of 5.5bil for RWNYC provide better performance in the future? Ultimately, its the return to shareholders that matters; dividend / share buybacks and capital appreciation. The results is there for people to judge it.

New York for them is profitable since 1st day even with slot machine only in Queen but the proposed tax rates is too high even Genting able to turn to full casino faster compare the other 2 bidders which need start from greenfield. That's why yesterday ask to reduce rates compare to the 2 bidders or increase their rates for fair competition

I think eventually the might not reduce the rates proposed but could give tax incentives to Genting and if two (2) license also good for ease of monitoring and lesser competition and higher chance of survival and achieve the tax the US want.

I have doubts on Asian gaming market and importance of table games for Asian market in NYC as quoted in the supplemental documents will generate high ebitda margins comparing to MY and SG assets. I prefer higher return to shareholders (dividend / share buybacks) until the day US assets showing better returns. If the owners wanted to list US assets in US, sell off US assets in Gent and GenM to the US entity and give back the returns in the form of special dividend to shareholders. Clean break up from US assets :)

Please allow me to make a bold assumption have you ever considered the possibility that Lim Kok Thay already holds 75% of the shares, regardless of the method? If that's the case, do you think it would be the most advantageous arrangement for him to release information and tell everyone not to sell anymore? After all, if everyone sells to him now, he has to accept it according to the acquisition regulations. But if he already has enough for 75%, and is just waiting for the right moment to announce it step by step, then he can temporarily save a large sum of money. He can temporarily put aside those shares he's holding onto and use the money to invest in New York casinos. I may have watched too much TVB and have many far-fetched ideas, but I still maintain that you shouldn't try to outsmart your boss. What everyone sees is what he wants everyone to see.

He has the debt financing to back his plans and there are still people accepting the offer as can be seen from the announcements. Quite a substantial qty of offer acceptance, John. As for timeline, I did not notice any statement related to no extension statement timeline in the offer document or maybe I missed it.

the plans post GenM's privatization will be more interesting. It will give the much needed hype for Gent if it is successful; at least in the short term and long term cyclical eventually - rising and falling with consumer spending

unfortunately, there is no magic numbers without privatization of GenM and list US assets separately, Eddy. (1) ebitda margins for US assets is not good compared to MY and SG assets; its basically on par with UK assets now which is considered a low margin segment :( A lot more money have been invested in US assets comparing to UK assets. US will continue to drag the performance of GenM/Gent based on actual performance reported so far. A clean breakup is necessary in my personal opinion. (2) Look at the profit attributable to owners versus NCI for Gent. Well, MY and SG assets performance are the reasons NCI portion is way higher and the conglomerate discount effect dragging the profit attributable to owners.

cheng, the low profit in both GenM and Genting already magic numbers..the boss can just do some creative accounting to align to what he plans to do or what stories he wanna sell. I just awaiting how the existing ownership from 64% up to 75% all of sudden next Monday for the privatization.

Dont forget that we are dealing with a casino boss. can we really outsmart a casino boss on his poker game? he control the cards, he controls the croupier and he even controls the security and CCTV. he can even refuse to exchange your casino chips. don't read into the numbers too much. just follow the stories he wanna sell.

now we know he s desperate to secure the New York license casino by even go all in with highest tax and bids. He even desperate to privatize GenM for total control stake to further his goals in operating and investing more in the US. can a mere 20% minority shareholders stopped him from getting what he wants? it s a futile action and we watched too much meme share like GME. it won't happen here as Malaysia market is too small for minority shareholders to take collective action

It must have been a period full of anxiety for you, Vin. Hope it will be a positive return for your investments soon. I am still in the opinion that the owners have to privatize GenM in order to list US assets. Its a question of when and what/how much it takes to achieve it.

not exactly min 12 months. better wait for official communication. It can be extended without revising offer or extended with revised offer if owners' intention is to privatize GenM. If privatization of GenM is not the intention, then, makes no sense to extend further :)

12.03 Revisions of take-over offer
(1) Where an offeror revises or is required to revise the take-over offer, the offeror
shall–
(a) announce such revision together with the following information–
(i) the revised offer price; and
(ii) the price paid or agreed to be paid and the number of voting
shares or voting rights purchased or agreed to be purchased,
which lead to the revision;
(b) post the written notification of the revised take-over offer to all offeree
shareholders, including those who have accepted the original take-over
offer, no later than the 46th day from the date of the offer document;
and
(c) keep the take-over offer open for acceptance for at least another 14
days from the date on which the written notification is posted.

I think the two days you mentioned is referring to extension without revising offer and the clause is in page 82, CK. I am referring to can be extended without revising offer or extended with revised offer :) I can sense the privatization of GenM is causing lots of tension even between GenT and GenM retailers. But again, its just my opinions based on what is securities commission requirements and could be wrong. Just ignore it :)

Once a shareholder (or party acting in concert) reaches over 50% voting shareholding (i.e. a controlling share), the “creeping acquisition” rule (the 2% per six-months cap) ceases to apply. GenT can continue to accumulate GenM shares thereafter. Effectively, their objective to have > 50% shareholdings via the MGO duly accomplished.

Honestly, GenM delisting is high as 73.13% is not that far from 75%, Vin. If LKT were to buy from open market and particularly higher than 2.35 within 6 months after today's offer closing date, then, he will need to extend the higher price to those that accepted during the offer period. But, Genting has mentioned before that they do not intend to increase the offer price. Those that accepted the offer during the offer period are protected and do not have to worry.

This is the clause which provides protection to those that accepted the offer during the offer period and need not worry about LKT buying higher than offer price within 6 months after offer closing date.
18.01 Favourable deals in relation to offers
Unless otherwise approved by the SC in writing, the offeror or persons acting in concert with it shall not make any arrangements with selected shareholders and shall not deal or enter into arrangements to deal or make purchases or sales of shares of the offeree,
or enter into arrangements concerning acceptance of an offer, either during an offer or when an offer is reasonably in contemplation or for six months after the close of such offer, if such arrangements have favourable conditions which are not to be extended to all shareholders.

Mission accomplished as Genting already achieved > 50% and close to 75%. Genting will no longer be restricted by the 2% shares accumulation “creeping rule”. They will likely pursue gradual open-market accumulation at 2.35 & below and will eventually passes 75%. After passing ~75%, Genting can apply for statutory-control delisting.

Wah. Want to go there meh? I am not sure how much. Have to go to GenM's latest statement of changes in equity to see how much is the treasury shares and then what is Gent's latest shareholding. Depending on the bonus share ratio, the total bonus share to be issued will then be distributed to shareholders accordingly.

First is to wait for official announcement from GenM that it is not meeting 25% public shareholding spread. Then, the drama starts from there - peaceful delisting (mgmt and shareholders) or hostile delisting where Bursa steps in due to non compliant. Lol, no pun intended. Basically, the plans forward upon official announcement.

In a takeover/private-offer scenario (eg. Kim Hin Industry Bhd), the public spread fell to ~24.22% due to acceptances and offers; but the take-over offerors clearly stated they did not intend to maintain the company’s listing — in effect, signalling eventual delisting. 

All 3 finalists got through and recommended for license by the location board. Next is nygc turn to review and issue license by 31st Dec. All 3 sites are pretty close to each other; within 30 mins drive. Steve Cohen and Resorts World Aqueduct site is approx 15 mins apart by car. Cannibalization of footfall traffic in the future.

I hope so, Vin :) Cannibalization of footfall traffic and threat from NYC online gaming legislation will be two main risk factors in the future, Daniel. Tax rates has yet to be finalized though RWNYC has proposed the highest. Seems like the intention by the nygc is to have different rates.

the boss doing his magic number again. already pre-warn the retailers not to fight the big casino boss. this isn't US market. genting would easily acquire 1% of GenM today. by mid next week, there could be announcement already on suspension and delisting of genm