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wow, see how the boss manipulate the share price. really no idea what is he planning to do by suppressing the price of the mother share instead of GenM. reverse takeover? GenM buying back Genting Berhad? lol
question now is the rating agency assumed that Genting would cont to acquire GENM and delist it. up until now there s no update on what Genting would do now with it's 74% shares of GenM. are they going to cont to acquire GenM from the open market or extend a new offer or how?
Miami land sales and the New York non gaming assets sales can't proceed if this acquisition of GenM is still hanging half way. it needs to be finalized or concluded..
the boss is still withholding the announcement on Last Friday and Monday acquisition. without this finalizing, genting can't diverse its assets in US to pare down debts and fund their upcoming New York project. those assets value around USD 1.9 billions. Sufficient for the first phase of construction in 2026 and 2027.
the boss should not be underestimated :) at ~74%, the boss has increased his winning odds; he has gained another option to pursue his intention - the scr. He is not in the rush and he has absolute controls over GenM. maybe there will be drama when GenM falls back to 2.00/lower which is before the takeover notification.
the options for the boss - 1.07 These Rules and the Code apply to take-overs and mergers of any listed corporation
and any company or entity specified under paragraph 1.09, howsoever effected, including by means of a trust scheme, a scheme of arrangement, compromise, amalgamation or selective capital reduction and repayment (see notes below).
in terms of shareholders approval - The scheme is approved by at least–
(i) a majority in number of shareholders and 75 per cent in value to the votes attached to the disinterested shares that are cast either in person or by proxy at a duly convened shareholders’ meeting; and
(ii) the value of votes cast against the resolution for the scheme at such duly convened shareholders’ meeting is not more than 10 per cent of the votes attaching to all disinterested shares of the total voting shares of the offeree;
if the boss didnt want to go these routes, he can use the conventional route of buying from the open market and if I am not mistaken, there is no limit to how many shares he can buy as long as it is lower than 2.35 within the 6 months after the take-over offer closing date. So, the first hurdle is official announcement from GenM when it is not meeting 25% public shareholding spread.
if it is open market route, it will take some time, Vin. will have to wait for the closure. doubt funds/insti will make a move for Gent if Gent fails to privatize GenM.
