Buy on weakness: I would suggest about RM 4.
MULTIPLE PROPOSALS TIME DOTCOM BERHAD (“TdC” OR “COMPANY”) (I) PROPOSED INTERNAL RESTRUCTURING OF TT DOTCOM SDN BHD (“TTdC”) (II) PROPOSED DIVIDEND-IN-SPECIE OF ORDINARY SHARES OF RM0.01 EACH IN DIGI.COM BERHAD (“DIGI”) (“DIGI SHARES”) TO THE SHAREHOLDERS OF TdC (COLLECTIVELY, (I) AND (II) ABOVE ARE REFERRED TO AS THE “PROPOSALS”)
| TIME DOTCOM BERHAD |
| Type | Announcement |
| Subject | MULTIPLE PROPOSALS |
| Description | TIME DOTCOM BERHAD (“TdC” OR “COMPANY”) (I) PROPOSED INTERNAL RESTRUCTURING OF TT DOTCOM SDN BHD (“TTdC”) (II) PROPOSED DIVIDEND-IN-SPECIE OF ORDINARY SHARES OF RM0.01 EACH IN DIGI.COM BERHAD (“DIGI”) (“DIGI SHARES”) TO THE SHAREHOLDERS OF TdC (COLLECTIVELY, (I) AND (II) ABOVE ARE REFERRED TO AS THE “PROPOSALS”) |
We refer to our earlier announcements dated 7 December 2012, 25 January 2013, 27 February 2013 and 18 March 2013 in relation to the Proposals. Unless otherwise stated, words and phrases used in this announcement shall have the same meanings as defined in the aforesaid announcements.
On behalf of TdC, CIMB Investment Bank Berhad wishes to announce that:
i) the TTdC Capital Repayment took effect today with the lodgement of the order of the High Court;
ii) the Intercompany Settlement, TTdC Dividend-in-specie and TTdC Capital Repayment have been completed today with the transfer of 131,181,619 DiGi Shares from TTdC to TdC; and
iii) the TTdC Disposal has been executed today with the transfer of 143,818,381 DiGi Shares viadirect business transaction from TTdC to TdC. The transfer is expected to be completed on 8 April 2013.
This announcement is dated 3 April 2013.
| |
1 comments:
In TIMECOM's announcement on 27/2/13, it did mention it needs shareholder approval, which is still in pending mode.
But if you look at original proposal document, dated 7/12/12, Page 7. Here is the sentences:
"The Proposed TTdC Internal Restructuring and Proposed TdC Dividend-in-specie are not subject to the approval of the shareholders of TdC."
Perhaps due to Capital markets and Services (Amendment) Act 2012, which came into operation on 28/12/12?
- The proposed TIMECOM's dividend-in-specie is no longer subject to approval of the SC.
- But it is now needed approval from shareholders????
This is the part I'm not really sure. If purely based on 7/12/12 proposal document (page 7), it doesn't required any shareholders approval for this dividend-in-specie.