I Do... The Good, The Bad and The Pretty!

This is simply gonna be yet another saga!

So how did Intan Utilities trade today?

It's previous day closing price was at 3.08.
It's opening price was 2.30 (wow! Die standing!)
It closed the day at 2.79.

Tell me.. if one had bought Intan because of this purcahse BJ Sports Toto share purchase, surely they would not be too pleased at what's happening. Perhaps that's an understaatement. Mighty angry would have been a better description. Yes?

Now OSK carried a write-up on this corporate issue.

And again, the issue is simple. For whom they are writing for? The Good? The Bad? or The Pretty(?)?

Here is what's written.

Conclusion

The Good - BTOTO. With the latest development, shareholders would be able to enjoy early capital repayment as the whole exercise is expected to be completed in the next 4-6 months vis-à-vis the original proposal whereby the whole deal is expected to finalise only by end-2006 as this can be implemented before the settlement of the inter-company loan. Maintain BUY on the stock with fair value tagged at RM5.20.

The Bad - INTAN. The saga continues and Intan?s position has been put in a quandary. During an analysts? briefing management have alluded to that there are new plans for the company that will be announced shortly. NOT RATED

The Pretty - B-LAND. Certainly benefiting from recent rise in BToto share price. With this, realisation to alleviate this persistent inter-company loan is getting ever closer. NOT RATED

For me, I am one of the investing public, hence I need to speak for the rest of the market.

So, as one, as a minority investor of the Bursa Malaysia (err. me own not a share in this group), I felt that perhaps this corporate exercise has made a total mockery of Bursa Malaysia. (hey, this is a blog of my opinions, my mumblings, heck, if it wasn't, why should i bother, right?).

We have a share of a company which was struggling to make money, a company which saw its value tripled because of a proposal to make an inter-related transaction. And all of a sudden, the company said it was rescinding that transaction.

How?

As for OSK conclusion, i asked of a simple question. Does it even matter?

Yes, this is not a trick question but just how can you define value, how do you safely define which is good, which is bad, which is ugly when this group of company continues to flip-flop its corporate exercises?

How brown cow?

Think about it dude....