What's Next For Kumpulan Jetson?

Posted recently What's Up Kumpulan Jetson?

On today's Financial Edge Daily, the 'story' continues: Jetson shares fall after takeover fails

• KUALA LUMPUR: Securities of Kumpulan Jetson skidded in early trade on Friday, Oct 2 after a failed takeover by the sons of Naza group founder, the late Tan Sri Nasimuddin SM Amin.
  
  At 9.02am, Jetson shares fell 21 sen to RM1.61, the most in recent weeks, Jetson-WA lost 13.5 sen to 77.5 sen and Jetson-LA lost eight sen to RM1.50.
  
  The FBM KLCI fell 4.57 points to 1,203.78 in line with the weak regional markets after US stocks closed weaker. Turnover was 28.25 million shares done valued at nearly RM15 million shares.
  
  On Thursday, S M Nasarudin and S M Faliq failed in their conditional takeover bid for Jetson as minority shareholders rejected their RM1 per share offer price for the remaining shares in the company
  
  In a Bursa Malaysia filing, AmInvestment Bank Bhd on behalf of the joint offerors, said the offer only managed to secure 1,800 shares or 0.01% of its paid-up capital at the close of the offer.
  
  It said there was no acceptance of the offer for the ICULS and warrants that were respectively offered at 93 sen cash per unit and 0.01 sen cash per unit.
  
  According to the bank, the joint offerors had one third of KJB shares, 7,000 ICULS and 10,500 warrants as at Sept 10, 2009 which was the posting date of the offer document to the shareholders.
  
  The bank said the joint offerors only mustered 17.715 million shares or 33.35% of the issued and paid-up share capital of KJB since the commencement of the offer from Aug 20, 2009. As such, the joint offerors did not managed to secure more than 50% of the company’s shares which would have made their offer unconditional.
  
  AmInvestment announced that the offer had failed to meet the acceptance condition and thus had lapsed as at 5pm yesterday which was also the closing date of the offer.
  
  “The shares will be returned to the accepting shareholder or shareholders as the offer has lapsed and the joint offerers will not extend the offer period,” it pointed out.
  
  Nasarudin and Faliq have undertook a mandatory general offer (MGO) for KJB via Superior Pavillion Sdn Bhd (SPSB) and Odyssey Wealth Sdn Bhd (OWSB) which they have substantial interests. In August, 2009, KJB’s major shareholder who controlled a 33.15% stake accepted the offer from the brothers thus triggering the MGO.
  
  The original offer price for the shares and ICULS were 70 sen and 65 sen respectively while the offer price for the warrants remained the same at 0.01 sen, until the brothers upped the offer to entice shareholders to sell their securities.
  
  In concurring with its independent adviser Kenanga Investment Bank Bhd, KJB’s non-interested directors had advised shareholders to reject the conditional takeover offer as the prevailing market prices of the securities were significantly higher than the offer prices.