Friday, October 20, 2006

Why So Mad At Turf Clubs??

Just received confirmation that all racing telecast will be stopped from October 20th. Now, why am I so mad with the committee members. Club members hold themselves in close circle of cronyism, I would like to present a few questions to them:

a) who decides who gets to be a member, what God given right does members have it to lord over the paying public?

b) the race course is supposed to move from Sungei Besi to Bkt Beruntung area, as part of comepnsation, why do members ONLY get to buy certain bungalow lots at priviledged prices, when did turf clubs practicse NEP of their own?

c) can we have a breakdown of public patrons and actual club members at race courses - would I be very far off if the ratio is 85-15?? never have so much carried the burden for so few...

d) do the members have the interest of racing at heart of their own??

e) did Tanjong bitch when the Totalisator Board kept losing RM15-30m a year for the longest time, now they are just making a few moves to improve betting turn over and the biggest fuckers in their way is not the government but the bloody committee members of the fucking clubs....

f) when did turf clubs became profit making entities... the government should just give the running of turf clubs to Tanjong/PMP also, and lets appoint a proper CEO to run the whole thing ... the ex-CEOs of Singapore Turf Club and HK Turf Club were proper professional managers and before that were never involved or connected to racing...

4 comments:

Rohan_888 said...

"Just received confirmation that all racing telecast will be stopped from October 20th."

Oh my, all the planning and hard work of all involved in the telecasting for nothing? Quite unbelievable.

I agree with you that all should be reorganized, much to many organisations involved. As fas as I know, in Hong Kong the HKJC runs the whole show, turfclubs, betting (both on course and of course), etc, etc, etc. Let them use that as an example: how to run things professionally, how to bring world class races to the people.

Chairman Q said...

I am not mad with Turf clubs, but I am mad with SC for its ruling on takeover offer price for Ramunia-PA! The SC doesn't allow for the preference shares (PA) of Ramunia's to be immediately convertible into ordinary shares during a takeover offer by disallowing the amendment to its M&A of association. I think that is totally against the spirit of protecting minority sharesholders as provided under our takeover code! Dear Salvatore, is there any way a minority preference shareholder like me can appeal to Sc should the takeover comes to fruition?

Salvatore_Dali said...

chairman q,

pls show me the ruling as i could not find it in any announcement... if its true, yes, you can and should launch a protest and schedule a meeting with SC officials, they HAVE to meet with everyone with genuine grievances, and this is an actual one. Try to get some expert advice and testimony or opinion when speaking to SC, like try to get Tan Teng Boo or some research head, etc... to write an opinion on the matter, do dig out previous takeovers and the treatment of Ps and CULs.

Chairman Q said...

Submitting Merchant Bank : CIMB INVESTMENT BANK BERHAD
Company Name : SIME DARBY BERHAD
Stock Name : SIME
Date Announced : 17/10/2006



Type : Announcement
Subject : SIME DARBY BERHAD ("SDB" OR THE "COMPANY")

RULING FROM THE SECURITIES COMMISSION ("SC") IN RELATION TO THE OFFER PRICING OF CONVERTIBLE SECURITIES IN RAMUNIA HOLDINGS BERHAD ("RAMUNIA") ("SC RULING") PURSUANT TO POTENTIAL MANDATORY OFFER FOR SUCH SECURITIES IN THE EVENT AN AGREEMENT IS REACHED ON THE POSSIBLE ACQUISITION OF A CONTROLLING STAKE IN RAMUNIA ("POSSIBLE ACQUISITION")

Contents :

Reference is made to the letter by the SC dated 11 October 2006 (which was received on 12 October 2006) in relation to the Possible Acquisition ("SC Letter").

On behalf of SDB, CIMB Investment Bank Berhad (formerly known as Commerce International Merchant Bankers Berhad) ("CIMB") wishes to advise that the Company is currently still in discussions with the vendor in relation to the Possible Acquisition.

On 29 September 2006, for the purpose of seeking clarification on the requirement of the Malaysian Code on Take-Overs and Mergers 1998 ("Code") with regards to the pricing of convertible securities pursuant to a mandatory offer ("MO"), CIMB on behalf of SDB, had written to the SC seeking the SC Ruling in relation to the offer pricing structure for the convertible securities in relation to the Possible Acquisition ("Ruling Application"), in view of the unique characteristics of certain convertible securities and the requirement for a comparable offer for such convertible securities under the Code (please refer to Section (ii) below under summary details of the Ruling Application).

Summary details of the Ruling Application are as follows:

(i) Apart from the Employees Share Option Scheme ("ESOS") options expiring in mid May 2010, Ramunia has in issue the following securities:

Notes:

*1 Extracted from Ramunia's latest Annual Report 2005.

*2 Exercise price of Warrants is RM0.55 per Warrant, expiring end December 2014.

*3 5-year 1% non-cumulative ICPS, each convertible into 1 new ordinary share in Ramunia upon its maturity in end December 2009.

*4 3-year 1% ICULS, each convertible into 1 new ordinary share in Ramunia upon its maturity in end December 2007.

(ii) The ICULS and ICPS have the following characteristics (among others):


(iii) In the event the Possible Acquisition materialises, pursuant to Part II of the Code, the Possible Acquisition would trigger a MO obligation on the part of SDB, whereby SDB will be required to offer to acquire all the remaining ordinary shares in Ramunia not held by it ("Offer Shares") subsequent to the Possible Acquisition ("Ordinary Shares Offer").

(iv) Further, in the event the Possible Acquisition materialises, pursuant to Section 30(1) of the Code, SDB is also required to offer to purchase those convertible securities in Ramunia not already held by it (save for the ESOS options which requires conversion into ordinary shares prior to acceptance of the Ordinary Shares Offer) subsequent to the Possible Acquisition.

(v) In view of the above, in the event the Possible Acquisition materialises, SDB proposes to adopt the following offer pricing structure for the ICULS, ICPS and Warrants in Ramunia:


Pursuant to the SC Letter, the SC had approved the Ruling Application subject to the following conditions, should the Possible Acquisition materialise and a MO needs to be undertaken by SDB:

(i) If Scenario 1 above is adopted, such ICPS should not be allowed for early conversion before its stated maturity date. Further, the M&A of Ramunia should not be amended to allow for conversion at any time in the future.

(ii) The ICULS holders be allowed to convert their ICULS, and as such, SDB should accept at the Ordinary Shares Offer price if ICULS holders accept the MO by tendering the acceptance form together with their notice for conversion during the offer period, in line with Scenario 2.

(iii) A preliminary announcement to be made immediately by SDB to Bursa Malaysia Securities Berhad, in respect of negotiations with the vendors for the Possible Acquisition, and CIMB's application on the proposed pricing structure together with the SC's decision.

At this juncture, SDB has neither reached an agreement with the vendors nor decided on any firm offer pricing structure in relation to the Possible Acquisition. Appropriate announcements will be made by SDB as and when there is material development in relation to the Possible Acquisition.

This announcement is dated 17 October 2006.





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