舉債來投資 MEGAN 值得嗎 ? （八）

Mr.Business

重要是这一句：＂而那位刚退为董事转去当财务顾问的Daniel说－ 他们正在和一些对Megan的行业有兴趣的外国基金进行洽商！＂

PS： 他其实叫DANNY，不是Daniel

Mr.Business

我highlight了一些我觉得蛮有意思的句子。我觉得27／4／2007和26／10／2007会是对MEGAN蛮重要的日子,尤其是26/10/2007。


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

ISSUER : MEMORY TECH SDN BHD ("MTSB";)
RM320.0 Million Bai' Bithaman Ajil Serial Bonds ("BBA Serial Bonds";)
- Proposed Revision to the Terms of the BBA Serial Bonds (";Proposed Revision";)
- Proposed Issuance of Hibah Promissory Notes (";Proposed Hibah Bonds Issuance";); and
- Proposed Exemption for the Proposed Hibah Bonds Issuance from complying with the
  following:-
(i)   Guidelines on the Offering of Islamic Securities;
(ii)  Guidelines on Minimum Contents Requirements for Trust Deeds; and
(iii) Securities Commission (Fees and Charges)(Amendment) Regulations 2004
      (";Proposed Exemption";)

(The Proposed Revision and Proposed Hibah Bonds Issuance shall be collectively referred to as the ";Proposed BBA Serial Bonds Restructuring";)

(The Proposed BBA Serial Bonds Restructuring and the Proposed Exemption shall be collectively referred to as the ";Proposals";)
_________________________________________________________________________

1. Proposed BBA Serial Bonds Restructuring

   Background

Pursuant to the Proposed BBA Serial Bonds Restructuring, MTSB has proposed for changes to certain terms and conditions of the BBA Serial Bonds, details of which are set out in the following section.

MTSB has agreed to reward the holders of the BBA Serial Bonds by issuing promissory notes as a gift or "hibah" to the holders of the BBA Serial Bonds (";Proposed Hibah Bonds Issuance";) as an appreciation of the willingness of the holders of the BBA Serial Bonds to consent to the Proposed BBA Serial Bonds Restructuring. The Hibah Bonds will be issued in the form of secondary bonds forming part of the Secondary BBA Serial Bonds which are attached to and non-detachable from the Primary BBA Serial Bonds.

MTSB has appointed BinaFikir Sdn Bhd as the Financial Adviser and AmMerchant Bank Berhad ("AmMerchant";) as the Submission Adviser for the Proposed BBA Serial Bonds Restructuring.

The holders of the BBA Serial Bonds have consented to the Proposed BBA Serial Bonds Restructuring via resolutions passed on 8 September 2006 and 19 October 2006 respectively. On 20 September 2006, the Shariah Adviser has confirmed that the Proposed Revision is in compliance with Shariah principles.

On 6 October 2006, AmMerchant has made an application to the SC on behalf of MTSB, in relation to the Proposals. The approval of the SC was obtained vide their letter dated 18 October 2006.

A supplementary trust deed governing the Proposed BBA Serial Bonds Restructuring ("Supplementary Trust Deed";) has been executed on 9 November 2006. The effective date for the Hibah Bonds shall be on 10 November 2006.


Details of the Proposed BBA Serial Bonds Restructuring

Salient details of the Proposed Revision and Proposed Hibah Bonds Issuance are as follows:-

(i) Proposed Revision:

1. Financial covenants of the BBA Serial Bonds shall be revised as follows:

                       Year 1                Year 2                   Years 3 to 7
Total Debt/Equity ratio Not exceeding 1.70:1 Not exceeding 2.00:1 Not exceeding 1.80:1
Total Debt/EBITDA ratio Not exceeding 2.50:1 Not exceeding 4.25:1 Not exceeding 3.50:1

2. MTSB has the right but not the obligation to redeem in part or in full the outstanding BBA Serial Bonds at par prior to its maturity on two (2) redemption dates, i.e. on 27 April 2007 and/or 26 October 2007.

3. Any funds raised from any equity issuance by MTSB and/or Megan Media Holdings Berhad (being the Guarantor) on or prior to 26 October 2007 shall be used for the early redemption of BBA Serial Bonds.

(ii) Proposed Hibah Bonds Issuance

MTSB has agreed to reward the holders of the BBA Serial Bonds by issuing promissory notes as a gift / "hibah" arising from the willingness of the holders of the BBA Serial Bonds to consent to the Proposed BBA Serial Bonds Restructuring.

The Hibah Bonds shall be binding on MTSB to make the following payments to the holders of the BBA Serial Bonds, as follows:

Series Hibah Amount(for period effective        Hibah Amount(for Year 3 onwards)
       10 Nov 2006 up to end of Year 2)

1      1.25% p.a. of Primary BBA Serial Bonds          -
2      1.50% p.a. of Primary BBA Serial Bonds          2.50% p.a. of Primary BBA Serial Bonds
3      2.00% p.a. of Primary BBA Serial Bonds          3.00% p.a. of Primary BBA Serial Bonds
4      2.50% p.a. of Primary BBA Serial Bonds          3.50% p.a. of Primary BBA Serial Bonds
5      2.70% p.a. of Primary BBA Serial Bonds          3.70% p.a. of Primary BBA Serial Bonds
6      2.85% p.a. of Primary BBA Serial Bonds          3.85% p.a. of Primary BBA Serial Bonds

The Hibah Bonds shall, upon issue, not be detachable from the Primary BBA Serial Bonds and shall cease to exist or be valid upon redemption of the corresponding Primary BBA Serial Bonds.

The salient revisions are further detailed in the Supplementary Trust Deed dated 9 November 2006, a copy of which is available for inspection upon request during normal business hours at the Trustee's office at:

Mayban Trustees Berhad
34th Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur

2. Conflict and Potential Conflict of Interest Situation and Relevant Mitigating
   Measures

AmMerchant has been appointed as the Submission Adviser for the Proposals. The potential conflict of interest situation may arise due to AmAssurance Berhad's RM10.0 million nominal holding of the BBA Serial Bonds, representing approximately 3.13% of the total issue. AmAssurance Berhad is a subsidiary of AMMB Holdings Berhad, the holding company of AmInvestment Group Berhad which in turn wholly owns AmMerchant Bank.

MTSB is aware of and has no objection to the above potential conflict of interest situation and is agreeable to proceed with the present arrangement as the aforesaid matter has been disclosed to and acknowledged by the MTSB's Board of Directors.

The Board of Directors of MTSB is fully informed of and is aware of the conflict of interest situations and is agreeable to proceed with the present arrangement.

https://fast.bnm.gov.my/fastweb/public/PublicInfoServlet.do?chkBox=2006110900024&mode=DISPLAY&info=NEWS

[ 本帖最后由 Mr.Business 于 12-3-2007 11:57 AM 编辑 ]

sambora

原帖由 Hansik 于 12-3-2007 11:40 AM 发表



这样的回答，因该是更加重了问题本身的疑问。
expand product technology and product capacity 是要注入成本的。
get funds for expand 是要还的。

这样的 statement 虽然是正面的说法，却只适用在 ...

可能管理层不想解决负债，因为钱照借，机器照买，拥金照拿，何乐不为！？

Mr.Business

光碟业是需要大量资本的（capital intensive),要得到大量资本有两个方法：向投资者筹资（equity financing)或向银行借钱(debt financing)。

早期，MEGAN用了很多次private placement来筹资。可是，现在MEGAN的股价跌过par value，private placement不能用了，所以MEGAN只好向银行借钱和发债券。如果MEGAN现在要还债，她只能向投资者筹资。这表示MEGAN的股价一定会超过par value。

跟向银行借钱来比较，在大牛市时向疯狂的投资者／投机者筹资是更低廉的。MEGAN股价被推低和打压，大量的坏消息，董事的卖票，YEO被FORCE SELL，BRAHMAL的进场，通通是有关系的。

PS：MEGAN是赚大钱的公司，可是她的钱都用来买机械了，就是所谓的＂看到的钱，可是是拿不到的钱＂。你必须考虑你愿不愿意做MEGAN的老板。

PPS：不明白为何BRAHMAL成为MEGAN大股东的消息没有上报纸。

tatuto

看了MR。BUSINESS的帖，有一些想法不知是不是这样。

生意有起有落，当时MEGAN刚好有一些问题正在积极开发新客户。不久后YEO和BRAHMAL就遇到，BRAHMAL有大量的生意可以给MEGAN。，绝对可以赚多很多。条件是他或基金要入股而且要配合他压底股价。

压底股价的方法是放出大股东卖出消息，和提高负债。BRAHMAL说不必担心买太多机器因为当时候一到（票收够了），他将把这些生意都给MEGAN做。那时新机器将大派用场，现在只是提早买压底股价。

YEO和BRAHMAL同样可以得利，两个不停的压底股价和收票。当股价回到原本的位置，YEO的身家将会大大提升。然后MEGAN的生意又可以大量提升，对YEO来说是利多于弊。

不必担心BRAHMAL在骗YEO买机器因为没可能他会无端端把钱丢进海里。

Mr.Business

MEGAN最需要的是资金，不是更多的生意。

不正不正

原帖由 <i>tatuto</i> 于 12-3-2007 02:36 PM 发表<br />
看了MR。BUSINESS的帖，有一些想法不知是不是这样。<br />
<br />
生意有起有落，当时MEGAN刚好有一些问题正在积极开发新客户。不久后YEO和BRAHMAL就遇到，BRAHMAL有大量的生意可以给MEGAN。，绝对可以赚多很多。条件是他 ...

<br />


我也是觉得没有理由BRAHMAL钱多到要买股票来烧钱.
没有钱赚的股票,谁会要大量买进?

阴谋师

炒家的动作似乎太明显了，０。６１０再加码５万股。

阴谋师

原帖由 阴谋师 于 12-3-2007 03:15 PM 发表
炒家的动作似乎太明显了，０。６１０再加码５万股。

买／卖双方似乎达成了某种默契，你放我收。是玩左右手的游戏？还是有两组不同的人在进行某种交易？

大棵呆

原帖由 Mr.Business 于 12-3-2007 02:59 PM 发表
MEGAN最需要的是资金，不是更多的生意。

生意不就能让你产生更多资金吗? 有那间公司那个行业, 不须要生意就会有钱的?

凡事回到基本, 债务如果没有资金注入, 是不是还得靠生意? 再说, 也要有生意才会有人拿资金注入呀!

kray_keigo

在目前的价位买进megan~~~不会输钱~~~赢钱几率大过输钱~~
我的弟弟说的~~~今年十六岁~~用我户口我买进5张了~三千多块
问我意见~~我讲我什么都不懂

阴谋师

原帖由 kray_keigo 于 12-3-2007 03:55 PM 发表
在目前的价位买进megan~~~不会输钱~~~赢钱几率大过输钱~~
我的弟弟说的~~~今年十六岁~~用我户口我买进5张了~三千多块
问我意见~~我讲我什么都不懂

你不是不懂，而是懂得太多。过多的资讯，让你举棋不定。
你不买Megan，但是又不阻止弟弟买Megan，说明你心中是５０／５０，赢输机率各一半。

阴谋师

如果BRAHMAL真的注入大笔资金，就看Megan以什么方式接收这笔资金。如果是借贷，Megan还是没希望。

kray_keigo

原帖由 阴谋师 于 12-3-2007 04:12 PM 发表


你不是不懂，而是懂得太多。过多的资讯，让你举棋不定。
你不买Megan，但是又不阻止弟弟买Megan，说明你心中是５０／５０，赢输机率各一半。

呵呵~只是我想不到很好的理由叫他不买~~负债高？欠酱多钱银行怕过你。
还利息都够了咯？我买店借钱换银行利息也不少只要她一天不倒就行了~
就由他把~~就算跌到0。50也输不多巴~~
我只是劝他如果下跌就不好average down就好~
小小学会买股票是不错的~~好过买一粒电话几千块

阴谋师

原帖由 kray_keigo 于 12-3-2007 04:22 PM 发表

呵呵~只是我想不到很好的理由叫他不买~~负债高？欠酱多钱银行怕过你。
还利息都够了咯？我买店借钱换银行利息也不少只要她一天不倒就行了~
就由他把~~就算跌到0。50也输不多巴~~
我只是劝他如果下 ...

这一轮它还炒不起，反而向下跌，就不是跌到0。50那么简单了。
它会是另一个Amsteel吗？

intrexpo

没理由。。印度水　拿钱来烧。。。
我也进少少　当投资。。

tatuto

你好，其实可能两者都有。若股价回到PAR VALUE，MEGAN可能就会发行附加股，然后基金买入（注入资金）一举解决２０％－３０％的债。债务降低了股价再次升高。

不过，单靠注入资金还是不够，必须要有生意维持才行。不然还是把注入的资金亏了。所以，给MEGAN生意是比较好的做法，可以让大众看到MEGAN生意大量提升，赚的钱已经高过利息和有能力３－５年里还清债务。

若冉

有炒家大量买进megan

故事要进入高潮了？

8years

可能我经验少。我没看过炒家将量放大而价钱推下。。。。。。。。
为什么会有那么特别的情况出现？？难道megan之炒家战是独特的？？

阴谋师

今天炒家的表演还不错，如果把价钱打压到０。５５以下就更好了。

很可惜，因为是投机，它已经达到了我投机资金比例的上限，不然还可以继续加码。

以上言论纯属自言自语，千万不要拿来做买／卖依据。