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Agree with jarret, initially was eager with NIIS, but after seeing their result yesterday, Myeg is really undervalued, looking from pe perspective or future prospect as well. With good management under Mr Wong, we as shareholders should be less worried and just wait for the share price to go up slowly and steadily.
GH Tang, I would say it is neutral, coz still can't 100% sure S5 is the real channel to NIIS until the contract is out. But definitely myeg would have gained from its initial investment in S5 once S5 goes listing (consistent with what they said when they acquired S5 in early June). I think this afternoon is overall market sell down due to Top Glove case, not necessarily related to Myeg today announcement.
Ed L, I am not saying they are the shareholders now. I am saying if the agreement were to go ahead, Ancom is to issue new shares to the Vendors (they are not paying the vendors in cash) and the impact is Myeg will become a shareholder of Ancom (whether substantial shareholders or not, I don't know), but they will have interest in Ancom, and Ancom has interest in S5
I believe so from the announcement. The announcement was made at 8.30am, 10am resumption would have reflected the effect of the news. Dun think afternoon or later on will have any impacts on the price. Main thing is myeg still has indirect interest in S5, and hopefully is the 'real' channel to get NIIS.
I think Connect fell because they were initially telling the whole world that they were in an RTO arrangement with S5, but turned out not them but Ancom is the one. My two cents
From the announcement, ancom has to satisfy its purchase of S5 via issuance of new shares to the vendors, i.e. S7, MAL, Myeg and Avocat. Check out the announcement page 5 Clause 3.1(a) - Proposed acquisition
I dun think they are selling its stake. It is a RTO, so myeg owns ancom and ancom owns S5 (ancom is to fulfil its purchase via issuance of new shares to myeg). While retaining its ownership in S5, it still can unlock its initial investment in S5 and make capital gain. Why is it a bad news?
