【Magnum 交流專區】每股RM3 萬能全面獻購萬能萬字

Mr.Business

新闻。

Saturday November 24, 2007

Privatisation of Magnum gets investors fired up

Stories by YVONNE TAN  and LEONG HUNG YEE

PETALING JAYA: Multi-Purpose Holdings Bhd's (MPHB) proposal to take its 55.54% subsidiary Magnum Corp Bhd private has gotten the investing community crunching the numbers to hazard a guess on how attractive the deal will be for the diversified group.  

While details on the deal are still being ironed out, analysts are especially excited about MPHB's cash position on completion of the exercise.  

“It is an interesting capital repayment exercise,” an analyst told StarBiz.  


Datuk Surin Upatkoon
Under the proposed deal, MPHB together with private equity firm CVC Asia Pacific Ltd will form a special purpose vehicle (SPV) to take Magnum private at RM3.45 per share.  

MPHB and CVC will hold 51% and 49% equity interest respectively in the SPV that will own Magnum. The SPV is expected to pay out some RM4.9bil to take Magnum private - RM2.7bil to MPHB and the remaining RM2.2bil to other shareholders.  

The proposed privatisation exercise, valued at RM4.9bil, will be funded by interest-free loans provided by the SPV and borrowings by Magnum.  

The deal would see Magnum becoming a wholly owned subsidiary of MPHB and then be delisted from the stock exchange. Currently, of MPHB's 55.54% stake in Magnum, 6% is for shares held for MPHB's exchangeable bonds, which can be exchanged for Magnum shares at RM3.04 per share.  

Analysts said since the conversion price is lower than the offer price of RM3.45, bondholders who converted the bonds into Magnum shares and accepted the offer stood to profit from the price difference.

In an interview with StarBiz, MPHB managing director Datuk Surin Upatkoon said at the current stage, the idea was to implement the selective capital reduction exercise.  

“When we hold 100% in Magnum, we will sell the company to the SPV. That part of the deal is subject to final negotiations; this is as far as we can say, at this stage,” he said, adding that the company would “leave it” to minority shareholders to decide.  

He said at RM3.45, the numbers forecast operator was valued at a price to earnings ratio of 21.5 times and book value of 4.2 times based on its balance sheet as of Sept 30.

“We want to do a fair deal and are doing it via two steps. First, we have to take Magnum private, then CVC will come into play.''

Upatkoon said the takeover offer provided an opportunity for investors to cash out as the gaming industry was entering a mature cycle. “If not for a partner, we would probably not privatise. It involves a lot of money,” he said.  

“We have to borrow RM2.2bil to pay (to privatise) and displace the minority shareholders. It will be a combination of capital and debts but we are not ready to discuss this as we are still negotiating the terms with CVC.  

“CVC will have to put in some money but it is going directly into the SPV and not to MPHB,” Upatkoon said.  

“Basically, there will be money flowing into MPHB but how much will depend on the levels of equity and borrowings,” he added.  

Analysts said if Magnum opted for a debt to equity ratio of 50:50, and with fresh capital from CVC, MPHB might be able to get a capital repayment of about RM1bil from Magnum.  

On the valuation of MPHB after the exercise, Upatkoon said: “Everything will look much better. We will have direct cash flow. The most immediate is the RM300mil in exchangeable bonds if shareholders choose to convert those bonds.”  

“Obviously, to do this deal, there must be some upside for MPHB,” he added.  

Upatkoon said over the past five years, the company had been looking at ways to re-engineer and restructure operations to “further strengthen” its earnings and to ensure growth.  

“This is going to be our best year yet. Just look at our results for the nine months just ended.''

For the nine months ended Sept 30, the company made a net profit of RM339mil on sales of RM2.4bil compared with a net profit of RM104.4mil on revenue of RM160.5mil for the same period last year.

http://biz.thestar.com.my/news/story.asp?file=/2007/11/24/business/19567062&sec=business

Mr.Business

新闻。

Saturday November 24, 2007

Magnum first to get licence to operate 4D in Malaysia

KUALA LUMPUR: Magnum Corp Bhd has been in the limelight since last week after trading in its shares was suspended on Friday ahead of the announcement of a privatisation exercise by parent company Multi-Purpose Holdings Bhd.

The numbers forecast operator started operation in 1969 with 143 sales outlets and achieved turnover and pre-tax profit of RM40mil and RM2.35mil respectively in its first year.

Magnum was the first company to be granted a licence by the Government to promote, operate and manage 4-digit numbers forecast betting in the country.

In 1985, Magnum successfully obtained government approval to conduct its own draws (vis-à-vis that on results of horse races).

In a filing with Bursa Malaysia last week, Magnum reported a 95% jump in net profit to RM345mil for the nine months ended Sept 30 on a 1.8% growth in revenue to RM2.23bil against RM2.19bil a year ago.

Pre-tax profit rose to RM449mil from RM281.5mil before while earnings per share (EPS) climbed to 23.85 sen from 12.18 sen in the previous corresponding period.

Magnum contributed 92.1% and 73.9% to MPHB's revenue and net profit respectively for the nine months ended Sept 30.

The company commands a 37% share of the local numbers forecast industry with more than 450 outlets and about two million patrons per draw day.

Besides gaming, Magnum is also involved in property and leisure, overseas investments, printing and information technology.

http://biz.thestar.com.my/news/s ... 39&sec=business

Mr.Business

新闻。

Saturday November 24, 2007

Slower growth seen for 4D betting industry

KUALA LUMPUR: The four-digit (4D) numbers forecast betting industry, which rings up sales of about RM7bil per annum, is expected to grow at a slower pace this year.

Analysts expect the industry, which charted about 7% growth in 2005, to expand by 3% to 5% this year as local betting market has reached maturity.  

“The numbers forecast sector is not going to be as exciting as in the past. It's a mature, slow growth industry in this country,” an analyst said.


The 4D industry is expected to expand by 3% to 5% this year as local betting market has reached maturity.

Currently, there are three main 4D players or numbers forecast operators (NFOs) in the market - Berjaya Sports Toto Bhd (BToto), Magnum Corp Bhd and Tanjong plc. BToto has the most lotto games and outlets in the country. The other two players offer only 4D games.

“We expect only marginal upside for this year. For next year, we are still looking at a low single-digit growth,” said CIMB Research senior analyst Steven Tan.

He added that since the industry had matured, growth would be decent and steady.

“BToto is our top pick among the NFOs due to its strong fundamentals and clear dividend policy. Also, it is gaining market share,” said Tan, adding that BToto had more games, which placed it in a more competitive position to gain market share.

Magnum had been losing ground in the last two years.  

An analyst at a bank-backed research house pointed out that while BToto had more games compared with Magnum, BToto's market share was almost the same, indicating the popularity of Magnum's 4D game relative to its rivals'.

To Magnum's credit, it was the first company to start 4D, which undeniably is still the most popular game. Hence the brand name had always been associated with 4D.

“Magnum used to have the lion's share of the market, with 51.9% in 1997. In 1998, its slice of the pie was reduced to 45.8% and since then, it had been shrinking,” an analyst said.

BToto has overtaken Magnum's NFO leadership position with a market share of 39% against Magnum's 37%.

Analysts said since the NFOs' sales transactions were conducted exclusively on a cash basis, they did not have to contend with bad debts or cashflow problems.

“Although the industry has matured, the companies, in particular, are still enjoying organic growth rates in the mid to high single digits.

“Their free cash flow generation continues to surge ahead in view of low capital expenditure requirements and the increased number of draw days, which could translate into rising dividends to shareholders of all three NFOs,” an analyst said, adding that the 4D draw days were Wednesday, Saturday, and Sunday.

Despite the strong possibility of sales remaining soft going forward, analysts said the betting business was a “very steady'' business with strong cash flow.

http://biz.thestar.com.my/news/story.asp?file=/2007/11/24/business/19563669&sec=business

股友

给kawan magnum
theedge 26/11/07

OSK	4.00
ECM	3.85
AM Research	3.70
Affin Investment	3.45
Aseambankers	3.45
Kim Eng	3.45
RHB	3.45

magnum's valuation

	analysts' valuation RM mil	analysts' commet	MPHB's commet
non-core assets
Book value of properties and land	335	magnum lands are undervalued,and that revaluation surplus could be substantial	most of magnum'd lands were booked at market value, that is mimaland was revalued in end 2006.also, property projects take years to materialise
cash as at 30/9/07	233
investment	440-528	some analysts estimate investment to have appreciated by 20% to about RM 528million
attributable DCF valuation od Makati land	150-565	some analysts expect huge upside from the development of the land	mphb's 40% stake is worth significantly less.it is willing to sell at 1/4 of RM 565 million
loan devtors	160	20% discoutn to net book vale
total non-core asstes	1338-1841		RM 1.18billion (based on NTA 82sen perr share)
value od magnum's NFO business	3000-4200		RM 3.2billion (based on 10times cashflow od RM 320million per annum)
magnum's total valuation	4338-6000		based on offer price of RM 3.45, MPHB values magnum at RM 4.9billion

MPHB 和 CVC Asia 估值magnum RM ４。９billion，一些分析家相信magnum值RM ５。７billion。差１５％。
osk说
１。non core business 值RM １。８billion
２。NFO 如值RM ３。１６billion，１。４４billion 的股数，magnum 的 NFO值RM ２。１８ per share。
３。magnum ２００７ EPS 估计 １７。５sen。２００８ EPS 估计 １８。６sen。which mean NFO is value at "an undemanding" 12.4 times 2007 EPS and 11.7times 2008 EPS.赌博业的平均 price earnings ratio 是 １４to１６times

Credit Suisse 在１５／１１／０７的报告说magnum只值的RM ２。３８。based on price earnings multipe of 12 times FY2008 ending decemberr ernings.

老鼠设计师

堅持自己的價值  
有一個出家弟子跑去請教一位很有智慧的師父，他跟在師父的身邊，天天問同樣的問題：「師父啊，什麼是人生真正的
價值？」問得師父煩透了。
有一天，師父從房間拿出一塊石頭，對他說：「你把這塊石頭，拿到 市場去賣，但不要真的賣掉，只要有人出價就好
了，看看市場的人，出多少錢買這塊石頭？」
弟子就帶著石頭到市場，有的人說這塊石頭很大，很好看，就出價兩塊錢；有人說這塊石頭，可以做稱鉈，出價十塊
錢。
結果大家七嘴八舌，最高也只出到十塊錢。
弟子很開心的回去，告訴師父：「這塊沒用的石頭，還可以賣到十塊錢，真該把它賣了。」
師父說：「先不要賣，再把它拿去黃金市場賣賣看，也不要真的賣掉。」
弟子就把這石頭，拿去黃金市場賣，一開始就有人出價一千塊，第二個人出一萬塊，最後被出到十萬元。
弟子興沖沖跑回去，向師父報告這不可思議的結果。
師父對他說：「把石頭拿去最貴、最高級的珠寶商場去估價。」弟子就去了。
第一個人開價就是十萬，但他不賣，於是二十萬，三十萬，一直加到後來對方生氣了，要他自己出價。
他對買家說，師父不許他賣，就把石頭帶了回去，
對師父說：「這塊石頭居然被出價到數十萬。」
師父說：「是呀！我現在不能教你人生的價值，因為你一直在用市場的眼光在看待你的人生。
人生的價值，應該是一個人心中，先有了最好的珠寶商的眼光，才可以看到真正的人生價值。」
我們的價值，不在於外面的評價，而是在我們給自己的定價。
我們每一個人的價值，都是絕對的。



堅持自己崇高的價值，接納自己，磨勵自己。
給自己成長的空間，我們每個人都能成為「無價寶」。
生命中的每個挫折、每個傷痛、每個打擊，都有它的意義。

献给所有买/卖magnum股票的兄弟们。。。。

我觉得magnum不值RM3.45 .....

[ 本帖最后由 老鼠设计师 于 26-11-2007 09:17 PM 编辑 ]

mjchua

3735	MAGNUM	32,000	100,480.00	16/07/2007	3.140
3735	MAGNUM	5,000	14,150.00	03/08/2007	2.830
3735	MAGNUM	150,000	447,000.00	09/08/2007	2.980
3735	MAGNUM	48,250	133,170.00	18/09/2007	2.760
3735	MAGNUM	600,000	1,572,000.00	25/09/2007	2.620
3735	MAGNUM	41,000	109,470.00	11/10/2007	2.670
3735	MAGNUM	200,000	532,000.00	17/10/2007	2.660
3735	MAGNUM	300,000	768,000.00	18/10/2007	2.560

ccube

MAGNUM 的价值对我来说不是现在的PE， 而是Mr QUEK 加股MPHB 之后,
所可能有的后续,发展计划. magnum 也可能加入赌场领域

K-T

原帖由 ccube 于 5-12-2007 09:56 AM 发表
MAGNUM 的价值对我来说不是现在的PE， 而是Mr QUEK 加股MPHB 之后,
所可能有的后续,发展计划. magnum 也可能加入赌场领域

作莫还是3。2X不会上的？

ccube

可能大家都不看好他收购成功吧

K-T

請問MAGNUM被收購已成事實了嗎？ 最新的Announcement我不是很明白。
有誰可以講解一下？

luckystar2008

magnum 如何到時都不賣會如何，有最新的消息嗎?

K-T

原帖由 luckystar2008 于 22-12-2007 01:49 PM 发表
magnum 如何到時都不賣會如何，有最新的消息嗎?

我也不清楚哦．有看到最新公布，但小弟我不是很明白他讲什么．　

K-T

有人能够讲解一下吗？万能最新消息．

蚂蚁小弟

每股RM3萬能全面獻購萬能萬字
（吉隆坡24日訊）萬能（MAGNUM，3735，主板貿易）將以每股3令吉現金，強制性全面獻購（MGO）尚未持有的萬能萬字（Magnum 4D）股權。

該公司向馬證交所報備指出，截至本月20日，已持有萬能萬字每股面值1令吉，共1億6387萬股普通股，相等于98.32%股權。

該公司說，根據大馬1998年併購守則，萬能萬字已是旗下子公司，特別用途工具萬能控股（MH）收購馬化控股（MPHB，3859，主板貿易）在萬能的所有股權，將觸發強制性全面獻購萬能萬字。

“因此，萬能將以每股3令吉現金，全面獻購未持有的萬能萬字股權。”

另一方面，馬化控股是在上月宣佈，和亞太CVC資本（CVC Capital Partners Asia III）聯手，藉特定資本削減及回退計劃，以每股3.45令吉或總值49億令吉，全面獻購並私有化萬能。

[ 本帖最后由 蚂蚁小弟 于 25-12-2007 10:34 AM 编辑 ]

蚂蚁小弟

DISCLOSURE OF DEALINGS IN THE SHARES  

MAGNUM CORPORATION BERHAD (“MCB” OR THE “OFFEROR”)

PROPOSED TAKE-OVER OFFER BY MCB TO ACQUIRE THE REMAINING ORDINARY SHARES OF
RM1.00 EACH IN MAGNUM 4D BERHAD (“M4D”) (“M4D SHARES”) NOT ALREADY OWNED BY MCB
AND PERSONS ACTING IN CONCERT WITH IT (“PACS”) FOR A CASH CONSIDERATION OF
RM3.00 PER M4D SHARE (“PROPOSED OFFER”)


MAGNUM CORPORATION BERHAD (“MCB” OR THE “OFFEROR”)

PROPOSED TAKE-OVER OFFER BY MCB TO ACQUIRE THE REMAINING ORDINARY SHARES OF
RM1.00 EACH IN MAGNUM 4D BERHAD (“M4D”) (“M4D SHARES”) NOT ALREADY OWNED BY MCB
AND PERSONS ACTING IN CONCERT WITH IT (“PACS”) FOR A CASH CONSIDERATION OF
RM3.00 PER M4D SHARE (“PROPOSED OFFER”)
-  Disclosure Of Dealings In M4D Shares

我去查了一下announcement,
这里讲的其实是MAGNUM BERHAD 以RM3 全面收购MAGNUM 4D BERHAD
而不是MPHB以RM3收购MAGNUM BERHAD
这是之前也有提过就是如果MPHB收购MAGNUM BERHAD成功的话,会以RM3 收购不属于MAGNUM BERHAD的MAGNUM 4D BERHAD的股权

[ 本帖最后由 蚂蚁小弟 于 25-12-2007 10:35 AM 编辑 ]

东邪

3735            
Disclosure Of Dealings in Shares  

MAGNUM CORPORATION BERHAD (“MCB” OR “OFFEROR”)

PROPOSED TAKE-OVER OFFER BY MCB TO ACQUIRE THE REMAINING ORDINARY SHARES OF
RM1.00 EACH IN MAGNUM 4D BERHAD (“M4D”) (“M4D SHARES”) NOT ALREADY OWNED BY MCB
AND PERSONS ACTING IN CONCERT WITH IT (“PACS”) FOR A CASH CONSIDERATION OF
RM3.00 PER M4D SHARE (“PROPOSED OFFER”)

- Disclosure Of Dealings in M4D Shares

We refer to the above Proposed Offer and pursuant to Sections 32 and 36 of the
Malaysian Code on Take-Overs and Mergers 1998 ("Code"), we wish to disclose
that we have acquired 10,000 shares of M4D on 18 January 2008 at RM3.00 per
share.


You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com .


21/01/2008   11:27 AM

东邪

General Announcement

Reference No MM-080121-0C82E

Company Name	:	MAGNUM CORPORATION BERHAD
Stock Name	:	MAGNUM
Date Announced	:	21/01/2008

Type	:	Announcement
Subject	:	MAGNUM CORPORATION BERHAD (“MCB” OR “OFFEROR”) PROPOSED TAKE-OVER OFFER BY MCB TO ACQUIRE THE REMAINING ORDINARY SHARES OF RM1.00 EACH IN MAGNUM 4D BERHAD (“M4D”) (“M4D SHARES”) NOT ALREADY OWNED BY MCB AND PERSONS ACTING IN CONCERT WITH IT (“PACS”) FOR A CASH CONSIDERATION OF RM3.00 PER M4D SHARE (“PROPOSED OFFER”) - Disclosure Of Dealings in M4D Shares
Contents	:	We refer to the above Proposed Offer and pursuant to Sections 32 and 36 of the Malaysian Code on Take-Overs and Mergers 1998 ("Code"), we wish to disclose that we have acquired 10,000 shares of M4D on 18 January 2008 at RM3.00 per share.
Announcement Details : Pursuant to Sections 32 and 36 of the Code, we, as the Offeror of the Proposed Offer and major shareholder of M4D respectively, are required to disclose to the Bursa Malaysia Securities Berhad and Securities Commission by way of press notice the total number and price of the ordinary shares in M4D which are dealt in for our own account(s). In accordance with Sections 32(4) and 36(2) of the Code, we hereby disclose below the details of the transaction in the M4D Shares: Date of Transaction Description of Transaction Quantity Transaction Price (RM) 18 January 2008 Acquisition 10,000 3.00 This announcement is dated 21 January 2008.

东邪

3735            
Disclosure of Dealing In Securities Outside Closed Period By A Principal  

OfficerDisclosure of Dealing In Securities Of Magnum Corporation Berhad Outside
Closed Period By A Principal Officer Pursuant To Chapter 14 Of The Listing
Requirements Of Bursa Malaysia Securities Berhad ("Chapter 14")
Magnum Corporation Berhad ("Magnum") has on 18 January 2008, received a
notification dated 17 January 2008 from Mr Tuen Foo Fat, who is a principal
officer of Magnum pursuant to Chapter 14, of his disposal of 35,000 ordinary
shares of RM0.50 each in Magnum ("Magnum Shares") which occurred outside the
closed period (as defined in Chapter 14).


You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com .


21/01/2008   05:25 PM  


Ref Code: 20080121GA05155

东邪

3735            
PROPOSED OFFER - Disclosure Of Dealings in M4D Shares  

MAGNUM CORPORATION BERHAD (“MCB” OR “OFFEROR”)

PROPOSED TAKE-OVER OFFER BY MCB TO ACQUIRE THE REMAINING ORDINARY SHARES OF
RM1.00 EACH IN MAGNUM 4D BERHAD (“M4D”) (“M4D SHARES”) NOT ALREADY OWNED BY MCB
AND PERSONS ACTING IN CONCERT WITH IT (“PACS”) FOR A CASH CONSIDERATION OF
RM3.00 PER M4D SHARE (“PROPOSED OFFER”)

- Disclosure Of Dealings in M4D Shares

We refer to the above Proposed Offer and pursuant to Sections 32 and 36 of the
Malaysian Code on Take-Overs and Mergers 1998 ("Code"), we wish to disclose
that we have acquired 1,110 shares of M4D on 21 January 2008 at RM3.00 per
share.


You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com .


22/01/2008   11:25 AM

东邪

3735            
Disclosure Of Dealings In Shares  

MAGNUM CORPORATION BERHAD (“MCB” OR “OFFEROR”)

PROPOSED TAKE-OVER OFFER BY MCB TO ACQUIRE THE REMAINING ORDINARY SHARES OF
RM1.00 EACH IN MAGNUM 4D BERHAD (“M4D”) (“M4D SHARES”) NOT ALREADY OWNED BY MCB
AND PERSONS ACTING IN CONCERT WITH IT (“PACS”) FOR A CASH CONSIDERATION OF
RM3.00 PER M4D SHARE (“PROPOSED OFFER”)

- Disclosure Of Dealings In Shares Of MCB

We refer to the above Proposed Offer and wish to announce that we have received
a notification from Mr Tam Cheok Wing, pursuant to Sections 32 and 36 of the
Malaysian Code on Take-Overs and Mergers 1998 ("Code") of his disposal of
99,900 ordinary shares of RM0.50 each in MCB ("MCB Shares") on 21 January 2008.
You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com .


22/01/2008   11:47 AM