Went to see my CIMB RM today, and signed the exchange forms.

He said the Bank only had a meeting yesterday on this matter, had not yet informed their clients (despite the deadline in 2 days time!). Better not wait for them, just contact your RM asap if you wish to inform your election.

He has the same view as you, that the new fixed term sukuk can trade above par upon issuance, due to demand for new papers, and also it being a paper with fixed maturity.

The new fixed term sukuk ranks above the perps.

This post has been edited by BWassup: Sep 20 2024, 06:03 PM

Yeah my RM let me sign today also...

just heard a forumner got his dividend 6.6%
from another Tranche of Tropicana Bond

i was just wondering..... if our purchase of Perpetual 7.0% at RM93.50 early this yr
was profitable......why not we also go whack the Perpetual 6.6% also...

I think its T&C is almost the same like our Perpetual 7.0%
in 2 years time the same thing is going to happen and
we can get back at RM100 or even more
with the exchange sukok.

good idea?



Attached thumbnail(s)

Was told by RM that the new 1.5bn sukuk is all for MTN so, yeah, the same thing may happen to this bond in 2 years time.

Are there sellers if you wish to buy? Maybe from FSM only?

https://www.bixmalaysia.com/learning-center...perpetual-bonds

Anyone knows what happened at the Tropicana EGM yesterday? There is no announcement in Bursa today.

This post has been edited by BWassup: Oct 9 2024, 11:16 PM

CIMB RM confirmed that the resolution was not passed. Thot they would have secured 75% before the EGM. Even CIMB RM indicated as well.

This is not the result Tropicana wanted.

So will Tropicana be under pressure to pay off those who opted out, in order to maintain their credit standing? And those who opted in will likely have to hold for 4 more years, if there is no market demand for the bonds.

This post has been edited by BWassup: Oct 10 2024, 10:51 AM

73% voted for exchange, Tropicana no pressure let them exchange lor

Another 27% redeem no problem I think
Scared Tropicana angry don't redeem and punish pulak...
Defer copoun...

No reason to punish RM67.4m bondholders, it is their right not to opt in. Tropicana is more at risk for all their future financing, if they choose to defer the 9% penalty rate in March. Market perception more negative.

This post has been edited by BWassup: Oct 10 2024, 05:30 PM

Wow
This is quite unexpected. Keep us updated guys and good luck!

FSMOne:

On the other hand, investors who voted against the Exchange Offer will continue to hold the Existing Perpetual Sukuk. Though we opine that upon the successful issuance of the RM450 million senior sukuk, the Company will proceed to call the remaining Existing Perpetual Sukuk upon the next call date in March 2025 given the coupon reset clause, which the coupon rate of the Perpetual Sukuk will surge to around 9%.

you voted against it?

now i am wondering whether i should take additional units of the new sukok....
most likely i will take lah... 6.2% irresistible

I voted for the Exchange based on other investors and CIMB saying that 75% would have been achieved before Tropicana would go ahead and put it to vote at an EGM. So voting against it wouldn't have counted anyway. Though the fixed term Exchange has it's merits, I just wanted to get my investment back, to get a clean exit, after 5 years which is a very long time. And free the funds for other possibilities.

Now I am thinking that Tropicana may just redeem the existing bonds of those who voted against it, so that will give them an earlier exit. Why would they want to pay 9-15% coupon forever? But if they do not redeem and also defer the coupons, susah lah for these folks. But think unlikely to happen.

Will be interesting to see whether there will be good demand for the new bonds upon issuance

If you are interested to buy more, we can talk on the side hahaha.

FSM is gone bonkers. I just got this email. What does it mean?

Dear Valued Client,

Thank you for investing through FSMOne.

We are writing this email regarding the extension notice of Tropicana Exchange Offer.

Please be informed that the extraordinary resolution voting conducted during the EGM on 8 October 2024 was not carried, investors who have abstained or rejected will not be exchanging to the new Sukuk and will continue to hold onto the existing Perpetual Sukuk.

The Issuer has decided to extend the Exchange Offer to all Sukukholders who have abstained or rejected the Exchange Offer until 18 October 2024. As such, we are reaching out to you again to seek your final decision on the Exchange Offer.

If you do decide to change your mind and accept the Exchange Offer, you will be:

- Exchanging your Perpetual Sukuk for the New Sukuk,
- Receive a consent fee of 0.25% of the principal amount in cash and,
- Accrued interest from the Existing Perpetual Sukuk.

Kindly respond to this email if you intend to accept the Exchange Offer by 3pm, 15 October 2024 (Wednesday). If we do not get a response from you, we will consider your previous actions as final.

For clients who have already voted to accept the Exchange Offer previously, there is no action required from you.

For more information, please refer to attached document.

Please feel free to contact us should you need further assistance.

------------

FSM already told me the voted on behalf of all Bond Express bondholders in favour of the resolution. They said we cannot vote individually. So why am I getting this email? Anyone knows? Also, looks like Tropicana is not giving up, they want another 3% acceptance to hit the 75% threshold. Seems kinda desperate, I wonder why.

This post has been edited by contestchris: Oct 14 2024, 06:12 PM

you voted for it?, you dont need do anything now

you voted against it, FSM say reconsider...

tried to pursuade you lah go for it.

Yeah, a bit strange, since FSM already voted FOR on our behalf, as is their right. No need to ask us now. Unless they mean each full lot of 250k, not under FSM.

Think it is not possible to change the vote to >75% now, to make Exchange mandatory. It's just to encourage more acceptances, to reduce the potential redemption for Tropicana, if that is their intention.

This post has been edited by BWassup: Oct 14 2024, 07:26 PM

But FSM says they voted for us. Since we are holding odd lots on FSM, they said we can't vote. So I never voted before, they voted "yes" for me already. So pelik

that email is clearly meant to pursuade
those who rejected the exchange offer

you can test FSM and see
try email FSm say you want to reject the offer

see FSM wake up from sleep or not..

i am pretty sure
FSm will tell you that email is not meant for you.

Any update on Tropicana Exchange Bond, anyone?

converted today, tomorrow New sukok would be issued.

if can get below RM100 at FSM i plan to buy

This post has been edited by guy3288: Nov 12 2024, 11:57 PM

Means? I'm kinda pissed with FSM cause they're keeping odd lot bondsholders out of the loop. They should explain what's going on. So far I don't see anything about any exchange happening. 2 weeks back they told me no news yet.