Lolzz...
You speak like from the management

This post has been edited by Bonescythe: Feb 18 2011, 12:48 PM

Shock announcement... PN17

No, I'm not but we have plan for it & beyond other people thinking.. Orait, only this I can said.. no more info.............

some good reading for sharing...

Time Eng/TimeDotCom … Dated Jan 2011

The latest restructuring exercise undertaken by Time Engineering Bhd (Time) may end up making the company cash rich and less vulnerable to being a takeover target as it moves its crown jewel, a 24.9% stake in Time dotCom Bhd (TdC) under the direct ambit of Khazanah Nasional Bhd.

The proposed offer for sale of its TdC stake will benefit Khazanah. The government investment holding arm, which has a 45% stake in Time, can anticipate a healthier portfolio of public-listed communication companies under its umbrella to join the likes of Axiata Group Bhd and Telekom Malaysia Bhd.

To recap Time Eng had proposed renounceable offer for sale of up to 626.18 million shares of RM1 each in TdC at an offer price to be determined later on the basis of eight offer shares for every 10 shares of 20 sen each held in Time.

Time is expected to raise RM300.56 million from the proposed exercise which would enable the company to divest its stake in TdC in a manner that provides shareholders an opportunity to have a direct participation in the prospects and future performance at a discount to the market price.

Further, the divestment will allow Time Engineering to fully or substantially early redeem its outstanding RSLS (redeemable secured loan stocks) issued to Bank Pembangunan Malaysia Bhd, thus benefiting Time Engineering in terms of interest costs savings.

The proposed exercise would enable Time Eng to generate additional funds for working capital purposes, expansion of existing businesses and for investment when such opportunities arises. The exercise is expected to be completed by mid-2011.

It is worth noting that the company has been aggressively looking for ICT projects overseas in the past two years since new CEO Steven Lim came on board in May 2009.

Time Eng would realise a gain before tax of about RM36.43 million from the offer for sale. The amount was after taking into account current written-down cost of investment of 38 sen per TdC share, accelerated RSLS interest costs of about RM26.19 million and assuming the offer shares at an offer price of 48 sen were fully taken up.

The company also said the gain, which excluded the estimated expenses for the proposed exercise, would increase the consolidated earnings per share of Time by about 4.7 sen based on the issued and paid-up share capital of 775.24 million Time shares.

Further, Time would be able to realise a minimum interest cost savings of about RM6.84 million per annum upon early redemption of the RSLS in full.

As at Sept 30, 2010, Time had cash of RM89.41 million, RM261.61 million in loan stocks and shareholders funds of RM216.63 million, or net gearing of 79.5%.

The restructuring may have been done to make Time less vulnerable as a takeover target. It will also allow Khazanah to fetch a higher value proposition should it find a prospective buyer for TdC, as the company will be directly owned and the cost of acquiring it will be much higher than via Time.

Time has, for some time, been rumoured as a takeover target. In July 2010, it was reported that four bidders were interested to acquire UEM Group’s 45% stake in Time, although this was later denied. The key attraction among the bids, it appears, was Time’s now roughly 24.9% stake in TdC.

TdC is rebranding itself as a global a competitor in the Internet bandwidth game, comparing itself to giants such as Japan ’s KDDI and India ’s Bharti Airtel.

In November 2010, TdC proposed a number of acquisitions that would turn it from a local player into a regional player. The company has proposed to pay RM339 million for the Global Transit Group’s entities, which mainly deal with the wholesaling of Internet protocol bandwidth through a stake in an international submarine cable. It will also venture into the data centre business through the acquisition of local data centre player, the AIMS group. All these acquisitions will be paid through the issuance of RM248.1 million worth of TdC shares and a cash payment of RM90.9 million.

The mainstay of these entities comes from the Global Transit Group’s 10% stake in the US$300 million (RM918 million) Unity cable. The 9,620km underwater cable runs from the US to Japan with a design capacity of 4.8 Tbps of data. With a 10% stake, TdC potentially has access to 480 Gbps of bandwidth to sell to regional and local telcos.

At the same time, TdC is strengthening its balance sheet by undertaking a 90% capital reduction exercise to pare down accumulated losses of up to RM3.04 billion from past years. This will be followed by a 5:1 consolidation of TdC shares and a capital repayment to shareholders amounting to RM50.61 million. TdC’s latest 3Q10 results saw net profit surging 75.4% to RM20.9 million from RM11.9 million a year ago.

But if TdC is the key attraction, why were all the past rumoured takeover attempts focused on Time instead? The answer could lie in the relative cost of control to the acquirer given the large difference in market capitalisation between Time and TdC. Time has a market capitalisation than TimeDotcom. Thus, by the same reasoning, Khazanah should be able to get more money by selling the TdC stake directly, rather than via Time. The proposed distribution by Time Eng of its 24.7% stake in TimeDoctCom will effectively remove the threat of any other party emerging as a prominent shareholder in the latter.

The gem in TEB is its 24.7% block in TDC, which had a market value of rm466 million at TDC’s closing price of 74 sen. But more than that, anyone who controls TEB will indirectly have a substantial say in TDC.

If the sale goes through, Khazanah Nasional will have a direct stake of about 11% in TDC and another 30% via its unit Pulau Kapas Ventures Sdn Bhd.

Although the deal seems watertight, it is believed that a group of TEB shareholders are opposed to it. But they collectively hold less than 8% in TEB. These shareholders prefer to see the shares continued to be held by TEB instead of being distributed in an offer for sale exercise to shareholders.

After the sale of TDC, the valuation of TEB may be further eroded considering that it will without a major asset. Investors only picked up TEB shares because it was much cheaper entry into TDC.

If the sale of TDC is concluded, TEB’s remaining asset will be a 71.25% interest Dagand Net technologies Sdn Bhd. Dagang Net was given the mandate by the government to develop, manage, operate and maintain a portal for the trade facilitation system for a short five years, commencing Sept 2009.

Other than Dagang Net, as at end Sept 2010, TEB had cash of rm90 million and receivables, deposits and prepayments of rm28 million. It also had total liabilities of rm286 million, of which rm261 million comprised secured loans backed by its interest in TDC.

The issue could also be that the disgruntled shareholders are up against state controlled investment arm Khazanah. The shareholders opposing the distribution need to get at least 50% of shareholder support to scuttle the proposal. But considering that Khazanah already holds 45% of TEB, thus us a major hurdle.

It also no secret that Khaznah’s investment in both TDC and TEB has not borne fruit.

Khazanah’s 30% block in TDC was acquired of various times and is worth much more than the current price of TDC. In end 2002, Khazanah exchanged rm785 million of its bonds for 253 million TDC shares, valuing TDC at rm3.10 per share and is amounted to 10% of TDC’s equity. TEB had sold three year zero coupon exchangeable bonds to Khazanah in March 2001 as part of a rm3.9 billion debt restructuring scheme after tumbling into difficulties after the 1997/1998 Asian Financial Crisis.

TDC’s initial public offering wee priced at RM3.30 a level they have not tested since. The IPO was undersubscribed by 75%, which resulted in many government funds being forced to take up shares in TDC.

TEB has made rm1.2 billion from the floatation exercise but much of the proceeds from the listing were utilized for debt restructuring.

---

Added on March 23, 2011, 10:02 amThis few days TC really pushing uptrend and now seems like heading to 90 cents soon. Perhaps some new projects is in hand?

This post has been edited by ronn77: Mar 23 2011, 10:02 AM

ime dotCom, Measat to provide IPTV, broadband in Klang Valley, Ipoh
Written by Joseph Chin of theedgemalaysia.com
Thursday, 31 March 2011 19:37


KUALA LUMPUR: TIME DOTCOM BHD [] is teaming up with Measat Broadcast Network Systems Sdn Bhd (MBNS) to provide IPTV and broadband services across the Klang Valley and Penang.

TdC said on Thursday, March 31 that its unit, TT dotCom Sdn Bhd (TTdC) had signed a collaboration agreement with MBNS, which takes effect from Dec 20, 2010 and continue for 10 years from April 1.

The collaboration agreement supersedes and replaces the principal terms of collaboration signed by the parties on Dec 20, 2010.

“Potential and existing residential customers of TTdC and/or MBNS in apartment blocks, multi-dwelling units or commercial buildings specified in the collaboration agreement will be offered an Astro IPTV solution, bundled with Time Fibre broadband, broadband value added services and voice telephony services,” it said.

MBNS shall be responsible for marketing the “Triple Play” which shall be branded as Astro B.yond IPTV and accompanied with “Powered by TIME 100% Fibre Optics” logo.

As for TTdC, it will manage the services on TIME’s 100% pure fibre optics network.

“The collaboration with MBNS will allow TTdC to acquire customers at a faster rate in the target areas, and leverage on the strengths of TIME's 100% Pure Fibre Optics network. Bundling Astro B.yond IPTV service with TIME Fibre Broadband allows both parties to deliver best of breed services to the end customer.

“As a result, TIME's wholesale business is further strengthened via working with an anchor collaborator such as MBNS,” it said

wat happen to time ?
8:10 sale what mean??
now price rm0.30++ only?

x already loo

sifoo rosdi1

is it good to buy for short period profit?since share price is cheap now..,

it offer 53 sen to buy for timecom share
so why the share will drop until 0.30+
any 1 can englighten??

so reannounceable sale is no more already?
if wan buy the offer what procedure we need?
thought it mention till 7th july

This is a adnormal rights issue.,, The right is for TIMECOM share not for TIME share
so TIME is disposing it Jewel in the Crown for 0.53 ? after that is TIME still worth 0.35 or more?
I think not but still with the 0.53 cash will contribute to 0.424 per TIME share it get from selling of TIMECOM.
Why is TIME lower than that (0.42)?
I think because without TIMECOM it worth noting...maybe -ve. but with more cash now can this bad business become good? I think not...
What about the OR??? ( If you buy the OR and pay another 0.53 you get time com share now at 0.73)
if you can get it at 0.12 to 0.16 it is a good buy I think.

RGDS

Hi every sifus here,

Just want to find out why 4456 Time today reference price is RM0.28?? Capital repayment?

I have TIME share that i bought at RM 0.445 ... so with this 8:10 means what ?? please someone advise me....

I am in the same boat with you...how does this stuff works eh?

Let me try to explain why it is 0.28?
Time close at 0.45 yesterday (30 June)
Timecom close at 0.74 (30 June)
Today is the x rights (1 July)
The rightsis 8 for 10 at 0.53
( For every 10 TIME share youwill be given the right to buy 8 TIMECOM share at 0.53 each)
It also mean that for every 10 TIME share they are giving away ( 8 * (74-53)) = 1.68
or 0.168 per share (to the nearest sen 0.17)
so the fair value after x of TIME is 0.45 - 17 = 28
If you read it together with my earlier explaination it can be clearer or is it?
I hope that answer you question.

hi rosdi .. so supposing i take up this offer, and buy the 8 shares at rm 0.53 ...so how do know at what price should i sell my TIME share and TIME COM share to ensure I am making profit ?? How do i keep track ?

Means: you are still the same in theory....

what is going to happen..
for every 10 shares of TIME you are going to received 8 rights to pick up TIMECOM share at 0.53.

Say that you have 100000 (100K) TIME share that you buy at 0.445each for RM44500 (RM 44.5K)
you will be offered right to pick up 80000 (80K) TIMECOM shares at 0.53 each
You have a few options
1. You pick up the full rights by paying (80000 * 0.53 = 42400) to get 80000 (80K) TIMECOM share
now you will have 100000 (100K) TIME share worth RM28000 (RM28K if TIME price stay at 0.28)
and 80000 (80K) TIMECOM share worth (80000 * 0.74 = 59200) ( RM59.2K)
So you had paid 44.5K +42.4 K = RM 86.9 K
Now you have 28K + 59.2K = RM 87.2 K
still at avery small profit of RM 0.3K that if the price remain the same....which is quite unlikely.
I adviced a friend to sell the OR on the opening day (5 July) at the opening bell hoping to get 0.18 to 0.16
On the third day I think the price will dropped to just around 0.10 ( this is just my wild guess)

If you are already angry with TIME just sell TIME and use the money to pick up the TIMECOM rights bit stil not enough.. you may also sell some of the OR as well so that ypu can have enough money to pickup the right.

The last option of an angry man is to sell TIME and the OR as well.
I think timing play a very important part here so be very careful...
Good Luck to all of you.

How do we get the OR ?? currently i only have 10,000 shares of TIME purchased at RM 0.445 ... looking at today's price TIME is at RM 0.315 ...where do i go from here ? please advise.

This post has been edited by kilrathi: Jul 1 2011, 11:59 PM

Wow I'm surprised so many people didn't know what they were getting into when they buy the share. Good luck figuring it all out.

Would appreaciate if you can SHARE what you know bro ... it's good to share ..

I wish I can help, was only interested in the share because of recent announcements. I don't have any holding so didn't read much into their proposals. All I know is the headline proposals which will include capital repayment, capital reduction, share consolidation etc.

Anyway good luck figuring it out.