*Aqua*: To conduct tender offer at Rp450,000 per share bukannya dulu minta sejuta?
Selasa, 08/09/2009 09:24 WIB AQUA Tender Offer Saham Rp 450.000 ** - detikFinance * * *Jakarta* - PT Aqua Golden Mississippi Tbk (AQUA) menawarkan harga saham tender offer sebesar Rp 450.000 per lembar. Ini adalah harga tender offer terbesar dalam sejarah Bursa Indonesia. Harga yang ditawarkan tersebut berarti 83,82% premium dari harga perdagangan tertinggi atas saham di BEI dalam jangka waktu 90 hari terakhir sebelum pengumuman rencana *go private* pada hari ini yang sebesar Rp 244.800 per saham. Harga tersebut juga mencerminkan 83,06% premium dari harga perdagangan tertinggi di pasar reguler BEI selama 2 tahun terakhir sebelum pengumuman dilakukan pada hari ini, setelah memperhitungkan faktor penyesuaian akibat perubahan nilai nominal sejak 2 tahun terakhir hingga RUPSLB yang menyetujui delisting. Anak itu ditambah premium berupa tingkat pengembalian investasi selama 2 tahun yakni Rp 245.819 per saham. Selain itu, harga tersebut juga 124,89% premium dari hasil penilaian harga wajar saham berdasarkan penilaian penilai independen yang sebesar Rp 200.095 per saham. Harga tender offer itu juga 44.900% premium dari nilai nominal saham yang sebesar Rp 1.000. AQUA dalam pengumumannya yang dipublikasikan, Selasa (8/9/2009) menjelaskan, tender offer itu merupakan bagian dari rencana perseroan untuk melakukan *go private* . Perseroan akhirnya memilih *go private* atas berbagai pertimbangan yakni: 1. Pemegang saham publik yang tidak dapat menjual saham mereka jumlahnya cukup signifikan. Hal ini disebabkan karena perdagangan saham perseroan yang tidak likuid, jumlah pemegang saham publik yang terbatas dan fakta bahwa terdapat cukup banyak pemegang saham yang memegang saham *odd lot* yakni sekitar 220 pemegang saham dari 316 pemegang saham. 2. Perseroan telah menerima permintaan dari beberapa pemegang saham publik yang ingin menjual saham mereka. Dan karena tidak likuidnya saham perseroan, maka tidak mudah bagi pemegang saham untuk menjual sahamnya melalui bursa, apalagi dengan harga premium. 3. Berdasarkan situasi terakhir, perseroan percaya dapat membiayai sendiri kegiatan operasionalnya baik saat ini maupun di masa yang akan datang. Tender offer AQUA mengalami kegagalan beberapa kali karena ketidaksetujuan dari pemegang saham. Selanjutnya AQUA akan menggelar RUPSLB guna membahas rencana *go private* pada 13 Oktober 2009. *(/dnl)* ======= BUY, BUY, BUY! KEEP BUYING AND NEVER SELL! On Tue, Sep 8, 2009 at 9:38 AM, KC <kathleen_chu...@yahoo.com> wrote: > > > > > *Our Comment* > > Adi Wicaksono published a company update on *AKR Corporindo*. Management > indicated operating performance in 3Q09 would be better compared to that in > the first two quarters this year. During July-August 09, petroleum > distribution sales volume had increased to around 100,000 KL per month > compared to average 70,000 KL in 1H09. Management expects petroleum sales to > reach 1.1m KL in FY09. Due to robust growth in petroleum business, Adi > raised petroleum sales volume assumption to 15% CAGR 2009-2013 from 13.5% > CAGR previously, and revised earning estimates by 5-12% in FY09-FY10. Retain > BUY, new TP is Rp1,325 (previous TP was Rp1,030). > > > > Teguh Sunyoto published a company update on *Aneka Tambang*. On a > quarterly basis, gross margin was up to 16.2% in 2Q09 from 6.1% in 1Q09 > helped by higher nickel price in combination with lower oil price. Overall, > net profit is still in line with expectations, but with nickel on uptrend, > Teguh anticipates higher average selling price in 2H09. In terms of gross > profit, nickel is still be the main contributor with more than 60% of FY09 > gross profit coming from nickel business. Going forward, as oil price has > been increasing, 3Q will more challenging for the company in managing its > cash cost. However, Teguh sees that the worst has been over. in terms of > nickel price Looking at all supply and demand indicators, he expects there > will not be a major nickel price correction to happen again although nickel > price is not going back to its highest level in May 2007. After upgrading > nickel prices assumption to US$6.6/lb and US$8.2/lb for 2009 and 2010, > respectively, Teguh arrived at a new DCF target price of Rp2,200 per share. > HOLD. > > > > Management of *Perusahaan Gas Negara* yesterday said that the company is > in interested to acquire working interests on two or three oil & gas fields > in Indonesia. The company signed an MoU with Energy Equity Epic Sengkang > Pty Ltd (EEES) to purchase 1.5-5m tons LNG per annum. We view the plan to > acquire working interest in the upstream business as positive. Management > states that the move is driven by a strategic reason, to secure gas supply, > rather than business diversification. Our forecast and recommendation are > under review. > > > > *Katarina Setiawan* > > * * > > * * > > *Highlights*** > > • *AKR Corporindo (BUY)*: Eyeing better performance > > • *Aneka Tambang (HOLD)*: In the middle of nowhere > > • *Bukit Asam (HOLD)*: To complete acquisition of two coal mines** > > • *P Gas Negara (UNDER REVIEW)*: Eyeing stake on upstream business > > • *Timah*: To spend US$45m to buy six vessels > > • *Aqua*: To conduct tender offer at Rp450,000 per share > > • *Banking sector*: Basel agrees on new standards for banks > > *From our chartist desk* > > *• **IDX:* Start to worry if the index breaks below 2259 level, the > market will be fine as long as the index is above that level. Positive > sentiment came from financial sector index; -0,82 from -0,83 a day before > (this level is better compared to that in January 2008). Today’s trading > range is between 2288-2300-2315 (support) and 2335-2342-2360 > (resistance). > > *• **BNBA:* Increasing buying volume prompts us to upgrade target price > to Rp191, with good signal on MaCD 12-26. *TRADING BUY * > > *• **SMCB:* Bad signals on MaCD 12-26 day and selling pressure since > last 2 days. We set long lower target price at Rp900. *EXIT * > > > http://sprinklecake.blogspot.com/ > > > > >
