Reach Energy Berhad (SPAC) & SLL & Huts

Home made juice & morning walk with Yap, He did not attached to any agency but his friend willing share with him 88% of commission....His house renovated more then 300k (bought about 600k).....

Suggested morning walk to Bukit Jalil Part from 7:10am-8:10am tomorrow....

Office parking full with Nasi Lemak seller's experience.....managed to made it for narrow parking space....

Last minute decision to Jupiter's Lunch Meeting  - Reach Energy Berhad (REB) Company Information

Profile of Reach Energy and SPAC

Reach Energy is the fourth and last SPAC (Special Purpose Acquisition Company) that was listed on the Main Board in August 2014. The IPO raised RM750m, of which 94.75% is kept in a trust for the purpose of aquiring the Qualifying Asset.

What is a SPAC?

SPAC is the acronym for Special Purpose Acquisition Company. A SPAC is a company that is initially listed with no operations but formed exclusively to make acquisitions using cash raised from its IPO (Initial Public Offering). The funds are raised based primarily on the prior track record of the individuals forming the management team who promote the venture.

The key features of a SPAC are:

Credible Management

A SPAC has credible management team who can identify and acquire appropriate target assets that will meet the business strategy as disclosed in the prospectus and enhance shareholders’ value. Hence, the management team must have the relevant track record, qualifications, and experience relevant to specific industries where acquisitions are intended to be made and to achieve the SPAC’s business strategy as laid out in the prospectus; and able to competently perform their individual roles, be it technical, legal or regulatory.

Investor Protection

A SPAC must place at least 90% of its IPO proceeds in a trust account managed by an independent custodian that is a trust company, licensed bank or merchant bank. Such proceeds may only be invested in securities issued by the Malaysian government, money market instruments and AAA-rated papers, before it is utilized for any acquisitions.

The acquisitions must have an aggregate fair market value equal to at least 80% of the amount in the trust account (“Qualifying Acquisition”). The SPAC must complete a Qualifying Acquisition within a permitted timeframe of no later than 36 months from the date of listing. The qualifying acquisition must be approved by a majority in number of shareholders representing at least 75% of the total value of securities present or voting by proxy at a general meeting. Acquisitions of multiple qualifying acquisitions must be approved

concurrently. Members of the management team and persons connected to them cannot vote on a resolution approving the qualifying asset.

Refund Flexibility

IPO Investors are entitled to receive 90% of their funds held in the trust account (net of taxes and distribution/liquidation expenses) under the following situations:

·  If they vote against a qualifying acquisition that is subsequently approved and completed, they may elect to receive, in exchange for their shares, a pro-rata portion of the amount held in the trust account.

·  If the SPAC does not complete a qualifying acquisition within the 3-year timeframe from listing, the SPAC must liquidate and return all proceeds to its investors

Do come to the presentation if you wish to find out more about Reach Energy and SPACs in general.

DATE :    27th January, 2015 (TUESDAY)

TIME :    12.30 pm to 1.00 pm - catering lunch served
                1.00 pm to 2.00 pm - presentation by Reach Energy and Q&A
                2.00 pm to 2.30 pm - networking session
                2.30 pm - end of session

 Venue:   Venue:   Level 9, Menara Olympia (next to Muzium Telekom),

               8 Jalan Raja Chulan, 50200 Kuala Lumpur

Special parking space........

Speaker : Ir. Shahul Hamid Bin Mohd Ismail (MD of REB)

Investment and Corporate Strategy : Wong Zun Haur (Senior General Manager of REB)

Senior Associate : Jason Fong ( JLPW Communications Sdn Bhd)

SLL & HUTS

SLL investment report & Huts Investment report.....

JOng CNY dinner at Newway Karaoke on 12 Feb 2015, from 6pm to.......RM 50 per head...(Group whatapp)