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发表于 1-6-2011 06:14 PM
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June 01, 2011
We Should All Send Letters To The SC and Bursa
Well, since my timid posting on Mclean, the company saw another 15m shares sold by another insider (early private placees, I think), plus the wonderul loss for the latest reporting quarter. How wonderful! I somehow wonder, what kind of IPO this is. Did they mention in the prospectus that the company may not be making money this year??? I would understand full well if it was a research based, burn rate driven company, trying to get their product to the market ... but this is a stable run of the mill product, which we cannot and should not tolerate losses from day one.
Just as it is important to vote, if you feel the same way, we should WRITE to SC and Bursa. Whether we lost any monies or traded in the counter is irrelevant. We should highlight that we do not need to view all IPOs as "trying to con us", we are all losing faith in the system.[size=180%] If after all the checks and due diligence by so many people, we still come up with crap like that, might as well close shop.
You should write to SC, in your own words, or cut and paste any parts below which you feel represents your views. If not, we will be left guessing if the next IPO is likely to be cheating investors of their money. You all know how much due diligence, research we investors can do on our own. We trust the SC, Bursa, investment banker have done their part ... and if the company is a money losing company... HIGHLIGHT THAT! Did the management ever said anything to that effect for the 2 months leading up to the IPO listing? Why not??? Isn't that material???
[size=180%]Write to SC:
cau@seccom.com.my
Write to Bursa:
aduan@bursamalaysia.com
We all know that investment bankers are increasingly finding it hard to list companies as the Bursa and SC have tightened the rules and investigation and due diligence processes over the past couple of years. So, in my mind, what the hell happened to Mclean Technologies?
Any IPO investor knows very well that they are not guaranteed positive returns by subscribing to IPOs. This is not what most investors are pissed about.
a) After all the hoops and hurdles the company and investment bankers went through, you'd think any company considered OK to be listed would be half decent, right? We only want half decent or better, not superb.
b) The pricing for IPO seems fair and not over priced. An IPO is supposed to be helping a company to raise capital for expansion AND to allow investors to participate in that growth. Tell me if those two are not the main reasons for having a capital market????? To help early investors to cash out IS NOT the primary motive.
c) The shares opened at 65 rose to 70 for a couple of minutes and went straight to hell and deeper everyday. The volume over the past few days would have been in multiples of their paid up. What kind of confidence is the SC, Bursa, Kenanga trying to instill to investors ... after the call for more quality listings, and after more and more rigorous listing requirements, we still end up with DOGS like these??!!
d) Investors are not asking for "sure winners" upon listing, but with 90% of the new shares being given to private placements and only a minority to public... you are supposed to think that by doing so, there would be more quality to the holding power of the private placements. So, what happened here? It seems the private placements came out to the markets within the first 10 minutes - so, lets forget the 90% private placements then. I think to give 90% to the public would be 1000% better - the general public seems to have better holding power.
e) Tell me if I am wrong, the bulk of private placements all came out to the market selling within the first hour. I would understand if the share price was driven to extremely lofty levels like Boilerchem (Up 200%-300%) but the f*cker Mclean was up ONLY 20%-30% from IPO only and only for less than half an hour and never saw the daylights after that!!! That can only mean no one who got the private placement was positive for the company's prospects.
f) What made me write this was to read in The Edge today that, a substantial shareholder, Sinco Technologies, sold all 15m of their shares in Mclean Technologies last week. OK, not everyone is supposed to be under moratorium, and maybe SC and Bursa cannot control all substantial shareholders unless they are part of the promoters for the company - but doesn't the whole thing reek of foul play???
g) The fact that the share price went below IPO after a couple of days may indicate that: maybe the pricing was wrong, if it was, why so??? Wrong a bit, never mind lah, but after less than a week the f*cker is at 38 sen compared to its IPO of 52 sen, which is to say the market now thinks its almost 30% cheaper than IPO price?? Which is to say none of the private placees think the company is worth 52 sen, and not even 38 sen as there seems to be a dearth of any insider buyers, and as I have pointed out even a substantial shareholder is selling all the way down. How dar??!!
Investors do not mind getting screwed every now and then, punting this and that, but this is too much ... this is telling you everything's fine and immediately every single feedback is telling you "you are so screwed, every single hour, every day since the listing". Again, no one is seeking any kind of guarantees, just not shit like this. No one expects a free lunch, but certainly not a lunch platter full of shit being served.
This is like investing in a penny OZ mining hole that has never been tested, its like Mclean has zilch business model to speak of - wtf! That the only reason to go for this IPO is to dump as much as fast as possible.
Here we are as investors, trying to support the whole process, you don't want us to second and third guess every f*cking listing, thinking they all are likely to be crap, DO YOU? After the huge tons of work, due diligence and so on, we still end up with crap listings like this during a normal market mind you, the market wasn't even bad.
Can we get some sort of reply from the company's management, Kenanga and the rest. Please...
p/s dear authorities, the usage of profanities are not directed at anyone specifically but used for emphasis and clarity ... so do not take issue with the language but address the issues raised |
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