E-Pay Asia Share Discussion Threads

[boadicea] 04/12/2013 11:34

I think a more readable version should result from this link (just click on 'Agree')-

As suggested, the additional information may well explain the rise in GHL share price since the offer.

However, regardless of how that may change things, I also note from the very useful Q&A section of the Epay 'ACCEPT' document received yesterday (see page 9ff and specifically the last item on page 11) that any foreign and non-Australian shareholders accepting the paper (scrip) offer will have their GHL shareholding sold and be paid the proceeds received - presumably as an Aus$ cheque.
It seems that I need not have gone to the trouble and potential expense of setting up a foreign dealing account to sell the shares and exit the whole saga.

[monkey puzzle] 03/12/2013 18:04

Blimey a bidder for the bidder...surely not in the real world, that would be bizarre to say the least...but they must have something pretty important to announce so who knows? Can't wait for the next update...I assume they won't be weasling on the deal?

[freddie ferret] 03/12/2013 17:33

What they are required to do next.
Seems they have been slightly naughty boys.
People that have already made a decision are being given the option of reversing it.
I am wondering if the information they are going to reveal is really price sensitive and may explain the rise in GLX's share price
This may also have the effect of lengthening the time frame. If a bidder for GLX emerges we could see EPY's share price rise again.

[monkey puzzle] 03/12/2013 10:57

I read the original from asx last night in the end....wonder what GHL will do next then?

[monkey puzzle] 02/12/2013 17:49

Not sure what you mean there FF???

[freddie ferret] 02/12/2013 17:36

Think that is someone in ADVFN playing silly buzzers!!!! :-8))

[freddie ferret] 02/12/2013 17:34

Right things are getting interesting.



e
-
pay Asia
Limited
-
ABN 99 089 227 887
Suite
25
02
, Level 2
5
, St Martins Tower, 31, Market Street, Sydney NSW 2000 Australia
Telephone:
+61
2
(0)
9267
4633
Facsimile:
+612
(0)
9267
4388
Website: www.e
pay
-
asia
.com
28 Novem
ber 2013
Mr Andy Weaver
ASX Limited
Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Mr Weaver
GHL Notification of further disclosure to be provided
e
-
pay Asia
Limited
(ASX:
EPY
)
–
has received the attached notification from
GHL System
s Berhad (
GHL
)
advising that ASIC
has raised with GHL concerns
with the content of the Bidder
'
s Statements and GHL proposes to issue a
supplementary bidder
'
s statement to provide additional disclosure.
The full
text is attached.
Yours faithfully


...................................................




Head
O
f
fice
Innovation
Cent
r
e
C
-
G
-
15, Block
C
Jln
Dataran
SD1,
Dataran
SD,
PJU
9
L5
-
E
-
7B,
Enterp rise
4
T
echnology
Park Malaysia
Bandar
Sri
Damansara,
52200 Kuala Lumpu
r
,
Malaysia
Bukit
Jalil,
57000
Kuala
Lumpu
r
, Malaysia
T
el
+603
-
6286
3388
Fax
+603
-
6280
2999
ww
w
.ghl.com
T
el
+603
-
8998
3660
Fax
+603
-
8998
3301
GHL Systems Bhd
293040
-
D
28
November 2013
ASX RELEASE
GHL Systems Berhad (GHL)
Takeover bid by GHL for e
-
pay Asia Limited ABN 99 089 227 887 (EPY)
–
further disclosure
to be provided
We refer to GHL
'
s off
-
market takeover bid for all of the shares in EPY
(
Takeover Bid
) and the
bidder
'
s statement dated 7 November 2013 (
Bidder
'
s Statement
).
GHL wishes to advise EPY shareholders that
ASIC has
raised with GHL concerns with the content
of the
Bidder
'
s Statements
and GHL proposes to
issue a supplementary bidder
'
s statement to
provide additional disclosure.
GHL advises EPY Shar
eholders to await the issue of the
supplementary bidder
'
s statement before
making a decision to a
ccept or reject the offer
in respect of their EPY Shares.
GHL intends to offer withdrawal rig
hts to any EPY shareholder who
has accepted or
accepts the
offer
under the Takeover Bid
before the supplementary bidder
'
s statement is issued.
Tobikiri Capital Limited
, the major shareholder of EPY which has accepted the offer with respect to
its entire ho
lding of 61.60% of EPY shares,
has advised GHL that it will not e
xercise its withdrawal
rights.

[monkey puzzle] 27/11/2013 17:08

Agreed, wheels are in motion just hope they can get it done by mid Jan.

[freddie ferret] 27/11/2013 15:52

MP

I am genuinely sorry but I cannot advise you, since I cannot see a simple solution.

The £150 route may be the best way to go.

[monkey puzzle] 26/11/2013 12:03

Freddie,

Just read the multiple news announcements....

Still stuck with shares I can't trade and cannot see how to comply with the requirements to trade in Malaysia so sweating on getting that asset transfer completed in time so I can sell epy on the market ahead of 24 January and hopefully the share price won't tank meantime.....I see it says you can't trade the shares if you have accepted the offer so I can't even send in my acceptance until I know whether or not I can complete the transfer....very frusrating.

[freddie ferret] 25/11/2013 17:41

EPY's independent (ie non exec) committee and it's technical advisor have both said accept the offer if no other becomes available. They have also noted that the 2.75 shares in GHL is far better than the 40c. Simon's 61% has accepted the offer (Tobikiri Capital).

[freddie ferret] 21/11/2013 16:44

After a little sell off GHL may be turning up again. See links in header.

Re problems selling I hold in a TDDI ISA and can deal on the ASX however past experience has told me trades have to be attempted during market open hours, if one leaves a limit order trade it does not go through due to weird ASX rules on first thing price setting. Tis a pain.

[arja] 20/11/2013 17:11

I see . There would be no chamce of getting a trading online account with an OZ broker if no aussie address and other accounts would charge $50 minimum to sell . Maybe POM is a possibility but they might have changed their name .

[monkey puzzle] 20/11/2013 16:35

I have tried etrade in Australia, gave up.

Not just £150 but also up to 6-8 weeks or even more to complete the process....apparrently all done by post and there is a huge backlog of such deals right now according to the guy I spoke with at TD....

[arja] 20/11/2013 16:31

wow- outrageous ! But surely there is an aussie broker who will sell for you which would be much cheaper even if they then have to remit the funds to you in UK ? But no doubt you have tried that route .

[monkey puzzle] 20/11/2013 16:20

But you need the share certificate and I don't have one, no choice.

£150 charge for the transfer to my UK broker from Comptershare in Ozz where my shares reside right now after they were moved from etrade nominee account when the company delisted on AIM and relisted in Ozz....

[arja] 20/11/2013 16:17

monkey puzz- am not familiar with that but it sounds more complex and expensive than just selling throough a Uk broker with oz associate .

[monkey puzzle] 20/11/2013 14:42

Arja,

Pretty sure that the Asset Transfer Route back to a UK broker is the only viable one in this case?

[arja] 20/11/2013 14:40

Boadicea- just posted a reply and very sorry I could not help .

[boadicea] 19/11/2013 23:48

The current comparison between the cash and the share option appears nonsensical due to the rapid escalation of the GHL share price since the offer was formulated.
Without wanting to seem paranoid, I would ask whether the GHL valuation is being pumped up to discourage people from opting for the cash? In that case it will not hold up after the deal has gone through.
On the other hand, is this deal a company maker for GHL that more than justifies its price rise?... in which case the paper offer is preferable.

I feel very much in the dark on this matter and there seem little encouragement to attempt a sale on ASX from what has been written above.
However, there is a poster on another thread who regularly operates on ASX and I might ask if he can suggest the best route to take.

[freddie ferret] 16/11/2013 14:24

Below is a copy and paste from the bidders statement from GHL. I think it is arguably the case that the offer price of 40c is obsolete. It will be interesting to see what the boards independent committee have to say.


..............................................................
..............................................................
..............................................................




The Cash Consideration values EPY at approximately AUD22.8 million based on the total issued 56,930,320
EPY Shares as at the date of this Bidder's Statement.
The Cash Consideration of AUD0.40 per EPY Share was arrived at after taking into consideration, amongst
others, the following:
(a) the range of traded market prices of EPY Shares of AUD0.315 to AUD0.38 for the past one month up to
2 October 2013, being the latest practicable date prior to the finalisation of the Offer proposal; and
(b) the earnings potential of EPY.
The Cash Consideration represents a premium of AUD0.025 or 6.67% to the closing price of EPY Shares of
AUD0.375 on 2 October 2013 (being the latest practicable date prior to the finalisation of the Offer proposal).

[freddie ferret] 16/11/2013 14:09

I have been thinking along the lines of timing, how long do we have?
I think the answer to this is quite a long time.

RESPONSE TO TAKEOVER OFFER
GHL Systems Berhad (
GHL
) has announced that it intends to make an off
-
market takeover offer
(
Offer
) to acquire all the shares in e
-
pay Asia Limited (
EPY
).
GHL will offer cash consideration
of A$0.40 per EPY share. As an alternative, shareholders will
have the choice to elect to receive 2.75 GHL shares per EPY share held, which will be listed on
Bursa Malaysia Securities Berhad.
As GHL is associated with several EPY directors and EPY's majo
r shareholder, an independent
board committee (
IBC
) comprised of Directors that are not participating insiders, consisting of Mr
CY Chin (Chairman) and Mr Thomas Schnitker, has been formed.
The IBC will:
∑
evaluate the Offer;
∑
appoint an independent expert
to prepare an independent expert's report to opine on
whether the Offer is fair and reasonable; and
∑
oversee the preparation of a target's statement on behalf of EPY responding to GHL's
bidder's statement. The target's statement will contain the IBC's recom
mendation in
relation to the Offer as well as an independent expert's report.
Shareholders are advised to take no action in relation to the Offer until EPY issues its target's
statement containing a formal recommendation in relation to the Offer as well as
an independent
expert's report. This is not expected to occur until December 2013.
The Offer is not expected to close until January 2014 at the earliest and therefore shareholders will
have sufficient time to consider the Offer.
The IBC has approved B
aker & McKenzie as the company's legal adviser in relation to the Offer.
If shareholders have any queries please contact the Company Secretary
–
Robert Lees on his
Direct line [phone], mobile [phone] or by email: [e-mail]



..............................................................
..............................................................
..............................................................



I think the conclusion to the above, taken from the EPY announcement on the 7th Oct, is that we wait until the report of the Independent EPY committee, consisting of their non execs, this is not due until December.
Given that the EPY and GHL share prices have both advanced substantially since the offer I think the deliberations of that committee could be interesting.

[monkey puzzle] 14/11/2013 16:48

Given up on Aussie broker plan, wasting my time with them

Need to go the Asset Transfer route which apparently can take forever, meaning minimum 6 weeks and then anything you like beyond that. All done by paper apparently....so much for the 21st century then.

Maybe it will work to my advantage in the end, who knows, up again today.