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Hot Stock ML Global rises 5.26% in thin trade
by Cals Thu 12 May 2016, 23:05
- Hot Stock
[size=28]ML Global rises 5.26% in thin trade
By Surin Murugiah / theedgemarkets.com | May 12, 2016 : 9:47 AM MYTKUALA LUMPUR (May 12): Shares of ML Global Bhd rose 5.26% in thin trade this morning after property company LBS Bina Group Bhd’s unconditional mandatory takeover offer of its shares at 56 sen per share and six sen per warrant was deemed not fair and not reasonable by independent adviser MainStreet Advisers Sdn Bhd.
At 9.17am, ML Global rose 3 sen to 60 sen with 32,900 shares done.
As such, the independent adviser has recommended that shareholders reject the offer.
MainStreet Advisers said ML Global's shares and warrants have been trading above the offer price for the most recent period up to the latest practicable day (LPD) on May 5. The offer price represents a discount of 6.67% to the LPD for its shares, and a discount of 80.65% to the volume weighted average market price for the period between the latest trading day and LPD, it explained.
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