The shareholding of Maybulk looks like this:
PCL is not allowed to vote, if PPB Group also abstains (I think that should be the case) then Bank Pembangunan Malaysia Bhd. (BPMB; 100% owned by the Ministry of Finance) is kingmaker.
BPMB has one non-executive non-independent director on the Board of Maybulk, he has not voiced any concern about the resolution, so it is extremely likely that BPMB will vote in favour and thus that the proposal will be voted through.
However, those shareholders of Maybulk who share concerns regarding some of the issues I brought up can still take action by:
- Voicing their concern at the EGM and ask questions (which the Board of Directors is obliged to answer)
- Contacting the Securities Commission at email@example.com
- Contacting Bursa Malaysia at firstname.lastname@example.org
- Contacting MSWG at email@example.com
- Contacting BPMB at http://www.bpmb.com.my/contactUs/enquiry.asp
I hope that the vote at the EGM will be done by poll (one share one vote), and that the detailed voting result will be announced.
I also hope that the press is allowed to attend the meeting, although I doubt that will happen.
I have fought tooth and nail in 2008 to try to prevent the deal going through, only The Edge Daily published my letter. I did lodge a complaint with the Securities Commission before the EGM, unfortunately it was handled in the most disappointing way possible.
I have lodged a new complaint, mostly regarding the lapsing of the Put Option, the Rights Issue in 2012 and certain transparency issues. Hopefully it will be handled better and faster.
The authorities simply have to improve its enforcement compared to say ten years ago (when enforcement was close to zero), and luckily there have been some signs that it is indeed happening, even against some VIPs.