IOI Prospectus, 1623 pages!

I wrote before about the delisting in 2008 and possible relisting of IOI Properties (IOIP), here and here.

It looks like the relisting of IOIP will indeed go through, the prospectus exposure can be found on the website of the Securities Commission.

I wrote before about making IPO documents readable, lamenting documents that contain around 600 pages.

I guess that the principal advisers of the IOIP listing don't agree with me, since the prospectus has a whopping 1,623 pages. Honestly, which prospective investor is going to read that?

With so many pages available, I do expect at least a very thorough discussion about the rather controversial delisting, and a proper comparison with the current valuation, something along the following lines:

• IOIP was delisted in 2008 at a valuation of ...., its Net Asset Value was ...., its Revalued Net Asset Value was .... and its (normalized) net earnings were ....
• Since then the amount of dividend that has been paid to the shareholders of IOIP was ....
• The amount raised by rights issues (if any) was .....
• The amount raised by loans was ....
• IOIP will be relisted at a valuation of ...., its Net Asset Value is ....., its Revalued Net Asset Value is .... and its (normalized) net earnings were .....

(With "normalized" I mean excluding one-off items)

The above will give a rough but simple estimate how the current valuation (at a moment when property prices have boomed and are appearing to be toppish, at least to me) compares to the one in 2008 (in the midst of the global recession, when property prices were falling).

Unfortunately, I could not find this essential information, nor anything comparable, although some snippets of information can be found.

In paragraph 4.1.2:

The first paragraph is extremely general, so general that it is basically worthless. If BM and/or SC let companies get away with such general descriptions, then it would save time and money to just leave away this kind of non-information.

The second paragraph implies that operations could not be expanded if the company had stayed listed. That is rather strange, IOI Corporation was firmly in charge of IOIP, so why exactly is the above true?

The third paragraph seems to indicate that, since 2008, earnings have increased by about 43% and its Net Assets by about 129%. Not bad, but very far away from numbers being mentioned in the order of an increase in valuation of 800%, like in the report mentioned by "Ze Moola": current valuation of about RM 9 Billion, versus a valuation of RM 1.3 Billion in 2008.

The company was at its delisting valued at a steep discount to its Net Asset Value, rather controversial, to say the least. We will have to wait for the exact price for which the shares will be relisted, but most likely it will be relisted at a steep premium to its current Net Asset Value.

Previous IOIP shareholders who sold out in 2008 will not be happy with the turn of events.