Sisa-Sisa Coretan Elle

The Great Dawn Raid Sept [1981] ENG vr.

~ Friday, May 21, 2010
Photobucket

the FULL VERSION about the great dawn raid!!!
.
.
.
"The toughest thing you have to do when you decide to raid is to pick the right stockbroker. We chose Rowe & Pitman. They had to have at least 30 or 40 of their staff at the time we were going to market, call all the prospective sellers of Guthrie shares to secure their acceptance."

The worry at the time was that if the news leaked, Guthrie's share price would have gone up. It had been decided that the offer price would be £2. "So, our challenge was not to tell these people anything."

.
.
.
It took Khalid and his team four months to get everything in place.
On Sept 7 1981, 4pm Malaysian time or 9am London time, the raid began.
Under London's rules, a raider was given 30 minutes to acquire 5% of its target's shares and then make the relevant announcement. The faster the 5% is secured, the better.
.
.
.
"While we were acquiring the 5% in London, Tun and I were here. On Sept 7, Tun flew to Singapore to secure a block held by OCBC," Khalid says.

There was no tacit agreement with the Singaporeans unlike with other friendly shareholders.
"In order for Tun to broach the subject with the OCBC owners, he had to wait till 3.30pm. We timed it. By 3.45pm, he had to get their acceptance, then make the call (to Rowe & Pittman). By 3.45, we had to tell the brokers that these are the people, these are the prices, so execute. So, Tun had a late lunch!"


Meanwhile, Khalid stayed behind in Kuala Lumpur to secure the stakes from other identified "friendly" shareholders. "I got confirmation from Bank Simpanan Nasional, Genting group… And also I had to get confirmation from Kuwait."
.
.
.
Kuwait came in readily, so did the other Malaysian parties. But there was a hiccup.
"I was stationed at the MIDF building. Bank Simpanan was at Jalan Ampang. They were supposed to bring the acceptance (notice) to me at MIDF but… you know what happened? There was a traffic jam!"

Khalid needed the acceptance from Bank Simpanan by 3pm but could not leave MIDF because he was needed by the phone. "You know what Tun did? He told Aziz Taha (then governor of BNM), you get out of Bank Negara and you get it and go to Khalid! And Aziz Taha did!"
Once the acceptance was in, Khalid had about 30% acceptance in his hand.
.
.
.
Meanwhile, Rothschild had secured the support of other British shareholders.
"Then we said, GO! The market came in and we announced that we had 45%. And we said, we are proceeding."

Tun Ismail was unable to secure OCBC's support.
"Tun called me and asked, 'Khalid, how have you done?'. I said, 'I have already executed. There is no turning back'."


Photobucket


By the end of the trading day, PNB had secured 47% of Guthrie. In less than a week, they had 51%, and within three months had taken over the whole company.

Once Guthrie was brought back, the other foreign-owned plantations fell in line. Harrisons & Crossfields negotiated to sell the Malaysian assets to PNB two years after the raid on Guthrie and Golden Hope Plantations Bhd was born (see next story).

For Khalid however, there was another coup waiting. "When we got Guthrie back, we did the housekeeping and sold the British business back. And we got more than what we invested. This was two years later. So, we literally got Guthrie for FREE."
.
.
.
p/s: "The Dawn Raid story as Khalid told The Edge"

ALLIFF@breakfast

0 cerita:

Followers

About Me

My photo
Kota Damansara & Segamat, Selangor, Malaysia
Hai, saya Mohamad Alliff Bin Zainurin (rememba double L double F!!!)... sangat-sangat CAMERA-maniac!!! gila n sangat-sangat DISUKAI ramai... hehehehe!!! btw gonna mish all my frenz!!!