SunCity and Sunway to merge into single entity

After SunCity (6289) and Sunway (4308) suspended for 2 trading days awaiting for this announcement, the Sunway Group has proposed to buy over SunCity (Sunway City Berhad / 双威城) and Sunway (Sunway Holdings Berhad / 双威控股) with a private company called Sunway Sdn Bhd, which is controlled by the same boss Tan Sri Jeffrey Cheah Fook Ling (谢富年).

After the merger, the new company (newco) will be relisted.

It is proposed that:

• SunCity to be bought over at the price of RM5.10 per share, a premium of RM0.61 (13.59%) to its last closing price of RM4.49.
• SunCity-WA to be bought over at the price of RM1.29 per warrant, a premium of RM0.17 (15.18%) to its last closing price of RM1.12.
• Sunway to be bought over at the price of RM2.60 per share, a premium of RM0.35 (15.56%) to its last closing price of RM2.25.
•  Sunway-WC to be bought over at the price of RM1.50 per warrant, a premium of RM0.36 (31.58%) to its last closing price of RM1.14.

Existing shareholders and warrant-holders will get:

• Newco shares at the new listing price of RM2.80 representing 80% of the offer price.
• Cash representing 20% of the offer price.
• 1 free Newco warrant for every 5 Newco shares. Exercise period for the Newco warrant is 5 years.

With this information, and assuming that you are currently holding 1000 unit of the share or warrant of SunCity and/or Sunway, I have done a quick calculation of what you will get from this exercise.

What you will get are all the things in the last 3 columns. I think the free Newco warrant will have an initial listing price of RM0.005 and it is up to the market to give it a value during its 1st trading day.

The bad thing is, you will probably have some odd lots of NewCo and NewCo-WA after the exercise.

Disclaimer: This article is intended for sharing of point of view only. It is not an advice or recommendation to buy or sell any of the mentioned stock counters. You should do your own homework before trading in Bursa Malaysia.

The end of Novell

Novell, once being extremely famous with their NetWare Operating System, and also being the pioneer in Directory Service architecture, and later shifted focus to SUSE Linux, is now going to be sold to a not so well-known company - Attachmate.

The deal worth US$2.2 billion, or $6.10 per share.


Attachmate said it plan to operate Novell as 2 divisions:

• SUSE Linux
• The rest of Novell, including the ZENworks virtualization software and other networking solutions 

Beside that, Novell is also going to sell some of its intellectual property assets to CPTN Holdings, a Microsoft-organized consortium. The deal worth another US$450 million.

With this acquisition, here come the end of Novell, once a technology giant with excellent products, but failed to compete with rivals such as Microsoft (NetWare vs Windows Server), Red Hat (SuSe vs Redhat Linux), etc.

Garmin releases MalSingMaps Malaysia/Singapore/Brunei NT 2010.40 for free update

Garmin has made available MalSingMaps (MSM) Malaysia/Singapore/Brunei NT 2010.40 (2010-Q4) for free update now.

You can click here to download the installation file of MalSingMaps Malaysia/Singapore/Brunei NT 2010.40 from Garmin server. The download file is split into 4, and you just need to download the file relevant to your Garmin GPS navigator:

• nuvi 3790
• nuvi 1460, 1350, 765 or 255w
• nuvi 1250
• nuvi 205 or 205w

Due to this improvement, the installation file is much more smaller than the previous version. For example, the installation file for nuvi 255w is now 237MB only (compared with previous version's 743MB)

The installation program will update gmapprom1.img, gmapprom1.unl, gmap3d.img and SGMYMAL.JCV into your Garmin GPS navigator. As nuvi 255w doesn't support 3D maps, if you are installing to this model, gmap3d.img will automatically be removed during the end of the installation process.

During the installation process, you'll be asked for the unlock key. The key is stored in the existing gmapprom1.unl file in your Garmin GPS navigator, which you can open with Notepad or any text editor. Just copy and paste the key to the installer when asked.

Version highlights:

• Update Traffic Message Channel in Singapore
• DPOI of Singapore
• Add more POIs, postal code data and laneinfo of Singapore
• Extended road shield of Singapore & Malaysia
• Trails are built into the map
• Road Signs value-added
• Synchronize to Malsingmaps v5.00
• Extending more Junction Views for complex intersection around Malaysia

Surprisingly, this version has a smaller SGMYMAL.JCV file of size 217,747kb only (compared with the previous 352,764kb), but it contains more Junction View pictures and more lane assist triggers.

It seems that the Garmin release of MSM has improved a lot over the year. However, I still prefer using MalFreeMaps (MFM) as the later contains much more POIs and also able to provide more precise route to the destination.