Tuesday, May 29, 2012

Oh Danny Boy

According to the Malaysian Insider, Danny "Rashdan quits MAS" and had "been under pressure since reports surfaced that they flouted the airline’s prohibition on bringing their toddler to the first-class cabin."

I am no insider in MAS affairs, read the Master, blogger Another Brick In The Wall, for the ins and outs of the former CEO, Mohammed Rashdan Mohd Yusof, and most especially where MAS is concerned.

Being a lowly blogger, I say fare thee well Danny Rashdan.

Here is a low down on the MAS Queen Park Rangers jersey sponsorship and their official announcements and the latest that is mind boggling to say the least.

Judge for yourself.

This is an announcement (Reference No MA-110915-55414) from Bursa Malaysia with "Description : Malaysian Airline System Berhad ("MAS" or "the Company") Signs Sponsorship Deal With Queens Park Rangers, United Kingdom (UK)" and the document opens with a same heading, Announcement Details/Table Section :
"MAS wishes to announce that the Company had on 12 September 2011 signed the sponsorship deal with Queens Park Rangers Football Club (QPR) of United Kingdom.."
That MAS announcement was dated 14 September 2011.

The key word is "SIGNS". What does "sign" mean?

This month on the 17th, Bursa Malaysia made the following announcement (Reference No MA-120511-62916) from MAS - "Malaysian Airline System Berhad wishes to announce that it had on 16 May 2012 entered into a Sponsorship Agreement with Queens Park Rangers Football Club (hereinafter referred to as QPR) following the announcement on 12 September 2011. The relevant informations are as per attachment", from the attached document,
Malaysian Airline System Berhad (hereinafter referred to as MAS) wishes to announce that it had on 16 May 2012 entered into a Sponsorship Agreement ("QPR Agreement") with Queens Park Rangers Football Club (hereinafter referred to as QPR) following the announcement on 12 September 2011 that it will become the Official Home Jersey Sponsor of QPR for the 2011/12 Barclays Premier League (BPL) Season.
What type of announcements were MAS giving to the Malaysian share exchange regulators?

From what I know, announcements have an effect on the share prices of the relevant company making them, and should not be taken lightly without dispensation.

A day after that sponsorship was disclosed, 15 September, MAS made this disclosure to Bursa (same Reference No MA-110915-55414) -
"A formal agreement to this effect is still being negotiated and is expected to be executed on or before 30th September 2011. Upon its execution an appropriate announcement including the sponsorship amount will be disclosed to Bursa Malaysia."
Also, what kind of agreement is this when MAS signs to be the "Official Home Jersey Sponsor for the 2011/12 Barclays Premier League (BPL) Season" after the BPL league season is over?

All this under the watch of Danny boy.

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