One thing is for sure, Tiger is no Ingenuity Solutions Bhd. Thus far, nobody has walked from Low Yat Plaza to Federal Hotel, to announce to the media, that they want to take over Tiger.
Tiger's biggest misfortune is that the tussle comes just months after the Ingenuity Solutions takeover offer that left many investors losing their pants.
To recap, Ninetology Marketing Sdn Bhd had offered in September to buy out the major shareholders of Ingenuity at 55 sen a share in a deal valued at RM360 million.
The deal would have resulted in Chin Boon Long, who had a 29.15 per cent stake in Ingenuity, walking away with a cool RM90 million and booking a gross profit of about RM70 million.
Chin, however, rejected the offer. Today, Ingenuity trades at about 10 sen a share. Chin made the news again in November when he emerged as a substantial shareholder in Takaso Resources Bhd. Takaso stole the trading limelight this month when the shares hit the roof in a single trading day.
Investors are genuinely concerned that Tiger could be a "value trap". As one seasoned investor noted, the concern is that once you buy large quantities of the share, the fear is that the whole battle will die down and the shares will tank.
The plus point for those keen on Tiger are the personalities behind the tussle - namely the two new shareholders. The duo, Datuk Seri Abdul Azim Zabidi and Datuk Seri Mohd Nadzmi Mohd Salleh, are respected businessmen.
Abdul Azim was a former chairman of Bank Simpanan Nasional Bhd while Mohd Nadzmi was a former chairman of Proton Holdings Bhd. They are unlikely to risk their reputation just to help "fry" the stock.
To their credit, they have kept silent, built up their stake in Tiger, and then sought to remove Tiger's entire five-member board of directors via an extraordinary shareholders meeting.
Since the duo had bought the shares in Tiger via privately held companies, one could assume that their intention is to hold on to Tiger's main board listing status.
In today's marketplace, the listing status itself could be worth anywhere from RM5 million to RM20 million.
The motion to dismiss the entire Tiger board drew an immediate response from the company. A media report quoted Tiger's executive director Shirley Tan Lee Chin as saying "having the unusual market activity and volatility in the share price is not in the best interest of our minority shareholders".
It should be noted that since the rumours started circulating on a possible play for the company, Tiger had done some cool placement business.
In November, cash flowed into the company via proceeds from two tranches of private placement, raising more than RM10.8 million, while proceeds from the conversion of warrants into mother share came up to about RM4 million thus far.
Not bad for a company that had less than RM2 million in cash before November, while minority shareholders saw the value of their shares briefly surpass the 49 sen a share level this year, a price level last seen in 2008.
For those of us who have forgotten, Tiger was just a 10 sen stock a year ago.
The EGM, if it does take place, will help clear investors concern that all this is just not a show.
Assuming the showdown at the EGM does indeed take place, Tiger is poised be live up to its name and lay its claim as the first "super bull" stock in the Year of the Water Snake.