The acquisition of shares of an Indonesian private company post the enactment of the new company law

A new company law, Law No. 40 of 2007 was enacted on 16 August 2007 replacing the 1995 company law. No implementing regulations have been issued yet, including on acquisitions. Under Law No. 40 of 2007, a company can be acquired in one of two ways: (i) through the Board of Directors of the target company (Indirect Acquisition), or (ii) through a direct purchase of shares from existing shareholders (Direct Acquisition).For an acquisition, including a Direct Acquisition, the company, the acquirer and the seller must complete certain procedures. This has caused even a Direct Acquisition, which might seem quite straight forward, to become time consuming and involve a lot of paperwork. Outstanding issues under Law No. 40 of 2007 regarding the acquisition of a private company, are among others, an unclear definition of ‘Acquisition’, whether notification to the creditors is still required as previously, what information must be provided in the announcement of the Direct Acquisition, and whose Board of Directors should publish the announcement. Law No. 40 of 2007(or existing government regulations under the previous company law) does not provide any sanctions for non-compliance, but risks worth taking into account are that creditors (especially those who stand to suffer a loss due to the acquisition) can always argue that the acquisition has not been completed properly according to the law, and the Boards of Directors and Commissioners of the company may be held personally liable for any loss suffered by the company. These outstanding issues may hamper investments in Indonesian companies. They must therefore be addressed urgently,especially given the current economic situation of Indonesia that requires more investments

Parametrization and penalties in spline models with an application to survival analysis

In this paper we show how a simple parametrization, built from the definition of cubic splines, can aid in the implementation and interpretation of penalized spline models, whatever configuration of knots we choose to use. We call this parametrization value-first derivative parametrization. We perform Bayesian inference by exploring the natural link between quadratic penalties and Gaussian priors. However, a full Bayesian analysis seems feasible only for some penalty functionals. Alternatives include empirical Bayes methods involving model selection type criteria. The proposed methodology is illustrated by an application to survival analysis where the usual Cox model is extended to allow for time-varying regression coefficients

Using Technology Enabled Qualitative Research to Develop Products for the Social Good, An Overview

This paper discusses the potential benefits of the convergence of three recent trends for the design of socially beneficial products and services: the increasing application of qualitative research techniques in a wide range of disciplines, the rapid mainstreaming of social media and mobile technologies, and the emergence of software as a service. Presented is a scenario facilitating the complex data collection, analysis, storage, and reporting required for the qualitative research recommended for the task of designing relevant solutions to address needs of the underserved. A pilot study is used as a basis for describing the infrastructure and services required to realize this scenario. Implications for innovation of enhanced forms of qualitative research are presented

The hardwiring of development: Organization and function of genomic regulatory systems

The gene regulatory apparatus that directs development is encoded in the DNA, in the form of organized arrays of transcription factor target sites. Genes are regulated by interactions with multiple transcription factors and the target sites for the transcription factors required for the control of each gene constitute its cis-regulatory system. These systems are remarkably complex. Their hardwired internal organization enables them to behave as genomic information processing systems. Developmental gene regulatory networks consist of the cis-regulatory systems of all the relevant genes and the regulatory linkages amongst them. Though there is yet little explicit information, some general properties of genomic regulatory networks have become apparent. The key to understanding how genomic regulatory networks are organized, and how they work, lies in experimental analysis of cis-regulatory systems at all levels of the regulatory network