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HG Metal a hidden gem ?

abc2xyz
Senior

04-Dec-2009 14:33

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Yells: "A stock sucker always enriches the market makers"

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If you want to know the truth, you will be disheartened. Independent directors play little or no role in most public companies. There are there for the sake of fulfilling the statutory requirements. I attended many EGMs and AGMs and heard few words if any at most times from IDs.

equator2010 ( Date: 04-Dec-2009 14:25) Posted:

RE: knightrider's kind post as follows: [QUOTE] They have also proposed to appoint former Members of Parliament Chng Hee Kok and Tan Eng Liang, as well as hedge fund manager Roy Ling Chung Yee as replacements. [UNQUOTE] I wonder if these incumbents possess any related experience (to steel/ construction industry), networking skills (big MUST in Asia markets), proven track record of successful business management ? afraid I can't make it to attend the EGM. My concern is that investors might usher in another breed of incapable managers and this merry-go-round will destroy the corporate image and performance.

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equator2010
Senior

04-Dec-2009 14:25

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soloman
Master

04-Dec-2009 10:19

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ANOTHER SINO -END ??????????????

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abc2xyz
Senior

04-Dec-2009 10:12

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Yells: "A stock sucker always enriches the market makers"

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My uncalled for honest opinion is that CEOs who continue to lose company money to the business should be punished by being removed from the board of directors so that the bad luck be broken and some good smart people can run the business to recope losses and steer the company to profitability.

We have too many of our listed companies losing money and these CEOs thought it is God given to them to live on the miseries of others. Miseries always related to money, so I am indicating money being the crux of the matter. High time everyone realize we cannot have this state of affairs in our corporate environment.

Not vested, but worry about most of the losing companies having poor and incapable directors. But when you kick them make sure the next one are not their clones. Hahaha.

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knightrider
Elite

04-Dec-2009 10:03

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Sorri,

The weblink got problem, find the announcement at SGX :

http://www.sgx.com/wps/portal/marketplace/mp-en/listed_companies_info/company_announcements

then select "Last 3 months","Company name", the "Announcement category- blank", then click go !

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knightrider
Elite

04-Dec-2009 09:59

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Read the report carefully !!!

Dec 03, 2009

Announcement (Size: 19,227 bytes)
Notice Of EGM (Size: 39,974 bytes)
Circular (Size: 336,407 bytes)

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knightrider
Elite

04-Dec-2009 09:47

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If anyone want to appoint the proxy as you are unable to attend, then assign your proxy to someone that can attend or to the new management will do. But always bear in mind, if you attend, sometime got buffet to makan plus tak pao! ha ha LOL.

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knightrider
Elite

04-Dec-2009 09:08

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Normaly, it can mailed back, but must include the SingPost delivery time frame, so must act fast, once you received the EGM circular. No need to go down personally, this is what i usually do. But when you do take the effort to attend, sometime some company provide the buffet and some door gifts. hee hee, this is all our $$. Sometime also can tak pao - take away ! LOL , FYI.

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freeman_5js
Senior

04-Dec-2009 01:44

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sorrie i new in tis. bt if u wan to ans back their vote, izzit a muz to go down to drop tt letter or can u mai it instead.

n if u never replx back to them means ur right to vote is void rite?

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knightrider
Elite

03-Dec-2009 16:36

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Business Times

December 3, 2009, 3.52 pm (Singapore time)

Concerns over HG's losses prompt calls for changes

By JAMIE LEE

Consecutive losses in the last five quarters at HG Metal Manufacturing have pushed a non-executive director to try to boot out the CEO, chairman and another director from the board.

'We are deeply concerned with the poor financial performance of the group, which is evident from the consecutive losses made in the last five quarters,' said substantial shareholders Lingco Marine and Lingco Holdings in a circular to shareholders on Thursday.

The two Lingco units - which are involved in shipbuilding and ship chartering - are linked to non-executive director Sia Ling Sing, who has been on the board of HG Metal since 2003.

Mr Sia - who is the managing director of the Lingco group of companies - holds about 4 per cent direct stake in HG Metal. He also has further control through about 10 per cent of HG Metal held by Lingco Marine.

The two Lingco units have called for an EGM on January 5, 2010 to remove CEO Wee Piew, chairman and one of the company's founder Tan Chan Too and executive director Lee Leng Loke.

They have also proposed to appoint former Members of Parliament Chng Hee Kok and Tan Eng Liang, as well as hedge fund manager Roy Ling Chung Yee as replacements.

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knightrider
Elite

03-Dec-2009 16:26

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Very sori, the EGM date is 5th Jan 2010 3pm at Hotel Re - a special name indeed. Don't know got buffet to eat or not, plus tak pao - take away ! ha ha LOL.

And the forms of proxy need to send back latest by 3rd Jan 2010 3pm. So take note, die die must vote the old management out and let them pack up make sure all out - nabei (hokkien).

Cow Pa (hokkien - means cry father), how to run a business until lost of S$60m - may as well stay home and relax and don't work and close shop, then can save all the cost and overhead. They are like our idiot whatsoever soverign fund , lost so much $$. LOL

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knightrider
Elite

03-Dec-2009 15:06

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Dear belgeran,

It is alright and everyone here is to learn from each other and our main aim is to share info and be profitable. You got your point, it is a good point bring up ! Good Luck.

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belgeran
Veteran

03-Dec-2009 15:00

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hmm, thats true too, just wondering if this default will cause an issue with company's operation while other loans/arrangements are being made?

i'm quite new to trading, so i'm just asking what comes to mind ;)

knightrider ( Date: 03-Dec-2009 11:51) Posted:

Hi,

Do u mean only the out going Ceos know how to arrange loan and finance from OCBC/UOB, the new in coming one can also get this facility in place what ? Correctly me if I am wrong, er ! Anyone, a listed company to get loan is easy la, no big deal. It is us, normal citizen - good and obedient type, difficult to find cash. Do you agree ? LOL.

belgeran ( Date: 03-Dec-2009 11:34) Posted:

in the statement, it states that if the 2 ceos is removed from post, it will trigger a default on the loan from ocbc/uob.. will this be an issue?

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Bintang
Elite

03-Dec-2009 13:55

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The monthly directional movement index is still negatively placed n ADX is at 21 , so the long term tehnical view is still not positive yet , further sideway trend could be expected .

Bintang ( Date: 19-Oct-2009 17:04) Posted:

Hi belgeran ,

There would be some corrections or consolidations in the blue chips or in some mid cap counters .

But in the same time , some normally quiet or laggard counters may take over the stage .

So we must work very hard to spot those potential counters .

One important indicator , the direction movement index is very useful now .

belgeran ( Date: 19-Oct-2009 16:55) Posted:

Hi Bintang,

Just wondering what are your considerations when you say more corrections?

Saw alot of your postings across the forums, very helpful analysis of the stocks' trends. I just started recently, yet to pick up any analysis skills, was hoping if you will give some guidance ;)

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knightrider
Elite

03-Dec-2009 13:43

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LOL

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knightrider
Elite

03-Dec-2009 13:14

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Seems the special EGM date is set on 3 Jan 2010 at Hotel Re! - Where is this so special name Hotel. not even heard of , er !!!

I quoted from the Business times posted : " The company posted a fourth quarter net loss of $11.5 million, narrowing from a net loss of $33.3 million for the same period a year ago." Come on man, please state the whole truth and nothing but the truth - this is only talking of 4th Qtr 2009, and the whole 2009 is a superb and fantastic shocking lost of (Equity holders of the Company) S$67,491,000. Total YTD lost after tax is S$58,802,000. Correct me if I interpret it wrongly !

F@#$^& Y!@$, a share holder's interest is not protected, we are minor share holders, and the way this arrognant CEO chap, reply that it is already improve as compare to less year 4th Q that managed to reduce lost from S$33m to S$11.5m, nabei (in hokkien). This goes by dividend down the drain !

I am going to vote the old management out and boot it upside down ! Let the new management take over ! Support the new in-coming team !!! Hooray Hooray ! Wuan Swee Wuan Swee (in chinese) !

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knightrider
Elite

03-Dec-2009 12:18

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Now seems internal tug-of-war started, and the share paper got some movement ! Can get some kopi$ going. Do anyone think can buy in a bit , er ???

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knightrider
Elite

03-Dec-2009 11:51

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Hi,

belgeran ( Date: 03-Dec-2009 11:34) Posted:

in the statement, it states that if the 2 ceos is removed from post, it will trigger a default on the loan from ocbc/uob.. will this be an issue?

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knightrider
Elite

03-Dec-2009 11:45

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The Company refers to the announcement made earlier today in respect of the receipt of a special

notice ("Special Notice") from Lingco Marine Pte. Ltd. and Lingco Holdings Pte Ltd (collectively,

"Lingco").

Under the Special Notice, it is stated, inter alia, that it is Lingco's intention to call for an extraordinary

general meeting ("EGM") of the Company to pass resolutions for the removal of Mr Tan Chan Too, Mr

Wee Piew and Mr Lee Leng Loke from each of their offices as directors of the Company with effect

from the date of the EGM.

The Company wishes to announce that under Clause 24.10 of the facility agreement dated 23

October 2009 (the "Facility Agreement") entered into with, inter alia, each of: (a) Oversea-Chinese

Banking Corporation Limited (“OCBC”) and United Overseas Bank Limited as lenders; and (b) OCBC

as the agent of the Finance Parties (as defined in the Facility Agreement) (other than itself), it is an

event of default under the Facility Agreement if either Mr Tan Chan Too or Mr Wee Piew ceases to

hold the appointment of executive director of the Company.

BY ORDER OF THE BOARD

Wee Piew

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knightrider
Elite

03-Dec-2009 11:42

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Can u further elaborate this, I "ang moh" - English no good ? Thanks.

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