HG Metal    Last:0.565   -

HG Metal a hidden gem ?

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?

 

This group of old borad member claims that they still puzzle ! Wake up ! Wake up ! Perople like us put our hard earn $$ into your company, just that they put more in order to be substantial share holder  and we put in lesser. We public, entrust our hard earn $$ to you to bring in profit returned and yet your lost is superb and fantastic !

Now is Singapore's booming period in terms of construction - Condo launching, IR projects etc, yet they are stockist and did not make profit, it is beyond imagination and produce this kind of fantastic report ! (Correct me if i interpret their lost wrongly, no offending)

Yes, changed everyone on the board and tell them to drive their sport cars to F@#$xyz&* Y to Marina South near Barriage (pordon me speeling error) to fly kite ! HA Ha LOL.

 

A BOARDROOM tussle is shaping up at HG Metal Manufacturing, after a non-executive director pushed for three key board members to be removed from the company.

 

Substantial shareholders Lingco Marine and Lingco Holdings have called for an extraordinary general meeting to boot out chief executive officer Wee Piew, chairman and founding member Tan Chan Too and executive director Lee Leng Loke from the board.

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 - has a 3.75 per cent direct stake in HG Metal, Bloomberg data showed. He also has further control through the 10.7 per cent of HG Metal held by Lingco Marine.

No reason was given for the removal push and a director from Lingco Marine - Seah Hoe Seng - told BT that Lingco is expected to elaborate on the reasons in a circular today but declined further comment.

'I am equally puzzled. We had a board meeting last week and it was a cordial one.' - CEO Wee Piew

Mr Wee said that the announcement was a surprise to him, adding that he did not know why they have called to remove him and the other directors from the board.

'I am equally puzzled,' he told BT yesterday.

'We had a board meeting last week and it was a cordial one,' added Mr Wee, who has a direct 0.05 per cent stake in HG Metal, Bloomberg data showed.

The two Lingco units have also suggested to appoint Chng Hee Kok and Roy Ling Chung Yee to replace the directors if they are removed.

HG Metal is a steel stockist and recently took over another listed firm BRC Asia - which makes and sells wire mesh and fabricated steel products for the construction industry - after years of pursuing organic growth. It currently holds 85.6 per cent of BRC Asia, which also has Mr Sia on its board of directors.

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.

Shares of HG Metal gained half a cent to finish at 13 cents yesterday.

 

Thanks!!

Am bullish about this company's long term prospect.. thinking of maybe accumulating more!

 

change of board members impact should not be that BIG (my opinion).

Anyway HG metal movement is slow. If want fast profit, than have to jump ship.

 

 

Any gurus here can advise on the impact of this change of board members? 

 

If I interpret correctly, since major share holder in exit out some shares and took BRC shares which is a better values and profitable, can I says that BRC looks more attractive ! Pardon me if I am wrong. I will look at BRC shares, now S$0.14. Good luck, and care for any comment to share !

 

The Full year lost of nearly S$60 million, wow, tabula tahen ! (If i interpret it correctly, pardon me if I am wrong) !!!

Now finally, change of board members !

 

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 

 

Putting 4th qtr will mislead people. Its 3rd qtr. Haha. Anyway depend on how individual interpret.

BRC Asia its subsidiary is performing better profit  than its previous qtr. Emm its seems a good aquisition for them

To be frank, HG metal is a good long term stock. (Btw, i in fr this one is bc of the business it is in)

 

 

 

Dear Parkings,

Your info is indeed correct, your previous post stated 3rd Qtr ! Now the 4th Qtr and full yr  results just announce. This company full  fiscal year is end 30 Sep. If I read it correctly, thus now they just announce the 4th Qtr - which is combine to full year. Good Luck.

Corresponding period of the immediately preceding financial year :-

4Q FY09 is Net (loss) for the period (5,804,000) ! FYI.

The Group financial results for FY2009 includes the FY2009 financial results of BRC Asia Limited

(“BRC Asia”), a subsidiary acquired on 18 September 2008 through HG Metal Pte Ltd, a 51% owned

subsidiary of HG Metal Manufacturing Limited. 

 

 

Apologies for the wrong info on hg. see wrongly. hehe.  but what i am curious is amonst the 3 companies, how is the share price determine despite the market forces and what determine them as overvalue or undervalue?

 

Parkings, u are obvious a sapphire supporter.

U should put up yr point at sapphire forum. That is better.........

Next would appreciate correct info is share out loh....

Thanks PAL.

 

 

Hi parkings, emm u need to read the info properly. HG metal 3rd qtr result not even out, u already announce the result yourself....haha

I thk u need to go to their website n check properly. Pls don't share wrong info. Its mis-leading leh.

Thanks.

parkings      ( Date: 19-Nov-2009 23:26) Posted: I am confused on this counter.  As far as I know, there are 3 counters into steel mining.  HG has 3q loss of 15582 S$ at now share price is 0.15.  Delong has 3q profit of 139,129,000 RMB and at share price around .88 cents.  Sapphire has 3q profit of 6,647,000 S$ and share price of 0.02 cents.  So shouldnt sapphire be a better bet?  Can anyone share insight.  Thanks

 

I am confused on this counter.  As far as I know, there are 3 counters into steel mining.  HG has 3q loss of 15582 S$ at now share price is 0.15.  Delong has 3q profit of 139,129,000 RMB and at share price around .88 cents.  Sapphire has 3q profit of 6,647,000 S$ and share price of 0.02 cents.  So shouldnt sapphire be a better bet?  Can anyone share insight.  Thanks

 

Today HG performance not bad.............got hit 0.15 some more.

Cheers to those that hold on.

 

 

Hope today move some more. Cheers

 

finally some movement . move on ~

 

I bought HG metal bc of the business sector it is in. N this one may need us to be patience abit.

Recently we can see semicon sector picking Up. It is a possible indicating signal that a true recovery is coming.

Hopefully we can see our HG metal in action soon also. Cheers.

 

Cheonged back to 0.125 this past week. Does anyone think it is consolidating before going further up, or will it free fall again?

Vested, still in the red.

 

is really under value. But anyone know what is the reason?