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Sorry the comments is for Hong Fok
junction ( Date: 08-Jun-2012 15:18) Posted:
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The question is what is SGX and MAS doing about it? No wonder ChinaSky directors dare to tell SGX (and inderectly MAS) to get lost.
kirana ( Date: 08-Jun-2012 15:02) Posted:
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Have anybody ever consider Hwa Hong the like of Hong Fok, not that their management or management style are alike, but the comparison based on their business model and their properties. Looks like old school type also.
Market cap of Hong Fok Corp approx. $340 million
4 Executive Dirs Remuneration during past 5 yrs = $43 million
That means in less than 8 yrs, they can buy up equivalent of 1 Hong Fok Corp.
http://hongfokminorities.wordpress.com/
Thank you for visiting my blog.
Minutes of AGM sent to shareholders present on 22 May 2012.
http://hongfokminorities.wordpress.com/
jackpot...one day, i haf a strong feeling, hongfok will indeed be a jackpot for u.....think the coy cannot continue to ignore the public...also minority shareholders are quite educated about thier rights...
many tks for e compliment. I just use a simple template here, and it useful as a platform for communication and garner support from minorities.
We required more minorities of HF to come forward to make our struggle a success. I hope this will happen as we progress forward slowly but SURELY!
If u are in other forum please help to spread the news around.
Below is a new article just posted.
http://hongfokminorities.wordpress.com/
tea444u ( Date: 03-May-2012 14:58) Posted:
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the blog looks nice...but where to VOTE against hf behaviour?? i will wait for that and then vote accordingly before our next step...need to go to share investor also and punters gallery, and stock lion chat and next insight ....to gather around all hf shareholders...we cannot let them get away with this sort of unethical behaviour.
there are advantages to hv a separate blog dedicated to HF minorities. This blog is free and quite simple to administer even for layman like me. Whenever there are new postings I will notify via Sharejunction forum too.
Due to constraint of time & other resources, things are expected to progress slowly but SURELY, so please bare with me. After we hv garner enough minorities supports we will take it to the next level - i.e. legal actions.
I'm motivated by many of the minorities who stood up to challenge the oppressive Cheong Family. These speakers are well educated, well-versed in co laws & business ethnics and I have learned a lot from them at that AGM. Do not imagine that Minorities are made up of just old uncles or aunties who cannot fight against the oppressive Cheong.
This is just the beginning. Hope to have all your support in the future.
http://hongfokminorities.wordpress.com/
maybe dun need to go all the troble for website.
just do it here, but have to gather everyone from other forum like CNA.
sounds like yu got it all right man, anyone here can make suggestions as to how to set up the website and how to advertise it to minority shareholders?
we should move to step number 1 first? what say all of u?
Any feedback on my suggestions below would be appreciated.
Let's get started with Step No.1 at once. Any one can help to set up this website?
1. Step No.1: Set up a website to disseminate info for all minorities. Minorities encourage to register therein. Detail action plans will be discussed there.
2. Are there sufficient proof of oppression by majority? Answer is definitely YES! e.g.
a) 4 executive directors of Cheong Family plus 3 management staff, (relatives of Cheong family) i.e. total of 7 persons (all related) drew more than $12m a year in remuneration.
b) Even in yrs when co reported huge losses they continue to pay themselves high remuneration. In the latest accounts if revaluation surplus are excluded, there would be a loss.
c) refuse to declare dividend. Extract from SGX website showed that last div payment was FY31.12.2004, i.e. for past 7yrs from 2005 to 2011, there was zero dividend. In 2007 there was a 6c div but it was offset by rights issue of the same amount, the purpose of which was to utilise s.44 tax credit then.
d) Directors breach of fiduciary duties in reducing profits by increasing own remuneration.
e) No Remuneration Committee or Audit Committee to approve remuneration or accounts.
f) No clearly defined roles of 4 executive directors.
3. Legal remedies available include:
i) Winding up petition
ii) Buyout by majority - preferred court action.
4. To appoint a legal firm to seek court remedies, Buyout.
kenkenken ( Date: 02-May-2012 21:32) Posted:
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is there a way in which we can seek to gather all minority shareholders together to sign a petition or something.... ??
i am not vested though although i really like the potential in this stock- the owners clearly can see this and a re worried about their wealth getting eaten up by minority shareholders...i dont understand that though... when they do stg good, like gif a dividend, their share px too wilshoot and they too stand to benefit,why arent they doing so..that is the curious question.
i would like to contribute also. let start the boll rolling. what can i do to help?
kenkenken ( Date: 02-May-2012 21:30) Posted:
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I would
there are other " predators" eyeing HF piece of land in Orchard Rd/Claymore Hill.
There are rumours that Thai Embassy's present site is For Sale b'cos it sits on a land zoned for 100% commercial use (i.e. Shopping Centre) with plot ratio of 5.6 times.
Thai Embassy is roughly 80% the size of HF + Shaw Centre combined. If these 3 pieces of land are combined it is about twice the size of Ion Orchard site & worth multi-Billion $$.
Nearby, there are Far East Organisation (Ng Family), Ong Beng Seng (HPL), Wheelock Prop, Shaw Foundation who can well afford to buy Thai Embassy.
This is my main reason for holding onto HF despite the shitty " Cheong" .
kirana ( Date: 02-May-2012 20:18) Posted:
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