Datapulse Technology

[specuvestor]

https://www.theedgesingapore.com/datapul...rent-board

minority lost.... hard fight for this type of co. :O

“The only thing necessary for the triumph of evil is for good men to do nothing”

It’s an honorable loss with more than 40%. At least people know activism in Singapore is not dead. 

[opmi]

A question: Is it the CPF Investment Account shareholders cannot or too troublesome to vote?

Quote for the VBs (with similar value plays) to ponder about....

Martin Niemöller (1892–1984) was a prominent Protestant pastor who emerged as an outspoken public foe of Adolf Hitler and spent the last seven years of Nazi rule in concentration camps.

Niemöller is perhaps best remembered for the quotation:

First they came for the Socialists, and I did not speak out—
Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out—
Because I was not a Trade Unionist.

Then they came for the Jews, and I did not speak out—
Because I was not a Jew.

Then they came for me—and there was no one left to speak for me.

[weijian]

Out of a total of 220mil shares, only about ~138mil (62.7%) came out to vote.

- Excluding the incumbent Miss Ng Siew Hong (29%) and Miss Intan (15%), OPMIs came out to vote at 62.7-29-15 = 18.7% --> Miss Intan and co started out with a 14% handicap but in essence, the help ceiling was only going to be 18.7% out of the full 56% OPMI pool (only 33% OPMIs turned up)
- As a percentage of total votes, the results can be interpreted as Ng Siew Hong @0.59*62.7=37% and Miss Intan @0.41*62.7=25.7%
- Based on above calculations, OPMIs' support can be broken down into (25.7-15)/18.7 = 57% (for Miss Intan) and (37-29)/18.7 =  43% (for Miss NSH).

Scenario 1: Assume there is 60% OPMI support (from above statistics), what is the % of turn out that Miss Intan needs?
- Equation is 0.6*0.56*X + 0.15 > 0.4*0.56*X + 0.29, where X=% of turnout required from OPMI to help Miss Intan win.
- Solving the above equation for X, X=1.25 which means 125% of OPMI --> This means with above voting trends demonstrated in the EGM, it is mathematically impossible for Misss Intan to win.
- So her comment "I think we have more shares than [those in support of the current board], represented by the minority shareholders" is not really valid.

Scenario 2: Let's assume that Miss Intan has overwhelming 80% of OPMI support, what is the %turn out that Miss Intan needs?
- Equation is 0.8*0.56*X + 0.15 > 0.2*0.56*X + 0.29, where X=% of turnout required from OPMI to help Miss Intan win.
- Solving the above equation for X, X=0.416 which means that ~42% of the turnout from OPMI is required, ie. at least half of the OPMIs (close to a thousand individuals i suppose?)

So probably i would like to conclude that support for Miss Intan wasn't strong in the first place (or at least there wasnt enough resources/time to rally the troops even though Prof Mak on her side). Even if it was, it was always going to be a tall order without more institutional support.

That said. I agree with Specuvestor that it has been a good fight. With recent memory of Sabana REIT, hope the wave of activism will continue to get stronger..who knows, one day, SPORE will have their own David Webb. Along the lines of the broken window theory, i suppose such acts of activism will only keep those who have "funny ideas" to have 2nd thoughts....

[ACTIVIST SPEAKS]

Miss Ng Siew Hong spent 55c per share to buy a cash company with 39c NAV per share. Financially, her decision made no sense. Commercially, her willingness to pay such a big premium for a 29% stake is obviously for the "control premium" to use the $80m cash in the company to her fancy. It is not unreasonable to deduce that she need to recover the premium she paid by using the cash in a way that will directly benefit her to the detriment of other shareholders (hence the public outcry). However, things did not go as smoothly as she planned when minorities, SGX and academics fought back. Under all the watchful eyes, she may not be able to do another "hair" deal easily in the near future. But in the longer term, it is a different story .....this company at its current state, is a definite SELL.
And to Ang Kong Meng, the seller of the Hair Biz to Datapulse who called these minorities "brainless"....this story may not end here and you will pay for making this remark.

[ACTIVIST SPEAKS]

The voting process was changed last year for CPF/SRS investors...it is now exactly the same for both CPF/SRS as it is for investors with shares in CDP. The minorities' battle was not only with the incumbent, it was also against the apathy of the Singaporean investors.

[opmi]

Miss Ng Siew Hong spent 55c per share to buy a cash company with 39c NAV per share.  Financially, her decision made no sense.  Commercially, her willingness to pay such a big premium for a 29% stake is obviously for the "control premium" to use the $80m cash in the company to her fancy.   It is not unreasonable to deduce that she need to recover the premium she paid by using the cash in a way that will directly benefit her to the detriment of other shareholders (hence the public outcry).  However, things did not go as smoothly as she planned when minorities, SGX and academics fought back.  Under all the watchful eyes, she may not be able to do another "hair" deal easily in the near future.  But in the longer term, it is a different story .....this company at its current state, is a definite SELL.
And to Ang Kong Meng, the seller of the Hair Biz to Datapulse who called these minorities "brainless"....this story may not end here and you will pay for making this remark.

https://primeglobal.net/firms/ang-co-pac  << this guy?

http://www.angnco.com/our-profile/

[weijian]

Some interesting forensic work done by Prof Mak with regards to visiting the properties that Wayco owns and also digging out its FY16/17 accounts from Companies Commission of Malaysia (CCM).

Could ACTIVIST SPEAKS' earlier comment "this story may not end here and you will pay for making this remark.." start to look prophetic...?

http://governanceforstakeholders.com/201...quisition/

[cyclone]

Letter of Intent In Relation To the Proposed Acquisition of the Entire Issued and Paid-Up Share Capital of MHI MY 1 Pte.Ltd.

Datapulse Technology announced that the Company had, on 16 July 2018, entered into a non-binding letter of intent (the "LOI") with ICP Ltd.’s wholly owned subsidiary, Midscale Hotel Investments Pte. Ltd.  in relation to the proposed acquisition by the Company of the entire issued and paid-up share capital of MHI MY 1 Pte. Ltd..

MHI MY 1 Pte. Ltd. is in the business of hotel investment. It, through its wholly owned Malaysian subsidiary, owns a midscale hotel in Kuala Lumpur, currently operating under the brand "Geo Hotel Kuala Lumpur". Upon the completion of a refurbishment program, the hotel will debut as Travelodge Central Market, Kuala Lumpur.

More details in http://infopub.sgx.com/FileOpen/Letter%2...eID=516512

Website : http://www.geohotelkl.com/

[lonewolf]

Very interesting (fishy?) married deal being carried out between Ms Ng Siew Hong and a Mr Aw Cheok Huat.

S$12,045,000 for 21,900,000 shares or 10% of the share capital of the company. That's $0.55 per share. Or a whopping 92% premium over its last closing price of 28.5c.

http://infopub.sgx.com/FileOpen/_eFORM3V...eID=516719
http://infopub.sgx.com/FileOpen/_eFORM3V...eID=516715

Who in his right mind would pay such a high premium for a company with such a chequered history and a few SGX reprimands in the last few months?

[weijian]

By proposing himself as a director, Mr Aw Cheok Huat came out into the open and made it easy for folks like us to piece it back. Some things seem like don't change.

7/16: Datapulse signs a LOI (seller's parent is ICP Ltd) to buy over a hotel company.
7/18: Mr Aw buys ~1/3 of the shares that Miss Ng Siew Hong owns at 92% premium.
8/15: Mr Aw is controlling shareholder and chairman of ICP Ltd from the non executive director announcement.

8/15 non executive director announcement: http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com