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17-10-2014, 04:48 PM
I dont know if this is the place to start this thread.
Have anyone encounter resolutions that did not pass during an agm/egm?
it seems to me that many of these agm/egm are already filled with people (some with lots of 自己人) who will voted thru the agenda. As minority shareholders, what can we do if there are resolution are not in favor of us? Is it possible that say 10-20 minority shareholder gets together privately when resolutions are not in favor, and at the particular meeting give the directors a "pleasant" surprise by voting against the resolutions? (by show of hand). What happen then? Can the directors proposed a vote by numbers of share and force thru such agenda? (since minority will sure lose if votes are by numbers of share). I'm just thinking about how we as minority shareholders can make a stand for issue that are no in favor of us. Not creating trouble by the way.
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If major shareholders can vote in the resolutions, then sure pass. Unless you can catch them on a technicality.
Even sure lose, minority shareholders should still vote to put their displeasure on records. And ask the obvious questions so that your views and opinions are recorded on the minutes. Ask for the minutes. These are supporting documents if you want to KP to SGX, SIAS or ACRA.
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Many years ago when I was still a stupid loyal SH of China Paper, in one of the AGM, one of the resolutions (IIRC, it was for issuing of performance shares to key executives of the company) was voted down by a show of hands. The Chairman quickly exercise his right to call for a vote by poll and of course the resolution was passed. So unless you have a powerful minority SH, like OHL, or if there is a conflict between the SSH themselves, voting at AGM/EGM is usually a matter of formality.
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I remember a famous case where minority shareholders won in the end...
IIRC it is the takeover of Neratel by STE.
You can do a search in this forum on that debacle.
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Thanks all for sharing.. Voting by hand means nothing it seems since chairman can exercise his rights to go by number of shares. Btw ben, I am still a sh of china paper, 11 shares. Lol, I took their scrip in 2011 I think.. Sold all after they announce their 2nd rights issue. Share price tumble and Lose a few k. Good lesson thou and lucky to escape full lost.
Will go read up on the neratel Takeover, nv heard of it b4..
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Forterra Trust ：
1) Resolution 3 : (General Mandate empowering Trustee-Manager to issue new shares) was passed during the AGM
http://www.forterra.com/UploudImg/proimg...cement.pdf
2) Subsequently, it was discovered that mistake had been made in managing and administering the voting process – some proxy forms which had been validly submitted by unit-holders had not been counted or taken into consideration.
3) Upon re-calculation, resolution 3 was shot down.
http://infopub.sgx.com/FileOpen/Clarific...eID=314759
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If SGX has their way........the way to go is by electronic voting, by shares IIRC
never ever went to an AGM, maybe its time to scratch that lolx
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