Raffles Education Corp

Oei Hong Leong asked for an EGM two weeks ago to vote against the rights issue.
Since then, neither the company nor Oei has made any announcement.   Does anybody know what's the latest?

(30-12-2018, 09:39 PM)Shiyi Wrote: Oei Hong Leong asked for an EGM two weeks ago to vote against the rights issue.
Since then, neither the company nor Oei has made any announcement.   Does anybody know what's the latest?

there is a latest update by the company and legally, they do not need the hold the EGM, with the reason because they already obtained a share issue mandate in the last AGM.

http://infopub.sgx.com/FileOpen/Announce...eID=539093

Raffles Education full-year net profit nearly quadruples to S$40.2m
Wed, Aug 21, 2019 - 7:29 PM

RAFFLES Education Corporation saw net profit attributable to equity holders nearly quadruple to S$40.2 million for the year ended June 30 from S$10.6 million the year before, it announced in a results filing on Wednesday after market close.

Revenue edged up 1 per cent to S$97.9 million from S$96.8 million the year before.

Other operating income also surged to S$45.1 million, compared with S$4.4 million the year before, including a S$37.4 million gain on the disposal of subsidiary Langfang Development Zone Oriental University City Sino-Singapore Education Investment Co.

Earnings per share were 2.92 Singapore cents, compared with 0.90 cent the year before. No dividend was declared, similar to the previous year, which Raffles Education said was because it does not have accumulative profits to declare a dividend.......

Read more : https://www.businesstimes.com.sg/compani...s-to-s402m

(21-08-2019, 11:44 PM)dreamybear Wrote: Raffles Education full-year net profit nearly quadruples to S$40.2m
Wed, Aug 21, 2019 - 7:29 PM

RAFFLES Education Corporation saw net profit attributable to equity holders nearly quadruple to S$40.2 million for the year ended June 30 from S$10.6 million the year before, it announced in a results filing on Wednesday after market close.

Revenue edged up 1 per cent to S$97.9 million from S$96.8 million the year before.

Other operating income also surged to S$45.1 million, compared with S$4.4 million the year before, including a S$37.4 million gain on the disposal of subsidiary Langfang Development Zone Oriental University City Sino-Singapore Education Investment Co.

Earnings per share were 2.92 Singapore cents, compared with 0.90 cent the year before. No dividend was declared, similar to the previous year, which Raffles Education said was because it does not have accumulative profits to declare a dividend.......

Read more : https://www.businesstimes.com.sg/compani...s-to-s402m

There is $16 million "receivable" in relation to the disposal of Langfang Development Zone Oriental University City.
Not sure if this is recoverable.

Oei Hong Leong, Raffles Education's Chew Hua Seng in courtroom face-off
2 Sep 2019

SINGAPORE - Tycoon Oei Hong Leong is facing off against the chairman of Raffles Education Chew Hua Seng in the High Court, over an alleged promise by Mr Chew to procure a buyer for Mr Oei's shares in the mainboard-listed education provider............

On Oct 16, 2017, Mr Oei and Mr Chew at the house of Mr Oei's sister had a discussion that culminated in two identically worded handwritten notes made by Mr Chew, which is the subject of this lawsuit. According to the plaintiffs, Mr Chew had agreed to procure a buyer to buy all of the plaintiffs' 12.88 per cent stake in Raffles Education at 44 cents per share within a month from the date of the note.

The plaintiffs would withdraw their notice of requisition for an extraordinary general meeting (EGM) at Raffles Education in return for Mr Chew's procurement. The EGM aimed to remove Mr Chew as chairman and chief executive.........

The damages of $15 million that Mr Oei is claiming is the difference between the sale price of 44 cents and the 33 cents when trading closed on Nov 15, 2017, the deadline in the alleged deal. The higher amount of damages of S$26.5 million were assessed by the plaintiff's expert witness..........

Read more : https://www.straitstimes.com/business/co...m-face-off

(02-09-2019, 07:39 PM)dreamybear Wrote: Oei Hong Leong, Raffles Education's Chew Hua Seng in courtroom face-off
2 Sep 2019

SINGAPORE - Tycoon Oei Hong Leong is facing off against the chairman of Raffles Education Chew Hua Seng in the High Court, over an alleged promise by Mr Chew to procure a buyer for Mr Oei's shares in the mainboard-listed education provider............

On Oct 16, 2017, Mr Oei and Mr Chew at the house of Mr Oei's sister had a discussion that culminated in two identically worded handwritten notes made by Mr Chew, which is the subject of this lawsuit. According to the plaintiffs, Mr Chew had agreed to procure a buyer to buy all of the plaintiffs' 12.88 per cent stake in Raffles Education at 44 cents per share within a month from the date of the note.

The plaintiffs would withdraw their notice of requisition for an extraordinary general meeting (EGM) at Raffles Education in return for Mr Chew's procurement. The EGM aimed to remove Mr Chew as chairman and chief executive.........

The damages of $15 million that Mr Oei is claiming is the difference between the sale price of 44 cents and the 33 cents when trading closed on Nov 15, 2017, the deadline in the alleged deal. The higher amount of damages of S$26.5 million were assessed by the plaintiff's expert witness..........

Read more : https://www.straitstimes.com/business/co...m-face-off

Without the court case, minority shareholders would have not known the "secret deal" between the two.
Isn't the deal a material information that should have been publicly announced?

it's deal between shareholders not company so it's not material information to be published by the company, unless it leads to GO.

Back to square one.

Tycoon Oei Hong Leong seeks again to oust Raffles Education founder

RAFFLES Education Corp on Monday received a notice of requisition from substantial shareholder Oei Hong Leong seeking once again to remove the company's founder Chew Hua Seng as chairman and chief executive officer (CEO).

https://www.businesstimes.com.sg/compani...1#cxrecs_s

FY2020 Result as at 30 Jun 2020
Rev $100m (vs 97m)
Operating Loss $2m (vs +33m)
Net Loss $14m (vs +41m)

The challenging global education environment, currency volatility, increasing competition and the Covid-19 pandemic continue to impact the Group.
The uncertainty brought about by Covid-19 pandemic with the shutdown and restricted border movements in all the locations we operate in is impacting our recruitment and retention of foreign students from January till date and will have an impact on the Group.
The Group continues to streamline and restructure its operations to adapt to the new paradigm brought about by Covid-19 pandemic for better cost management and improve efficiency. 
https://links.sgx.com/FileOpen/REC%20-%2...eID=629406

Response To Requisition To Convene EGM
In the circumstances, the Board is not required to, and will not be convening an extraordinary general meeting for purposes of voting on the Proposed Resolutions
https://links.sgx.com/FileOpen/REC%20Ann...eID=629400

Stay home and stay safe, everyone

EGM 30 Sep 2020@10am
To approve the proposed acquisition of 35.9% shareholding interests in Langfang Hezhong Real Estate Development Co., Ltd., as a major transaction

On 16 July 2020, the Company announced that its subsidiary, Langfang Tonghui Education Consulting Co., Ltd., the Purchaser, had on 16 July 2020 entered into a sale and purchase agreement with Langfang Heying Real Estate Development Co., Ltd., the Vendor, for the sale and purchase of 35.9% equity interest in the Target Company for an aggregate consideration of RMB 254,000,000, equivalent to approximately S$49,987,000 based on an exchange rate of S$0.1968: RMB1 as at 30 June 2020. As the Proposed Acquisition would constitute a “major transaction” for the purposes of Chapter 10 of the Listing Manual, the approval of Shareholders is required for the Proposed Acquisition and the Directors propose to convene an EGM to seek Shareholders’ approval for the same.

Stay safe and stay healthy, please.