Company AGMs: Dos and don'ts

KopiKat Wrote:I went to do some internet searches and came up with the following timeline (dates may be out a couple of days)

I like your "don't trust everything u read on the internet" attitude. I stand corrected on that Apr 09 date too.

Quote:Lessons learnt and applied was that there're always such market opportunities around (too bad I missed the recent KREIT one)

Since u mentioned Kreit, and IIRC it did at least 2 massively dilutive renounceable rights issues in past years, i added it to the chart too to see where it stacks up - purple line:
(note: Kreit predominantly office reit, so comparison should be viewed accordingly)

[Image: z?s=P40U.SI&t=5y&q=l&l=on&z=l&c=J69U.SI,...&region=US]

Believe MBFC2 should be due for acquisition sometime and K'land is a co-owner, so u may not have to hold your breath for long.....

Heard from one of my friends - Hong Fok AGM was an eye-opener!

===
Published April 27, 2012
AGM WATCH

Hong Fok minorities leave AGM over directors' pay

They raise concerns key management are getting paid in excess of $10m
Bykenneth lim print |email this article DISGRUNTLED minority shareholders of developer Hong Fok Corp stormed out of the company's annual general meeting (AGM)
after directors thwarted their attempt to reject key resolutions amid concerns about directors' remuneration.

"Shareholders rejected the directors' report and the audited results by show of hands . . . so the chairman proposed that all the resolutions be put through the poll," said minority shareholder Mano Sabnani, chief executive of advisory firm Rafflesia Holdings.

Directors of Hong Fok could not be reached for comment.
Mr Mano said minority shareholders yesterday raised concerns that Hong Fok's key management has been getting paid in excess of $10 million in total for the past few years - the 2011 annual report for Hong Fok said employee benefits paid to key management, excluding directors fees, amounted to $12.1 million in 2011.

---

(27-04-2012, 10:02 AM)swakoo Wrote: Believe MBFC2 should be due for acquisition sometime and K'land is a co-owner, so u may not have to hold your breath for long.....

K-reit's acquisition of Ocean Financial Tower was really manipulative. My friend went for this year's AGM - attendees were less than half of those who came for last year's. Confirm his view that most who attended last year's were 'proxy' or Keppel's staff... attending to gather votes for the show of hands.

Conclusion is this - minorities will more or less get 'screwed'.. voting is more or less very useless.. and have to suffered years of discontent before something drastic like HF case will happen

(27-04-2012, 10:02 AM)swakoo Wrote: Since u mentioned Kreit, and IIRC it did at least 2 massively dilutive renounceable rights issues in past years, i added it to the chart too to see where it stacks up - purple line:
(note: Kreit predominantly office reit, so comparison should be viewed accordingly)
.
.
Believe MBFC2 should be due for acquisition sometime and K'land is a co-owner, so u may not have to hold your breath for long.....

Thank you for the very useful comparison graphs which'd benefit many who are considering any REITs for long term investments. In my case, after many painful lessons (esp. during financial crisis), I don't think there are that many REITs that are suitable for long term hold. Many are more interested in the AUM as it translates to higher fees for themself. Instead of avoiding REITs (I still keep a few), I usually only get interested when they do an at least 10% free-fall in share price eg. massive rights issues. There's short term money to be made eg. >20% for the Starhill example as it dropped below 50ct before it recovered to 60ct+ (IIRC, within a year). Recent K-REIT one prob >10% to be made, more if you include div.

(27-04-2012, 10:16 AM)KopiKat Wrote:

(27-04-2012, 10:02 AM)swakoo Wrote: Since u mentioned Kreit, and IIRC it did at least 2 massively dilutive renounceable rights issues in past years, i added it to the chart too to see where it stacks up - purple line:
(note: Kreit predominantly office reit, so comparison should be viewed accordingly)
.
.
Believe MBFC2 should be due for acquisition sometime and K'land is a co-owner, so u may not have to hold your breath for long.....

Thank you for the very useful comparison graphs which'd benefit many who are considering any REITs for long term investments. In my case, after many painful lessons (esp. during financial crisis), I don't think there are that many REITs that are suitable for long term hold. Many are more interested in the AUM as it translates to higher fees for themself. Instead of avoiding REITs (I still keep a few), I usually only get interested when they do an at least 10% free-fall in share price eg. massive rights issues. There's short term money to be made eg. >20% for the Starhill example as it dropped below 50ct before it recovered to 60ct+ (IIRC, within a year). Recent K-REIT one prob >10% to be made, more if you include div.

I have similar conclusion. REITs are not good long term investment, better for hit-and-run. So are a lot of other stable counters such as SPH, SMRT, Starhub, M1 & Singpost.

Reits are ever-ready buyers standby for the spomsors to unload their unwanted assets at the price that the sponsors will dictate. Always at the end of the peak cycle, deliver the baby for the reit unitholders to hold. It is the games of win win win to the sponsors only.

If reits suck, then go for the reits manager that earn money when there's disposal or acquisition of asset. Everytime there's a right issue to acquire new property, AUM increases and fee increases as well. DPU increases, reits manager also got higher performance fee.

If only the price of the reit manager can dive down...

(27-04-2012, 01:17 PM)shanrui_91 Wrote: If reits suck, then go for the reits manager that earn money when there's disposal or acquisition of asset. Everytime there's a right issue to acquire new property, AUM increases and fee increases as well. DPU increases, reits manager also got higher performance fee.

If only the price of the reit manager can dive down...

make it easier to remove reit managers and let reit managers compete and better if there are various independent reit managers available, like fund managers.

then reit managers won't be that good for investment.

(27-04-2012, 10:26 AM)freedom Wrote:

(27-04-2012, 10:16 AM)KopiKat Wrote:

(27-04-2012, 10:02 AM)swakoo Wrote: Since u mentioned Kreit, and IIRC it did at least 2 massively dilutive renounceable rights issues in past years, i added it to the chart too to see where it stacks up - purple line:
(note: Kreit predominantly office reit, so comparison should be viewed accordingly)
.
.
Believe MBFC2 should be due for acquisition sometime and K'land is a co-owner, so u may not have to hold your breath for long.....

Thank you for the very useful comparison graphs which'd benefit many who are considering any REITs for long term investments. In my case, after many painful lessons (esp. during financial crisis), I don't think there are that many REITs that are suitable for long term hold. Many are more interested in the AUM as it translates to higher fees for themself. Instead of avoiding REITs (I still keep a few), I usually only get interested when they do an at least 10% free-fall in share price eg. massive rights issues. There's short term money to be made eg. >20% for the Starhill example as it dropped below 50ct before it recovered to 60ct+ (IIRC, within a year). Recent K-REIT one prob >10% to be made, more if you include div.

I have similar conclusion. REITs are not good long term investment, better for hit-and-run. So are a lot of other stable counters such as SPH, SMRT, Starhub, M1 & Singpost.

Ha! Ha!
Every counter should have a buying and selling price "set" by you and not Mr. Market or by anyone. Sometimes you get the price right, sometimes you don't. For me this how investment games are played. No matter what the investment is. No?

(27-04-2012, 09:56 AM)valueinvestor Wrote: I was at the Starhill Global agm yesterday also. Some unitholders really waste time by asking the obvious question again and again. One of them by the name of Vincent Tan ( Believe he was not the same VT of Berjaya Bhd. )asked why the rentals of NAC and WA almost the same but NAC is having a bigger space, and he knew fully that the rental paid by Toshin was below market price ,because he had been following the court case between STG and Toshin. He tried to act smart but not knowing that he was indeed exposed his stupidity.When management gave him the subtle answer he still asked again, IQ seemed not high.

This clown always tried to act smart in every AGM. He always talked rots until he was asked to shut up.
He really made a fool of himself in public.

(27-04-2012, 03:37 PM)cfa Wrote:

(27-04-2012, 09:56 AM)valueinvestor Wrote: I was at the Starhill Global agm yesterday also. Some unitholders really waste time by asking the obvious question again and again. One of them by the name of Vincent Tan ( Believe he was not the same VT of Berjaya Bhd. )asked why the rentals of NAC and WA almost the same but NAC is having a bigger space, and he knew fully that the rental paid by Toshin was below market price ,because he had been following the court case between STG and Toshin. He tried to act smart but not knowing that he was indeed exposed his stupidity.When management gave him the subtle answer he still asked again, IQ seemed not high.

This clown always tried to act smart in every AGM. He always talked rots until he was asked to shut up.
He really made a fool of himself in public.

If you have been to SembCorp AGM, there is this one uncle who spoke about his personal feud. That is even worse. He even made racist comment and he has done so last year as well.