Eastern Holdings

I guess the verdict will determine whether Tay will stay on as a director of EHL. ACRA has rules on disqualification of directors.
Losing directorship means losing control of the company.

Might also affect whether ST attempts another GO. Otherwise Increasing his shareholdings does not seem to bring much benefit to him. Yet he has been buying any shares he can get at limit price of 28.5 cents

Straits Times article on Subhas Anandan making a comeback to defend ST:

Leading criminal lawyer back in action

http://www.singaporelawwatch.sg/slw/head...medium=rss

(04-06-2014, 01:33 PM)smallcaps Wrote: Might also affect whether ST attempts another GO. Otherwise Increasing his shareholdings does not seem to bring much benefit to him. Yet he has been buying any shares he can get at limit price of 28.5 cents

Tay's last purchase was on 29 April.


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(04-06-2014, 04:48 PM)opmi Wrote:

(04-06-2014, 01:33 PM)smallcaps Wrote: Might also affect whether ST attempts another GO. Otherwise Increasing his shareholdings does not seem to bring much benefit to him. Yet he has been buying any shares he can get at limit price of 28.5 cents

Tay's last purchase was on 29 April.


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Yes, I dun think he queues up to buy. (or rather his dealer)
Later kena 1 lot need to report...

According to this straits times article, seems to be 2 day trial:

Head of Singapore-listed magazine publisher and property company on trial over $1m loan

http://www.straitstimes.com/news/singapo...mpany-tria

(05-06-2014, 11:13 PM)smallcaps Wrote: According to this straits times article, seems to be 2 day trial:

Head of Singapore-listed magazine publisher and property company on trial over $1m loan

http://www.straitstimes.com/news/singapo...mpany-tria

Now straits times say its 5 day hearing... :dodgy

Boss accused of pocketing $400k in $1m loan deal

http://bit.ly/SzJ8QV

Just for general knowledge.

Disqualification to act as director on conviction of certain offences
154.—(1) Where a person is convicted (whether in Singapore or elsewhere) of any offence involving fraud or dishonesty punishable with imprisonment for 3 months or more, he shall be subject to the disqualifications provided in subsection (3).
[22/93]
(2) Where a person is convicted in Singapore of —
(a)
any offence in connection with the formation or management of a corporation; or
(b)
any offence under section 157 or 339,
the court may make a disqualification order in addition to any other sentence imposed.
(3) A person who is disqualified under subsection (1) or who has had a disqualification order made against him under subsection (2) shall not act as a director of a company or of a foreign company to which Division 2 of Part XI applies nor shall he take part, whether directly or indirectly, in the management of such a company or foreign company.
(4) (a) Where a disqualified person has not been sentenced to imprisonment, the disqualifications in subsection (3) shall take effect upon conviction and shall continue for a period of 5 years or for such shorter period as the court may order under subsection (2).
(b)
Where a disqualified person is sentenced to imprisonment, the disqualifications in subsection (3) shall take effect upon conviction and shall continue for a period of 5 years after his release from prison.
(5) A person who acts in contravention of a disqualification under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
(6) An application for leave to act as a director of a company or of a foreign company to which Division 2 of Part XI applies or to take part whether directly or indirectly, in the management of such a company or foreign company may be made by a person against whom a disqualification order has been made upon that person giving the Minister not less than 14 days’ notice of his intention to apply for such leave.
(7) On the hearing of any application under this section, the Minister may be represented at the hearing and may oppose the granting of the application.
(8) Without prejudice to section 409, a District Court may make a disqualification order under this section.
(9) Any right to apply for leave of the Court to be a director or promoter or to be concerned or take part in the management of a company that was subsisting immediately before 12th November 1993 shall on or after that date be treated as subsisting by virtue of the corresponding provision made under this section.
[UK, 1948, s. 188; Aust. 1961, s. 122]

On 30 May, ST had moved the pledged shares, from DBSN back to MBT.

http://infopub.sgx.com/FileOpen/_EHL-For...eID=300563

Quote:There is a transfer of 123,832,500 ordinary shares of the Eastern holdings Ltd. (the "Company") held by DBSN
Services Pte. Ltd. ("DBSN") to MBT Holdings Pte. Ltd. ("MBT").

The direct interest of MBT previously disclosed in earlier announcements had also included the shares of the
Company held by DBSN.

Juz to recap, this was the disclosure in the 2012 GO offer document:

An aggregate of 123,832,500 Shares (the “Encumbered Shares”), representing approximately 41.28 per cent. of the Shares in issue as at the Latest Practicable Date, which each of ST and JL have a direct interest in, have been pledged as security to a financial institution licensed in Singapore for loans taken out or utilised by ST in connection with the Offer (the “Facilities”). For the avoidance of doubt, the JL Trust Shares (as defined in Paragraph 2 of this Appendix V) do not form part of the Encumbered Shares. The Offeror has granted an all monies charge in favour of the same licensed financial institution to secure, inter alia, the loans taken out or utilised by ST.

^^ can be voluntary or involuntary.


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