Foreland Fabrictech

S-chips are for punting. Good one will listed in Shanghai, HK and maybe US. Here only few good s-chips.

Can someone share with me? Foreland still got asset of 0.15 nav per share, even after settling their customer claim? Am I right? Thanks.

(08-08-2014, 10:05 PM)yewkim Wrote: Can someone share with me? Foreland still got asset of 0.15 nav per share, even after settling their customer claim? Am I right? Thanks.

i think shd be 0.038 now.

(07-08-2014, 10:00 AM)freedom Wrote: wow, the management still dares to come to Singapore for AGM?

Venue(s) Venue details
Meeting Venue Centennial Tower, Level 21, Banyan Room, 3 Temasek Avenue Singapore 039190

To the management, there is still money to made from sg investors!!
Talks of restructure/JV/M&A which usually results in rights issues/share placements.....etc... all these will come step by step...
Management need to come here to convince investors mah!

MILK investors DRY!

*Hurray!* & BEWARE!

(08-08-2014, 09:33 AM)Harvest Time Wrote: S-chips are for punting. Good one will listed in Shanghai, HK and maybe US. Here only few good s-chips.

Agreed to that, beware!

Foreland just release their result today. Being curious, I scroll back to the post that dog post in 2011. Starting from post 41. It's simply amazing how he manage to dig deep into the ipo prospectus, then to what the CEO did to cover up/support share price to make investor trust the company. (with quite nice calculation). I juz feel New VBs who are into s-chip should really go take a look at how he analysis the "red flag". Another reason why I scroll back was because foreland was 1 of the s chip that I personally feel was a "non red flag", a good and undervalue s chip. How wrong was I. (ok, laugh at me).
And finally just like to let D.o.g knw its good to have u around. U must have been in the market very long to have the deep knowledge to plug out the "red flag". Thanks!

Are any ValueBuddies attending the Foreland AGM this Friday (29th August). Do let me know since I will be there and would like to ask the management more about what has actually happened.

An update for those who still own Foreland stock (and that includes me...am still in the top 20 shareholder list!!!)

Had been to the AGM today which stretched on for more than 3 hours. It was held in a serviced office in a small room which could not accomodate more than 15 people. Fortunately was able to meet a few of my bretheren - long suffering Top 20 shareholders of Foreland.

None of the 7 odd shareholders who were present got a single satisfactory answer to any of our queries

I would really appreciate if fellow Valuebuddies could advise on what is the future course of action that should be taken. We have contacts of the few shareholders who had come down and we were all unanimous in shooting down all resolutions favoring the management. The only dissenting voice came from Mr. Leow Yong Kin (Independent Non-Executive Director) who was appointed to the board in June 2014. He was representing the CEO Mr. Tsoi and so had to do Mr. Tsoi's bidding. It was very surprising to see that there was not a single attendee who could come down from China to face the shareholders. Thankfully Mr. Tsoi along with Mr. Zhang Hong Lai (Executive Director) were present in the meeting through a Skype video conference.

Apart from that we had Susan from Baker Tilly and a senior of hers who was there as an observer. We also had Edward Tan who is the Company Secretary (appointed in March 2014).

As an update for all shareholders who could not be present, I would like to state that Baker Tilly have not taken responsibility to provide a basis for an audit opinion on any of the points in the Annual Results. They have resigned as well, leaving Foreland to find new auditors in a 3 month period.

Baker Tilly had made umpteen efforts to meet up with Fujian Minhua Law Firm which advised Foreland to pay up the RMB283 million claim but without any success. Their requests had to be put forward to the management which for a period of 8 months (From Dec 2013 to Aug 2014) could not arrange for Baker Tilly to meet up with their advisory law firm. In fact Baker Tilly could not even speak to anybody from Fujian Minhua. Basically THERE WAS NO RESPONSE FROM MANAGEMENT TO THEIR REQUEST.

To a question put forward by the shareholders whether the auditors had seen any of the documents put forward related to the claims the answer was "NO".

I am an ordianary shareholder who had invested a lifetime of savings in this company. This was after repeatedly meeting up with Mr. Tsoi Kin Chit (Executive Chairman); Mr. Lim Siang Kai (Lead Independent Director - ceased on 2 June 2014) and Ms. Susan Foong (Partner, Baker Tilly TFW LLP) during the AGM's for the last 3 years and based on their repeated assurances that ALL IS WELL and the CASH HOLDINGS OF THE COMPANY ARE REAL AND NOT A CHIMERA. Unfortunately for all of us NOT RELATED TO MANAGEMENT this turned into very cold comfort once the transfer of this very real cash balance to Jiangxi Longdu happened (PAY A CLAIM OF RMB 283 MILLION AGAINST AN ORDER OF RMB 4,062,375.00). What really adds icing to the cake is that:

1. Foreland did not make any effort in resisting a claim that was almost 7000% of the order value in question. Never in life have I or any of the other shareholders who were present seen this kind of a claim that was quickly accepted without even a semblance of a fight by management. I leave it to your imagination about management commitment to shareholders in this case.

2. Managment almost seemed to be in a hurry in emptying the coffers of the publicly listed firm and pay almost the entire cash the company had to this so called customer of theirs

My intention of putting up this post is simply to help potential investors in CHINA BASED COMPANIES slightly more aware of the dangers they face. I sincerely hope people who read this post can avoid the fate I and my fellow investors in Foreland numbering more than 1100 have suffered.

If any of you would like to offer any advice or would like to join us in making efforts to set this WRONG, RIGHT you can send me a private message and I will link you up to the group of Foreland investors that we have formed.

My suggestion is to write to strait times forum and sias. Writing to strait times forum might get a response from our busy money making sgx

Fellow shareholders @ Foreland:

If only we had all independent shareholders attending the AGM we could have easily made our point very clearly to the management of Foreland.

Considering that Mr. Tsoi has less than 40% of the stake we should ideally not let management get away with actions that may be detrimental to the interests of minority shareholders.

Please find below the link to the results of the AGM on 29 August 2014:

http://infopub.sgx.com/FileOpen/Foreland...eID=313026