Best World

[¯|_(ツ)_/¯]

bwl - further extension


https://drive.google.com/open?id=11498s6...gEwH-Fs-Q6

Stay home and stay safe, everyone.

[¯|_(ツ)_/¯]

bwl
APPROVAL FROM THE ACRA FOR FURTHER EXTENSION OF TIME TO HOLD THE AGM
https://links.sgx.com/FileOpen/2021%2009...eID=683234

The Board wishes to announce that on 9 September 2021, the Company received an email from ACRA notifying the Company that ACRA has approved a further extension time for the Company to: 
(a) hold the AGM for FY2020 by 27 September 2021 under Section 175 of the Companies Act; and 
(b) lodge its annual return for FY2020 with ACRA by 28 October 2021 under Section 197 of the Companies Act. 

The Company will announce the date of the AGM for FY2020 and dispatch the notice of AGM to Shareholders in due course.



Stay home and stay safe, everyone.

[brattzz]

https://links.sgx.com/FileOpen/2021%2009...eID=683635

DISCLAIMER OF OPINION BY INDEPENDENT AUDITOR ON THE FINANCIAL STATEMENTS FOR
THE FINANCIAL YEAR ENDED 31 DECEMBER 2020

On 16 March 2021, the Company announced that, following consultation with SGX RegCo, it believes that
the suspension of the trading of the Company’s shares will continue until the Group is able to make progress
on its transition to a direct selling model in China, as SGX RegCo continues to have some regulatory
concerns on the Group’s current sales and distribution model in China, which the Company has been
seeking to address

[¯|_(ツ)_/¯]

Make sense to transit to Direct selling (DS) model.

This was always what BWL wanted/planning to achieve.

With the DS model, the operation risk would be significantly reduced.

I was rather surprised when I saw BWL transit from Export Model into Franchise  Model.  Especially, when I saw the numbers growing under Franchise Model, I thought that's it! BWL is giving up on DS.

Let's hope that DS model is still pushing on and this would be good for BWL's future.

[¯|_(ツ)_/¯]

BWL 
1HFY2021 Result
https://links.sgx.com/FileOpen/2021%2009...eID=683862


https://drive.google.com/open?id=1Spv9ZW...L9Bup92oiC

Stay home and stay safe, everyone.

[CY09]

The results are pretty good despite them transiting to a Direct Selling model. The free cash flow generated is consistent and is abt $120 million per year.

Its a debt free company which means it can even afford to give dividends in proportion to its cash flow generation. If we can value it at 10x times FCF, Best World is a $1.2 billion company which means there is more than 50% upside

[¯|_(ツ)_/¯]

100% agree.  
BWL is a good company and looking forward to the resume of trading in SGX.



Gratitude.

[¯|_(ツ)_/¯]

BWL AGM was conducted 2 days ago.
The voting results is rather interesting (very different from other company), especially resolution #9 where the against vote for re-election of independent director is more than 30%.  Why? Your guess is as good as mine.

The attached Q&A is whopping 16 pages and the font size is quite small.  My sense is there are really very keen valuebuddies inside asking very relevant questions and my guess is BWL is in no hurry to be listed and in fact might offer an out of market purchase for it's remaining shares.
https://links.sgx.com/FileOpen/2021%2009...eID=685327


https://drive.google.com/open?id=1h8Z3e2...kdxg8eAWNr



Gratitude.

[¯|_(ツ)_/¯]

BWL
PROPOSED CHANGE OF AUDITOR FROM ERNST & YOUNG LLP TO NEXIA TS PUBLIC ACCOUNTING CORPORATION
https://links.sgx.com/FileOpen/2021%2010...eID=687711


Stay home and stay safe, everyone.

[dreamybear]

Dear fellow Bestworlders,

Came across this recent petition that seeks to address to SGX GEO to delist Best World. Those who are interested(or maybe tired of waiting for resumption ?) can consider supporting.

https://www.change.org/p/singapore-excha...imited-bwl

Now that the independent review & "back-dated" AGMs are all over, there still seems to be no signs of progress. Does that mean there are still regulatory concerns ? BW acknowledges the complexity of its China operations in the Q&A(btw kudos to talented valuebuddies like Boon who had uncovered intricacies years ago), but can/is DS supposed to resolve ALL regulatory issues ? .....
- Which specific concern(s) can only be addressed by DS ? 
- Ministry of Commerce has ceased accepting DS applications filings since 2018. Is it fair to assume this information would have been made known to RegCo during its discussions with BW(suspension started in 2019). If so, it is strange to me that this be a resumption requirement as it may mean an indefinite suspension status.
- The choice of words "believes", "suspension .... will continue until ..." doesn't give confidence of certainty. Is it 100% confirm resume trading or will there be further evaluation of the exact DS model implemented ?
- What exactly does "make progress" mean when the approval procedure is a multi-step process  e.g. considered progress if submit to 1st authority(DoC ??) or to all relevant authorities(all DoC/MOFCOM ??) and submit pending approval or submit and approved ? And if all approved but the last authority doesn't approve for some reasons, then how ? still not considered DS licence right so suspend or resume ? 

I think it would be helpful if RegCo simply issues clear requirements like "suspension will be lifted when full DS transition is completed." ? I think this will be less confusing to minority shareholders and provide more transparency/clarity.

"On 16 March 2021, the Company announced that, following consultation with SGX RegCo, it believes that the suspension of the trading of the Company’s shares will continue until the Group is able to make progress on its transition to a direct selling model in China, as SGX RegCo continues to have some regulatory concerns on the Group’s current sales and distribution model in China, which the Company has been seeking to address."  (emphasis mine)

---------------------------------

While it's heartening that minority shareholders are trying to get together to help ourselves, it is quite disappointing that the signatures were much lesser compared to the previous petition. But hopefully it would help to create more awareness regarding our predicament.

https://www.change.org/p/best-world-boar...ading-asap

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During Dora's book launch a few months ago, someone actually asked about the trading resumption when I was still deciding whether to do it !  
《匠心逐梦》范文瑂博士与全美世界新书发布会
https://www.youtube.com/watch?v=5mzgb4BLzL0  (@01:16:26)