GP Batteries International

[opmi]

SAD LOSS OF VICE CHAIRMAN

The board of directors (the “Board”) of Gold Peak Industries (Holdings) Limited (the
“Company”) announces with great sadness that Mr. Andrew NG Sung On (“Mr. NG”), the
Vice Chairman and the Executive Director of the Company, has passed away on 17 April 2014.
Mr. NG is also Chairman and Chief Executive of GP Batteries International Limited, a
Singapore-listed subsidiary of the Company.

On behalf of all employees of Gold Peak Group, the Board expresses its deepest sorrow over
the death of Mr. NG and conveys its condolences to his family. The Board also expresses its
deepest gratitude for the enormous contribution to the Group by Mr. NG over the past decades.

By Order of the Board
Victor LO Chung Wing
Chairman & Chief Executive

[pianist]

what happened? accident or illness?

[ngcheeki]

What a say news!!! RIP Ng Sung On

Senior executive of GP Batteries jumps to death from office roof

'Depressed' vice-chairman of GP Batteries had been troubled over business, source says

A senior executive of international battery maker GP jumped to his death from the roof of his office building in Kwai Chung yesterday.

Andrew Ng Sung-on, 64, the vice-chairman and executive director of Gold Peak Industries (Holdings), who is also chairman and chief executive of GP Batteries International, was found lying unconscious on the ground outside the eight-storey Gold Peak Building on Castle Peak Road in Kwai Chung.

He was confirmed dead by paramedics at the scene.

They believed Ng jumped from the roof of the building, where his briefcase and tablet computer were found.

A police source said Ng was seen leaving his office at about 3.30pm and had gone up to the roof a few minutes before he jumped.

No suicide note was found and officers found nothing suspicious.

The source said he had been troubled by his company's business over the past few months and had been depressed.

A post-mortem examination was expected to confirm the cause of death.

According to the Gold Peak website, Ng joined the company in 1975 and had been vice-chairman of the group since 1990.

Gold Peak Industries (Holdings) was founded in 1964 and listed on the Hong Kong Stock Exchange in 1984.

Ng was also the founder of the group's micro battery and rechargeable battery divisions, and he had been chairman and chief executive of its Singapore-listed subsidiary GP Batteries International Limited since 1993.

GP Batteries is a major supplier of primary and rechargeable batteries.

The company's website claims that it is the largest consumer battery manufacturer on the mainland.

Ng held a master of science degree in chemical engineering from the Massachusetts Institute of Technology in the United States.

He is survived by his wife and a son.

Group chairman and chief executive Victor Lo Chung-wing said in an announcement through the Hong Kong Exchanges and Clearing last night that the board wished to express its "deepest sorrow" over the death of Ng and conveyed its condolences to his family.

The board also expressed its "deepest gratitude" for Ng's "enormous contribution to the group"

http://www.scmp.com/news/hong-kong/artic...ffice-roof

[pianist]

how come rooftops in HK can be so easily accessible..? tot there should be security access control or something..sounds fishy case to me

[opmi]

http://hkm.appledaily.com/detail.php?gui...e=20140418

金山電池主席　公司跳樓亡

video
金山電池主席　返工跳樓
【本報訊】本港上市公司金山工業集團副主席、子公司金山電池主席兼總裁吳崇安，昨午在葵涌金山工業中心集團總部工作期間，被發現從大廈天台墮樓身亡。警方在現場無發現遺書，稍後向吳的家人及生前同事了解，發現他近期因為工作壓力而情緒低落，並且有抑鬱迹象，家人因此曾勸他去醫院接受檢查，但想不到他突然尋死。
記者：詹家志　溫瑞麟

墮樓身亡的吳崇安，64歲，已婚，效力金山工業接近40年，為集團的微型及充電池部創辦人，生前持有28.91%金山工業的股份，市值約1.59億元。


吳崇安畢生從事電池業，曾多次率團到內地考察投資環境，年前並代表公司與美國波士頓電池（Boston Power）組成策略合作聯盟，試圖在日韓五大廠商壟斷的鋰離子電池市場掀起一波革命。


吳崇安
工作壓力大有抑鬱迹象
死者去年底在公司的中期業績報告業務展望稱：「金山電池於未來數季將以提升營業額為主要發展重點。」死者閒時愛好長跑運動，曾參加渣打馬拉松10公里賽事。


事發現場為葵涌葵榮路30號金山工業中心對開青山公路行人路，距離大廈10多米外設有一條橫跨青山公路的行人天橋及有巴士站，不少乘搭巴士市民都會使用該條行人天橋往對面馬路。


金山工業中心樓高八層，集團總部設在八樓，現場消息稱，吳崇安昨日如常回返公司上班，至下午3時許，據悉他曾離開辦公室，未幾被發現從大廈高處飛墮青山公路行人路，一名男子駕車經過見狀報警。警員及救護員接報到場，證實他已身亡，身上懷有證件及手提電話。


警方封鎖現場一段行人路調查，根據事主身上的證件，發現他是金山工業集團高層，隨即聯絡其家人及派員上金山工業中心調查後，相信他從大廈天台墮下，案件並無可疑。警員在吳的身上及其辦公室未有發現遺書，其後在其家人及同事口中得知他近期因工作壓力大而情緒低落，家人發現他有抑鬱迹象，曾勸說他盡早去醫院接受檢查。


■金山電池主席吳崇安從集團總部墮樓死亡，警員用帳篷遮蓋屍首。溫瑞麟攝
女同事認屍 激動流淚
警方稍後翻看大廈閉路電視影帶，發現他離開辦公室後，手持公事包及一部平板電腦搭電梯往大廈頂樓，初步相信他獨自上天台攀越圍牆墮樓身亡，當時公司職員均沒有發覺，直至警員到場調查，始知他出事。


吳崇安的妻子及親友接報趕抵公司了解事件，均悲慟不已。下午5時許，兩名公司女職員，其中一人據悉為吳的秘書，來到現場認屍，兩人情緒激動、淚流滿面。


至傍晚6時25分，仵工到場將吳崇安的屍體移送殮房，多名警員拿起帳篷築起人牆遮擋住屍體，一批相信是金山工業集團的員工，站在封鎖線外遙望吳崇安的遺體抬走，目送他最後一程。


金山工業集團昨晚發出公司通告，指董事局代表全體員工，對吳崇安離世表示沉痛哀悼，並且向其家屬致以深切慰問。

[CY09]

The company seems to be rather interesting from a cash flow perspective. The company has been able to produce a full year operation profit before WC of ard 51 to 55M annually. Assuming a cash outflow due to purchase of PPE of 20M and tax and interest expense of 14M. It seems GP batteries business is able to produce 17M annually. Dividing by current no of shares, that means the business generates cash of about 10 cents per share annually. Market is now pricing this company at about 5.5 x P/FCF.

This brings to me a few questions: 1) Why the need to raise rights when business has been cash flow positive, 2) Are there any imminent threats to GP batteries to the extent market is pricing it rather low?, 3) are there things we, retail investors, do not know about the company ?

[opmi]

Then why the boss commit suicide?? Seemingly from depression or stress.

[cif5000]

Then why the boss commit suicide??

He was the junior boss???

[CY09]

http://infopub.sgx.com/FileOpen/GPBI-pro...eID=297381

Looks like GP batteries will be doing more write offs, I think they may write off another 15M for Q4. Wonder what is the true worth of that $1.60 NAV written in the balance sheet.

Assuming GP battery's PPE, interest in associate, debtors and goodwill are only worth 50% of its value in B/S, this means 216M should be written off, leaving only an equity of 105m. This is about 10% more than its current mkt cap of 93M. However, as many has written previously, it is also understating the value of a subsidiary and Bolder Tech's Singapore property. Interesting exercise to know what is the true worth of this company's balance sheet.

[CY09]

Gp batteries full year results is out.

The company took approx 17M impairment this 4Q, within expectations. Interestingly, FCF per share before WC changes is about 11.8 cents/share. This puts GP batteries at about 4.6x P/FCF.

Net current assets is only about 23M vs mkt cap of 89M. However what is interesting is its NAV is at 310M, giving it a P/B of 0.28X. It seems market is pricing/expecting more write downs on its PPE/goodwill, which i too agree may be written down further. The company also seems to have too much cash which hopefully should be used to pay down loans next FY