Bonvest

[Vseeker]

This is a bad precedence, imagine all companies follow suit to not fairly reward stakeholders for the better 2019 performance

Agree 200%, its v bad precedence... 

 and bad practice to allow listCOs to do such flipflops after already announcing divs.


Not vested

[Vseeker]

Some more, 1c div only require $4.01m

and Henry Ngo already controlled 83.3% (335m out of 401m IssShrs), and been busy buying more from open market.
he could also have graciously forgo his portion of div, and let the remaining "17% minorities" take their 1c

esp. since Div already been announced in the Q4 results released on 28Feb, 
and some shrhldrs decisions(buy or hold) could already have been acted upon, based on this announcement of a 1c div payout in the Q4 results.


NB: I'm Not vested (... except for a forgotten 100 shares. from ages gone by)

[pianist]

Exactly, at 1.2 range I won't have bought the shares, now below 1 and the announced proposed 1cent, I could have bought it acted on it based on public disclosure, and now sudden u-turn after so many days of trading

Sgx should consider prescribing rules over this resolution agenda eg dishing a range of proposed dividends 0cent, 0.5 cent or 1cent for this case so that Mr ngo could have perhaps proposed 0.5cent instead of kosong for the profitable 2019

[Shiyi]

The final div is usually approved via a resolution at the AGM. If it is not approved, just need to remove their resolution can already.

The above is just to give notice that the resolution taken down and inform the shareholders.

This has not stopped Ngo from buying Bonvest shares...hahaha

I think there is a misinterpretation here. It is not a case of whether the dividend resolution had been put up to shareholders for approval. In this case, it is recission of dividend resolution so it won't be presented at the upcoming AGM for approval.

Anyway, the controlling shareholder have a say. Even if it is put up as a resolution for approval at the AGM, it won't be approved if the controlling shareholder had voted against it.

Is this unprecedented? Shall the recission be approved by the SGX?
I'd have thought that the dividend is meant for the last financial year.

[pianist]

The final div is usually approved via a resolution at the AGM. If it is not approved, just need to remove their resolution can already.

The above is just to give notice that the resolution taken down and inform the shareholders.

This has not stopped Ngo from buying Bonvest shares...hahaha

I think there is a misinterpretation here. It is not a case of whether the dividend resolution had been put up to shareholders for approval. In this case, it is recission of dividend resolution so it won't be presented at the upcoming AGM for approval.

Anyway, the controlling shareholder have a say. Even if it is put up as a resolution for approval at the AGM, it won't be approved if the controlling shareholder had voted against it.

Is this unprecedented? Shall the recission be approved by the SGX?
I'd have thought that the dividend is meant for the last financial year.

As at close of today, the sgx website still showing X-day 8 may 2020bfor the one cent dividend, a good two days after the rescission announcement

[Bibi]

This is a bad precedence, imagine all companies follow suit to not fairly reward stakeholders for the better 2019 performance

Agree 200%, its v bad precedence... 

 and bad practice to allow listCOs to do such flipflops after already announcing divs.


Not vested

First it was Eagle hospitality trust. Now this one. Other co will sure follow. I remember asking for water used to be free in all restaurants in spore. After hong kong restaurants came here, they brought along their culture and started charging for water. Within a few years, almost all restaurants followed.

[pianist]

https://sg.yahoo.com/news/one-person-res...45718.html
Their commercial property on fire yesterday, hmm,

[weijian]

This is a bad precedence, imagine all companies follow suit to not fairly reward stakeholders for the better 2019 performance

Agree 200%, its v bad precedence... 

 and bad practice to allow listCOs to do such flipflops after already announcing divs.


Not vested

First it was Eagle hospitality trust. Now this one. Other co will sure follow. I remember asking for water used to be free in all restaurants in spore. After hong kong restaurants came here, they brought along their culture and started charging for water. Within a few years, almost all restaurants followed.

Actually, we probably have to "trust the Management" on the necessity of this. The alternative of resuscitating the dividend payment resolution, would be to give out the dividend before asking it back via a rights issue. Of course, in this case, the latter allows the OPMI to have a choice.

[dreamybear]

Unexpectedly, I have started receiving emails(like the one below) from dividendmax for updates on dividends cut, cancellation.

"Dear Subscriber
As due to the exceptional circumstances of the COVID-19 virus, we will endeavour to bring you daily updates on the dividend announcements. In this email we will also provide this information from the previous 5 days...."

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

In light of this unforseen and unprecedented covid-19 situation, I think it is understandable if companies want to conserve cash. This is particularly so if the company has instituted cost cutting measures like pay cuts, etc. But if the mgmt continues to pay themselves well despite a dividend cut / withdrawal, then something is probably not right.

Companies axe dividends in global push for cash(March 24 2020)
https://www.ft.com/content/e9102d80-6d2c...bea055720b

[¯|_(ツ)_/¯]

Bonvest
preliminary review of the unaudited consolidated financial results for the year ended 31 December 2020 (“FY2020”), the Group is expected to record a loss for FY2020 mainly due to decline in revenue resulting from the adverse impact of COVID-19.
https://links.sgx.com/FileOpen/BV%20PG.a...eID=646181

Stay home and stay healthy, valuebuddies.