Kingsmen Creatives

[weijian]

It is an integrated resort - so it is probably doing well because of its "integration with the casino". Based on the odds, the winners and losers are around 49% and 51% (rounded off). The tendency for winners to spend their "effortless earnings" is high and you still got almost half of the gamblers in your pocket. For the retail folks, it's a bit like "heads u win (and i have chance to earn), tails you lose (and i don't care)"

[RBM]

KINGSMEN CREATIVES 30 APRIL AGM – RESOLUTION’s 9, 10, 11 & 12: VOTE AGAINST

Kingsmen has issued its AR 2018 and AGM notice. I would like to kindly request that fellow Kingsmen shareholders carefully consider how they will vote on four key resolutions at the forthcoming 30th April AGM. Specifically, I respectfully suggest that Kingsmen shareholders carefully consider their position with respect to Resolution No’s 9, 10, 11 and 12; resolutions, which if passed, would allow Kingsmen to continue granting ‘Performance Shares’ to its Management and to its Board Members.

I will vote AGAINST for all four of these resolutions. My rationale is as follows:
A. Kingsmen’s poor competitive performance over the last five years. Four years ago, Pico’s market-cap was three times Kingsmen’s; today Pico is almost six times larger. Kingsmen’s EPS is 54% less than where it was five years ago,; Pico’s EPS has increased 13% over the same period. And dividend level comparisons reflect unfavourably on Kingsmen, where borrowings have increased more than five-fold over the last five years.
B. The ten most senior Kingsmen employees received a total of SGD 5.1 Mln remuneration in 2018 – this in a Company that delivered SGD 8.1 Mln NIAT and fails to compete effectively.
C. Under its ‘Performance Share Scheme’, the passing of AGM resolutions has resulted in the same quantum of Performance Shares granted to Messrs Ong, Ong & Soh in each of the last five years despite marked reductions in EPS and dividend levels, loss of market share etc. Actual Performance appears not to have been a driver in determining the quantum of ‘Performance shares’ granted and there appears little if any alignment between shareholder aspirations and financial rewards for Kingsmen’s management.
D. Kingsmen has allowed itself to be disrupted by e.g. Cityneon and others. Kingsmen’s Senior Management and moreover its Board must accept accountability for erosion of the Company’s competitiveness and its strategic malaise.

These four resolutions provide the best AGM opportunity for shareholders to register their concern because Performance Share recipients, i.e. including substantial shareholders and Board Members, are specifically barred from voting on such resolutions. At last year’s AGM, these resolutions were passed ~6.6 Mln (70%) to ~2.8 Mln (30%), implying a rising groundswell of shareholder angst. Voting AGAINST all four of these resolutions gives an opportunity to convey a clear message to the Board. If the resolutions pass but votes against exceed say 5 Mln, I believe the message cannot be ignored.

I ask that you join me in voting AGAINST all four of these AGM resolutions. My mission here is for Kingsmen’s leadership to reenergise around delivering a much enhanced competitive performance rather than persist with an unhealthy pre-occupation on delivering unmerited remuneration packages to themselves – I would like to pursue this cause respectfully but pointedly.

I thank VB forummers for their time and their kind consideration – I would welcome your views.

[fallscushion]

KINGSMEN CREATIVES 30 APRIL AGM – RESOLUTION’s 9, 10, 11 & 12: VOTE AGAINST

Kingsmen has issued its AR 2018 and AGM notice. I would like to kindly request that fellow Kingsmen shareholders carefully consider how they will vote on four key resolutions at the forthcoming 30th April AGM. Specifically, I respectfully suggest that Kingsmen shareholders carefully consider their position with respect to Resolution No’s 9, 10, 11 and 12; resolutions, which if passed, would allow Kingsmen to continue granting ‘Performance Shares’ to its Management and to its Board Members.

I will vote AGAINST for all four of these resolutions. My rationale is as follows:
A. Kingsmen’s poor competitive performance over the last five years. Four years ago, Pico’s market-cap was three times Kingsmen’s; today Pico is almost six times larger. Kingsmen’s EPS is 54% less than where it was five years ago,; Pico’s EPS has increased 13% over the same period. And dividend level comparisons reflect unfavourably on Kingsmen, where borrowings have increased more than five-fold over the last five years.
B. The ten most senior Kingsmen employees received a total of SGD 5.1 Mln remuneration in 2018 – this in a Company that delivered SGD 8.1 Mln NIAT and fails to compete effectively.
C. Under its ‘Performance Share Scheme’, the passing of AGM resolutions has resulted in the same quantum of Performance Shares granted to Messrs Ong, Ong & Soh in each of the last five years despite marked reductions in EPS and dividend levels, loss of market share etc. Actual Performance appears not to have been a driver in determining the quantum of ‘Performance shares’ granted and there appears little if any alignment between shareholder aspirations and financial rewards for Kingsmen’s management.
D. Kingsmen has allowed itself to be disrupted by e.g. Cityneon and others. Kingsmen’s Senior Management and moreover its Board must accept accountability for erosion of the Company’s competitiveness and its strategic malaise.

These four resolutions provide the best AGM opportunity for shareholders to register their concern because Performance Share recipients, i.e. including substantial shareholders and Board Members, are specifically barred from voting on such resolutions. At last year’s AGM, these resolutions were passed ~6.6 Mln (70%) to ~2.8 Mln (30%), implying a rising groundswell of shareholder angst. Voting AGAINST all four of these resolutions gives an opportunity to convey a clear message to the Board. If the resolutions pass but votes against exceed say 5 Mln, I believe the message cannot be ignored.

I ask that you join me in voting AGAINST all four of these AGM resolutions. My mission here is for  Kingsmen’s leadership to reenergise around delivering a much enhanced competitive performance rather than persist with an unhealthy pre-occupation on delivering unmerited remuneration packages to themselves – I would like to pursue this cause respectfully but pointedly.

I thank VB forummers for their time and their kind consideration – I would welcome your views.

And so shall I.

[brattzz]

Ok roger that! Will vote against too! 👍

[hurricane]

OMG!!! Too much, too much, too much !!!!  Receiving so much remuneration for underperformance in duties while hapless shareholders bear the brunt. Tsk, tsk, tsk. Sure, I'll vote against too - by proxy!!!! 

[luckystar]

I will not vote against it.

I am seeing evidence that management is trying very hard to regenerate the company future, by building out a portfolio of Intellectual Properties.

To me they are moving in the right direction and I think they will succeed. They will still continue doing their traditional bread and butter business, which will go towards helping them to re-investing in building up the IP.

This company has a chance to succeed beyond what Cityneon has achieved.

[ksir]

I will not vote against it.

I am seeing evidence that management is trying very hard to regenerate the company future, by building out a portfolio of Intellectual Properties.

To me they are moving in the right direction and I think they will succeed. They will still continue doing their traditional bread and butter business, which will go towards helping them to re-investing in building up the IP.

This company has a chance to succeed beyond what Cityneon has achieved.

Sure, totally agree they should get the rewards BUT ONLY after the company result improves!
Otherwise, head they win, tail they also win!



Sent from my iPhone using Tapatalk

[luckystar]

I will not vote against it.

I am seeing evidence that management is trying very hard to regenerate the company future, by building out a portfolio of Intellectual Properties.

To me they are moving in the right direction and I think they will succeed. They will still continue doing their traditional bread and butter business, which will go towards helping them to re-investing in building up the IP.

This company has a chance to succeed beyond what Cityneon has achieved.

Sure, totally agree they should get the rewards BUT ONLY after the company result improves!
Otherwise, head they win, tail they also win!



Sent from my iPhone using Tapatalk

Perhaps can bring up to the remuneration committee to ask them justify. But given the fact that the company has demonstrated good progress, I would rather cut them some slack and encourage them to do even better.

[RBM]

KINGSMEN CREATIVES 30 APRIL AGM – RESOLUTION’s 9, 10, 11 & 12: VOTE AGAINST

Kingsmen has issued its AR 2018 and AGM notice. I would like to kindly request that fellow Kingsmen shareholders carefully consider how they will vote on four key resolutions at the forthcoming 30th April AGM. Specifically, I respectfully suggest that Kingsmen shareholders carefully consider their position with respect to Resolution No’s 9, 10, 11 and 12; resolutions, which if passed, would allow Kingsmen to continue granting ‘Performance Shares’ to its Management and to its Board Members.

I will vote AGAINST for all four of these resolutions. My rationale is as follows:
A. Kingsmen’s poor competitive performance over the last five years. Four years ago, Pico’s market-cap was three times Kingsmen’s; today Pico is almost six times larger. Kingsmen’s EPS is 54% less than where it was five years ago,; Pico’s EPS has increased 13% over the same period. And dividend level comparisons reflect unfavourably on Kingsmen, where borrowings have increased more than five-fold over the last five years.
B. The ten most senior Kingsmen employees received a total of SGD 5.1 Mln remuneration in 2018 – this in a Company that delivered SGD 8.1 Mln NIAT and fails to compete effectively.
C. Under its ‘Performance Share Scheme’, the passing of AGM resolutions has resulted in the same quantum of Performance Shares granted to Messrs Ong, Ong & Soh in each of the last five years despite marked reductions in EPS and dividend levels, loss of market share etc. Actual Performance appears not to have been a driver in determining the quantum of ‘Performance shares’ granted and there appears little if any alignment between shareholder aspirations and financial rewards for Kingsmen’s management.
D. Kingsmen has allowed itself to be disrupted by e.g. Cityneon and others. Kingsmen’s Senior Management and moreover its Board must accept accountability for erosion of the Company’s competitiveness and its strategic malaise.

These four resolutions provide the best AGM opportunity for shareholders to register their concern because Performance Share recipients, i.e. including substantial shareholders and Board Members, are specifically barred from voting on such resolutions. At last year’s AGM, these resolutions were passed ~6.6 Mln (70%) to ~2.8 Mln (30%), implying a rising groundswell of shareholder angst. Voting AGAINST all four of these resolutions gives an opportunity to convey a clear message to the Board. If the resolutions pass but votes against exceed say 5 Mln, I believe the message cannot be ignored.

I ask that you join me in voting AGAINST all four of these AGM resolutions. My mission here is for  Kingsmen’s leadership to reenergise around delivering a much enhanced competitive performance rather than persist with an unhealthy pre-occupation on delivering unmerited remuneration packages to themselves – I would like to pursue this cause respectfully but pointedly.

I thank VB forummers for their time and their kind consideration – I would welcome your views.

A short posting to sincerely thank fallscushion, brattzz, hurricane and skir for their public support on this forum. Also sincere thanks to those forummers who have sent me private messages in support of the above posting regarding AGM Resolution No’s 9, 10, 11 and 12. THANK YOU.

I would also like to register my respect for luckystar, who has expressed a contrarian view in a friendly and constructive manner. I hope that you are correct luckystar and that I am incorrect – then we would all be happier shareholders. Unfortunately, after five years of steadily declining performance coupled with senior management’s apparent prioritised focus on their remuneration packages, the patience of many long-term loyal shareholders, myself included, has been worn too thin.

Thank you again. The Valuebuddies forum remains a great place to respectfully exchange views on investing.

[luckystar]

I admire company who continues to build on past successes. The "demise of retail" is not the fault of Kingsmen. In fact, I am downright surprised this company managed to stay afloat. Then I was very encouraged it started building on a portfolio of IP like the Nerf entertainment center, which suspects would be fun, like the Hometeam Laser Quest and I surely would bring my kids there. Today I managed to pick up some odd lots from Lim & Tan. More power to Kingsmen! Keep up the good work, and pay all shareholders more (as much as you can afford, that is)