Asiatic Group

[CityFarmer]

I started a new thread on the company. I briefly check on the company fundamentals. The company has a ROA <3% for the last five (5) years. May be an example of "worth more died than alive"? One interesting point, the company CEO is a business award winner...

(not vested, but find it an interesting case study)

Asiatic: CEO Wins Top Outstanding Leaders In Asia Award.
http://www.btinvest.com.sg/markets/news/...ce=si_news

Auditors cast doubt on Asiatic Group’s going concern

SINGAPORE (July 7): The external auditors for Asiatic Group (Holdings) Ltd ( Financial Dashboard) have cast “significant doubt” on the group's ability to continue as a going concern, highlighting its “negative working capital position”.
...
http://www.theedgemarkets.com/sg/article...ng-concern

[fattboy]

Even more interesting is , Tai Sin electric's CEO bernard & his dad , bobby lim chye huat in holding huge substantial shares in this company.




Sent from my iPhone using Tapatalk

[opmi]

Quick question: I heard of demanding cash back. How to demand NAV back?

[opmi]

Agree with you, Activist Speaks.
Minorities must take actions before Sh** or low ball Offer happens.

[specuvestor]

Hi Activist Speaks good to hear from you again

I think you have described the problem yourself. The company is being hollowed out. That’s what OPMI is trying to say. There’s no cash left on the balance sheet to return shareholders unless you pushing for liquidation

[opmi]

1 LIM CHYE HUAT @ BOBBY LIM CHYE HUAT 186,000,000 14.04

2 BRIAN CHANG HOLDINGS (S) PTE LTD 176,435,544 13.32 - Yantai Raffles/Baker Tech.

are these 2 guys been supporting the management in AGM votings?

Liquidation require special resolution. 75% approval. Difficult.

Taking out Board Chairman and 1 Exec Director only need >50%.

Put in 0.025 cents special dividend (Co has $339k FD) as 1 of the resolution too. (got to give people reason to vote!)

Go via the Member's Resolution provided by Company Act to put resolution on AGM. 100 shareholders?

Circulation of members’ resolutions, etc.
183.—(1) Subject to this section, a company shall on the requisition of such number of members of the company as is specified in subsection (2) and, unless the company otherwise resolves, at the expense of the requisitionists —
(a) give to members of the company entitled to receive notice of the next annual general meeting notice of any resolution which may properly be moved and is intended to be moved at that meeting or (if the resolution is proposed to be passed by written means under section 184A) for which agreement is sought; and
(b) circulate to members entitled to have notice of any general meeting sent to them any statement of not more than 1,000 words with respect to the matter referred to in any proposed resolution or the business to be dealt with at that meeting.
[8/2003]
(2) The number of members necessary for a requisition under subsection (1) shall be —
(a) any number of members representing not less than 5% of the total voting rights of all the members having at the date of the requisition a right to vote at the meeting to which the requisition relates; or
(b) not less than 100 members holding shares in the company on which there has been paid up an average sum, per member, of not less than $500.
(3) Subject to subsection (3A), notice of a resolution referred to in subsection (1) shall be given, and any statement so referred to shall be circulated, to members of the company entitled to have notice of the meeting sent to them by serving on each member, in any manner permitted for service of the notice of the meeting, a copy of the resolution and statement.
[8/2003]
(3A) Where the resolution is proposed to be passed by written means under section 184A, the notice of the resolution and statement shall be given and circulated to members of the company entitled to have notice of the meeting sent to them by serving on each member —
(a) a copy of the resolution and statement; and
(b) a notification that formal agreement to the resolution is being sought under section 184A.

6 weeks Notice

(4) Subject to subsection (4A), a company shall not be bound under this section to give notice of any resolution or to circulate any statement unless —
(a) a copy of the requisition signed by the requisitionists, or 2 or more copies which between them contain the signatures of all the requisitionists, is deposited at the registered office of the company —
(i) in the case of a requisition requiring notice of a resolution, not less than 6 weeks before the meeting; and
(ii) in the case of any other requisition, not less than one week before the meeting; and

[cyclone]

Dissenting minority shareholder moves to stir up Asiatic Group, says will issue open letter on May 9

By: Michelle Zhu
08/05/18, 05:40 pm

SINGAPORE (May 8): A year ago, Jerry Low Chin Yee made himself known among REIT watchers as the disgruntled unitholder who successfully organised and led a campaign to boot out the underperforming manager of Sabana REIT.

Now, the same person has set his sights on beating the drum for change in engineering management specialist Asiatic Group as the company’s minority shareholder.

In an open letter to the group’s board dated May 9, Low criticizes in detail the company’s management structure and stock performance, among others.

The letter was uploaded by Low to Facebook page he created on May 2 entitled Asiatic Group Minority Shareholders, in a PDF document entitled 8 REASON FOR A CHANGE, a day before the date set out in the letter. Prior to this, Low also published several extracts from his latest letter to the same Facebook page beginning from May 4.

As at May 8, 5.30pm, there are 13 other members in the group aside from Low.

“This open letter will be send (sic) to the board of directors of Asiatic on 9 May 2018. I worry about my investment in Asiatic Group and I want to see changes,” writes Low in his latest post accompanying the file upload on May 8.

Below is the full open letter containing Low’s views, which has been published ad verbatim:

More details in https://www.theedgesingapore.com/dissent...tter-may-9

[karlmarx]

If there is no value left in the company, then it might not be fruitful to spend your time and attention on it.

We can demand answers for management's past actions, but it cannot bring back the money that they have already lost.

Don't give up, Jerry.

[Debronic]

Hi Jerry, I applaud your efforts to fight for minority rights. However, I noticed that your FB group is an open one where posts, some of which are understandably heated, are visible to public. That could have been the cause of your current predicament. Maybe you should consider making it a closed group instead and consider doing the same if a similar situation arises in future. Cheers.

[karlmarx]

Give them what they want, apologise unreservedly, and offer them a token sum to settle. Sometimes we have to bear the indignity, just so we don't put ourselves in a worse situation. Unless you have lots of cash to do legal battle with them...Even then there is nothing you could gain from it, unless you consider the embarrassment of the management as a gain.

We all have investments that totally bombed. It's better to walk away and move on to others.

Take care.