(11-09-2012, 05:56 PM)Jacmar Wrote: A leopard never change its spots. fool me once, shame on you and fool me twice shame on me
Yes, i agree leopard never change its spots, but leopard is gone, and we will see a new animal (the investor), but i am not sure it is a sheep, lion or worst (unlikely) another leopard
Few important statements to note
"new Investor has the right to put in place a new management team and reconstitute the Initial Board as announced by the Company on 23 July 2012 and the Company will seek SGX-ST approval for any appointment of such new CEO and directors pursuant to Rule 720(3) of the Listing Manual"
"the Audit Committee intends to replace Mr. Cao and his associates (including Mr. Liu Yilin and Mr. Chen Fen) from all directorships and management positions in the Group upon or prior to the Company's resumption of trading of its shares on the SGX-ST."
"Mr. Cao Xiangbin that with effect from the Company's resumption of trading of its shares on the SGX-ST:-
(i) he will not increase his shareholding in the Company to above 15% of the entire issued and paid up capital of the Company; and
(ii) his effective interest in the Company's shares will be subject to the relevant moratorium as set out in Paragraph 3.5 of the Company's announcement of 23 July 2012; and
(iii) all of the shares directly or deemed to be held by him will be custodised in the Central Depository (Pte) Limited for the aforesaid purpose"
Of course, a trust-able management team does not automatically bring in profit. The ultimate is the success of the Huaxiang Project, which is still a ? for me.
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