I will stay clear no matter how good the numbers are. Do consider:
1) No dividends
2) The amount of interest income earned from their cash hoard, when they are not expanding, not buying any businesses
3) It is also from the famous textile industry from Fujian, where Foreland, Qingmei, Fuxing, Gaoxian are.
4) Amount of cash at company level for years...
I rest my case, I lost more than I make from FibreTech, I have enough.
Company wants to support their bank by holding to a loan that is not needed and paying higher interest rate than it receives but not supporting shareholders by doing share buybacks. If the loan had not be taken company will show a much better results. Probably,2 times more or more. Company says it will try to do cost cutting to remain profitable but don't know why they are prepared to pay high interest rate which can be avoided with the large amount of cash in hand underutilized. Maintaining this loan year after year. Can the independent directors explain for such an inaction?
Enough of excuses and Independent directors who are supposed to be speaking on behalf of retail investors but speaking to defend the management and the Chairman.
Why did the company list when not interested in seeing the price of the shares stable when have the means to do so?
Can the independent directors defending the management explain why the management is supporting the bank and paying high interest rate for loan they don't require with so much of cash in hand while not supporting the retail investors by pushing for share buyback.
Its so illogical to see company having 17c in net cash after deducting loan but trading at ridiculously 2.8c and reaching an all time low of 2.4c recently. Before every new AGM reaching an all time low.
Retail investors should clamour and scold the management for the pathetic state of the share price.If they cannot do the job including the Independent directors who suppose to represent the retail investors should step down.it just shows their selfishness in not doing what they supposed to do and being a puppet to the Chairman.
We even don't know whether instead of doing company share buyback the boss is doing personal share buyback and that's why he is happy to see the price down so that he can buy what is worth 21c at the present price at 2.7c a clean gain of more than 18c per share, or more than 600% profit. I cannot find a better explanation why the boss management and independent directors are not doing anything for the price of shares so low.
No well managed company wants to see their share price down,which also tarnishes the reputation and draws retail investor anger. This management seems to be very thick skinned not listening to what the retail investors are shouting for , for the passed 3 yrs.
Hope the boss not planning for another Foreland,Eratat,Gaoxian or China Paper with the money.
During the next AGM Indpendent Directors should explain what they are doing to prevent such a thing from happening as so much of money at risk.
It is so unfair we are being stuck here for the selfishness of people who after taking the money they don't care and we have independent directors who are not supportive of the retail investors whose interest they should represent.
Strangely , after having share buyback mandate year after year for the last AGM it was not included. What is the motive or hidden agenda for doing that only GOD knows. For the share price so ridiculously low any reasonable person knows that it warrants a share buyback to support shareholder's value but not this company.
If they are not interested in the share price just delist the company return us our money and run the company whichever they choose.No point having it listed and see the price at this pathetic level
This time retail investors should not accept anymore excuses from Independent directors and management.
Have only one question for the next AGM to the management and the board of directors including the independent directors who have the duty to look after the interests of minority shareholders:
Why are they not doing share buyback when the share price is not reflective of the actual value of the company while having such a huge cash pile of about 20c and debt of only 2.2c or net cash of about 18c.NTA =22c.
They can support the bank by taking a loan which is not needed and paying high interest and letting the cash pile to idle.
Even if they have expansion plan for the cash pile it does not cost so much to do some cash buyback that will bring back the share price to more realistic level reflective of the value of the company
We need convincing answers and not excuses that is not convincing enough.
At one time one of the independent directors indicated more share buyback will come after the blackout period after a only token share buyback of 100,000 shares which only costing $3000 against almost $100 million cash pile.
This ridiculous and manipulative. It appears very selfish for nothing has been done when it is very loud and clear what the minority shareholder want. If the independent directors are ineffective they should step down and let more capable people to take over them. The sorry state of the share price only reflects badly on the management and directors and we should really have to shout at them at the next AGM
We should not give face to these selfish board and management during the next AGM. We need assurances and not excuses
We should demand for company share buyback to support shareholders value and not maybe the boss doing his private share buyback so that he can have all for himself maybe others who are insiders too doing it and that's why nothing is done so far to support shareholder's value.
Maybe SGX should kick out such companies listed in SGX and force them to make an offer to the minority shareholders to take it private
What is the use of being listed n not bothered about the share price or let it drop until so low not reflective of the actual value when have the means to support the share price.