CHINA FIBRETECH

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11 years 2 months ago - 11 years 2 months ago #13822 by Nava
Replied by Nava on topic Re:CHINA FIBRETECH
Should grill the management and the independent directors during the AGM for allowing the shares to remain at such pathetic level when they have 21c cash and 17c net cash and 21 c net asset value.

It's like the retail investors are at the mercy of the management and losing the rights to deserve a better treatment.It's like we have to always plead to them to improve the shareholders value when they have the easy means to do so.

It is very unfair for the retail investors to be treated this way. They still get paid and know the timing when they want to support the shares.We the retail investors have to just wait with hope.
Last edit: 11 years 2 months ago by niadmin.

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11 years 2 months ago #13826 by Azzaramich
The payment of dividends is the only indication that the cash is real. There is certainly no reason for the company not to pay dividends esp. that there is no immediate need for the cash.
The declaration of dividends by Yangzijiang certainly wins confidence from the investors.
The independent directors will not act until and unless they are brought to task. Are there any avenue for the investors to seek legal or other assistance?

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11 years 2 months ago - 11 years 2 months ago #13827 by Nava
The cash horde has to be real as when the management was grilled last year they gave the following reply.Only that they do not want to support the shareholders value probably they have a hidden agenda.

Besides,SGX is very strict about S-Chips reporting their Cash horde, Subsequent to the below verification the cash horde has even increased further in the last quarterly reporting.

Here is the question and the verification statement:

4. Cash hoard: Is the cash (RMB439 million as at end-Dec 2011) really there then? Mr Wu replied in the affirmative.

When the external auditor Foo Kon Tan Grant Thornton LLP was asked to confirm that, a representative stood up to say that checks had been done satisfactorily and according to international auditing standards.

Which bank is the money held in? Answer: Agricultural Bank of China (one of the largest banks in China).

kek_pohhean
Also at the AGM: Kek Poh Hean, who was CFO of China Fibretech from Sept 2007 till 15 April this year. He holds 400,000 shares of China Fibretech. NextInsight file photo

Jason Wee: “It’s ridiculous that a company with so much cash is being priced at less than 4 cents a share. It’s really a no-face situation – you might as well not be listed.”

Shareholders suggested that the CEO privatise the company – at a price where he could keep for himself some of the cash and get the business for free and “you can do whatever you want with the business






One year has passed and they are just sitting on the cash pile but not supporting the shareholder's value.
What SGX and independent directors supposed to represent retails investors doing? If it is in the US the board of directors will be taken to task.

A genuine listed company when the price of shares very low, it is the interest of all shareholders including the main shareholders to buy back the shares on the cheap to boost the Net Asset Value. It is even more worthwhile than making profits.

They 21c cash, 17c net cash after settling any loans and Net Asset Value of 21c and the share price at 4.2c.

For instance if they buy back 20% of the shares at 4c,they can boost NAV by 5c at a cost of 1c per share.,Shareholders will hv a benefit of 4c per share almost the price of the shares now.

Besides most of the assets are in cash and so the balance sheet is very clean ,lack of potential writedowns.
Last edit: 11 years 2 months ago by Nava.

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11 years 2 months ago - 11 years 2 months ago #13836 by lisa
So tomorrow, the IDs and the management will have some tough questions to answer?

Max 2 hrs of questions and answers with some generic answers.... like competition remains tough.
But dont need so much money in the company right?

Then after AGM, they live happily ever after. See you in another year!!!!!!

So sad... so sad..... :(
Last edit: 11 years 2 months ago by lisa. Reason: .

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11 years 2 months ago #13837 by Joes
Replied by Joes on topic Re:CHINA FIBRETECH
Nava + Lisa: I hope / Many investors hope ... that you can go to the AGM and get some good answers out of them. Thank you in advance. If they say will do buyback and they actually take action, I will be happy to buy too. Haha

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11 years 2 months ago - 11 years 2 months ago #13838 by Nava
Replied by Nava on topic Re:CHINA FIBRETECH
Should ask the independent director Low Wei Chong who stood up and defended management when asked about only a pathetic 100000 shares bought for $3500 when having over $70 million dollars in cash by giving the blackout period as excuse.After hinting more will be bought after the blackout period why nothing was bought. Can independent director Low Wei Chong enlighten us?Otherwise don't say anything.

For the next AGM the share buyback item is not in the Agenda unlike last year. So what is the hidden agenda of the company with so much of money. Can the independent director Low Wie Chong enlighten us on this too? Expecting all of us to sell at the current price so that they can buy back the company for a song?

Is SGX doing something about this pathetic state of affairs for the retail investors.Everyone is calling this ridiculous and why cannot the management including the independent directors see it?What is the hidden agenda?

Joes wrote: Nava + Lisa: I hope / Many investors hope ... that you can go to the AGM and get some good answers out of them. Thank you in advance. If they say will do buyback and they actually take action, I will be happy to buy too. Haha

Last edit: 11 years 2 months ago by Nava.

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