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Hong Fok
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Hongfok - recharged from 2Q09
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Jackpot2010
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28-Apr-2012 21:42
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U r lucky to get out without incurring losses but consider those minorities who were stucked @above $1 or even worse from IPO days 3 decades ago @$3.60 vs last done $0.45. They should stand up for their rights & NOT give up so easily. Minorities have remedies under co. law including:- a) Seek court order to wind-up HF & distribute its assets b) Seek court order for majority to buyout minorities at near NAV. c) To hold majority accountable for breach of fiduciary duties under Co Acts. http://en.wikipedia.org/wiki/Shareholder_oppression
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stedeguy
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28-Apr-2012 21:24
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To encourage the major shareholder and his family to take it private at a price lower than the NAV ($1.30) is just another daylight robbery attempt. I don't think it should even be contemplated. You need to understand that for those who held this laggard since 2007, the share price was closer to $2. Spare a thought for those in such a predicament.
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kirana
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28-Apr-2012 18:40
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Even Hwa Hong, the lau lau type company also pay special dividend recently. Then we have San Teh pays 30 cents! Now we will have ABR Holdings soon! HL Finance, SIA, Keppel Corp, SPH didn't call them special dividend, but they are special to me! HL Finance 8 cents coming up. SPH too, andf then by December, somehow it will make up your however little bonus to boast your spirit! Hong Fok better wake up..... |
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tea444u
Master |
28-Apr-2012 15:27
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surely there has to be a way in which shareholders can get their demands met...surely there has to be some kind of breach on hongfok's part??? this is not fair practivce where the shareholders are concerned...if they are paying themselves millions, shareholders got to DO something??? look I am NOT vested anymore ...but reading all this, really angers me...this is just NOT right...perhaps shareholders should come together to do something...they being robbed in the daylight ..... |
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investorpw
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28-Apr-2012 15:08
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I think it is the right and ethical thing for the major shareholder and his family to take the company private to prevent any more embarrassment to Singaporeans. I think a fair offer is $1.00. Not only is the company being used to enrich the family, they are also buying up the shares cheaply. SIAS should be writing some questionable practices of the company. | ||
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junction
Senior |
28-Apr-2012 10:35
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These directors are following what Singapore admired of the western investment banks (foreign talent). Pay them obcene amounts 'for their worth'. But these very investment banks are sociallising their loses (meaning taxpayers end up paying) and privatising their profits. Their philosophy is lose you pay win I take. I wonder why those people who pay for the services of a professional female in the olderst profession got punished so severely but those who give themselves millions at the expense of shareholders get away laughing all the way to the bank? Is there something wrong with the laws in this country?
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tea444u
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28-Apr-2012 00:49
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can we complain and sort the advise of cpib? | ||
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Jackpot2010
Master |
27-Apr-2012 22:51
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HONG FOK'S REPLY TO SGX QUERIES ON BUSINESS TIMES ARTICLES: http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_642D15E7BEB6AE6A482579ED004050B9/$file/HFCSGXReply.pdf?openelement BUSINESS TIMES PUBLISHED APRIL 27, 2012 AGM WATCH Hong Fok minorities leave AGM over directors' pay They raise concerns key management are getting paid in excess of $10m
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Jackpot2010
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27-Apr-2012 22:44
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Mano Sabnani is a true hero defending minority interest. SGX/SIAS should look to him for guidance, especially when Hongkie or China directors (in the case of S-chip) acted for personal interest with total disregard to minority interest openly. " The Curse" on the evil Cheong Family for a thousand generation to come is set in motion now...... Hong Fok minorities leave AGM over directors' pay They raise concerns key management are getting paid in excess of $10m DISGRUNTLED minority shareholders of developer Hong Fok Corp stormed out of the company's annual general meeting (AGM) after directors thwarted their attempt to reject key resolutions amid concerns about directors' remuneration. " Shareholders rejected the directors' report and the audited results by show of hands . . . so the chairman proposed that all the resolutions be put through the poll," said minority shareholder Mano Sabnani, chief executive of advisory firm Rafflesia Holdings. Directors of Hong Fok could not be reached for comment. Mr Mano said minority shareholders yesterday raised concerns that Hong Fok's key management has been getting paid in excess of $10 million in total for the past few years - the 2011 annual report for Hong Fok said employee benefits paid to key management, excluding directors fees, amounted to $12.1 million in 2011. |
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tea444u
Master |
26-Apr-2012 23:18
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that sounds terrible ...wah seh...the CHeong family had better clean up their act dah... old man curse ...dont play... this one really hard earned money...imagine how the poor man must feel everyday see his money like not moving...gosh! | ||
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Jackpot2010
Master |
26-Apr-2012 22:19
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After the AGM one 70-yr old man having invested his " coffin money" in 280 lots of Hong Fok bought at 51c sought my personal advice b'cos he could not understand the exchanges in English but sensed that ALL members were UNhappy with Cheong family directors who DON'T look " honest" and forthright. I advised him not to throw at a loss (b'cos his " coffin money" cannot be lost) but to exit if can break-even which should NOT be a problem since NAV = $1.30 (after bonus issue). He then cursed and sweared the Cheong Family for a thousand generation to come. Heaven is watching them.
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tea444u
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26-Apr-2012 21:51
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wah that must haf been some agm to remember...pui ah hongfok... | ||
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Jackpot2010
Master |
26-Apr-2012 21:27
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FYI all the key resolutions were voted " AGAINST" by show of hands and the Chairman had to resort to re-voting by POLL to push it through. These included resolutions to approve audited accounts, reappointment of Cheong Family directors, share mandate etc. MANO SABNANI (former Chief Editor of TODAY) was present & he " fought" fiercely for minority interests. We are grateful to him. There were some others present who were well-versed in co law/commercial practices and capable to challenge the Cheongs very well. We hv formally requested for minutes of AGM to be sent to all members present & then decide on further action against their oppressive conduct going forward. Most of us were UNhappy with the Cheong family paying themselves multi-million $ remunerations even when co reported huge losses previously while at the same time paying Zero divdends to shareholders. Their oppressive conduct were openly displayed throughout this AGM. |
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tea444u
Master |
19-Apr-2012 01:10
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hi jackpot, perhaps this time round, they may haf something good to tell shareholders??? lets hope and pray... i got 6 lots in this..the bonus shares. |
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Jackpot2010
Master |
18-Apr-2012 12:52
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Anyone attending the AGM (26 Apr)? Consider coming together to raise issue with the Board, this is about the only chance to throw " rotten eggs" at them, even though i know the outcome is limited. Below are my main points, based on available annual reports from 2006 to 2011 (earlier yrs not found on SGX website). 1. For Past 6 yrs minority shareholders received ZERO dividends vs. multi-million$$ remunerations paid to Executive Directors. In FY07 there was a 6c div but was offset by rights issue of 6c so neutralised = zero. 2. In years when co reported huge losses, the Executive Directors continue to draw multi-million$ in remuneration. These multi-million $ payments are not tabled as Board Resolution for approval at AGM. 3. Executive Directors comprised ENTIRELY of Cheong family members who are not pro-active and hv missed out almost entirely on property bull run of the recent years. 4. Below Board level, even the senior mgt comprised Cheong family members, i.e. there is not enough outside talent to drive the co forward. 5. The whole co is being run for their own personal/family interest without any regard to minority. 6. Several posh Residential units are left empty for many years for whatever reason. 7. The recent bonus issue 1-for-5 has lost its value by now. Regular Dividend payment is preferable to bonus issue. |
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Jackpot2010
Master |
11-Apr-2012 11:14
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AGM: Thurs 26 Apr at 4pm at The Concourse. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_ACBA845E1CF554A5482579DB0037B6E5/$file/HongFokNoticeofAGM.pdf?openelement Look at proposed resolution #2: Approval is being sought from shareholders to pay Directors Fees of $130k (FY2010 $115k). But what about the MILLIONS$$$ being paid in salary, perks etc to executive directors (Cheong Family members). Why need approval from shareholders for mere $130k (Dir Fees) when MILLIONS$$$ can be paid to Directors (salary, perks etc) without shareholders' approval. Don't u think something is wrong with our co law re: Directors' remuneration. Today, trading Ex-Bonus & all the gains given back, down 20%! |
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kenkenken
Senior |
04-Apr-2012 23:49
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despite this below, why do you still want to hold till 2. u believe they will delist?
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kirana
Member |
04-Apr-2012 22:10
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Are you buying for long term? Read Jackpot2010 comment. Really sounds like a little unfair play, though the company has deep valuation I think. I took position in Feb 29 and left the scene today. WIll join in the game much later. | ||
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amilytan
Member |
04-Apr-2012 21:55
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is it good time to buy? they give bonus | ||
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Jackpot2010
Master |
04-Apr-2012 21:34
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1-for-5 Bonus Bonus Ex-date: Wed. 11 Apr 2012 Book Closure Date: Fri 13 Apr 2012 http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E3BE476519A52136482579D6003AB6AB/$file/HFCAnnBCD.pdf?openelement Coming AGM - AGM date still not fixed yet, I will attend unless crash with some other cos. AGM vested. If u r attending do not expect any " buffet" . There are NO hot drinks or cold drinks served. They provide 1 bottle of Newater + few pieces of cheap Nonya cakes given out at registration desk. Very pathetic, worse than army food. Also, Do Not expect any answers at AGM. Chairman Cheong KP always act blur, pretend to be chinese-educated & can't speak English but never answer questions in Mandarin too. His daughter Director (another Cheong, can't remember her name) does all the talking at AGM but utter rubbish. All " Cheong" family members are super crooked & many retail investors hv cursed them for decades of oppression. |
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