Hard to believe such share back plans are allowed by the rules. 11% is dangerously close to delisting. Minority would not be able to block also...
Share Buy-Back Mandate
Quote:As at the Latest Practicable Date, approximately 18% of the issued share capital of the
Company is held in the hands of the public. Assuming that the Company repurchased the
maximum of 8% of its issued share capital as at the Latest Practicable Date from members of
the public by way of On-Market Share Buybacks, the percentage of Shares held by the public
would be approximately 11%, and accordingly, the Company will be able to undertake Share
Buyback up to the 8% limit pursuant to the Share Buyback Mandate without affecting the
listing status of the Shares on the Main Board of the SGX-ST.
Not sure why but the 'Share Buy-Back Mandate' link above seems to have an extra space in between the '=' and the 'P'. Juz remove the space and it would work...
Anyone going to Eastern Holdings AGM this coming Monday?
(27-07-2013, 06:13 PM)opmi Wrote: [ -> ]Anyone going to Eastern Holdings AGM this coming Monday?
Hi all,
Did anyone attend the AGM this afternoon? I cant take the day off so i had to skip it.
Can share what went on during the AGM? Thank you
I'm more interested to know if anyone attended the court pre-trials. First one was on 4th July, and the 2nd one is coming up this Thurs 9am:
"DAC 19643-44/13 (SC-010294-2013)" PP v "STEPHEN TAY THIAN BOON
DC: Ms Diana Ngiam" S156(10) Cap 50
Interestingly, Stephen engaged a junior lawyer:
http://news.asiaone.com/News/Latest+News...26209.html
IMHO, the court proceeding is the one to watch, not the AGM. AGM serves only as a platform for venting, but will have little effect on the outcome of the investment. A leopard doesn't change its spots, no matter how much you KPKB.
Interesting that the board made a decision to withdraw the issuance of shares. I like to think it suggests something is up.
The Board of Directors of Eastern Holdings Ltd. (the “Board") wishes to announce that at
the Annual General Meeting held on 29 July 2013, all the resolutions as set out in the Notice
of Annual General Meeting dated 11 July 2013 were duly passed by way of a poll, save for
Resolution 8 in relation to the authority to issue shares under the Eastern Holdings Ltd
Employee’s Share Option Scheme.
In respect of Resolution 8, during the Annual General Meeting the Board made a decision to
withdraw Resolution 8 and such decision to withdraw Resolution 8 was accepted by the
shareholders present at the Annual General Meeting.
By Order of the Board
Tan Kay Soon Kenneth
Group Executive Director
30 July 2013
Was quite a looong agm/egm 4.5 hours...
Management wants to reserve cash for property opportunities as they come along...saying that their current size too small and so on.
Hoy fatt got legal stuff involved so must wait for further updates
And the new id seems quite ok
Motherhood not happy with online magazine's use of the name 'Today's Motherhood':
http://www.singaporelawwatch.sg/slw/head...-name.html
ST bought 165 lots at 24.17 cents on 31 Jul
Must say I'm surprised by it, so soon after AGM which was on 29 Jul.
Now I'm really curious (by his purchase), what does fellow buddies think it represent? Potential dividends? Or simply still too undervalued? Or run up to another offer?
(01-08-2013, 06:31 PM)smallcaps Wrote: [ -> ]Now I'm really curious (by his purchase), what does fellow buddies think it represent? Potential dividends? Or simply still too undervalued? Or run up to another offer?
Having failed in his first GO attempt at $0.18/share, and now holding a super-majority 82.148% stake, Stephen Tay should be still interested in privatizing Eastern Holdings in a 2nd attempt?
As the company is now bloated with cash, paying a good dividend to shareholders - which include Stephen Tay himself - is the right thing to do, and this could happen anytime or before Stephen Tay making a 2nd attempt to privatize Eastern Holdings.