(23-12-2015, 03:28 PM)CityFarmer Wrote: [ -> ] (23-12-2015, 12:57 PM)HitandRun Wrote: [ -> ] (23-12-2015, 10:56 AM)CityFarmer Wrote: [ -> ] (23-12-2015, 10:39 AM)HitandRun Wrote: [ -> ]A bloody waste of time and resources (my heart bleeds for SingPost shareholders).
Just an open and shut case. Check the minutes of meeting and confirm that 1. Keith Tay has declared his interests and 2. He has abstained from voting. Chairman and/or Company Secretary are good enough to make the declarations. Why succumb to the crazy comments of the sh*it stirrers and throw good money at some special auditors for nothing!
Insiders to check-and-confirm another insider? An 3rd party is needed, and the best is external auditor. 
At every instance when someone throws a spurious accusation?
And if a shareholder is so KS, would he be satisfied with merely the external auditor? What if they are in cahoots (e.g. Enron)? Where would this road end?
P.S. The way I read the facts, this is probably a case whereby the lawyer/company sect did not vet the circular properly. There is no need to waste further resources on such an administrative mistake.
Not at any instance, but at a sensitive period, after the CEO resigned abruptly, and public articles on the company governance.
I am advocating that simple and low-cost preemptive measures are the most efficient and effective solution. At a billion-dollar market cap company, getting an external auditor to vet the issues, is a low-cost decision.
(not vested)
it is a serious conflict of interest if found true. signpost Board of director representing the buyer and also advising the seller as chairman of the advisory company? The may have abstain from the voting but he was privy to sensitive information either directly or indirectly.
I do agreed abstain is not enough if he is not independent director. This deal shouldn't even be made regardless declaration or not.
The issue caught the attention of SGX. If the result of the audit, is technical fault, then the penalty should be very trivial.
(not vested)
SGX awaits SingPost audit before acting on rule breach
30 Dec 2015 09:00
By Melissa Tan
THE Singapore Exchange (SGX) has decided to wait for the results of Singapore Post's upcoming special corporate governance audit before assessing the postal and e-commerce group's compliance with listing rules, it said on Monday.
The bourse said this in an e-mail response to a BT query on what action it was taking given mainboard-listed SingPost's admission last Tuesday that it had not properly disclosed a conflict of interest for one of its directors, Keith Tay Ah Kee, in an acquisition it made in 2014.
"The exchange is reviewing the matter and notes that Singapore Post Ltd has announced its intention to appoint special auditors to investigate the issues raised. We will await the special audit report so as to holistically assess the company's compliance with the listing rules," SGX spokesman Patricia Choo said.
"Depending on the severity of the breach, we will determine the appropriate course of action, including if a referral to the Listings Disciplinary Committee is warranted."
...
Source: Business Times
Another day, another BT article on Singpost. Someone(s) is determined to see a regime change?
HOCK LOCK SIEW
DEC 31, 20155:50 AM
THOUGH December tends to be a quiet time for most corporates, for Singapore Post it has been anything but.
Having kicked off the month with the shock resignation of its widely lauded CEO, the postal and e-commerce group looks set to end it with a bunch of unresolved corporate governance questions that centre on its failure to properly disclose a director's conflict of interest in at least one deal.
Source: Business Times
(31-12-2015, 09:05 AM)sg550319 Wrote: [ -> ]Another day, another BT article on Singpost. Someone(s) is determined to see a regime change?
HOCK LOCK SIEW
DEC 31, 20155:50 AM
THOUGH December tends to be a quiet time for most corporates, for Singapore Post it has been anything but.
Having kicked off the month with the shock resignation of its widely lauded CEO, the postal and e-commerce group looks set to end it with a bunch of unresolved corporate governance questions that centre on its failure to properly disclose a director's conflict of interest in at least one deal.
Source: Business Times
I saw them as noises, which should be subsided after the audit result, and final verdict from SGX.
(not vested)
Sea freight from China is GST-chargeable. No more <$400 value.
So likely Taobao buyers will use air freight for less bulky items. More convenient to use 4PX with Popstation.
Previously I would ship everything by sea freight. Now may be better to ship via air freight high value-low weight items.
From 65Daigou.com, (I guess one of bigger competitor to Vpost)
Important notes:
International shipping is charged on every 500g basis. eg. 700g will be charged as 1kg.
All weights stated above refer to Chargeable Weight. (understand Chargeable Weight or Volumetric Weight)
Working days do not include Saturday, Sunday, Singapore or product source country’s (China, Taiwan or USA) public holidays.
All durations specified do not include the time taken to purchase and receive the items at respective country’s warehouse. It typically takes 2-5 days for items with ready stock to reach our China/Taiwan warehouses and 3-8 days for USA warehouse.
Sensitive Air, Sensitive Sea and Food & Cosmetics shipping methods are specially for customs sensitive items or items restricted by normal transportation. Such items include, but not limited to, small amount of air-tight food, battery, liquid, cream, gel products, cosmetics. We also have the rights to reject such sensitive items if we think they are not appropriate.
The shipping durations quoted above are norms. Above 95% of our shipments meet these durations. Delays caused by unforeseeable factors such as bad weather, customs clearance are beyond the control of 65daigou and its shipping partners. However, we will compensate for delayed parcels according to our “On-time Shipment Guarantee”. Please also take note that we don't guarantee the delivery date for Sensitive Air, Sensitive Sea and Food & Cosmetics shipping methods. The ETA stated above is a guideline for these shipping methods under smooth customs clearance. There will be no compensations for delivery later than ETA. Customers will be fully responsible if such sensitive items are confiscated or retained by importing or exporting country customs.
For Ship-for-me service: 7% GST applies for all sea/sensitive sea shipment orders. For air shipment orders, 7% applies if the parcel's total amount of declared value, shipping fee and insurance is more than S$400.
For Buy-for-me service: 7% GST applies for all sea/sensitive sea shipment orders. For air shipment orders, 7% GST applies if an individual order value is more than S$400.
The noise will continue for a while...
Auditor choice raises more doubts
22 Jan 2016 09:00
By Melissa Tan
IN most cases, companies undergo special audits to clear doubts and assure its various stakeholders.
But with its recent decision to name PricewaterhouseCoopers (PwC) as its special auditor, SingPost has inadvertently raised more doubts and opened itself to more criticism.
Defending the choice of PwC, audit committee chairman Soo Nam Chow said on Tuesday that the board had wanted to "address the matter" of the corporate governance special audit "in the most expeditious way" and was "satisfied with our own internal evaluations".
But in tapping PwC without first calling for proposals and thoroughly evaluating them, the board runs straight into the very "perceptional issue" that Mr Soo had said it wanted to avoid, and demonstrates precisely how badly SingPost's board needs a genuine corporate governance overhaul at its core.
The move might also naturally lead the market to wonder next: Are there other matters where SingPost's board may have acted in a similarly "expeditious" manner? And if so, what other information might it have neglected to deliver to the investing public?
There are several things about the board's poor handling of the special audit thus far that are unlikely to inspire much investor confidence.
...
Source: Business Times
bad signs....funds exiting and board in denial. invesco and blackrock exiting at the same time....
SingPost shares drop 4.5% to 21-mth low
Singapore
THERE'S no blizzard here but shares of Singapore Post have been slip-sliding downhill all the same, with the latest 4.5 per cent tumble on Wednesday leaving the stock at a fresh 21-month low.
The counter lost S$0.065 to end the day at S$1.39, its lowest since April 2014, with 12.9 million shares changing hands - more than double the previous day's 5.3 million shares traded.
(28-01-2016, 09:17 AM)sg550319 Wrote: [ -> ]bad signs....funds exiting and board in denial. invesco and blackrock exiting at the same time....
SingPost shares drop 4.5% to 21-mth low
Singapore
THERE'S no blizzard here but shares of Singapore Post have been slip-sliding downhill all the same, with the latest 4.5 per cent tumble on Wednesday leaving the stock at a fresh 21-month low.
The counter lost S$0.065 to end the day at S$1.39, its lowest since April 2014, with 12.9 million shares changing hands - more than double the previous day's 5.3 million shares traded.
does it look like blackrock is exiting quite a few of its investments in Singapore? Big boys profitaking and bringing funds back to USA?
Singpost will be juicy for the taking when it dips below $1.
With the recent stock market plunge, coupled with Singpost's internal turmoil, its no wonder the stock price dropped from $1.90 to $1.295 as of current writing. Recently SingPost made some news with its sale of GDEX. It is expected to recognise a net gain of about S$64million from the proposed disposal of GD Express to Yamato Asia.
Singpost pared its 23% holding in GD Express to 11.2%. As of 28 Jan, Singpost holds about 290 million shares representing 23% of the issued and paid up capital. SingPost is selling 137,418,000 ordinary shares in GD Express Carrier (GDEX) for a total consideration S$78.4 million (RM239.1 million), it said in a statement on Thursday.
It bought its stake in GDEX for approx S$18.9 million in 2011. The sale gave Singpost a 300% return in 5 years or a 60% annualised return. That seems like a good return of investment! (This did not include the dividend that GDEX gave out in the 5 years prior)
SingPost said: " The reduction in the stake will free up capital to allow the group to further invest in its e-commerce logistics operations across the region including its e-commerce logistics warehousing capabilities in Malaysia through its regional logistics arm Quantium Solutions." It added that the group's strategy is to continue to strengthen its integrated end-to-end e-commerce logistics solutions that include front end web management, warehousing and fulfilment, last mile delivery and international freight forwarding.
If we take GD Express's current stock price of RM$1.70, the sale of the 12% stake will yield S$79 million (RM$233 million). It seems that the sale of GDEX to Yamato was made near the current share price. Looking at GDEX annual report FY14/15 ending Jun 15, its earnings was RM$0.02, translating to a PE of 68!
As Singpost lumps all its associates companies earnings together, we only know that GD Express's dividend, together with other associate companies payouts contributes $6.6 million. Digging into GD Express announcements, its dividend was RM$0.0125. This translate to approx S$1.23 million (RM$3.6 million) of dividend. If GDEX's earnings and dividends were to stay the same, it would take about 64 years to obtain the returns it would be getting for this sale!
It still maintains a 11.2% stake, which allows it to participate in Msia's growing logistics business and provides synergy when it requires dealing in Msia.
With e-commerce booming, we believe that the freeing up of capital is indeed a good avenue to for other expansion. We have recently did a write up on some trends and industry that we favour, do drop by and take a look at our most recent
post!
http://www.bytesizedinvestments.com/3-in...ng-part-1/
Reference:
http://www.straitstimes.com/business/com...in-of-s64m
http://www.yamato-asia.com/en/index.html
http://www.bloomberg.com/quote/GDX:MK
http://gdexpress.listedcompany.com/news.html/id/507137
http://www.ocbcresearch.com/Article.aspx...5721_61759
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