sgmystique, seems like a hefty erosion to the investment capital put into this counter considering you are in the top 20 shareholders...
take care..when dealing with s-chips..i bet monies lost from locals investing in this counter may somehow surface back to sg in the form of foreign hot money jacking up/stabilising the property market.
in a way -- buy property is a safer bet than buying s-chips ya?
not vested
Well pianist, my paper losses are in six figures...however what really ticked me off is the blatant manner in which almost $60 million dollars of cash and an equivalent amount of assets were taken off the balance sheet.
These S-chip companies have found the Singaporean investor to be the perfect Guinea pig. No matter what nonsense they do, nobody in Singapore ever stands up for what is right. I hope this small attempt of ours will turn into something more meaningful over time.
Do purchase 10 lots of Foreland and help support this attempt of ours to set a wrong, right!
(21-09-2014, 09:04 AM)pianist Wrote: [ -> ]sgmystique, seems like a hefty erosion to the investment capital put into this counter considering you are in the top 20 shareholders...
take care..when dealing with s-chips..i bet monies lost from locals investing in this counter may somehow surface back to sg in the form of foreign hot money jacking up/stabilising the property market.
in a way -- buy property is a safer bet than buying s-chips ya?
not vested
You should cc the request to Business Times and Strait Times forum. Write to Strait Times forum. If your letter is publish, it would 'force' SGX to make a reply.....if not I am afraid your petition may not be look into.....
(20-09-2014, 01:22 PM)sgmystique Wrote: [ -> ]Status Update:
We personally submitted our petition requesting an investigation into the happenings at Foreland to the SGX yesterday (19th Sep 2014). They have promised to take a look at our petition and respond back to us, hopefully by the 3rd October (2 weeks).
We could gather 6 shareholders of Foreland who collectively own slightly more than 2% of equity in the company to sign on the petition. My sincere thanks to hurricane who was the only one from Valuebuddies.com who responded to my appeal to fight the apparent wrong doings at the company 
I was a little disappointed to find a very lukewarm response to my request for fellow shareholders to join in this fight. Either we have been unable to reach out to the right set of people (shareholders of Foreland who as per the AR 2013 number more than 1100) or people have decided to accept the happenings at Foreland without a fight!
Anyways, we have decided to take this quest to get to the truth to a logical conclusion. If any other valuebuddies feel like joining the fight please send me a private message with your e-mail address and contact numbers and I shall respond back asap.
I will keep posting the latest updates and I hope this encourages more people to step forward to set a TERRIBLE WRONG, RIGHT!!!
Regards,
(16-09-2014, 07:54 AM)sgmystique Wrote: [ -> ]Hi Friends,
We have been able to get a few signatures on our petition to the SGX
It is an EARNEST REQUEST TO EVERY SHAREHOLDER OF FORELAND TO COME FORWARD AND SIGN THIS PETITION.
Please pass the word around to those you know. We plan to submit the letter to SGX latest by this Friday (19th September) and as you will appreciate the more support we have the better the impact it will have on the exchange to DO SOMETHING TO PROTECT OUR RIGHTS and BRING THE CROOKS TO THE TABLE!!!
Regards,
Well, writing to the Business Times and The Straits Times comes down the road. We want to give the SGX adequate time to respond to our concerns. If we do not hear anything from them in 2 weeks time we shall submit a reminder to them (again hand delivered). We shall keep doing this till the SGX responds.
SIAS comes next n going to the press will be the final step. Hopefully we will not need to go to that extent...
(21-09-2014, 09:44 AM)Behappyalways Wrote: [ -> ]You should cc the request to Business Times and Strait Times forum. Write to Strait Times forum. If your letter is publish, it would 'force' SGX to make a reply.....if not I am afraid your petition may not be look into.....
(20-09-2014, 01:22 PM)sgmystique Wrote: [ -> ]Status Update:
We personally submitted our petition requesting an investigation into the happenings at Foreland to the SGX yesterday (19th Sep 2014). They have promised to take a look at our petition and respond back to us, hopefully by the 3rd October (2 weeks).
We could gather 6 shareholders of Foreland who collectively own slightly more than 2% of equity in the company to sign on the petition. My sincere thanks to hurricane who was the only one from Valuebuddies.com who responded to my appeal to fight the apparent wrong doings at the company
I was a little disappointed to find a very lukewarm response to my request for fellow shareholders to join in this fight. Either we have been unable to reach out to the right set of people (shareholders of Foreland who as per the AR 2013 number more than 1100) or people have decided to accept the happenings at Foreland without a fight!
Anyways, we have decided to take this quest to get to the truth to a logical conclusion. If any other valuebuddies feel like joining the fight please send me a private message with your e-mail address and contact numbers and I shall respond back asap.
I will keep posting the latest updates and I hope this encourages more people to step forward to set a TERRIBLE WRONG, RIGHT!!!
Regards,
(16-09-2014, 07:54 AM)sgmystique Wrote: [ -> ]Hi Friends,
We have been able to get a few signatures on our petition to the SGX
It is an EARNEST REQUEST TO EVERY SHAREHOLDER OF FORELAND TO COME FORWARD AND SIGN THIS PETITION.
Please pass the word around to those you know. We plan to submit the letter to SGX latest by this Friday (19th September) and as you will appreciate the more support we have the better the impact it will have on the exchange to DO SOMETHING TO PROTECT OUR RIGHTS and BRING THE CROOKS TO THE TABLE!!!
Regards,
Hi Mystique,
No problem, just helping when needed. I dont like the fact often these s-chips companies go unpunished. Ppl at SGX or regulators should be asking" Despite having so much reported cash or positive-neutral cashflow, below NAV, why has no positive corporate action happened?" As i posted in Qingmei's thread, SGX is a place where "you can make a few hundred of millions just by buying one counter and then use its cash to buy another over". I am sure regulators know something is fishy in these companies but are not rather inclined to check it out
Also congrats on getting 3 members today. While I would love to support you, I am currently in a "battle of my own" against an unknown party at Philips (see Penguin thread). Need reserves to scoop cheap lots
I heard on bloomberg tv today that SGX is relaxing the rules for China companies to list........I cant help but shake my head, they should instead rise the bar higher so that SGX will be known for quality counters
Well this is very sad news!
Anyway let us see how the SGX responds to our letter...
(22-09-2014, 07:05 PM)newborn1000 Wrote: [ -> ]I heard on bloomberg tv today that SGX is relaxing the rules for China companies to list........I cant help but shake my head, they should instead rise the bar higher so that SGX will be known for quality counters
(22-09-2014, 07:05 PM)newborn1000 Wrote: [ -> ]I heard on bloomberg tv today that SGX is relaxing the rules for China companies to list........I cant help but shake my head, they should instead rise the bar higher so that SGX will be known for quality counters
Similar report from The Edge web site, but I didn't catch statement saying "relaxing the rules for China companies to list" or similar statement? May be I miss it, or only from bloomberg TV?
http://www.theedgesingapore.com/the-dail...?showall=1
(22-09-2014, 08:46 PM)CityFarmer Wrote: [ -> ] (22-09-2014, 07:05 PM)newborn1000 Wrote: [ -> ]I heard on bloomberg tv today that SGX is relaxing the rules for China companies to list........I cant help but shake my head, they should instead rise the bar higher so that SGX will be known for quality counters
Similar report from The Edge web site, but I didn't catch statement saying "relaxing the rules for China companies to list" or similar statement? May be I miss it, or only from bloomberg TV?
http://www.theedgesingapore.com/the-dail...?showall=1
of course on tv they would summarize it......
Status Update:
We had 6 signatures on the petition we had submitted to the SGX on the 19th Feb. The number of people who have pledged their support to this cause has gone up to 14 as on date
This is really encouraging. What is most encouraging is the fact that I had one investor who does not own any shares in Foreland but had been badly burnt by a similar fiasco at another S-Chip who wanted justice done for all of us. I have requested him to become a shareholder and officially support our cause.
Even if you own 1 lot shares your rights are the same as that of the CEO.
Friends, so many of us have had these horrible experiences with S-Chips listed on the SGX but the sad fact is that till date I have not seen any of the perpetrators of these crimes brought to justice in Singapore.
My question to the SGX is simple: If we are unable to protect any of our investors from these unregulated elements why do we allow such companies to come and list their shares in Singapore.
IS IT NOT THE SGX's DUTY TO ENSURE THAT ONLY GENUINE COMPANIES ARE ALLOWED TO LIST IN SINGAPORE. WHY DO WE ALLOW SUCH UNREGULATED FLY-BY-NIGHT OPERATORS TO LIST IN SINGAPORE WITH SUCH APPARENT EASE AND THEN FLY AWAY WITH OUR HARD EARNED MONEY WITHOUT THE EXCHANGE BEING ABLE TO TAKE ANY ACTION AGAINST THEM?
Do let me know your thoughts on this. And please come forward with your support to our cause. You can mail me on forelandfabrictech@gmail.com with your name and contact details and we will get in touch for your signatures if we need to submit a reminder to the SGX. The timeline for the reminder is the 3rd October, 2014 (If we don't hear from the SGX) by then...
(15-09-2014, 09:24 AM)sgmystique Wrote: [ -> ]Status update:
We have started getting signatures on our petition to the SGX regarding the happenings at Foreland.
I would like to request as many shareholders as possible to come forward and join us in our efforts to get answers to all our queries (these are detailed in the letter we have drafted out which is attentioned to the SGX). The number of shares you own is not important but YOUR SIGNATURES ON OUR PETITION ARE!!!
I would request you to send me a private message with your contact details and I can bring the letter which we are signing across to you.
We are planning to SUBMIT OUR PETITION TO THE SGX LATEST BY FRIDAY (19th September). Please appreciate that we need to have a sense of URGENCY on this matter before the value of our investments comes down to ZERO!
I would appreciate the support of as many Foreland shareholders as possible. Please remember WE HAVE TO PROTECT OUR RIGHTS OURSELVES. IF WE CONTINUE REMAINING SILENT PEOPLE CAN GET AWAY WITH ANYTHING THEY WISH!!!
Do let me know if you have any queries that I can assist you with.
Regards,
(06-09-2014, 07:08 AM)sgmystique Wrote: [ -> ]Dear Valuebuddies,
This is an earnest request. If you know of any Foreland shareholders (No matter how small, Foreland has more than 1100 individual shareholders. I met up with just 7 of them at the AGM) please ask them to contact me/ send me a private message.
We are a small group of exisiting shareholders who feel quiet genuinely aggrieved by all that has happened. We are hoping to get as many shareholders together as possible and give it our best shot to get any WRONGS done to us set RIGHT.
We are willing to put in as much time and effort as is required to get this done. You can be assured of that.
Please find outlined our plan of action (with timelines):
1. Prepare a detailed letter (Max of 2 pages) addressed to
(a) SGX
(b) SIAS
Timeline: To be done by 7th September 2014 (Sunday)
2. Fix meeting in Tanglin Mall for shareholders to sign the letter to SGX and SIAS
Timeline: 14th September 2014 (Sunday)
3. Submit duly signed letter (By as many shareholders as possible) personally/ by e-mail/ by courier to:
(a) SGX
(b) SIAS
Timeline: By 21st September 2014 (Sunday)
4. Write to Straits Times & Business Times Forum
Timeline: By 21st September (Sunday)
5. Plan a meeting of all shareholders after the submission of letter to the SGX/ SIAS as well as efforts in publicising the case through the local media.
Timeline: By 28th September (Sunday)
6. Make a physical representation to the SGX by visiting them (In case there is no reply to our complaint letter)
Timeline: By 3rd October (Friday)
Responsibility: As many shareholders of Foreland as possible.
We have already started work on Point 1 and we would like to make sure that the action plan detailed above is carried out by the timelines indicated.
Do wish us luck
Regards,