Activists Take Aim at Singapore's 'Buy, Pray, Hope' Model

[TTTI]

Like it or not, buy, hope and pray is a model our local market subscribe to. The listed co's management here can pretty much get away with anything that is not in line with shareholders interest if they choose to do so, as long as they are not deemed illegal. Note that shareholders, even though are the owners, is just one of the many stakeholders that a company deals with.

It's great to see the activists landing on our shores and trying to change the landscape and make management of listed companies more accountable to shareholders. I would be an activist investor if I had more money, Metro is just one of the many companies sitting around with too much cash and not doing much about it.

"The listed co's management here can pretty much get away with anything that is not in line with shareholders interest if they choose to do so, as long as they are not deemed illegal. "

Agreed with everything Big Toe says here.

Except that Metro is not "sitting around with too much cash and not doing much about it."
Their BS looks bloated with too much $$$ only as of last quarter, after divestment of the Frontier building and paying off the loans. Prior to that, they had substantial loans in the BS.
The current $$$ is also needed as a buffer as they have further capital requirements for their expansions in UK. Hard to say how much $$ committments is needed, so it's difficult to assess if it's really "too much cash". But sure, they are doing something with it.

I also agree with Big Toe's reply: Independent directors are not really useful IMO.
It is a rarity to see independent directors doing something. On top of  not "rocking the boat", how do you think the independent directors are found in the first place? They are usually acquaintances, friends of the existing management. There are very very very few independent directors who are truly independent.