Bunching up of AGMs in April getting worse, says report

[weijian]

Hi Mushy,

A hybrid AGM does add costs and complexity in the execution. From your standpoint, it make sense. But from the standpoint of the company who is executing the complexity and shareholders who don't have your restrictions, it may not make as much sense as you believe it should be. For all we know, the latter may complain the additional costs to cater to people they can't empathize with! And don't we all prefer "prudent Mgt that cut costs like there is no tomorrow!?

As for the Taipans who never hold hybrid AGMs, let's just say that their secondary listing in Spore, was forced by their fear of retribution by the CCP for their forefathers' role in the Great Opium Humiliation. Anyways, companies don't get listed with the primary/secondary objective of sharing wealth/time with OPMIs. Any kind of sharing with OPMIs are purely coincidental side effects of their main objectives.

[Mushy]

I have a question about eligibility to attend AGM.
When do I need to purchase shares to be eligible to attend AGM?
If i buy shares today, I noticed usually it takes about 5 working days then it will appear in my CDP.
When they scan our IC at AGM reception, is that a "LIVE" register linked to SGX/CDP?

[ghchua]

Hi Mushy,

To be safe, your shares will need to be in your CDP account at least 72 hours before the AGM, similar to the deadline for submission of proxy forms in order to attend AGMs. No, it is not a live link when you registered at the AGM reception.

You don't need it need 5 working days nowadays. With the T+2 new settlement system, the shares that you have bought should be in your CDP account 2 working days after you have bought and paid for them.

[Mushy]

Thanks ghchua.

When I said 5 working days, it includes the brokerage T+2 days.
Day 1 I executed the trade with my bokerage.
Day 4 Payment transacted giro
Day 6 Shares appear in my cdp
Above are working days.
Pay earlier and not wait until T+2? I find that when I paynow, the brokerage still has some delay like 1-2 days.

I was thinking if I show up at the AGM and show them I own the shares by looging into my CDP on the spot, it is proof and they allow. I think i have to find someone to proxy me. There is still time.

[ghchua]

Hi Mushy,

Day 4 Payment transacted giro

In this example, you have paid on T+4, then of course your shares will be credited in your CDP account beyond T+2.

Pay earlier and not wait until T+2? I find that when I paynow, the brokerage still has some delay like 1-2 days.

I don't know on which day you executed your PayNow transaction, so I can't comment on it. Basically, to ensure that your shares are always credited into your CDP account on T+2, what I always do is to pay using EPS (Electronic Payment for shares, not PayNow) on T+1 or earlier, or use cash upfront account to buy.

[Mushy]

I post this here.
I read dreamybear saying " I need to find like-minded "investmentbuddies" quickly".
I wanna ask, do valuebuddies meetup? Is there a chatgroup or fb group something?

We are now entering the most intensive 2 weeks of shareholder AGMs, so I was thinking it may be a good time to meetup for those interested? Since those going to the same company AGM should have something comon to talk on.

This afternoon I went to my first AGM of this year, SUNTEC Reit. I have scheduled another few in the next 2 weeks.

Not sure how to go about it. Maybe I post in the relevant thread on the AGM attendence? For example, I am going to Keppel AGM tomorrow, so I post in Keppel thread?

These AGMs i confirm going: Delfi, Fu yu, QAF, ABR, Kingsmen creatives, Mindchamps (1 mth extended).


What you guys think? Wanna meet up?
Can pm me also.

[dreamybear]

I post this here.
I read dreamybear saying " I need to find like-minded "investmentbuddies" quickly".
I wanna ask, do valuebuddies meetup? Is there a chatgroup or fb group something?

We are now entering the most intensive 2 weeks of shareholder AGMs, so I was thinking it may be a good time to meetup for those interested? Since those going to the same company AGM should have something comon to talk on.

This afternoon I went to my first AGM of this year, SUNTEC Reit. I have scheduled another few in the next 2 weeks.

Not sure how to go about it. Maybe I post in the relevant thread on the AGM attendence? For example, I am going to Keppel AGM tomorrow, so I post in Keppel thread?

These AGMs i confirm going: Delfi, Fu yu, QAF, ABR, Kingsmen creatives, Mindchamps (1 mth extended).


What you guys think? Wanna meet up?
Can pm me also.

Yes yes I did. Grateful that you noticed. 

So far, my challenge is to be able to find valuebuddies / investing buddies(outside VB) with the same core holdings. Then, as the title of the thread goes, there are schedule clashes and different investors have different priorities over the AGMs to attend.  

CY09 advised me to attend AGM to search. I tried and it works, though you may need some luck to find investors with the same temperament.

Thanks so much for initiating the meet-up but unfortunately I am not attending any of the AGMs that you are attending.   But I hope other VBs will contact you and start the ball rolling. 

[Mushy]

Its peak AGM season and I have so many AGMs related questions and comments. I hope its ok if I just post in this thread since its the most recent AGM related thread.

This is regarding the practice of companies inviting shareholders to write in with substantial and related questions and then providing the answers ahead of the AGM.
Correct me if I remember wrongly. Did this practice started during 2020 when AGMs first went mass virtual? Cos they mostly don't take questions during virtual agms. I don't remember this practice was prevalent before 2020. I think its is good and that we should continue it as AGMs go back to physical now.

Now, I wanna ask whats your experience with writing in with your questions? Do they get answered?
I did so for some of my major holdings. So, last year, I wrote in to company xxx with 10 questions. The email was correct and sent well before the stated cut off. There was no acknowledgement. Then when they released their answers before AGM, none of my 10 questions were addressed. In fact, the document only contains 1 question/answer which was not mine. So I was pretty pissed. I took quite a lot of effort to go through documents and wrote my questions. Even if some may be sensitive, at least 1 should be relevant isn't it?
So during the AGM itself which was virtual only, There was a point when the chairman invited the agm participants to ask questions by typing in. I frantically copy and paste all my ten questions in within the short time window. In the end some of my questions were answered, proving they were valid. This year AGM, I really feel like banging table and asking who is the guy manning the IR email. I think its the CFO.

[CY09]

The questions I have fielded for this year have all been answered and published. However, like normal PR person, their replies are all cryptic and not direct.

Being OPMI in Singapore, the best approach we can do is have to trust the mgmt. Physical AGMs are very important because it helps us to know more about the mgmt team and talk to the non executive independent directors. The role of IDs are rather important because they are in place to ensure minority shareholders are not short changed and we should inform them about this. Best World International in recent times has proved how the IDs failed in their duties.

[weijian]

Hi Mushy,

The current "pre AGM Q&A" came during covid-19 (2020). IIRC, it was a response to covid-19 restrictions which impeded the conducting of physical AGMs. All restrictions were removed some time in 2022. Nonetheless, SGX seems to have updated their listing rules in 2023 and so the "pre AGM Q&A" is here to stay, I suppose.

https://rulebook.sgx.com/sites/default/f...etings.pdf

I wholly agree that the "pre AGM Q&A" is really useful and so I am similarly glad that it is here to stay. I too, have written pre AGM/EGM Q&As - whether sent directly to the company OR via their corporate agent (eg. Boardroom). All those received by the corporate agent had acknowledgements but not all those sent direct to the company had an acknowledgement after I sent it. So far my "answer rate" has been 100% in the last few years. I vividly remember one sent in the afternoon after the 10am deadline on the day, but it still got a response.

The only exception so far would be companies that are secondary listed here and have most of their trading liquidity here - The Taipan has got 4 out of its 5 companies secondary listed on SGX. Since those 4 companies are secondary listed, I reckon they do not need to follow these rules and so there is no option to write in. I reckon one could plan in a holiday at Bermuda if they want to talk to the Kewicks, but at a risk of getting LOST in the Bermuda triangle?

P.S. Writing AGMs Q&A is actually general white collar paper work that a listed firm isn't expected to "mess up" or "ignore", since it is also just an annual event, So if it does, I would think it is good anecdotal evidence of the company itself.