Once again, CFT AGM 2012 is drawing near on 30 April 2013. I remembered some forummers have gone to CFT AGM 2011 last year and gave the management a piece of their mind. I am wondering whether the same group of pple is going there to give the management some tough questions. Right now, CFT is at 3.5c. Damn pathetic. With their cash pile, they can consider to de-list it with a decent offer.
If management bo chap, shareholders can't really do anything.
What about after one of the independent directors reasoned because of blackout period for no follow up share buy back took place after a pathetic buy back of 100000 shares at a miserly price of 3.5c when the net cash holding after deducting debts was above 17c.
Read below what transpired during the AGM April 30 ,2012
5. Share buyback: Why doesn’t the company do a consistent share buyback, instead of a recent one-off 100,000 share purchase amounting to merely $3,500?
Answer: After the purchase on April 4, the company had moved into a blackout period prior to the release of the 1Q2012 results, according to independent director Low Wei Cheong.
(His biodata describes him as a practicing advocate and solicitor of the Supreme Court of Singapore and heads the Corporate Finance and Securities Practice at Chris Chong & CT Ho Partnership.)
Can the independent director Low Wei Cheong explain why no follow up sharebuyback took place after you have defended the management . There was plenty of opportunity of no black out period and yet nothing was bought.
Did you follow up on that as you are paid by us to safeguard the interest of the retail investors.
I also noticed that the company had removed the share buyback mandate in the forthcoming AGM. Why must that be so when you have so much of cash and not defending the shareholders value.
If you cannot do a sincere job just return us our money.
It does not make any economic sense for the share price to linger at this price unless the Chairman has a hidden agenda.
Is it that the chairman wants to buyback shares through his proxies at such beaten down price at the expense of the shareholders?
If cannot do share buyback privatize the company and return us our money.
Independent Director Low Wei Cheong, If you are not sure you should not defended the management,Gave us hope but failed us. Have been holding this shares for more than 2 years at a big loss.
During the good time too never pay dividend saying need to expand now saying low demand. If low demand no need to expand privatize and return us the money. So much of contradictions.
It simply shows management has no interest in seeing the share price rise.If they are sincere they could have effortless raised the share price above 10c with such a cash horde and increase the Net Asset Value per share. Can SGX investigate and put pressure on the company and independent directors.
HOPE THAT JASON WEE will attend the AGM again to grill the management.
Last edit: 11 years 2 months ago by niadmin. Reason: Deleted potentially defamatory comments
NextInsight was a proxy at the AGM. A report on the AGM will be published tomorrow morning on this website. There is some good news for long-suffering shareholders. Look out for it!
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