The cash must be real as at every AGM the independent directors ,Chairman who is also the CEO, and the independent external auditors have been grilled about the Cash and they have come forward to assure as real,
The independent directors even have told that they make regular weeky check with the bank to get the latest bank statement.
Its just strange that independent directors are defending the management for doing nothing about the share price while having so much cash and allowing the shares to be manipulated.
My suspicion the manipulators probably have the blessing of the chief of the company,otherwise it is illogical to push the price down so much when the management has the cash pile to support the share price comfortably as their cash need for operations is miniscule compared to the cash pile they have.
Probably to please the shareholders and keep them quiet for the last AGM,they brought back the share buyback mandate.
2 months have passed since the AGM no share buyback is done.Its just a dummy share buyback mandate.
If they are not interested in seeing the share price rise,why in the first place they are listed,Just delist it and return what is due to the retail investors.
Luckily, we have this Special General Meeting coming for the sale of land to grill them again and do not have to wait for the next AGM.
They also have a head of a fund manager as an independent director and yet the share price has not recovered. Why we have an useless independent director as his expertise not applied to drive the price up.
This time shareholders should ask for the funds from the sale of land to be distributed to shareholders or use to do share buyback or develop the land on their own as they hv so much in cash pile which is underutilized instead of selling the land.
Enough is enough of lame excuses from the management and independent directors.
Retail shareholders should use the opportunity during the special general meeting to grill the management.
Share buyback not only will help to boost the price of the shares ,it will also boost the net tangible asset per share on the cheap as the price is ridiculously low at 3.5 c when they are having 17c net cash after taking into account debt.Besides with the sale of land its going to be even more.
It is simple logic and no more excuses from the management especially the useless independent directors who are supposed to be the voice of the retail investors.
Why is SGX is sleeping and allowing this kind of unscrupulous management,independent directors and manipulators.
Logically,this counter should at least be 15c after discounting it being an S-Chip when it is very low risk in terms of bad debts,depreciation of assets and inventory as they don't carry much of these assets as 85% of assets is in cash.
If the management and independent directors cannot do the job we should ask them to be replaced as something so straightforward and yet they pretend not to accept it.
ALL RETAIL INVESTORS WHO ARE IN CHINA FIBRETECH SHOULD USE THIS FORUM TO CAMPAIGN FOR ACTION FROM MANAGEMENT UNTIL THE SPECIAL GENERAL MEETING TO BE HELD IN SEPTEMBER
THE MANAGEMENT CANNOT HIDE UNTIL AGM NEXT YEAR.OTHERWISE WE WILL HAVE TO WAIT ANOTHER 1 YR TO DEMAND FOR ACTION
The Company intends to utilise the proceeds from the Disposal for the purpose of financing the
working capital of the Company.
I thought the company already have lots of cash. Still need to utilize the proceeds from the disposal for the purpose of financing the working capital of the company. Why?
These are lame reasons not to pay dividends or not to do share buyback. Its utter nonsense from the management to say they need the money for working capital when they have so much of idle cash piled up.
That's why we should insist the money from the land sale to be used to do share buyback or pay dividends as the land has been spare land to the company that they do not use but selling it because they were afraid the government will acquire at a much lower price.
Can the independent directors explain why the company needs the money from the sale of land to be used for working capital when they hv so much cash that they dont use and retail investors hv been shouting at them to do share buyback with that cash.
Now the company is selling the land because they did not want the government to acquire on the cheap but its a spare land which they hv not much use.
Can they use the spare money from the spare land to do share buyback or cash distribution.
What a reason the management gives the money to be used for working capital?
What a bullshit?
Can the independent directors what is this ****** about? or What an excuse to accumulate cash but not supporting the retail investors.
Why keep all money to themselves and total disregard of the investors?
SIAS please help and do your job of defending retail investors.
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