All those holding China Fibretech ,please try to attend the AGM to grill the management and the board for not keeping their promises.Need the support of other minority shareholders to put pressure on the management and the board.
we should not seat in silence anymore and accept their excuses and empty promises.
Money is idling in the bank for too long in current account and no dividends,no expansion,no diversification and no share buyback.
So many empty promises.
Why the money so long in the current account not earning interest.If it has been kept in the fixed deposit would have earned millions in extra income over the five years. The board and the management have an explanation to do.
The independent director in the presence of CEO/Chairman promised to shift some to fixed deposit for better returns 2 AGMs ago and still have not delivered it.
Net Cash 21c but share price today only 3.2c and promised to do more meaningful share buyback during EGM within December 2014.in the presence of the Chairman/CEO only 100.000 shares were bought at 3.6c.Also promised to SIAS that they will buyback shares in November 2014 but just bought back the token 100000 shares.
Where is the diversification or expansion that the Chairman talking about for the last 5 years for not paying dividends? How long more they need to decide what to do with the money while the independent directors collecting director fees for money idling in the bank instead of working to improve the returns for the shareholders?
Why do they need so long to decide what to do with the money?
Lets put the pressure so we will get better shareholder value. Tell them to delist the company if they have no idea what to do with the money. IPO price 21c and today the share price is 3.2c but the net cash 21c and the management is not doing anything about it.
What are the independent directors doing to ensure our interest are taken care?
Are the independent directors truly independent ?
Is the Chairman planning to buyback the shares at a song ,waiting for minority shareholders to give up waiting for the share price to rise?
Please attend the AGM so that we will get credible answers to all these questions.
If we keep the pressure the potential for this counter is very high.We should get strong commitment from the Board and the Management and not empty promises.
So far they have not delivered any of the promises independent directors made to SIAS.
Share buyback and shifting the money to the fixed deposit are not difficult with the kind of money parked in current account.Money current account is ready cash. So why take so long to shift the money to fixed deposit for better returns
Let's seek justice.Make sure they give firm commitment and not empty promises.
Let's exercise our rights during the AGM.The more who attend the AGM the stronger the minority shareholder voice gets. Priced at 3.1c while having 21c net cash is ridiculous. With 90% of NTA is cash . the business performance is irrelevant because it only makes up 10% of NTA.
We should not allow China Fibretech to become another Foreland even though the Independent director assures us that the money is really there and he does random weekly online check.We make sure we hold the Independent director responsible for the safety of the cash as he said he has been constantly monitoring and came up with the online checking to reassure us..
What is the use of the money being there but lying idle and not giving support to shareholder value?
That's why we need to attend the AGM and grill the board of directors,the Chairman,the CFO n external auditors.
The independent director claims he does random weekly online check and assured us in past meetings he always ensured the money was there. He should be held accountable.So far no bad news and he claims to be checking every week.
I believe the money is real but what is done with the money in the meantime i can only speculate,otherwise the independent director will not be so confident in saying that he makes weekly check.
Now we have to ensure the money is serving the company and the shareholders and not idle somewhere or used elsewhere in the meantime at the expense of the company and re-deposited when the checks are done by auditors.
We have to ensure the Chairman is not using the company as his piggy bank for other businesses n return the money when the auditor is checking the deposit at the end of the year.
We should not allow the Chairman and the independent directors to continue fooling the minority shareholders with excuses and empty promises.
Minority shareholders should attend the AGM in bigger force to assert our rights.
Better still company gets delisted. It is holding 21c cash.
6.2c Junma tyres with 20c NTA n 8.3c cash is getting delisted at 20c and the share price has shot up to 19.7c.
4.9c Sinotel is getting delisted at 9.8c.
Why not china fibretech with IPO price 21c,NTA 23.16c,Cash 21.66c get delisted as the Chairman has not done anything with the extra cash lying idle in Current account earning minimal interest for over 5 yrs.
If have no ideas or no use for the money return the money to the shareholders. Why pay listing fees and pay for the cost of being listed like having to appoint independent directors,director fees,external auditors,meetings cost etc.
Save the cost by delisting and return us the money.
We should shout for returning us the money during the AGM as they have not done anything useful with the money.
They get their fees we dont get dividends and no support given to the shares by buybacks.
We should tell them stop fooling us with excuses and empty promises. I think we have given enough time.more than 5 years. They cannot be giving us the same excuses for the 5 years they need the money for expansion or diversification.
If you cannot find something to diversify then delist it and save the cost and continue ur old business on your own without being listed. The fabric business is only 10% of NTA. The share of cash of the Chairman from delisting is more than enough for him to continue with his old business.
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