M. Khor + those intend to attend EGM : If you need extract of Balance Sheet / PL of Plentiful Gold and Bee Garden etc. , you can get latest extract by surfing https://www.ssm-einfo.my/ --> Look for " CARIAN NAMA / Serach and Purchase " on the RIGHT hand side --> login in --> Seach ---> search by NAME --> Type in the Name of Company, select the Company Name and select COMPANY PROFILE pay RM 15 by credit card. This is only EXTRACT / SUMMARY report, not sure if that is helpful.

BEST option : You can get FULL set of BS / PL by just going to SSM ( KL or any branch ). Payment : RM 1 per page ( Cost RM 5 / page if need SSM Certified ). Instead of waiting for our good friend LKS to pass us a copy ( available when you visit LKS during CNY open house .. ) , best you or someone go to SSM and get a photocopy and get our bullets ready to fire. Any cost incurred will be shared among us later on. It will not cost more than RM 70 total to print both BS / PL of BOTH companies. I am sure most of us are willing to chip in. Just display you yr bank account no after EGM, regardless we have a Happy or Tainted New Year.

Hi, thanks for the suggestion and details, but their latest financial statements are not audited and file into SSM yet.
However it is a normal duty to disclose unaudited proforma financial statements to investors in any corporate exercises.
So far Tan Sri Lee shows only a partial picture from a brief extract of Profit statement and a very bias Cashflow analysis. Where is the Balance sheets and what is the Profit of PGCB total operations.

The Circular for this Voluntary Termination proposal is mainly filled with subjective non-quantified narratives. Even the Independent Advise Letter in part B is not thorough to demonstrate how they can view that the proposal is Fair and Reasonable.
It also seems they have no time to get a latest Plantation Report done (or they don't want us to see that the Mature Area has increased further)...

This post has been edited by mkhor7: Feb 4 2013, 10:57 PM

Today the MSWG meeting went on quite well. Some decisins awaiting

M.Khor did mention somewhere that NAME and IC of the witness must be written. ( Though I think the proxy form does not so stated ). Perhaps, to play safe, we should write NAME and IC No. to avoid technical knockout. For those who have forgotten to state Withness's Name OR / AND IC, please rectify it by calling / sms to yr respective contacts / MSGW. Someone pls cordinate with MSGW on this b4 submitting to CHGS's office. May be Timmy etc. can do block emails to all reminding of these " requirement" (?) as you have the email addresses.

A NOTE OF CAUTION : Pls do ensure that NO BOGUS grower give FALSE Name / IC No which render the signed proxy form null and void. To minimise / prevent this, whoever takes down the Name or / and IC no, pls do make sure that grower must correctly stating his / her IC and corresponding address. Every vote counts.

More questions and more RED FLAGS ...........

Inter related party transactions ALWAYS sucks*....in the real world its called CONFLICT OF iNTEREST

Thanks!
The Proxy Forms are to be lodged with PGCB full 48 hours before the EGM. They can check the investors details and signature (and total up the numbers.) They can call the investors to verify any details. PGCB maintained the Register of Growers and knows who are all the Growers investors.
The format in the Prospectus and actual Proxy Form used just require a simple Signature of Witness. Anyway there is no way anyone can verify the witness details.
Hence a simple signature should be acceptable. Adding in the witness details would improve and proof the genuine intention of the investors.
Claiming technicalities to void some Proxy Forms would show there is intention by PGCB to prevent investors from their rights to vote.

This post has been edited by mkhor7: Feb 5 2013, 10:01 AM

I SECOND THE ABOVE.

thanks for above post.

i just send my proxy form by normal post today...so I don't think can reach by 2moro.
so, can I courier again another proxy form over to MSWG ??

Please advise.

SECONDED.

BULLET POINTS OF MINUTES WOULD BE MOST HELPFUL.

AGREED.

PERHAPS THE 'non-estate internally generated funds' WERE FROM THE 30% RESERVE LAND...

AND INTEREST FREE TOO. WHERE DO I SIGN UP FOR A LOAN?

HI.

THAT WOULD BE DEPENDENT > The Proxy Forms are to be lodged with PGCB full 48 hours before the EGM. > SO, IF YOU CAN MAKE IT BEFORE THE DEADLINE - PLEASE DO SO.

BEST TO CONTACT MSWG DIRECTLY TO ASCERTAIN DOWNTIME.

GODSPEED!

thanks..i hv called MSWG , they said need to reach their office by today before 5pm
because 2moro morning , they need to submit.

sigh..today..no car to go there

For your infor:
CCM Interest Schemes webpages

POLICY_GUIDELINES_SHARE_FARMING_GROWER_PLOT.pdf

Tan Sri Lee in his open letter dated 25-Jan stated that PGCB "is not allowed to charge the land to raise additional money to support the estate"... This is not in the Trust Deed or in SSM guidelines. The trust Deed clause is "cannot be charged without the consent of both Trustee and Yayasan..." while SSM guideline states "After the launching of the scheme, the plantation land can only be charged for the purpose of the scheme, with written consent from the trustee. "

Was Tan Sri Lee incorrectly advised that he "is not allowed to make any borrowings or charge the land to raise additional funding" and hence PGCB has no cash to pay out 2012 nett yield?




This post has been edited by mkhor7: Feb 5 2013, 08:54 PM

juggling between pockets....lots of loop holes to swindle money.
Great con.

http://www.starproperty.my/index.php/prope...wer-scheme-saga


New twist to Country Heights Grower Scheme saga
Posted on February 5, 2013 - Featured, Property News.
MSWG-led group makes counter proposal for scheme’s termination

By WONG WEI-SHEN
weishen.wong@thestar.com.my


MSWG forum on the proposed termination of CHGS. From left: MSWG head of corporate monitoring Quah Ban Aik, general manager of corporate services Lya Rahman, Bushon and associate Datin Rusila Abd Razak



KUALA LUMPUR: The ongoing saga of the proposed voluntary termination of Country Heights Grower Scheme (CHGS) – the country’s first oil palm farm-sharing investment scheme – has taken a new turn with a Minority Shareholder Watchdog Group (MSWG)-led group making a counter proposal to its founder Tan Sri Lee Kim Yew for the scheme’s termination.

The first issue the group addressed was the postponement of the general meeting to a later date, from Friday, so as to have more time for pressing issues to be ironed out.

“Investors are quite concerned about the issue of this scheme, and they feel quite short-changed with the early termination. Nevertheless, they are willing to negotiate certain terms,” MSWG chief executive officer Rita Benoy Bushon said.

Some 60-plus of about 10,000 investors in the scheme gathered at the MSWG office in Kuala Lumpur yesterday to discuss Kim Yew’s proposal to terminate the scheme.

In a phone interview, Kim Yew said: “The MSWG might have actually undermined those who might want to vote for the proposed voluntary termination to pass.”

He said that Plentiful Gold-Class Bhd – the management company of CHGS – had proposed to hold the general meeting on Friday as meeting at a later date could result in the scheme’s default.

He added that as per the trust deed of the scheme, if the management company did not fulfil the payout on Feb 14, the scheme would automatically go into default and would then be handled by the trustee – CIMB Commerce Trustee Bhd.

Kim Yew said the management company was receptive to any proposal the group of investors made. “No matter what it is, there will be some objection. We want the ‘minority’ group to understand this,” he said.


He urged CHGS investors to attend the meeting and voice their concerns there.

Bushon, meanwhile, said the Companies Commission of Malaysia (CCM) had been alerted on the issue. “If no action is taken, the growers will get a court injunction to postpone the meeting,” she said.

She also said the investor group would agree to the termination if CHGS paid the 12% dividend, due on Feb 14. Additionally, 10% of their capital is to be paid within a month, while the remaining 90% is returned within six months.


As had been reported earlier, Kim Yew said the management company was unable to deliver the payout; hence it was proposing to terminate the scheme. If the proposal is approved, then the company would return 10% of the capital within a month, and the remaining 90% within two years.

However, he said the remainder could be paid out in six months or earlier, should everything proceed smoothly.

The management company had already paid out dividends totalling 48% yield in the past five years.

Kim Yew said investors would receive about RM294mil compared with the RM215.5mil amount raised when the scheme was first launched in 2007.

The plantation land will be up for sale via an open tender at a reserve price of RM170mil if the proposed termination is approved. Any difference between the sale price and the total buyback amount will be borne by the parent company Bee Garden Holdings Sdn Bhd.

Earlier yesterday, Plentiful Gold-Class sent a letter to MSWG addressing the queries raised.

Plentiful Gold-Class director and chief executive officer Lee Kim Heong said it was a public company with a paid-up capital of only RM5mil.

“The management company proposed to the grower to consider the proposed voluntary termination based on the issues stated in the circular and those highlighted in our chairman’s statement, given the current plantation output that is unable to generate the expected yield income to meet the yield payment,” he said.

Bushon said if the management company did not accept the investors’ counter proposal, they would opt to go against the scheme and let the process take its course.

“CCM must ensure that these schemes are properly managed and properly governed. Even termination should be properly done so that the market has confidence in such other schemes. It should be well conceived and not structured badly. As an oversight body, you must make sure it is a well-conceived scheme,” Bushon said.

It is understood that Plentiful Gold-Class communicated with Bushon later in the day that MSWG should address the issues through an official letter to the company.

Plentiful Gold-Class would need more than 75% of investors to agree for the proposal to go through.

http://biz.thestar.com.my/news/story.asp?f...71&sec=business


Companies Commission probes early Country Heights Grower Scheme termination
By LIZ LEE
lizlee@thestar.com.my




The commission summons managing company’s senior representatives and trustees

PETALING JAYA: The Companies Commission of Malaysia (CCM) is probing Country Heights Grower Scheme's (CHGS) proposed early termination, summoning the managing company's senior representatives and trustees to determine if they had complied with the laws, rules and regulations.

CCM, which regulates interest schemes in Malaysia, clarified that in accordance with CHGS's trust deed and related agreements, an early termination of its scheme was allowed, as long as the terms and conditions of early termination as stipulated were fully complied with.

“Taking into consideration the commercial reality, in the absence of fraud and mala fide, a business undertaking such as CHGS must be allowed to run freely and independently from regulator's constant interference,” CCM said in a press statement, adding that it was overseeing the early termination of CHGS in compliance with the trust deed and the law, lest it had to take enforcement action.

Acknowledging interest schemes as the new catalyst for wealth generators, CCM has also finalised a new legal framework for such schemes.

“Going forward, as part of its law reform programme, CCM has completed the review process of the interest scheme legal framework towards introducing a more dynamic, modern and responsive regulatory framework,” it said.

Under the proposed new legal framework, CCM said it could stimulate the industry by opening up business opportunities to small and medium-scale enterprises in creating new business deals and offering new products to the public via interest schemes running within the confinement of the law.

The new legal framework will also strengthen the governance framework through specific duties and responsibilities of management companies and trustees, enhance the rights of interest holders, and address issues relating to the requirement for periodical reporting and appointment of auditors for the approved scheme.

CCM will subsequently be in a better position to protect investor interest, including by way of injunctions and restitution. “It is our intention that all registered interest schemes are workable and viable to generate the promised returns to its respective investors.”

Nevertheless, CCM advised the public to understand the risks associated with the investment and their rights as investors.

CHGS founder Tan Sri Lee Kim Yew had recently proposed the termination of the scheme, setting off alarm among some investors about their investments.

Lee clarified that he had no hidden agenda to profit from the termination.

Although I was not at MSWG forum yesterday, in my opinion, MSWG has offered a very good WIN-WIN proposal that most investors can accept to close off this unhappy episode ahead of the coming holidays.
It is fair and reasonable with all parties voluntary parting to each future prosperity.
I personally plead to Tan Sri Lee to do the right thing for the community of which we belongs to, and to the many families and cooperatives who took up his "Invest in Certainty" motto.

MSWG

SECONDED!

CEPT FOR THE 'PLEAD' PART... I'LL SAY THIS INSTEAD - LKY, USE YOUR COMMON SENSE & BUSINESS ACUMEN.

A WISE BUSINESSMAN KNOWS A GOOD DEAL WHEN HE SEES ONE.

A GOOD NIGHT'S SLEEP IS WORTH MORE THAN ALL THE MONEY IN THE WORLD.

ARE YOU SLEEPING WELL, LKY?