if for personal interest, I think VT is the best option,

1- You get your div and your cap back
2- to continue in default mood, you get 0 and have to continue funding, which you lose more than tan sri does.

unless you got million to throw on board.. or else... take this as a free lesson... never trust other people with your own money any more...

You cannot have an improved Voluntary Termination proposal. This is not in accordance with the equivalent of the M&A of CHGS. Notices must be send, etc. If there is to be a vote for improved Proposal, the Meeting tomorrow must be cancelled / adjourned else it will be null & void.

Victory to the minority growers !

Salute to MSWG

Just 1 question : What will happen to those proxy form which has marked "opposed" to the proposal ? What if those proxy form votes have >25% and the resolution cannot passed through ?

Good point !

LKY is in effect asking the growers to trust his words. He wants the growers to pass the proposal first. And separately he will make sure the growers get the 12% dividend, plus get back the original capital in 6 months

Further question....What is he eats his words ? What if he later say the newspaper mis-quoted him ?

This post has been edited by EddyLB: Feb 7 2013, 06:21 PM

If LKY banks in RM25 mln to CHGS for CHGS to pay the Dividend, the Meeting tomorrow can be adjourned cos CHGS will have the $$$ to pay the Div.

New Notice for Meeting with details on improved scheme needs to be send,. etc and Growers can then vote.

IF LKY is sincere with his proposed improve VT, he should:
1) adjourne tomorrow's meeting
2) issue an undertaking letter stating what he promised to do
3) set another date for egm to table his improved VT

Personally, spoken words bear no meaning in this issue.

But LKY said in the press conference "....he would fork out RM25 million to the voluntary termination scheme on condition that the resolution passes through tomorrow."

He doesn't want adjournement. He is saying if you vote "yes", I pay you money. If you say "no", then I see how....

Good news that Tan Sir LKY is showing his willingness and sincere to solve this issue.

No need to adjourne the meeting. According to the Notice of proxy form, Growers are allowed to propose a new resolution with the revised term to pay 12% due interest and repayment of 90% in 6 month. By passing the revised resolution will do a favour for everyone.

This post has been edited by kinwing: Feb 7 2013, 06:54 PM

http://biz.thestar.com.my/news/story.asp?f...85&sec=business








Lee:(left) ‘I would like to lodge an official complaint to you as chairman of MSWG. Bushon:(right) ‘We have held several forums of such nature such as Petra Perdana.’
PETALING JAYA: Tan Sri Lee Kim Yew, the founder of the Country Heights Grower Scheme (CHGS), has issued a complaint letter to the Minority Shareholder Watchdog Group (MSWG) after discovering that its chief executive officer, Rita Benoy Bushon, held eight plots of land under the scheme.

In a hand-delivered letter dated Feb 6, 2013 addressed to MSWG chairman Tan Sri Abdul Halim Ali, Lee expressed shock that Bushon had subscribed to eight plots and was an interested party in CHGS as a grower.

The letter was made available to the press.

“I would like to lodge an official complaint to you as chairman of MSWG, for comments and representations made by your CEO on behalf of MSWG to the growers, media and public at large which undermined Plentiful Gold-Class Bhd's circular and the independent advice of our independent advisor, Ferrier and Hodgson Corporate Finance,” Lee said.

MSWG declared on its website yesterday that Bushon had eight plots of CHGS.

The general meeting will still be held on Feb 8, 2013.

When contacted, Bushon refrained from commenting, saying that MSWG would hold a board meeting tomorrow to discuss the complaint letter.

Lee also questioned MSWG's decision to “exert its first public influence of this scale over a non-listed entity.”

“We have held several forums of such nature such as Petra Perdana Bhd and IOI Properties Bhd. So, this is not the first time,” said Bushon.

She added that the group would look at the nature of complaints before deciding to assist in facilitating a forum.

MSWG had, on Monday, facilitated a forum to discuss the proposed termination of CHGS. As a result, some 60-odd growers had made a counter proposal seeking a 12% dividend payment, 10% of the capital to be returned in one month and the remaining portion in six months' time.

The scheme is not initiated or owned by Country Heights Holdings Bhd. Instead, Plentiful Gold-Class, a wholly-owned subsidiary of Bee Garden Holdings Sdn Bhd, manages CHGS.

Plentiful Gold-Class had initially proposed the termination of the scheme due to its inability to deliver the dividend payout on the stipulated date, Feb 14, 2013.

The company decided to hold the general meeting before that date, on Feb 8, to vote on the proposal, as otherwise, the scheme could face default, meaning it would be then handled by the trustee.

Plentiful Gold-Class would need 75% approval from investors attending the general meeting in person or by proxy.

CHGS, which was launched in 2007, had raised RM215.5mil. The company had given out 48% of dividends over the five-year period, totalling the return to RM78.5mil.

“If carried through on Feb 8, 2013, the growers will not lose any money. Instead, they will be receiving RM294mil as opposed to the RM215mil that the scheme raised,” Lee said in the letter.

Well, go early to the EGM tomorrow...

Well is a Good news to all minority growers .
That will agree to pay for 2012 dividend and refund the money
6 months .

This thanks to all growers and MSWG who attend the monday forum and layout
all the requirement .
i guess after much debate within minority and tan sri , he knew
that the chances to pass through tomorow agenda is slim.
That why he held the press conference . Maybe the proxy number is too high .

Just one more question to ask , 4 years ago we invest 6500
per plot ,so 4 years later also worth 6500 ?
Isnt there should be appriciation of land value ?
Any just ask , i am more than happy if he could keep
his promise to pay us dividend and return the money
within 6 motnhs

I feel the same as you do. See that he honour his words, we get the 12% dividends for 2012, 10% within 30 days and balance within 6 months....I have no more confidence entrusting my money with somebody I loose faith.
Thanks to MSWG and fellow growers who stand united in this issue.

This post has been edited by SJ555: Feb 7 2013, 08:31 PM

?!!!

WTH IS WRONG WITH EVERYBODY?

WHY THE PREMATURE VICTORY CELEBRATIONS?

ALL WE HAVE CURRENTLY IS A BUNCH OF WORDS THAT IS NOT ADMISSIBLE OR ENFORCEABLE IN COURT.

WITH NOTHING IN BLACK & WHITE - THIS IS JUST A WHOLE LOT OF RUBBISH TO SWAY VOTING DECISION.

THE PAPER MAY HAVE EVEN MISQUOTED HIM... THATS EXACTLY WHY PAPERS FREQUENTLY ISSUE RETRACTIONS!

LKY'S 'PERSONAL GUARANTEE' MEANS LESS THAN TOILET PAPER... I REMEMBER ANOTHER PERSONAL GUARANTEE TOO > 'INVEST IN CERTAINTY'... HOW DID THAT TURN OUT?

MAKE NO MISTAKE - LKY'S WORDS ARE USELESS IF NOT LEGALLY BINDING IN BLACK OR WHITE OR EVEN REALISTICALLY ENFORCEABLE (MEANING, WHAT HAPPENS IF HE DIES? OR DECLARES BANKRUPTCY? OR ABSCONDS TO A DIFF COUNTRY?OR IS FIRED/RETIRES/DECLARED INSANE/UNFIT TO CARRY OUT DUTIES... OR A THOUSAND OTHER LOOPHOLES THAT MAY MYSTERIOUSLY APPEAR LIKE THE PREVIOUS RAMPAGING ELEPHANTS, TEMPESTUOUS WEATHER, SUDDEN MAGICAL TERRAIN SHIFTS, ETC)

...HAVE WE NOT HAD ENOUGH OF HIS BULLSHIT?

WHY DID HE SUDDENLY DECIDE TO OFFER 'RM25 million' AND 'I will ensure that the growers will be compensated within six months instead of the two year timeline stipulated in the circular.'?

IF HE TRULY MEANT 'out of goodwill' > BOTH THE ABOVE WOULD/SHOULD HAVE BEEN IN THE VERY INITIAL AGM LETTER!!!

SO, WHY THE SUDDEN LARGESSE IN THE LAST MINUTE?

...SIMPLY COZ HE WAS CALLED ON HIS BULLSHIT SHODDY BULLYING UNDERHANDED TACTICS & KNOWS THAT THERE'S NO WAY HE'S GONNA GET MAJORITY NOW - SO BETTER CHANGE TACTIC & GIVE BS NON-ENFORCEABLE VERBAL ASSURANCES & TRY TO PERSUADE FOOLS TO BITE THE BAIT SO HE CAN GET THE VOTES.

HAS ANYONE EVEN CALCULATED WHETHER 'RM25 million' IS ENOUGH TO COVER THE 12% DIVIDEND FOR ALL GROWERS? PLEASE DO SO & POST UR FINDINGS HERE.

BOTTOMLINE:

VOTING AGAINST VT ONLY STRENGTHENS OUR ABILITY TO GET OUR 12% DIVIDEND & ROC WITHIN 6 MONTHS, AS WE'LL BE THE ONES HOLDING THE POWER & CAN DICTATE THE VT TERMS (WHICH LKY HAS ALREADY SO-CALLED AGREED TO BASED ON THE ARTICLE - MEANING ITS A SLAM DUNK FOR US ANYWAY... WITH THE DIFFERENCE BEING WE STILL RETAIN THE POWER IN CASE HE TRIES ANYTHING IN THE LAST MINUTE). SO, VOTING AGAINST VT IS INSURANCE FOR US TO ENSURE LKY COMPLIES & FULFILS WHAT HE SAYS IN THE ARTICLE - BECAUSE WE'RE THE ONES IN CONTROL!

VOTING FOR VT ONLY WEAKENS OUR POSSIBILITY TO GET WHAT WE WANT AS (CURRENTLY) IT'S ONLY MERE WORDS BY LKY & NOTHING IS LEGALLY BINDING. HE CAN JUST AS EASILY RELEASE A PRESS STATEMENT LATER SAYING, "I CHANGED MY MIND. TOO BAD. HAPPY CNY"... AND THERE'S NOTHING WHICH CAN BE DONE AS WE HAVE GIVEN AWAY OUR ONE AND ONLY (ALL POWERFUL!) BARGAINING CHIP. CHGS WOULD THEN HOLD THE ENTIRE POWER - & WE'D HAVE NO INSURANCE AGAINST THEM TO ENSURE COMPLIANCE... & LETS NOT FORGET THEIR HORRIFIC RECENT TRACK RECORD OF NOT HONOURING THEIR WORD/TRYING TO TAKE ADVANTAGE OF US... NEED I SAY MORE?

LOOK, IF LKY REALLY MEANT TO GIVE US 12% & A FULL ROC WITHIN 6 MONTHS - ALL HE HAD TO DO WAS CALL OFF THE AGM TOMORROW, REWRITE THE TERMS OF THE VT TO INCLUDE THE LATEST 2 AMENDED PROVISOS, GIVE US OUR 21 DAYS AGM NOTICE & THEN PROCEED TO HAVE A VOTE UNDER THE NEW VT TERMS.... DID HE DO THAT.... NO!

END OF THE DAY, YOU MAKE YOUR OWN DECISIONS & YOU LIVE WITH THE CONSEQUENCES.

I worried later some joker not happy with the latest counter proposal...he go n request more...
ppl give them chicken wings, they want drumstick....sure got this kind of ppl...
hope for the best tomorrow....

they only buy back 1 to 1 of ur initial purchase price...
I am more than happy with that IF he really keep his words on the dividend as well as the 6 months pay back

you believe him ??
Sorry, I'm NOT !!

This Tan Sri is stupid or what? Voting by proxy closed already yesterday and decisions already made (they knew the verdict already because they received yesterday). I bet the # of growers attending tomorrow will be small compared to proxy votes and the winner is clear already. How could he make such statement that he would give moon and stars if the rez is passed. The rez is already made - not passed. Duh
I would vote FOR is he rewrites a new proposal with the amendments. But this one is too late man.

Anyway, salute to our heroes....

This post has been edited by putih: Feb 7 2013, 09:39 PM

Bro

Cool Down ...

You are right too , merely his words cannot be trust .
But atleast a sign that he is willing to step forward and close the GAP.
What is important now is like what you said ,either he change the resolution and call another EGM
or else everthing should put in black and he should come out certain gurantee being his company
or personal capacity (which i think he wont).

Any where is not premature celebration but is step closer to what we want .
if i can attend for tomoro meeting , i will vote and support you too.

[COLOR=blue]You are absolutely right. There is a sense that LKY is starting to panic and he's doing the politician's dance to get what he wants.
I honestly don't mind VT, but only if the conditions are right and there is a legal agreement to do so.
However, if the conditions remain as it is, I'm willing to risk my money just to see LKY squirm and reveal what he is REALLY trying to do.

IF ANY JOKER WANNA DO SO - FEEL FREE.

.. JUST DUN EXPECT THE REST TO SECOND U.

REALLY NO TIME FOR CHILDISH GAMES.

GET THE 12% & FULL CAPITAL IN 6 MONTHS, THEN GET OUT.

U WANNA TRY UR LUCK - GO SEE LKY PERSONALLY. ALONE.