Country Heights Grower Scheme (CHGS), anyone heard before?
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 Jan 22 2013, 06:28 PM
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#21
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Senior Member
814 posts Joined: May 2011 
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not to sound supportive of the move
the article when read mentions that the refund be done in full with a comment from the advisers that they may not be able to pay in full due to the lower assets |
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Jan 22 2013, 06:38 PM
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#22
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Senior Member
814 posts Joined: May 2011
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i look at the advice note
if they cant sell the land we are looking at a 65% refund i took cash/owing Well decided to take the hit and just work harder |
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Jan 22 2013, 10:00 PM
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#23
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814 posts Joined: May 2011
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let be clear to them
we vote for the proposal but with the dividend of 12% and no excuses later to pay us in full and not 88%. they may give us dividend and then say not enough to pay in full later because gave us dividends |
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Jan 23 2013, 10:26 AM
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#24
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814 posts Joined: May 2011
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QUOTE(kinwing @ Jan 23 2013, 10:19 AM) We should not vote for the termination. Don't be afraid that we won't get back the 90% of our capital if we vote against. I think what you are doing is goodIf the manager can't do a good job of realising the assets give back our capital in full, why don't we replace the manager and appoint a trusted manager to continue run this scheme or at least realise a fair value for the shareholders? By the way, the shareholders' meeting is too rush to be hold on 8 February and many shareholders are unable to attend the meeting. Maybe we could apply a court injunction to stop the meeting and request the company to hold the meeting after chinese new year. I am now trying to gather support from minority shareholders to vote against the termination. Hope you all can do the same to defend our rights as minority shareholders.  But leaves even more questions on time I am going to the Agm Shareholders should go because they are invested in this. Need to make time else when the motion is pass don't complain |
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Jan 23 2013, 02:56 PM
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#25
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Senior Member
814 posts Joined: May 2011
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instead of posting in all caps lock,
list down the exact words in the CHGS contract saying that is 30 days or less so that others can vote knowing that its covered if its covered and they must refund in 30 days what happens when its not done. take them to court? at the moment their assets are not enough to do a full refund unless they sell the land. ITs a Sdn Bhd company you can only take them for their capital. the poster above is concern and even needs the dividend for medical purpose. |
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Jan 23 2013, 03:19 PM
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#26
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Senior Member
814 posts Joined: May 2011
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for the record i would like to get back my money, i have come to terms that any investment has risks. IN the event they close the scheme and refund only 65% i personally stand to lose 80K + dividend for 2012
like everyone else i would like to get this back. If the company does not have enough assets to sell back to cover 194 million what can the trustee do? the trustee best case scenario is to selll all assets and they are still short of 87million. They still need to sell the estate. which may take time. SO the trustee can liquidate all the asset and then find buy ers for the estate thats the best they can do |
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Jan 23 2013, 03:49 PM
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#27
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814 posts Joined: May 2011
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in the event they cant sell the land this represents worst case scenario.
the unaudited assets divided by the amount refunded they can only refund in full if they sell the land succesfully at 129 million or higher again this is the worst case scenario. |
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Jan 23 2013, 04:46 PM
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#28
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814 posts Joined: May 2011
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i am going to
lets have a list of who is going 1. sam sam 2. stonkong if you are going add your name to the list |
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Jan 23 2013, 06:04 PM
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#29
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Senior Member
814 posts Joined: May 2011
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just some reflecting to do on our path
ALL investments have risk same even with chgs. The risk is lower because there is land involve and its palm oil but there is always risk did we buy because the politician say should buy or did we do on own due dilingence before buying. so now when the scheme unravels, the first person we should blame is ourselves for buying into this investment. Trying to blame others before blaming ourselves reflects poorly |
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Jan 23 2013, 06:12 PM
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#30
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814 posts Joined: May 2011
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i believe they should not have issues to sell the land at 129 million since its oct 2010
but they need to find a buyer for the land. If i am a buyer why would I want to buy a land that had a fail palm oil plantation. the risk is that a new buyer may value the land lower. I would like to continue receiving dividends as that was my plan but if the mother company is up to something will like to cut losses and move on to other investments This post has been edited by sam sam: Jan 23 2013, 06:13 PM |
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Jan 26 2013, 10:45 AM
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#31
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Senior Member
814 posts Joined: May 2011
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Ss2 is fine
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Jan 27 2013, 12:48 PM
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#32
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814 posts Joined: May 2011
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I didn't see this type of message yet
So I am posting In the event we abort the termination of chgs, dividend of 12 percent needs to be paid for 2012 should not be negotiated on since its in the contract Dividend for 2013 can be negotiated since we have no entered into the year. We have to make up our mind now what to do in the event the motion to stop chgs does not got thru and to deal with the after effects |
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Jan 28 2013, 03:48 PM
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#33
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814 posts Joined: May 2011
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Also
Not sure applicable http://biz.thestar.com.my/news/story.asp?f...45&sec=business The article reads MSwg step in to help minority in the egm. Can we write to them too So that they can attend the meeting |
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Jan 29 2013, 07:46 AM
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#34
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814 posts Joined: May 2011
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Jan 29 2013, 05:26 PM
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#35
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Senior Member
814 posts Joined: May 2011
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again how many growers is going for the AGM ?
no point to have earlier meeting if number of growers going for the AGM is low. Very likely it will Country Heights will succeed in their motion |
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Jan 31 2013, 01:14 PM
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#36
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QUOTE(tehoice @ Jan 31 2013, 12:34 PM) by the time they reply you is already on the 7 February 2013, which is less than 48 hours from the EGM time already. i just email them after reading about the customer servicegot the answer back about 10 minutes ago from the customer service |
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Feb 4 2013, 08:46 AM
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#37
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814 posts Joined: May 2011
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Feb 7 2013, 04:59 PM
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#38
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814 posts Joined: May 2011
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Feb 7 2013, 05:03 PM
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#39
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814 posts Joined: May 2011
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also at the rate LKY is going he wants the palm oil estate
because he is giving 25 million from his own pocket which would pay the dividend if we accept it. and then he mention he will try to find way to pay up within 6 months else he will pay it himself sounds really like he knows the end game is much better to terminate CHGS scheme. Too many alarm bells ringing however i do feel its good to terminate because i cant trust the scheme for another year what more 18 more years |
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Feb 7 2013, 05:25 PM
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#40
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814 posts Joined: May 2011
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for us small players when we say we personally pay we are not scared because we small fry, you sue us not much money to sue
now this situation is different, i am not defending LKY but in the edge he mentions he will pay from his pocket and he will make sure it sells within 6 months else he will pay from his own pocket if he does not do it you can actually now sue him directly. Previously its difficult to sue him directly since he can hide behind CHGS with a 5 million share cap. |
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