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> Country Heights Grower Scheme (CHGS), anyone heard before?

sam sam
post Jan 20 2013, 08:59 PM


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i hope so too they can pay back asap and give out the 2012 dividends. However very likely if they can buy back the scheme, in about 2 -3 years time they will be making lots of money

oil plantation cycle is that profit is low until 7-8 years that is when the plantation trees are matured. From then until about 16 years will be making big bucks as the trees will be matured

so if chgs buys back then they dont have to pay dividends anymore and just enjoy the big bucks

can you helps us to list down what is on the note
so that all of us can see, sometimes the notice comes in late

This post has been edited by sam sam: Jan 20 2013, 09:01 PM
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Ck1976
post Jan 20 2013, 09:40 PM


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QUOTE(netcrawler @ Jan 20 2013, 08:36 PM)
Have received the letter of meeting for Growers and it's confirmed that CHGS is in deep trouble!! The planting of palm oil faced many challenges and the board of directors decide to call a meeting for voluntary termination.
I hope they will refund the Grower's fee in a month and not in 2 years mad.gif  Also please pay dividend for year 2012 which is due for growers. Never will I trust any stuff  or investment from this Tan Sri again vmad.gif
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Emm seem like bad news ahead of new year...you are right never trust this kind of people.
can you list down the content of the letter ,sometimes is too late when reach us .
vmad.gif

again when invest that time never have such things ??

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hpcp
post Jan 20 2013, 10:31 PM


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A scheme endorsed by Ng Yen Yen... specially for the women...
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mengTH888
post Jan 21 2013, 07:38 PM


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they should not terminate the scheme.

All growers must take lower payout in this crisis.

Instead of the max 12% dividend payout, growers should accept it at 6%.

When crisis is over, the return should increase accordingly.

Any suggestions are welcome.
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Denniston
post Jan 21 2013, 07:41 PM


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Dear all

I'm reaching out to all stakeholders of this scheme.
Some of you have already been informed by CHGS that a Voluntary Termination of the scheme has been proposed, and that it shall be passed upon approval of 3/4 in value of Growers present in the forthcoming General Meeting.
I find the following facts to be incredulous:
1) The GM is scheduled on 8/2/2013 i.e. the day before CNY reunion dinner. This restricts the attendance of many outstation growers who have to travel back to their respective hometowns. I find this rather suspicious as it is likely to reduce the number of attendees for the GM.
2) 10% of our investment shall be paid within 30 days, BUT 90% shall be spread over 2 years AND there may be NO GUARANTEE that we may be paid in full.
3) The "rationale" behind the termination is flimsy at best:
i) Soil Fertility - Was there not a proper soil investigation conducted prior to launching such schemes? Obviously, either such investigations were flawed or the company chose to overlook some risks/assumptions;
ii) Uncompromising Terrain - Did the site SUDDENLY become hilly which "affected the average number of palm stands that can be achieved"? Surely a feasibility study would have pointed that out before a single seed was planted.
I do not wish to pre-judge the GM but I have plenty of questions to ask. However, I fear the numbers may be few and far between. I therefore wish to spread the word of the importance of the meeting amongst growers and what is at stake.
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dilin
post Jan 21 2013, 08:10 PM


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As the seedlings have not yet matured, why would the low prices of crude palm oil affect earnings? Profit should only be affected after the first batch of oil is harvested. Knowing this, shouldn't they have enough funds to keep to their terms of agreement in the first 4-5 years?

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EddyLB
post Jan 21 2013, 08:32 PM


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Major shareholder trying to use current low CPO price to "sapu" minority shareholder's stake ? Now the CPO price is low, the valuation will also be low. From what I heard, even if the CPO price is at RM1500-RM1800, plantation can still breakeven.

Re-look at the original agreement. What are the rights of the minority shareholders ?

Some of the possible steps to take :

request the company to appoint an adviser for minority shareholders. The advisor is usually a consultant from audit firm. He/she should be given time to study and advise the minority shareholder what is the best course of action.

Make complaints to BNM/SC. Ask them for advise

Get a lawyer and apply for interim injunction to have more time to study the agenda
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Ck1976
post Jan 21 2013, 09:11 PM


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QUOTE(EddyLB @ Jan 21 2013, 08:32 PM)
Major shareholder trying to use current low CPO price to "sapu" minority shareholder's stake ? Now the CPO price is low, the valuation will also be low. From what I heard, even if the CPO price is at RM1500-RM1800, plantation can still breakeven.

Re-look at the original agreement. What are the rights of the minority shareholders ?

Some of the possible steps to take :

request the company to appoint an adviser for minority shareholders. The advisor is usually a consultant from audit firm. He/she should be given time to study and advise the minority shareholder what is the best course of action.

Make complaints to BNM/SC. Ask them for advise

Get a lawyer and apply for interim injunction to have more time to study the agenda
*
Ya just got a copy of the Prospectus, the above points is valid .I find is quite fishy the entire buy back process.
All thoose challenges they mention seem is part and parcel of managing the plantation (except uncompromising Terrain).
Now look at broder picture , big player like sime darby ,felda , ioi ect they are making tons of money.
Maybe we should not compare to Big Guy , just to compare i have friends in few hundred to thousand acre too
but also making money .How come CHGS like this ? vmad.gif

Someone mention earlier before , maybe buy back now at low price and later when the tree fully matured
the YIELD will at top peak performance .So Tons of money coming in .

The CPO for past few years is so GOOD ,i just cant understand cannot pay the dividend to the investor.

In this reality is good to find out more channel where we can get help .But likely i will give in and just vote
pray hard will refund the growers money .

At the end is all about ' BIG FISH EATING SMALL FISH ' sad.gif


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Denniston
post Jan 21 2013, 09:44 PM


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QUOTE(EddyLB @ Jan 21 2013, 08:32 PM)
Major shareholder trying to use current low CPO price to "sapu" minority shareholder's stake ? Now the CPO price is low, the valuation will also be low. From what I heard, even if the CPO price is at RM1500-RM1800, plantation can still breakeven.

Re-look at the original agreement. What are the rights of the minority shareholders ?

Some of the possible steps to take :

request the company to appoint an adviser for minority shareholders. The advisor is usually a consultant from audit firm. He/she should be given time to study and advise the minority shareholder what is the best course of action.

Make complaints to BNM/SC. Ask them for advise

Get a lawyer and apply for interim injunction to have more time to study the agenda
*
That's great help EddyLB. Thanks.
However, I still think more stakeholders (basically the minority ones) should be made aware of the GM and that a collective voice would need to go up against the "big fish" if there is a need.

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chwong00
post Jan 21 2013, 10:57 PM


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QUOTE(Denniston @ Jan 21 2013, 09:44 PM)
That's great help EddyLB. Thanks.
However, I still think more stakeholders (basically the minority ones) should be made aware of the GM and that a collective voice would need to go up against the "big fish" if there is a need.

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Hi to all.

I don't mind selling the plot, but getting back all the money in 2 years time is very risky.

What do you guys think?

This post has been edited by chwong00: Jan 21 2013, 10:58 PM
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hpcp
post Jan 21 2013, 11:23 PM


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NAH.... If the soil and terrain has problem, you think the company so sor hai to buy back?

DON"T BE SO NAIVE PLEASE!

This post has been edited by hpcp: Jan 21 2013, 11:32 PM
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dilin
post Jan 21 2013, 11:29 PM


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Furthermore, the circular only mentioned the Gua Musang which is supposedly not profitable? How about the lahad datu site? Is it or is it not profitable? Looks like it was purposely omitted from the report. Read carefully the wording at part b, page 5, compared to part a, page 4/5
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hpcp
post Jan 21 2013, 11:33 PM


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Can anyone scan and upload the document please?

Thank you
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sam sam
post Jan 21 2013, 11:33 PM


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If chgs wants to buy back the plot that means the estate is profitable
It's simple as that
When they did the initial study they would have known its not so fertile.
That means profit lower than ioi but still consider good

It's a fast way to set up a estate with not much money down by doing this


Also taking 2 years to pay back is way too long


This post has been edited by sam sam: Jan 21 2013, 11:41 PM
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chwong00
post Jan 21 2013, 11:54 PM


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One thing to consider, L** K** Y** and his family is a bad ass, you can ask the land owner in Mines Resort City.
They are just bunch of blood sucks. If they have the idea to short change the investors, even they not successful now, they will do it in some other way in future.
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netcrawler
post Jan 22 2013, 12:01 AM


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The meeting should be held after CNY because most of the people would have started to leave for outstation. Could we request the meeting to be postponed? Meanwhile, it's very fishy with all their arguments and it does look like they are leveraging our money for their interests. The company should have compensated the Growers for wasting time with this scheme. We should tell that Tan Sri to liquidate his shares and the proceed to pay the grower. Furthermore, we should request him to make public apology to all the growers!!

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squall_12
post Jan 22 2013, 12:27 AM


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so it mean they take back on the right of the land we paid for it and they will take 2 year to paid us back the money we invest if it is i cannot accept this, anyway to get our money back full instead of taking 2 year to get it back?

Thanks
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mkhor7
post Jan 22 2013, 02:21 AM


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QUOTE(Denniston @ Jan 21 2013, 07:41 PM)
Dear all

I'm reaching out to all stakeholders of this scheme.
Some of you have already been informed by CHGS that a Voluntary Termination of the scheme has been proposed, and that it shall be passed upon approval of 3/4 in value of Growers present in the forthcoming General Meeting.
I find the following facts to be incredulous:
1) The GM is scheduled on 8/2/2013 i.e. the day before CNY reunion dinner. This restricts the attendance of many outstation growers who have to travel back to their respective hometowns. I find this rather suspicious as it is likely to reduce the number of attendees for the GM.
2) 10% of our investment shall be paid within 30 days, BUT 90% shall be spread over 2 years AND there may be NO GUARANTEE that we may be paid in full.
3) The "rationale" behind the termination is flimsy at best:
i) Soil Fertility - Was there not a proper soil investigation conducted prior to launching such schemes? Obviously, either such investigations were flawed or the company chose to overlook some risks/assumptions;
ii) Uncompromising Terrain - Did the site SUDDENLY become hilly which "affected the average number of palm stands that can be achieved"? Surely a feasibility study would have pointed that out before a single seed was planted.
I do not wish to pre-judge the GM but I have plenty of questions to ask. However, I fear the numbers may be few and far between. I therefore wish to spread the word of the importance of the meeting amongst growers and what is at stake.
*
The meeting need quorum of only 10% or 3600 Grower Plot owners which i think is easily possible. However as stated above they need 75% of attendees and proxies to agree to this Proposed Voluntary Termination.

They also said a main problem is shortage of manual labours beside blaming on the minimum wage of RM900.

After taking over RM200million from us after we were convinced to invest for the long term in this scheme, they now turnaround to claim poor current FFB harvest and expert's low future forecast is limiting their ability to continue paying out annual yield of 12% based on CPO prices, thereby eating into the profit of PGCB, the management company, and Bee Garden, their holding company. I agree with another poster here that our yield rate be temporary reduced, maybe to 9% as given by another similar scheme - Golden Palm Growers Scheme.

Whatever, this early termination is definitely bad news that further dent LKY reputation. It is now with big fat Hope they can give us good value for this plantation that is planted with our RM200million investment.

I further hope they will not cheat us of the 12% yield earned for the year 2012 which had high CPO prices.

This post has been edited by mkhor7: Jan 22 2013, 02:23 AM
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mkhor7
post Jan 22 2013, 02:46 AM


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QUOTE(dilin @ Jan 21 2013, 11:29 PM)
Furthermore, the circular only mentioned the Gua Musang which is supposedly not profitable? How about the lahad datu site? Is it or is it not profitable? Looks like it was purposely omitted from the report. Read carefully the wording at part b, page 5, compared to part a, page 4/5
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The management company, PGCB, is profitable every year since 2007. But due to high global CPO prices which easily guarantee us 10-12% dividend yield yearly, they now claimed our CHGS plantation cannot generates the harvest to actually pay us this high returns. Hence they want to stop this scheme by selling of plantation and returning to us whatever balance left from the sales nett proceed. No mention whether we will get our 2012 yield of 12%(2012 average CPO was above 2100) which we have earned that they must pay by 14 Feb in cash of over RM20million. If PGCB has cash problem, it looks likely this will be forfeited when our CHGS is terminated during this pre-CNY meeting on 8-Feb.


The Proposed Voluntary Termination will pay us now 10%, and 90% within two years to get a new buyer which may be uncertain. Are we at their mercy...?

This post has been edited by mkhor7: Jan 22 2013, 12:15 PM
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sam sam
post Jan 22 2013, 07:28 AM


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We should ask what would happen if the proposed voluntary termination doesn't take place. What is going to happen to the scheme.
Are they still going to manage it?
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