yes, please attend :
MSWG is organizing a forum for the Proposed Voluntary Termination of Country Heights Grower Scheme.
The details are as follows:-
Date: 4 February 2013 (Monday)
Time: 11 a.m.
Venue: MSWG Training Centre
Minority Shareholder Watchdog Group
11th Floor, Bangunan KWSP
No. 3, Changkat Raja Chulan
Off Jalan Raja Chulan
50200 Kuala Lumpur
Please register to ensure you are able to participate in the forum
.
Growers are invited to register with the following personnel
:
Ms.Zairina at zairina@mswg.org.my
Mr. Vinodth at vinodth.ram@mswg.org.my
Contact number: 03–2070 9090

Thanks!
My role is mainly online and from ipoh. Each of us can help in this - PEOPLE's POWER.

ALL GROWERS, Please attend the Feb-8 if you can, else i urge you to quickly send in your signed proxy form to MSWG address as listed in this forum.

Thanks for the heads-up.

We will ask him to present the Balance Sheet of PGCB and BeeGarden Hldg.
So far they have shown us extracted version of P/L and skewed cashflow that seems to omit revenues from the estates.
Balance Sheets can tell us where are the cash and assets. They are a big group and can come up with RM26 million cash due on Feb-14 for 2012yield payout.

At least RM80million was given to BeeGarden by PGCB in 2009 up to 31-Dec-2010 accounts. It is interest free and has no fixed repayment terms. That is why BeeGarden has to provide the Letter of Undertaking dated 17-jan-2013 to our Trustee and PGCB.

Going forward, if their VT proposal is not adopted by 75% of Growers, PGCB cannot excuse themselves from the 2012 yield payout just because revenue is lower than expected.
The cash is there, only it has to come from their other sources.

There can then be further meetings....
Some can agree to revision of the Fourth Schedule nett yield computation table to keep CHGS alive
Some can accept LKY personal guarantee of capital refund from terminating CHGS, but they want it faster,
some can accept, but want also the 2012 12% yield.

The threat is that Trustee can act to call EGM to consider winding-up and liquidate the scheme under Trustee/Liquidator supervision. 75% approval by Growers is still required.

Is this fair? Is this reasonable?
IMHO VT is not fair when you forfeit 2012 yield, and deny us future profits sharing
It is not reasonable because CHGS has given funds to them since 2007 to develop the estate and their other projects.... (plus many more already posted by others)

guess the guys at MSWG forum will help you with the marking.

Thanks a lots for your support!

Update :
MSWG will not allow this as it is a forum for Minority investors. Tan Sri LKY has other platforms to engage us.

http://www.chgs.com.my/download/CIRCULAR%20-%20CHGS.pdf

Please send fast by courier to MSWG office as posted earlier here on Jan 30 post#945 on Page48
Thanks a lot!

Join us on FB : CHGS Group type capital G in Group and not "CHGS group" which is closed and not friendly.

This post has been edited by mkhor7: Feb 1 2013, 02:15 AM

Nice catching up on the phone just now.
Yes, pls come for 11am Monday Feb-4 forum meeting at MSWG office in the EPF building along Jln.Raja Chulan, KL.

Thanks for your support and spreading out the messages to fellow Growers investors.

Thank you ECHO!
Tan Sri Lee has Plentiful issues to answer. He may however choose to stick to his gun and go ahead with the EGM on Feb-8.

We want him to show us PGCB and Bee Garden balance sheets.
Is the current Trustee can be trusted to do their proper duty with diligence and care?

Thanks!
You can drop a mail to ho.chgs@gmail.com or timmykum@gmail.com. They are in Penang.

We want him to show their latest balance sheets. They have not disclose this important accounts statements to us investors!

Posted by Timmy on FB group - CHGS Group
" This is only a glimpse of the meeting, waiting for the minutes from MSWG.....1. MSWG has wrote to CCM to step in to postpone of the GM on 08 Feb for negotiation.and expecting a response by today.
2. MSWG propose to accept the resolution with condition that the term of repayment is within 6 month + 2012 dividend.
3. MSWG is only providing a platform for Growers and will not act on behalf.
4. 5 persons have been identified to negotiate during the 08 Feb meetings if LKY do not accept the counter proposal.

If the result does not favour us as minority, the only next course of action is to appeal to the court for an injunction, the cost is about RM5k but again, MSWG will not act on our behalf and the question who take the lead is still questionable ??? "

MSWG has already done for us a very great deed by putting out the first press release on Jan-19 of this shocking early termination proposal and today hosting the forum for us.
MSWG can recommend an experienced legal team should there be a need, but now is still the time to negotiate and counter offer.

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

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

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

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.

Trustee or Grower cannot replace PGCB unless two things happened. The Trustee can only act after it decided PGCB is not doing its job or if PGCB go into liquidation/wind-up. Then Trustee can ONLY call EGM to get mandate from Growers to appoint another Management Company if PGCB windup or to wind-up CHGS or to negotiate with PGCB on revised terms. IT IS Growers who will decide then what Trustee can do with CHGS.

This route is definitely not good for PGCB who has to transfer all CHGS assets to the new MC. CHGS estates are coming into full yield in few years time. Do you think PGCB will give up this for the 2012 nett yield costing more than CHGS earnings in 2012?

This post has been edited by mkhor7: Feb 6 2013, 05:19 PM

CNY for all ! Tan Sri Lee included !

It is a good business decision WIN-WIN.
Please vote to accept the improved Voluntary Termination proposal.

PGCB will continue with this Gua Musang plantation and should be profitable.

The Growers will get back full refund of fees as well as the 2012 yield of 12% .

Growers still have to attend the meeting tomorrow - go early to get to understand to revised proposal. Ask questions until we are all satisfied and clear...

This post has been edited by mkhor7: Feb 7 2013, 07:47 PM

Well, go early to the EGM tomorrow...

Hope someone will post videos on YouTube and links here.

Thanks to the many brave people at the tough meeting and giving up a day of their life to attend and sit through....