Those in KL/Selangor can access the Register of Owner. This should be available in the registered office of PGCB/CHGS .
The public has the right to inspect and take copies of its list of Growers , contact detail, no. of plots. This is according to s.92 of the Companies Act.

There are provisions printed in the Prospectus about Meeting of Growers on page 57 onwards.
(k) A poll demanded on the election of the chairman or on a question of adjournment shall be taken forthwith. ...

10am - Demand for a show of hands of those present in persons or poll to adjourn the meeting to another date.

This post has been edited by mkhor7: Jan 27 2013, 11:34 PM

Yes, if Growers attend in force and has enough proxy from those who cannot attend, we can "kaotim in 3 minutes" this meeting by adjourning it to another date.
The next date will then be after 14-Feb, the due date for our 2012 annual yield payment.

10am - Demand for a vote to adjourn the meeting to another date.


We need Growers who will be there to video record the meeting with your ipad/handphone, etc.

This post has been edited by mkhor7: Jan 28 2013, 12:49 AM

a few will be there to discuss FOR / AGAINST / adjournment ....

Yes I think the right strategy for minority growers now is to push for adjournement of the meeting. Talk about what to do later. You need more time to think of the right course of action. Consensus among yourselves alone would take months. So in your coming meeting, just ask everyone to vote for adjournment. Don't need to talk about what / how / but / if. If possible go for 1 big meeting in 1 location instead of many small meeting in different location.

But I have the following questions on the day of the meeting :

1. On paper, you have the rights to appoint chairman of the meeting. What if they have lawyers on the spot to dispute your claim ? Do you have a lawyer to represent you and make sure your rights is preserved ? They can just bulldoze through by claiming some provisions in the prospectus. What are you going to do ? They are on the stage, and you are on the floor. And when the resolution has been passed, you can only bring this case to court, which is time and money consuming

2. Everyone now knows which side got more votes would win. The management knows for certain how many % of votes they have. How about you all ? Do you have even 10% of the votes ? 10% = RM20+ million ? You got to compile what % you have and then keep it a secret so that the other side don't know. That's why it is good to compile the list of attendee and proxy so that you know for sure what is your strength.

This meeting is the do or die meeting. You have the numbers, you win. You don't have the numbers, you lose. Don't waste time talking about how/where you want the Scheme to head to or kick the management out. That is only relevant if you manage to adjourn the meeting

Good luck !

We should ask the management to elaborated on the 5 reasons given why the scheme did not work out well.

Soil - didn't the company survey before buying the land?

Terrain - didn't the company survey before buying the land? Did the terrain changed substantially after the purchase?

Incursions of elephant - The extent of damage. A type of tree can be planted to deter elephant

Workers - How serious is the labour shortage

Weather - Was there inclement weather as compared to rainfalls in previous years.

Probe into these questions and they may reveal the incompentency of the manegement

EddyLB,

I am impressed with your well thought out plan. Are you in the legal field? Just asking though I did not invest in this. All the best to the group in getting what they are entiltled to.

Cheerio.

Few things the grower should be clear in your head by now

1
CHGS plan to return the 100% capital to you over the next two year. To them, they are doing a miracle job and merciful enough to the grower, because you earn your interest and get back 100% of your money. But the real truth behind this merciful act, they are the big croc eating up all the next 23 years fruitful years and the land is theirs.

In simple your, you think you are an investor or share holder, but in real world, you are not, you are just like putting your money in the bank and the bank promise you the fd and capital return at the end of period (PIDM, limited to certain amount only, but is limited to saving, not to other bank related product) The difference of bank and CHGS is that there is a risk, risk like winding up, or like today a 'legal' con manoeuvres that swallow you up

2
The five reason that they give you, is full of BS. because the 5 reason is the 99.9% found in most plantation company, ask SIME, ask IOI ask KLK, ask IJM , or lower ourself ask the next door grower who plant only 10acres.. is all the same problem and is all solvable without too much problem.

3
Regard some people ask why the Tan Sri or fellow mate only have little interest in the scheme? Because to all grower by now you should realise, what the scheme is all about is only buying the interest of "participation" not the real "asset". You can have 1000million pump into this scheme, but your participation does not allow you to control the company interest or even owned the tiniest bit of the offerer share.

Even the TanSri owned 0 plot, he/his companies still own the whole land on the multi million 'grower' invested.

4
Votes? what votes? SAD but true, when the company setup this scheme, they had already anticipate this to happened. You know now how "dark" business world now.. haha
so even after the meeting, you get your real hard ass to ask for a vote rights. (Which not possible to reach this state) the vote you got in hand will be quantified into a small minority that you never even got the chance enough votes to go for minor majority

5
They taken all steps require by law and here is what their advisor say

they say is fair and reasonable and .. underline you may not get full refund...
what a great advise...
Of course when your company is facing liquidation or financial problem you might not get full refund... you dont need a law degree or CPA to tell me that..
what the advisor had done to turn the situation where a positive outcome ? 0 !

So you think the grower will win the battle or the bitter ?

Lol was reading the CHGS termination circular... the below is comment from a planter's perspective. And no I do not own shares in CHGS...

The report states that the expected FFB yield is at best only 10 tons per hectare, this is the absolute lowest FFB yield I have ever seen, even in inhospitable terrain like central kalimantan, Irian Jaya and Sumatera. In those area, not only elephant but 'ninja' will come and harvest your trees at night, floods are common, roads are non-existent, they are still making good profits? In Sarawak the soil is even worse (peat soil), yet plantations trives there.... also why mention gua musang but not lahad datu... what happen to the land there?

The planter responsible for this debacle must be the worst planter on earth... or is the report made to scare investors? Or the plantation is badly managed to lower valuation? Anyone is even certain they bought fertilizer?

By the way Lahad Datu is one of the most fertile lands available to a plantation company, and they are getting record FFB yield there. Workers are sooooo plentiful they are waiting at street corners (daily wage) to be picked up to plantation to harvest. A fried of mine owned 100 hectares (hilly land) there and the profits is very good. Have a nice holiday to Tawau/Lahad Datu and you will see why. Foreigners outnumber locals... or you can stay at the Felda Sahabat Resort , nice seaside/plantation resort at Lahad datu.. to see even better picture and have a nice holiday with pristine waters, surrounded by palm trees.

Cost per ton CPO is about RM 1,500-1,800 now. CPO price is RM 2,400 and going up.. There is still a decent profit margin of RM 600 or 30% gross profit...

looking at the proforma 2012 financial results, they are getting >50% gross profit and >30% on the plantation which is already very good by industrial standard. Why such good results but painted such a bad picture on the future viability of the plantation? I see that the profit is starting to shoot up due to the tree coming to the 7-15 years peak production period... and they know it.

If they want to terminate, then by all means pay everything up, why wait 2 years... or they are using future profits (from plantation) to pay zero interest loans...? You are basically selling the land to them and take interest free payment spread over 2 years Oh yeah, biological assets are not mentioned.. are they getting for free?

Such a important decision, decided by show of hands at AGM? This is the most silly method, to be fair to minorities they should have a postal vote to share holdings. Why show of hands, they can just get 100-200 proxy to dominate the meeting. Each shareholder can split to unlimited proxy.... each proxy represent a portion of shares, and a 'hand'. You got 1 share also count 1 hand, and 1000 shares also count 1 hand... Also show of hand do not need to be counted, as long as the 'chairman' is 'satisfied' there is enough majority in the show of hands, the resolution will be passed.

A letter of recommendation from the con-sultant? No audit report, no valuation report, no expert (in palm oil plantation) viability report, no geo-tech report. How come so easy ah?

Also the books does not balance... total cash received 197 million, 90% of 215 million. Land is 107 million which is proposed to be sold to Bee garden as part of liquidation. Where is the biological asset?!?!?! This should form part of the fixed asset if they do a proper valuation.

Also those bad points given by CHGS and the 'biased' con-sultant does not match the financial results...the excellent FY13 proforma results. Why ah?

This post has been edited by gark: Jan 28 2013, 01:42 PM

Interesting, I was wondering whether the sale of the land was passing from one hand to another hand of the SAME PERSON. I imagine it is as I read from some where that Bee Garden belongs to the wife! Shocking if it is true.

This post has been edited by plumberly: Jan 28 2013, 05:43 PM

CHGS is a scheme regulated by law under the Companies Act Part 4 Division 5 - INTERESTS OTHER THAN SHARES, DEBENTURES, ETC.

If they want to push through the resolution to terminate CHGS in a meeting timed where only a few investors can attend, we can apply to the Court not to confirm the resolution that was passed at this meeting. Our reasons can be :
1. the Management Company has not informed us properly ahead their reasons for this very important matters to terminate CHGS.
2. No proper latest audited accounts were given to prove their claim of poor results.
3. the Trustee has not shown the degree of care and diligence as a trustee in this matter of termination - investors were not informed ahead for us to express our opinions, etc.
4. date of meeting was timed that was not convenience to concerned investors to attend
5. <most likely> attendance at this meeting was below 50% of all investors. Termination requires approval of large majority of investors.

1. the Management Company has not informed us properly ahead their reasons for this very important matters to terminate CHGS.
Meeting had been announce in newspapers and also published in CHGS web timely.

2. No proper latest audited accounts were given to prove their claim of poor results.
ALL account it audited by legal, certified accounting firm

3. the Trustee has not shown the degree of care and diligence as a trustee in this matter of termination - investors were not informed ahead for us to express our opinions, etc.
WE already hire professional and organized 3rd party advisor for such matter

4. date of meeting was timed that was not convenience to concerned investors to attend
COMPANY does not run according to personal favor timing or conveniences of shareholder, but according to the importance of meeting. Which this require immediate attention.

5. <most likely> attendance at this meeting was below 50% of all investors. Termination requires approval of large majority of investors.
All meeting conducted does not require minimum amount attendee, miss attendee consider vote out and only attending voter votes count.
Unless.... (when you signed the scheme, this situation is stated clearly and % of voter require to start a meeting or dismiss one to be written in black and white)

very std answer which will be use as answer frame work... people need to look this matter in the other perspective. Simple Q&A wont able to help the growers and only let CHGS performed their stage work even smoother....

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

Thanks to Jeff for poking holes in the simple reasons I had listed here.

Jeff, can you help us the underdog here with your experience. What are the better reasons? You can PM me or sam sam.

To sam sam
Yes please contact MSWG for help. However, the meeting can only be attended by investor Growers.

thanks!

Update:
MSWG is supportive and has given permission to use their office address to receive the Proxy Form.
MSWG forum for CHGS investors is on Monday 4-Feb 11am at their office

This post has been edited by mkhor7: Jan 31 2013, 09:16 PM

Good idea ,anyone can help to approach MWSG.
Just not sure will they impose minimum charges on us.

It is a rush date to wrap up the Termination before 2012 dividend payment due date on 14-Feb. > I THINK THIS MIGHT NOT BE FULLY ACCURATE. IT WAS STATED THAT RETURNS ARE PRORATED.

HENCE, EVEN IF WE CONSIDER THEM GIVING US NOTICE ON THE DATE STATED IN THE LETTER (JAN 17 2013) AS A VIABLE DIVIDEND TERMINATION DATE -> WE RE LEGALLY ENTITLED TO A PRORATED AMOUNT OF 11.XX% FROM LAST YEAR FEB 14.

AM I RIGHT?

You are right, they have considered all legal challenges, there is nothing much a investor can do other than vote NO or force the meeting to be postponed.

The AGM meets all rules and regulation.

MSWG cannot attend the meeting cannot act on behalf of holders, they are merely NGO with no executive power. They can only advice and complaint, but so many complaints by MSWG goes unheeded by the government, just like the Glenealy plantations takover, Bandar Raya, and many more.

HI ALL.

REGARDING THE MURNI MEET:-

PROPOSED DATE: 5/2/2013 WHICH IS A TUESDAY (MURNI CLOSED ON MONDAY). 3 DAYS AFTER THAT WILL BE THE VOTE. HENCE LOTSA TIME TO PREP AFTER MEET.

PROPOSED TIME: 8 PM

PROPOSED VENUE: MURNI DISCOVERY (MOST FORUMERS WANTED MURNI, SS2... BUT TACTICALLY ITS MORE SECURE IF WE MEET IN MURNI DISCOVERY AS THEY HAVE A COVERED TOP FLOOR WITH ONLY 1 STAIRWELL ACCESS... WE CAN HAVE THE MEETING THERE & EASILY SEE PPL COMING UP THE STAIRWELL... ITS SAFER IN THE SENSE THAT WE'RE NOT SITTING DUCKS LIKE WE WOULD BE IF IN MURNI, SS 2 WHICH IS GROUND LEVEL/FIVE FOOT WAY & ANYONE CAN COME UP BEHIND US WITH 'TOYS'... WHEN THERE'S MILLIONS INVOLVED > BETTER TO PLAY SAFE.)

PLS GET BACK TO ME ABOUT THE 3 PROPOSED DATE, TIME & VENUE ABOVE. WILL CHANGE AS NEEDED.

ALSO, I'M THINKING OF SKYP-ING WID EACH OTHER THE DAYS PRIOR TO THE MEET IF POSSIBLE. THEN EVEN THOSE OUTSTATION CAN JOIN US IN REAL TIME. ANYONE INTERESTED IN SKYPING - JUST PM ME & I'LL ADD U IN & WE'LL CONFIRM MEET TIME.

THX ALL.

I am not in legal profession. It was just my observation thru attending many AGM and EGM of public listed company. Those boardroom tussle and battle for control etc