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

kinwing
post Jan 30 2013, 06:25 PM


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Minority Shareholderws Watchdog Group ("MSWG") has taken the lead to step in garnering support from Growers with a forum in relation to the Proposed Termination to be hold on the office of MSWG rclxms.gif .

I hope everyone minority investors who really concern on how to defend their right in CHGS should take this chance to attend the forum hold by MSWG.


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Attached File  MSW_Forum.pdf ( 134.45k ) Number of downloads: 167
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kinwing
post Jan 30 2013, 06:34 PM


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QUOTE(Rubberban @ Jan 30 2013, 05:44 PM)
got it, reading it now.
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"Without the expected output and FFB yield income, the management company as a legal establishment is not in a financial position to pay out Nett Yield continuously based on the contracted rate, which puts it in a default risk."

If the proposed termination was passed, actually PGCB is getting free call option from Growers that they collect huge funds from Growers with cheap premium and spread the risk to Growers, i.e. when good time their profit is unlimited with only limit cost on paying promised limited yield to Growers; when bad time come they can wash they ass and walk away free.

How 'nice' that they can even return partial of the principal to Growers in 2 long years since only income/yield is guaranteed but principal. And now the so-called 'guaranteed yield' is also not guaranteed. By having a volunatarily termination, PGCB is finding a stage to get down nicely from the impossible target they have made by themselves previously instead of being blamed to have defaulted the payment.

Growers of CHGS, if you vote for the proposed termination, you are really being screwed from the head to your ass big time!

This post has been edited by kinwing: Jan 30 2013, 06:38 PM
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mkhor7
post Jan 30 2013, 06:43 PM


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QUOTE(Rubberban @ Jan 30 2013, 05:44 PM)
got it, reading it now.
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We are happy Tan Sri Lee has issued a letter to us Growers. rclxms.gif

The attached 2011 letter which we received last year had suggested "a meeting of the Growers will be called at an appropriate time to up-date Growers on the current state of affairs of the estate whereby the Growers would have the opportunity to participate in and make decisions on their investments in this scheme."

We hope and I would personally humbly request Tan Sri to postpone the proposed Feb-8 meeting to "an appropriate time to up-date Growers on the current state of affairs of the estate whereby the Growers would have the opportunity to participate in and make decisions on their investments in this scheme."

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EddyLB
post Jan 30 2013, 06:53 PM


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QUOTE(mkhor7 @ Jan 30 2013, 06:43 PM)
We are happy Tan Sri Lee has issued a letter to us Growers. rclxms.gif

The attached 2011 letter which we received last year had suggested "a meeting of the Growers will be called at an appropriate time to up-date Growers on the current state of affairs of the estate whereby the Growers would have the opportunity to participate in and make decisions on their investments in this scheme."

We hope and I would personally humbly request Tan Sri to postpone the proposed Feb-8 meeting to "an appropriate time to up-date Growers on the current state of affairs of the estate whereby the Growers would have the opportunity to participate in and make decisions on their investments in this scheme."
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Michael, you have the quality to lead the minority growers. You have been in The Star. What hold you back to take charge ? Why not you (possibly with another 2 persons like Falsealias) go and talk to LKY about what you guys want from him before the meeting. I am sure LKY would be happy to meet you to resolve the issues before the meeting.
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mkhor7
post Jan 30 2013, 07:16 PM


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QUOTE(EddyLB @ Jan 30 2013, 06:53 PM)
Michael, you have the quality to lead the minority growers. You have been in The Star. What hold you back to take charge ? Why not you (possibly with another 2 persons like Falsealias) go and talk to LKY about what you guys want from him before the meeting. I am sure LKY would be happy to meet you to resolve the issues before the meeting.
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Thanks, blush.gif
I'm helping the minority where i can with much prayers and God will guide us accordingly. There are many other Growers and supporters who are each doing our parts.
I'll try to see both sides of the coin for the bigger picture and win-win.
Penang is having their meeting tonight. we'll see what the majority of the minority wants.

This post has been edited by mkhor7: Jan 30 2013, 09:54 PM
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Rubberban
post Jan 30 2013, 08:09 PM


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QUOTE(kinwing @ Jan 30 2013, 06:25 PM)
Minority Shareholderws Watchdog Group ("MSWG") has taken the lead to step in garnering support from Growers with a forum in relation to the Proposed Termination to be hold on the office of MSWG rclxms.gif .

I hope everyone minority investors who really concern on how to defend their right in CHGS should take this chance to attend the forum hold by MSWG.
*
May i know is it available for every Growers? I am very interested to know what is the decision of it, i think the date of 8 February is really ridiculous!
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mkhor7
post Jan 30 2013, 08:14 PM


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QUOTE(Rubberban @ Jan 30 2013, 08:09 PM)
May i know is it available for every Growers? I am very interested to know what is the decision of it, i think the date of 8 February is really ridiculous!
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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

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Rubberban
post Jan 30 2013, 08:18 PM


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QUOTE(mkhor7 @ Jan 30 2013, 08:14 PM)
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

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Thanks bro!
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jeffayn
post Jan 30 2013, 08:41 PM


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No more story .. now hard facts
user posted image
figure above by CGHS, not I sendiri reka, cipta or hear so

The actual cost of land is RM39.5M and now is valued at RM129M
They had spent ~RM93.4M to develop the plantation. assuming a 10k acre that means RM9340 to plant, to develop it. For palm oil industries, this number is too high.

Now they are going to buy back one to one and of course the dividend you can keep. Sound great right? Wrong.
Even you get back every dime of your money back,

You have lost 4 years
You had paid RM215M FOR SOMETHING WORTH RM39.5 + DEV RM93.4 = RM132.9 still over pay by 60% premium

Now you get back your money, Mr Lee will still get
back his RM 12.2 M deed
the land development cost of RM93.4M
the best part now the land worth at least RM129M and belong to him and he didnt spend a dime for the previous 4 years

LEE PAYOUT RM78.5M
LEE TAKE BACK RM12.2M + RM129M = RM141.2M + SPENT OUR MONEY (RM93.4M) which he need not to spend further to develop = RM234.6M in asset and form
NET RM234.6M-RM78.5M = RM156.1M He fork out 0 at day 1 and earn immediate RM156.1M today!

That is how every one should run their company , role model for Malaysia Business Man !!!!



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nfc
post Jan 30 2013, 08:52 PM


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QUOTE(mkhor7 @ Jan 30 2013, 07:16 PM)
Thanks, blush.gif
I'm helping the minority where i can with much prayers and God will guide us accordingly.  I'll try to see both sides of the coin for the bigger picture and win-win.
Penang is having their meeting tonight.  we'll see what the majority of the minority wants.
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I second you to represent us to voice out for us in this unfair issue
May HIM grants you wisdom rclxms.gif
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mkhor7
post Jan 30 2013, 10:00 PM


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QUOTE(nfc @ Jan 30 2013, 08:52 PM)
I second you to represent us to voice out for us in this unfair issue
May HIM grants you wisdom  rclxms.gif
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Thanks! blush.gif
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.
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hyh78
post Jan 30 2013, 10:49 PM


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QUOTE(mkhor7 @ Jan 30 2013, 07:16 PM)
Thanks, blush.gif
I'm helping the minority where i can with much prayers and God will guide us accordingly. There are many other Growers and supporters who are each doing our parts.
I'll try to see both sides of the coin for the bigger picture and win-win.
Penang is having their meeting tonight.  we'll see what the majority of the minority wants.
*
Penang just finished tonight. from the response, I believe 90% voted against and it was a really good session.
I hope others will follow the same to support such movement.
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TKCP
post Jan 30 2013, 10:54 PM


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QUOTE(mkhor7 @ Jan 30 2013, 06:43 PM)
We are happy Tan Sri Lee has issued a letter to us Growers. rclxms.gif

The attached 2011 letter which we received last year had suggested "a meeting of the Growers will be called at an appropriate time to up-date Growers on the current state of affairs of the estate whereby the Growers would have the opportunity to participate in and make decisions on their investments in this scheme."

We hope and I would personally humbly request Tan Sri to postpone the proposed Feb-8 meeting to "an appropriate time to up-date Growers on the current state of affairs of the estate whereby the Growers would have the opportunity to participate in and make decisions on their investments in this scheme."
*
Now, they need our vote for voluntary termination. If we agree, there will be nothing to stop them from 'terminating' the company or holding company.

If they have the fund to pay us within 30 days, why no fund to pay for the dividend ???
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alantanblog
post Jan 31 2013, 12:10 AM


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Kim Yew: Country Heights Growers Scheme investors to get RM294m

KUALA LUMPUR: Plentiful Gold-Class Bhd founder and chairman Tan Sri Lee Kim Yew has urged investors in the Country Heights Growers scheme to take up the proposed voluntary termination.

He said on Wednesday investors would receive RM294mil compared to the RM215.5mil in funds raised during the 2007 launch.

Lee pointed out the holding company Bee Garden Holdings Sdn Bhd, would pay the shortfall between the final sales price of the land and total buy back amount to the investors.

"I urge all the growers to seriously consider accepting the proposal and the one-to-one buy back, plus the nett yield payout for 2007 to 2011 of RM78.5mil. This would mean that the growers will receive in the end, a total of RM294mil compared to the total one-time funds raised of RM215.5mil when it first launched in 2007," he said.

Lee pointed out that in last year's scheme's fifth nett yield payout explanatory statement, the management had highlighted the challenges affecting the estate.

Country Heights Growers scheme is Malaysia's first oil palm plantation investment scheme combining farm estate and investment that provides the opportunity to the investor to participate in the palm oil industry in Malaysia.

The investment scheme is managed by Plentiful Gold-Class Bhd, a unit of Bee Garden Holdings.

The company had in the last five years paid out 48% of return in total, giving 8% return per annum for the first three years and 12% in the consequent years.

Lee said on Wednesday the board of directors for the company was receptive to put the estate up for sale via open tender in the market immediately after the proposed voluntary termination was passed through, should the investors agree, with a reserve price of RM170mil.

"Based on the financial model, Plentiful will have to pay out another nett yield dividend by Feb 14 this year. The company has no cash to pay out nett yield and is not allowed to make any borrowings or charge the land to raise additional funding," said Lee.

QUOTE
http://biz.thestar.com.my/news/story.asp?file=/2013/1/30/business/20130130164823&sec=business


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aron2013
post Jan 31 2013, 07:25 AM


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QUOTE(MakNok @ Jan 30 2013, 10:15 AM)
Wish you guy the best.

it is really a BIG Croc eating small fry scenario.

Obviously by paying back in 2 years time means the palm oil have matured enough to contribute $$$$$ to pay Grower Investor back.

haizz....
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Maybe it is good to get help from MACC and also the concerned Minister. They are avoidind the current Dividends due at last minute. Very unfair in settling payment only in 2 years. Waited 6 yrs, the trees are mature and well.
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xxx2299
post Jan 31 2013, 07:30 AM


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QUOTE(mkhor7 @ Jan 30 2013, 03:07 PM)
Do whatever lawful that is needed against this unhealthy corporate exercise.

GOOD news!  Minority Shareholders Watchgroup Group (MSWG) has given permission to use their office address for Growers to send in their signed proxy forms.

Her office and mailing address is:

MSWG
11th floor, Bangunan KWSP
No. 3, Changkat Raja Chulan
Off Jalan Raja Chulan
50200 Kuala Lumpur

Phone:603 2070 9090
Fax: 603 2070 9107
Email: watchdog@mswg.org.my
Website: www.mswg.org.my

Please send early to them today! No more time, must be lodged with CHGS by 6-Feb early morning. No need to send in proxy form if you can attend.

Please fill in your own particulars at the top.  Ensure you and a witness have sign at the bottom together.  The witness must write his/her name and IC no.
For Joint accounts holders, everyone must sign as per the application form.
Leave the proxy name and particulars blank.  We have a group of Growers to be your proxy.

Derrick Teoh has suggested on FB to use 1 proxy form for 1 Grower's Plot.
*
also delete the words "the Chairman of the meeting" ??
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prophetjul
post Jan 31 2013, 08:42 AM


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Is this not a type of ponzi?

using the investors monay to pay their YIELD PAYOUT?


Lots of RED FlaGS from the beginning......

the capital raised appears to be used to purchase land in Gua musang and LD as required by SSM and yet


YOU GROWERS DO NOT OWN THE ASSET!

Talk about a FLEECE! sweat.gif
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prophetjul
post Jan 31 2013, 08:50 AM


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QUOTE(jeffayn @ Jan 30 2013, 08:41 PM)
No more story .. now hard facts
user posted image
figure above by CGHS, not I sendiri reka, cipta or hear so

The actual cost of land is RM39.5M  and now is valued at RM129M
They had spent ~RM93.4M to develop the plantation. assuming a 10k acre that means RM9340 to plant, to develop it. For palm oil industries, this number is too high.

Now they are going to buy back one to one and of course the dividend you can keep. Sound great right? Wrong.
Even you get back every dime of your money back,

You have lost 4 years
You had paid RM215M FOR SOMETHING WORTH RM39.5 + DEV RM93.4 = RM132.9 still over pay by 60% premium

Now you get back your money, Mr Lee will still get
back his RM 12.2 M deed
the land development cost of RM93.4M
the best part now the land worth at least RM129M and belong to him and he didnt spend a dime for the previous 4 years

LEE PAYOUT RM78.5M
LEE TAKE BACK RM12.2M + RM129M = RM141.2M + SPENT OUR MONEY (RM93.4M) which he need not to spend further to develop = RM234.6M in asset and form
NET RM234.6M-RM78.5M = RM156.1M He fork out 0 at day 1 and earn immediate RM156.1M today!

That is how every one should run their company , role model for Malaysia Business Man !!!!
*
Nice PAYDAY for Someone! biggrin.gif
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kinwing
post Jan 31 2013, 09:59 AM


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QUOTE(prophetjul @ Jan 31 2013, 08:50 AM)
Nice PAYDAY for Someone!    biggrin.gif
*
I am wondering which authorities approved this scheme? Looks like the SC has not said a word on this scheme. So far only CCM is the only authority approved this scheme, so I not sure if CCM got the relevant resources as compare to the SC to understand what type of investment scheme they approved?
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prophetjul
post Jan 31 2013, 10:05 AM


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QUOTE(kinwing @ Jan 31 2013, 09:59 AM)
I am wondering which authorities approved this scheme? Looks like the SC has not said a word on this scheme. So far only CCM is the only authority approved this scheme, so I not sure if CCM got the relevant resources as compare to the SC to understand what type of investment scheme they approved?
*
It appears from LKY's letter, SSM approved the scheme as he alludes to their
conditions ..........

Why SC has to be involved since it does nt involve listed companies?
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