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

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Ck1976
post May 3 2011, 10:20 PM

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Hi Can anyone please enlighten me,a i just now try to browse through
the Golden Palm it mentioned that the account is suspended .
What doed it mean ?
Does it mean only the internet account suspended or the entire company suspended ?

Worry ?
Tomoro must call up the office and check it out ? sad.gif cry.gif
Ck1976
post Jun 27 2011, 11:17 PM

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Hi brother , appriciate your years of experience as an accountant.
But be fair to everyone (investor ,Company ,others) ,if you know is a scam please lay out your point and share with all.
Dont just put one WORD IS A SCAM, YOU WILL SCARE OFF A LOT PEOPLE INCLUDING ME .OK


QUOTE(OlgaC4 @ Jun 27 2011, 12:35 AM)
The goldenpalm is a scam. They land in kelantan not worth that amount also. PM me if wants to know more. I have 15 donkey years in plantations as a accountant.
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Ck1976
post Feb 4 2012, 11:30 AM

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Hi Bros...

Any news about the dividend payment for 2011 ???

Thanks


QUOTE(thunderaj @ Oct 25 2011, 03:01 PM)
Can you be more specify on the scam part?
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Ck1976
post Feb 18 2012, 11:21 PM

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Anyone interested i have 2 lots ...intend to sell as i need money urgently
anyone interested ? please pm me ....

QUOTE(cute_boboi @ Feb 17 2012, 09:56 AM)
Got mine also yesterday by snail-mail. Below is the additional letter:

[attachmentid=2688958]
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Ck1976
post Jan 19 2013, 01:11 AM

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QUOTE(sam sam @ Jan 18 2013, 07:06 AM)
Was told earlier by an early poster and 2 weeks ago and confirm yesterday from my agent
And arcording to the office as i call them they plan on buying back the scheme
Isn't that bad news
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Ya bro better be clear , after hearing your news my legs start to shake ....
Is diferrent wind up and buy back woh ???
wind up usually is not doing well and according to the bankruptcy law,
all the available funds will first pay to employee of the company and
follow by creditors and inevstors will be the second last or last woh ...

Where Buy back is diferrent, it can be doing extremely well or so so .
When buy back the company can gain 100% of the interest and more importantly
easier to make way forward for business decission .
off course a lot more consideration for taking into private ....

Do updates us if have more info.....
Thanks for your update .....

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 ??

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
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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


Ck1976
post Jan 22 2013, 10:37 PM

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QUOTE(putih @ Jan 22 2013, 08:02 PM)
I would definitely go for it. As we all know, we're already screwed the moment we bought the plots  doh.gif . My thinking, if we accept the proposal, we will get back some money, hopefully all  drool.gif . If we are against it, you know what happen when you fight with big fish. Turun court naik court, masuk meeting keluar meeting ... you get nothing.
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Ya agreed will vote for .....cannot tahan naik court turrun court ....masuk meeting ....keluar meeting
what to do ,we just like a sardine fish wait for people to sapu.....
Ck1976
post Jan 22 2013, 10:43 PM

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QUOTE(chwong00 @ Jan 22 2013, 08:25 PM)
I agree, I will vote for it, but we must set condition like 50% within first 30 days and another 50% in 6 month. Within 2 year is very risky. Anyway, I seeking DAP lawyer for advise.
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Ya agreed ...2 year too long and high risk...
come back and think why 2 yaers.

2 years sufficient for them to access ,what is the risk by then ....
if by that time CHGS is pork a meat sure will fully take up the offer and
by right will fully refund us.
But if is a pork Bone what do you all think at that time ???

Maybe by that time the 2 years earning should be able to pay half of the growers money.

Good some highlight that we should try to set the condition on how the payment should be.
lets continue the discussion...

Ck1976
post Jan 22 2013, 10:46 PM

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QUOTE(netcrawler @ Jan 22 2013, 10:04 PM)
They should also bring few representative of growers to visit the site for inspection. why do this so hurry for AGM?
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I think no point .....is just a window dressing ....in the prospectus they even hire an idependent
advisor to the growers...what the consultants said ...is to vote for ....
so what to said ....right .

Ck1976
post Jan 24 2013, 11:00 AM

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QUOTE(SabahMan @ Jan 24 2013, 10:39 AM)
Thank you for the comments False Alias. This company does not have the money to pay us the dividends. They said they can't and therefore won't. It looks like their parent company won't either. The 12% interest rate is unrealistic if we base it on their earnings form this estate. The only way we can fight for it is if we sue them. This itself is complicated with so many shareholders.Even if we win they can just declare bankruptcy and we get nothing. Forget about ROI. Cut our losses and get out of this rotten marriage. Many people don't understand. All we have is a certificate that we own a share of the profits. WE DON"T OWN ANY land. This certificate is now near to being worthless because no one will buy our shares except this company. They are willing to do the less evil thing which is to buy it back. Take it. Do you want to be bounded to these jokers the next 20 years. ROI or not the mental and psychological stress is not worth it. I forsee if we continue this partnership, we will forever be arguing about the dividends they give us each year. Take out our principal. Cut our losses from potential ROI lost and invest it elsewhere like under our mattress.
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Agreed with what you said . you have the point.

initial i will vote for ,however after reading much comments from the senior ,
i find the meeting date is rather to soon and not much time for us to discuss the future for CHGS growers.
because of timming concern it may lead us to make a wrong decission.

Can any brothers here can work what is the percentage we can win ,if we vote againts .
No point is few of us only .

Just wonder who is the bee garden owner ?

I will go for the majority .cuase i belief unite is power.


Ck1976
post Jan 24 2013, 11:04 AM

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QUOTE(mkhor7 @ Jan 24 2013, 10:58 AM)
Precisely, we do not know who are all the Growers.  If its mainly from MCA Wanita contacts, then it is a foregone conclusion the outcome of the meeting.
PGCB made wrong assumptions about CPO prices and Kelantan sold them 10000 acres of land probably not ideal for oil palm plantation??
CHGS purpose was to allow us to partner PGCB up to year 2030.  But since CHGS agreement has to pay us yield based on CPO prices that has gone sky high, and the plantation is giving returns slower than what they had forecasted, PGCB do not want to dig into their own pocket. They want to get out of their covenant after making the wrong assumptions.

I am not insisting to bleed my "partner" -  CHGS now cost them 12 % every year for our RM200 million funding.
However, LKY group can easily raise RM200 million cheaper loan to buyback this "partnership".
Voting AGAINST could at least get us better faster refund terms.
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The entire story just like using growers money to start the business and later when oppoutunity
then buyback all the plots at a very low price .....

Clearly understand any investment will have risk , but the issue is CPO price is so much higher than
the scheme .question remain the on the Yield ?


Ck1976
post Jan 25 2013, 09:17 PM

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QUOTE(FALSEALIAS @ Jan 25 2013, 07:41 PM)
AWESOME!

NOW THATS PROPER RALLYING & A GREAT WAY TO FOSTER A STRONG SUPPORT SYSTEM.

IS ANYONE INTERESTED IN HAVING A SIMILAR MEET IN KELANA JAYA OF THE PETALING  JAYA AREA OF SELANGOR.

PERHAPS IN THE MURNI RESTAURANT OF SS 2, SEAPARK AREA OR THE MURNI DISCOVERY IN DATARAN PRIMA PERHAPS?

IT WILL BE A GREAT CHANCE TO MEET & SHARE ALL OUR OPINIONS/FORMULATE PLAN.

THOSE WANTING TO MAINTAIN PRIVACY, FEEL FREE TO USE CODE NAME IN MEETING.

EVERYBODY'S POV WHETHER FOR OR AGAINST WILL BE DULY HEARD & RESPECTED.


WE CAN ALL DISCUSS THE ISSUE THOROUGHLY & AIR OUR VIEWS.

ANYONE IN PJ AREA (OR ANYWHERE ELSE OF COURSE) CARE TO MEET UP?

... MKHOR7, THIS REFERS TO U IN PARTICULAR.
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Ok Good idea , fully support .
Do count me in if happen.
Preferbably in Murni Rest ss2 .
Better to discuss before the EGM .
Ck1976
post Jan 28 2013, 04:29 PM

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QUOTE(sam sam @ Jan 28 2013, 03:48 PM)
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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Good idea ,anyone can help to approach MWSG.
Just not sure will they impose minimum charges on us.


Ck1976
post Jan 29 2013, 01:31 AM

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QUOTE(EddyLB @ Jan 28 2013, 10:07 PM)
Falsealias and mkhor7,

Yes, the battle is dependent on how many horses you have. In fact how many big horses you have (not small horses)

Let's assume the management has RM25 million. I think they should have 10% of the scheme. And they will make sure the RM25m will be there to vote.

To assume the role of chairman, you need RM25m + RM1. Do you guys have it ?

In the event you guys fail to take over the chairman's role, you still can stall the proposal by having 25% of the votes in the meeting. Your number of votes you require is about RM9 million. You guys should work towards this number. It seems attainable if you guys manage to contact more growers

The above numbers are just assumption. One of you shall go find out from the registrar the top 200-500 investors. How much total these 200-500 investors hold. What you guys need now is RM votes (big horses), not number of voters (small horses). Ask these big investors to attend your meeting. From there, you can gauge whether you guys have a fair chance. If most of them are "for" the proposal, then you already know the outcome

If you guys can find only those 1-2 lots investors to attend your meeting, then it is very difficult to get the RM votes
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Can we write in to PGCB to get all the growers contacts, thoose days when i work in share registrar got such things .
Not sure now .When have contacts we can screen go through the volume and get them to support .

Ck1976
post Feb 7 2013, 08:07 PM

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QUOTE(mkhor7 @ Feb 7 2013, 07:44 PM)
Well, go early to the EGM tomorrow...
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Well is a Good news to all minority growers .
That will agree to pay for 2012 dividend and refund the money
6 months .

This thanks to all growers and MSWG who attend the monday forum and layout
all the requirement .
i guess after much debate within minority and tan sri , he knew
that the chances to pass through tomorow agenda is slim.
That why he held the press conference . Maybe the proxy number is too high .

Just one more question to ask , 4 years ago we invest 6500
per plot ,so 4 years later also worth 6500 ?
Isnt there should be appriciation of land value ?
Any just ask , i am more than happy if he could keep
his promise to pay us dividend and return the money
within 6 motnhs


Ck1976
post Feb 7 2013, 09:43 PM

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QUOTE(FALSEALIAS @ Feb 7 2013, 09:03 PM)
?!!!

WTH IS WRONG WITH EVERYBODY?

WHY THE PREMATURE VICTORY CELEBRATIONS?

ALL WE HAVE CURRENTLY IS A BUNCH OF WORDS THAT IS NOT ADMISSIBLE OR ENFORCEABLE IN COURT.

WITH NOTHING IN BLACK & WHITE - THIS IS JUST A WHOLE LOT OF RUBBISH TO SWAY VOTING DECISION.

THE PAPER MAY HAVE EVEN MISQUOTED HIM... THATS EXACTLY WHY PAPERS FREQUENTLY ISSUE RETRACTIONS!

LKY'S 'PERSONAL GUARANTEE' MEANS LESS THAN TOILET PAPER... I REMEMBER ANOTHER PERSONAL GUARANTEE TOO > 'INVEST IN CERTAINTY'... HOW DID THAT TURN OUT?

MAKE NO MISTAKE - LKY'S WORDS ARE USELESS IF NOT LEGALLY BINDING IN BLACK OR WHITE OR EVEN REALISTICALLY ENFORCEABLE (MEANING, WHAT HAPPENS IF HE DIES? OR DECLARES BANKRUPTCY? OR ABSCONDS TO A DIFF COUNTRY?OR IS FIRED/RETIRES/DECLARED INSANE/UNFIT TO CARRY OUT DUTIES... OR A THOUSAND OTHER LOOPHOLES THAT MAY MYSTERIOUSLY APPEAR LIKE THE PREVIOUS RAMPAGING ELEPHANTS, TEMPESTUOUS WEATHER, SUDDEN MAGICAL TERRAIN SHIFTS, ETC)

...HAVE WE NOT HAD ENOUGH OF HIS BULLSHIT?

WHY DID HE SUDDENLY DECIDE TO OFFER 'RM25 million' AND 'I will ensure that the growers will be compensated within six months instead of the two year timeline stipulated in the circular.'?

IF HE TRULY MEANT 'out of goodwill' > BOTH THE ABOVE WOULD/SHOULD HAVE BEEN IN THE VERY INITIAL AGM LETTER!!!

SO, WHY THE SUDDEN LARGESSE IN THE LAST MINUTE?

...SIMPLY COZ HE WAS CALLED ON HIS BULLSHIT SHODDY BULLYING UNDERHANDED TACTICS & KNOWS THAT THERE'S NO WAY HE'S GONNA GET MAJORITY NOW - SO BETTER CHANGE TACTIC & GIVE BS NON-ENFORCEABLE VERBAL ASSURANCES & TRY TO PERSUADE FOOLS TO BITE THE BAIT SO HE CAN GET THE VOTES.

HAS ANYONE EVEN CALCULATED WHETHER 'RM25 million' IS ENOUGH TO COVER THE 12% DIVIDEND FOR ALL GROWERS? PLEASE DO SO & POST UR FINDINGS HERE.

BOTTOMLINE:

VOTING AGAINST VT ONLY STRENGTHENS OUR ABILITY TO GET OUR 12% DIVIDEND & ROC WITHIN 6 MONTHS, AS WE'LL BE THE ONES HOLDING THE POWER & CAN DICTATE THE VT TERMS (WHICH LKY HAS ALREADY SO-CALLED AGREED TO BASED ON THE ARTICLE - MEANING ITS A SLAM DUNK FOR US ANYWAY... WITH THE DIFFERENCE BEING WE STILL RETAIN THE POWER IN CASE HE TRIES ANYTHING IN THE LAST MINUTE). SO, VOTING AGAINST VT IS INSURANCE FOR US TO ENSURE LKY COMPLIES & FULFILS WHAT HE SAYS IN THE ARTICLE -  BECAUSE WE'RE THE ONES IN CONTROL!

VOTING FOR VT ONLY WEAKENS OUR POSSIBILITY TO GET WHAT WE WANT AS (CURRENTLY) IT'S ONLY MERE WORDS BY LKY & NOTHING IS LEGALLY BINDING. HE CAN JUST AS EASILY RELEASE A PRESS STATEMENT LATER SAYING, "I CHANGED MY MIND. TOO BAD. HAPPY CNY"... AND THERE'S NOTHING WHICH CAN BE DONE AS WE HAVE GIVEN AWAY OUR ONE AND ONLY (ALL POWERFUL!) BARGAINING CHIP. CHGS WOULD THEN HOLD THE ENTIRE POWER - & WE'D HAVE NO INSURANCE AGAINST THEM TO ENSURE COMPLIANCE... & LETS NOT FORGET THEIR HORRIFIC RECENT TRACK RECORD OF NOT HONOURING THEIR WORD/TRYING TO TAKE ADVANTAGE OF US... NEED I SAY MORE?

LOOK, IF LKY REALLY MEANT TO GIVE US 12% & A FULL ROC WITHIN 6 MONTHS - ALL HE HAD TO DO WAS CALL OFF THE AGM TOMORROW, REWRITE THE TERMS OF THE VT TO INCLUDE THE LATEST 2 AMENDED PROVISOS, GIVE US OUR 21 DAYS AGM NOTICE & THEN PROCEED TO HAVE A VOTE UNDER THE NEW VT TERMS.... DID HE DO THAT.... NO!

END OF THE DAY, YOU MAKE YOUR OWN DECISIONS & YOU LIVE WITH THE CONSEQUENCES.
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Bro

Cool Down ... rclxm9.gif

You are right too , merely his words cannot be trust .
But atleast a sign that he is willing to step forward and close the GAP.
What is important now is like what you said ,either he change the resolution and call another EGM
or else everthing should put in black and he should come out certain gurantee being his company
or personal capacity (which i think he wont).

Any where is not premature celebration but is step closer to what we want .
if i can attend for tomoro meeting , i will vote and support you too.
Ck1976
post Jul 20 2013, 07:20 PM

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QUOTE(hlily @ Jul 20 2013, 11:34 AM)
Help Help.....
How's Now
almost deadline but no news at all......................

if the deadline 8th august
just within 18days now
very worried
as i need money liow
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Any members who participate in the MWSG dicussion ?
Can give us some info on this ?
When ????
Many thanks

 

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