I haven't received the letter yet but based on my friend's explanation, it sounded like the management proposal is 1 sided.
Also, I call the head office this morning and I got to know there is a proxy vote form included.
For those of you who aren't able to attend the meeting, you are required to send in ur proxy vote.
It will serve as a "voice" during the meeting.
2 items which I haven't got an answer is:
1. this announcement is very recent, will there still be any dividend be payout for the year (2012 feb - 2013 feb) period, because obviously in average the CPO is above rm2100 (12%).
if i'm not mistakken, the new proposal will only take place on march which means investor's should have the rights to receive their dividends by the end of feb.
2. based on my understanding, to vote "FOR" or "AGAINST", both also we will screw up.
if we accept, 10% will be refunded within 30 days while the other 90% will be distributed in 2 years (still can get it back or not also dunno).
if we don't accept, where do we go from here? will the land be sold and $$$ be returned to the investors in 1 shot?
what is the other alternative? i would propose having the dividend cut from 12% to 8-9% during this difficult time.
that way, CH won't look that bad or else they will really screw up their reputation. but of course, after another few years, if this happen again, then headache again.
Country Heights Grower Scheme (CHGS), anyone heard before?