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

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plumberly
post Jan 26 2013, 06:44 PM

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First, I do not mean to add salt to injury here. I (and others as well) would like to learn from this event.

I was thinking of investing in this one some 3-4 years ago. Looked very attractive with the guaranteed return and also the good prospect for palm oil (especially the new use as bio-diesel, I am an environment conscious guy).

Later, did not go ahead partly due to heavy work load and also, in some sense, it was too good to be true. Asking myself, if it was so good, why did they want to share the good fortune with others? Also, the guarantee is only good if the company survives (learning from the many similar condo/apartment advertisements). The other criterion I am using is, the companies I invest in must have proven good performance record (3 years at least).

If you don't mind my asking, what was it that prompted you to invest in this?

Just speaking my mind, get a lawyer to go through the contract (if not alreday done) and see whether they have the power to terminate this. If there is a clause in the contract, try to squeeze more compensation as group from them.

All the best with your group's fight for your right!

Cheerio.
plumberly
post Jan 27 2013, 10:11 AM

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Thanks for giving some background infor. I am no expert. Just speaking my mind here.

If they are doing this to benefit themselves, then fight all the way. If it is business gone wrong, then take it with a gram of salt.

Suggest to contact Bank Negara or other licensing body (CH needs to get a license for this scheme, right?), Consumer Protection Agency, etc and see if they can help.

Write to newspapers and make this public. Then they will be less pushy etc. as the public is watching.

If the resale land value is less than the original purchase price, make sure that the new buyer is not connected to them as they can abuse this with another one of their own companies pretending to be the buyer.

All the best!
plumberly
post Jan 28 2013, 11:50 AM

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QUOTE(EddyLB @ Jan 28 2013, 09:46 AM)
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 !
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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.
plumberly
post Jan 28 2013, 01:42 PM

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QUOTE(gark @ Jan 28 2013, 01:16 PM)
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.  wink.gif

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?  icon_idea.gif
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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
plumberly
post Mar 8 2013, 09:22 AM

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I will be very keen to know the status of these palm oil farms in 2015-2016. Hope someone can give an update then.

Sorry to add salt to injury. Someone (TSL?) will be saying to himself then that money does grow on trees with this new chapter!
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