Serenity now: Actually, the next quarterly result should be pretty good since Benalec will be booking the Teobros land sale there - RM48.1m revenue, additional after tax profit of RM14.7m.

I use the term "additional profit" here since this piece of land was involved in the scandal with the two older brothers (sold to parties connected to them, not declared as a related party transaction).

The land was originally sold for RM28m for an after tax profit of RM9.2m.

As part of the heads of agreement to settle things with the two older brothers, the land sale was rescinded and RM28m was refunded to them (this is part of the reason two quarters back, the results was poor).

My accounting knowledge isn't that up to par, but you can either read the upcoming quarterly results (ending September 2014) as having (from this land sale):
a) Revenue - RM48.1m, profit after tax RM14.7m
or
b) Revenue - RM48.1m, profit after tax RM14.7m+RM9.2m=RM23.9m

To me I'd think the latter makes more sense, but not being an accountant I can't be absolutely certain.

Either way that's an additional near RM15m PAT (if option a) for the upcoming quarter. Assuming there are no other surprises, that'd make the quarter pretty decent at the very least.

zero: Lol. It's a good thing I wasn't drinking my morning coffee whilst reading this. :p

Serenitynow: Based on just existing (announced) land sales in their order book, it's fairly close to being fully valued, IMHO. Johor as everyone knows is the game changer.

To my knowledge, the RM203m project to Oriental's indirect subsidiary has not started. Benalec is waiting for Oriental to get the necessary approvals.

In the mean time, the bulk of their operational energy is being directed to Ultra Harmony's (RM235m) reclamation. Incidentally, besides these two jobs, everything else has been reclaimed and is classified as "land held for sale" at the moment.

At the end of the day, it's difficult to tell when institutionals/funds will come back in droves into the company. I'm still reasonably confident that things will look very good by the end of the year/very early next year, but that's just me and sadly, I'm not infallible.

rizerlee: Nope. The RM48m land sale to Teobros should be booked in 1QFY15 (ending September 2014) as it's stated clearly in the latest quarterly result notes to the account that the SPA was completed on 2 July 2014.

The 128.5 acre land sale (RM235m) to Ultra Harmony is ongoing. As is stated clearly in the latest quarterly results notes to the account, 30 acres have been reclaimed as at 18 August 2014.

The first stage (out of 4 stages) for the land sale to Ultra Harmony will occur when 32.59 acres have been reclaimed. When that happens, Benalec will apply for the land title for the first stage and upon receipt only then can they submit it to the buyer for payment.

Logically speaking, the first stage should have been fully reclaimed by now and the land title applied. Assuming a 6 month application process (love your local land office lah), that would mean February 2015, which falls in 3QFY15 for Benalec (ending March 2014).

Wow, suddenly a certain lying negative spinning troll has taken the time to actual copy and paste such a long post.

Eh, don't waste time with spinning long, long lah. Most people know you're a liar who makes statements but cannot even back it up with one iota of proof.

Still waiting for you to give me your "lawyer's" contact number for proof of "confidential evidences" of Benalec's supposed wrongdoings.

Till today, you chickened out and don't dare. Kecut-kecut until semua sudah hilang.


Oh, anyone who is unsure to believe, tell you what. Click on kukuman's nick, click to view his previous postings. You can see that almost everything he posts is negative, with a "die, die, die!" kind of mentality.


To others investors who want to view things rationally, FYI, I am still fully invested in this company. As I said again, if you're a short term player, go look elsewhere, this is likely not the counter for you.

However if you're willing to look at a longer horizon (or those who are stuck from before the problems with the two brothers), informal discussions have led me to believe that things are really looking up for the company.

There is a decent possibility that there will be light at the end of the tunnel (within 2014 hopefully). I cannot (and will not) confirm that this will happen, only that the chances from my point of view (based on what I've learned) is pretty good.

Oh and to the lying troll, I know you're going to try to negatively spin my statements, but when you do please lah, try to do it with some class. Don't end up continuously looking like someone "special" since it gets pathetic after a while.

Ah again, I see you spinning away from answering my questions.

You also claimed that I've stated I made contra profits off this counter. I asked you to tell me where it is I've said that.

You have not even tried to answer one of my questions. Way too cowardly since you know you cannot answer them honestly.

And suddenly you are upset I use phrases that you've used (have to lah - because you evidently cannot understand me if not).

I pity you. I feel your anger...

I note once again that you have refused to answer my questions.

Lawyer's name and contact number, still nothing

Supposed proof of company's wrongdoings, still nothing.

It's okay, you have been exposed as being too cowardly to answer my questions.

I feel your anger as you continuously spin the story away with lies.

I pity you.

All I've ever seen from kukuman is one liners.

Financial performance, whether you want to believe the good and the bad, is up to you. Read the results and the notes to the accounts. Read the research analyst reports.

Kukuman on the other hand makes allegations that are libelious and vicious about the company. And every single one of his allegations, he refuses to back up with details if not evidence.

He claims that there are back door dealings among the brothers that have left. That if true is pure criminal breach of trust. He made the allegations, he refuses to back it up with any details.

You can be negative on a company all you want but if all your statements stop at hints, chances are you're lying.

Till today he refuses to give me his "lawyer's" contact name and number for proof of "confidential evidences" of the company's supposed wrongdoings.

IMHO, Any one who believes kukuman is foolish. He always has and always willl be a liar. He keeps trying to spin the company as doing something illegal.

I can feel his anger whenever he tries to rebut (and fails at it) my postings

And oh yes, for the rest who never read the notes for the quarterly result, at least take the time to read the research analyst reports (see near the top of this screen under "latest headlines".

So far Kenanga and AmSecurities reports have been published here already.

Aiyoh how lah kukuman, they spinning ka? Their views not the same as yours one. Then again, they still have a pair each, you on the other hand sudah kecut sampai hilang.

kukuman: eh, stop spinning lah.

You claim I've made postings saying I made contra profits off this counter. Please show evidence lah.

You spin that your "lawyer" has "confidential evidences" about the company's wrongdoings. Give your "lawyer's" name lah.

Don't spin so much lah. Try telling the truth for once.

And I agree with gogobenalec, I feel your anger...

Again I'll ask, please show me the postings I supposedly made where I said I'd made money from contra plays.

If you cannot do so then you're a liar.

Gogobenalac: Can't help it lah. Am bored to death whilst in hospital. :p

To other investors who are still in it. I feel for you guys if you're sitting on paper losses (heck, I am). But as zero put it, we're now in an extra long term stock. :p

What spin? I only give my own analysis and views. No one is putting a gun to people's heads and telling them that they must accept my views.

If you disagree with what I write, then disregard it. Or better, rebut it logically.

This is not a contra play stock. It is a fundamentally long term stock. Bad results for this quarter? Yes. But how many have even bothered to read the notes to the account to find out why?


And I note once again that the troll kukuman still refuses to give me his "lawyer's" details. Notice how he's trying to "spin" away from answering that question?

Till today I am still waiting for the lying troll named kukuman to grow a pair of balls and come clean on his outlandish statements.

He has stated that there are still backdoor dealings involving the company and the disgraced brothers.

He claims that he is willing to provide me proof of such allegations through his "lawyer".

Till today, he refuses to give me the name of his "lawyer" so that I can get confirmation.

He claims, I should just call the law firm and ask for the person dealing with the Benalec issue.

If he actually has a "lawyer", it's the "lawyer's" job to protect this sad, "special" person's miserable identity
confidential.

After all I'm looking for proof of supposed wrongdoings done by the brothers. I could care less about a pathetic someone's secret identity. (So that he can continue writing bullshit on these forums without fear of being sued for libel)


Till today, I have not seen one ounce of evidence by kukuman on his wild allegations. All I see is "lousy company" but he cannot even justify his statements.


I am miserable and grumpy in the hospital so I'm not going to pull any punches here.

To the pathetic lying troll kukuman, prove your bullshit claims for once. Try and grow a pair to replace your completely kecuted pair.

What does the HoA have to do with this? Let's sum it up succinctly. The HoA was to deal with the issues with the two brothers who have left. It's done, that's good.

I have _never_ once stated that the share price will improve after the EGM/HoA is ratified. Only someone "special" claims that I keep doing so. Any one who checks the history of my postings (except for a "special" someone") can see this is true.


Want to know why this quarter was poor? Read the notes to the account. Points to look at:
1) Writedown of vessels - RM16.2m (item 9 in the notes)
2) Reversal of land sale to Sunshine 2000 and Seaside Energy as per HoA with the two brothers who have left was booked in this quarter. Translation: Revenue was reduced by RM28m for this quarter. (item 17 in the notes)
3) Subsequent sale of this land to Teobros Development, the SPA was only completed on July 2. This means the RM48m sale will only be recognised in the quarterly result ending in September 2014. (item 22.1 in notes)


Except for the writedown (which I didn't expect) everything else is still on track. Fundamentally, the company still looks sound to me.

Gee, that must be a reference to me. (For some reason a certain lying, spineless troll thinks I'm a spinner)

To the rest of the forum (those who are interested - not including a certain "special" troll), I am still holding the same stake in this company. There have been no updates on my part simply because there are no new announcements by the company.

Yes, the share price has come down, but let's face it, this is not a contra play company. Fundamentals -to the best of my knowledge- are still intact.

And I haven't had time to rebut most of "special" someone's postings since I haven't had the time and energy. Being in the hospital sucks.

Still waiting for troll's so called lawyer's name. But of course he won't dare give it. Lying coward.

Wow, suddenly I'm the main spinner... according to a "special" someone's fantasy lah.

He claims it's easy to pick up the phone and call. Yes it is. But I need him to do something simple in return.

To the very "special" kukuman.

Give. Me. Your. Laywer's. Name.

Beri. Saya. Name. Peguam. Kamu.

Sorry lah, I can't type in pinyin, maybe someone can do so in hopes that it might jog your "special" brain to understand.

If you want to try to bullcrap to try to cover your ass now that your lies have been found out, at least try to bull properly lah. So pathetic.

Kukuman: No, I didn't. You refuse to give me your lawyer's name and contact number. I have asked you again and again to state it for all to see.

And I quote, "Please dont ask about lawyer matter again.". Basically you don't like me to keep bringing it up since you can't answer. This is like every single one of your outlandish claims that you have made on this forum. "Libel matters", "back-door dealings between brothers" et al. Every time I ask you to explain or elaborate, you kecut.

It's okay, you're still "special".

kukuman: You must be utterly brainless.

If I call, I speak to the receptionist. Skrine has never dealt with Benalec.

And you ask me to speak to the lawyer in charge of the Benalec issue? How is the receptionist supposed to know what I'm talking about.

Truly, your level of moronic-ness knows no bounds.

If you want me to talk to your lawyer, give me your lawyer's name. Simple as that.

What an utter spineless tard.

Aww, looks like kukuman got shown up as a liar.

He claims to have given me his "lawyer's" contact number.

But anyone who checks his history of postings shows that he's lying.

There there, it's okay. You're still "special". No doubt in kukumanland, your "lawyer" is all knowing and powerful.

Of course in real life you don't have a "lawyer".

Special-nyer....

Kukuman: Psst, here's a tip, clicking on your name, and then clicking on postings shows everyone a history of your previous postings.

You have never once posted the name of your lawyer here.

You claim your lawyer is from Skrine. I don't believe you.

Benalec's solicitors, to my knowledge are not from Skrine.

Even the most incompetent moron (except you lah, you're "special") would know that calling up a firm via your method will result in nothing except for the receptionist hanging up.


As proven you're spineless.

You don't dare state who your lawyer is.

You don't dare state the firm your lawyer is from.

You don't dare state your lawyer's contact number.

Believe it or not, if your lawyer is actually on your retainer, it's their job to deal with this, _IF_ you actually have something for them to do.


Moral of the story here? You don't have a lawyer. You just threw out the first name of a big law firm that came to mind when confronted. You have jack "confidential evidences" on the company's supposed wrongdoings.

Typical coward. Oh sorry. Typical "special" coward.

Kukuman: No you didn't. I checked over all your previous postings and you have not given me your lawyer's name.

All I see amongst your statements is that you claim your lawyer is from Skrine.

Kindly statet your lawyer's name, and contact number here.

No doubt if you're bs-ing (as usual) and whichever lawyer's name you use finds out about it, they'll be interested to look you up for defamation.

Let's see whether you have the spine to actually follow through for once.

zero: Succinctly put. :p

kukuman: To keep it short and sweet.

You. "Confidential evidences". Your "lawyer's" contact number. Where?


Everyone else: Watch as kukukman will refuse to answer my query. Or give some long-winded bullshit excuses. He's as spineless (and "special"!) as ever.

Kukuman claims that he's speaking the truth. Bwahaha. Till today he doesn't have the guts to follow up with his statement of letting his "lawyer" provide "confidential evidences" of the company's supposed wrongdoings to me. Am still waiting for him to provide me with his "lawyer's" contact number.

Of course he now tries to excuse his bullcrap by saying that is now an "old story".

Unfortunately personal issues are taking up a lot of my time preventing me from continuously rebutting the "special" liar - kukuman's - statements.

For the record, I am still invested in the company. My personal holdings have increased by slightlynless than 50% since the end of raya. Granted my holdings are a teardrop in the ocean (I don't have millions of shares, heh, nonetheless it is still a substantial amount to me.

Why is the share price coming down pretty hard today? Could it be because the KLCI is down by almost 1%? Of course from a "special" someone's perspective that is irrelevant.

So sayeth the "special" someone who still refuses to give me his lawyer's name and contact number, who shall provide me with "confidential evidences" as to the company's so called wrongdoings.

Till today I'm waiting for him to grow a pair and either own up that he's been lying all this while with his outlandish claims, or show actual proof to substantiate them.

No doubt I shall wait in vain.

"Special" as always, kukuman.

Unlike some "special" people whose sole purpose is to broadcast their negative lies, I only make a post when there's something new to report, or to answer a question/statement, or at times to rebut "special" people.

There, there, you're still "special".

Share buyback by Benalec today. 1,000,000 shares @ RM1.09 each.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1680865

And for the record, I do still monitor this forum. But as there is currently no news/catalysts to talk about, I make no postings.

Unlike a "special" someone's belief, I don't post to "spin" ala his "special" way. I post only when there's something that comes up that I'd like to share. Till then, yes, the share price is probably going to drift sideways without any new news.

The next upcoming catalyst if there's nothing new will be the year end results, out at the end of August.

"Special" kukuman....just a little bit "special".

Always a delight to see the "special" someone chime in with his la-la land version of things.

I looked through this entire forum and I did not see a single person saying that "price will go up after the EGM" or even inferring it. Somehow, being "special" means one sees things differently.

And till today, I'm still waiting for "special" someone to give me his lawyer's contact number.

But as per usual, being "special" means he will completely chicken out and avoid answering this point.

Betul betul "special"...

Not angry, just pure sardonic disdain. You've still declined to answer my questions above.

But then again, you're still "special" so there, there.

To reiterate:

"Lawyer's" contact number.
"Confidential evidences".
"Brothers have back door dealings"
"Should sue The Edge for libel"

Still waiting for answers to these points that "special" someone raised. (Notice how he's completely avoided referring to any of these points at all in his postings so far?)

Since "special" someone can't answer, he tries to divert to the issue of the stock price. I don't see anything wrong with it for the simple reason, no company's share price goes on an uptrend and an uptrend alone. There are always breathers before the price moves.

But then again in "special land", the stock price must go up and only up! How dare it doesn't go up! "Special" someone says, "Up damn you! Up!"

Alas, that exists only in "special land".

Aww, you're still "special".

Cannot answer a single one of the points I made above.

Yes, yes the sky is purple and the seas are pink in your "special land".

"Lawyer's" contact number.
"Confidential evidences".
"Brothers have back door dealings"
"Should sue The Edge for libel"

Still waiting for "special" someone to explain any of these allegations that _he_ started first.

Very the susah for him to explain what _he_ started. So of course he claims it's "diversion tactic" whenever these subjects are brought up.

"Special" nyer....

There, there. It's okay to be "special". Yes, yes, the sun rises in the west and sets in the east in your "special land".

He's "special". Till now I'm still waiting for his "lawyer's" contact number to hear his so called "confidential evidences".

I really couldn't be bothered to waste too much time with him these days. Every single allegation and claim so far that he has come out with thus far is equal to (I shall now sum it up with his own favourite words) "nonsense" and "rubbish".

There, there. Here's a song for you kukuman.

http://www.youtube.com/watch?v=scXVSqL_hsQ

I don't know your real name, but just subtitute it for "Fred" in this song.

That in short, sums up how I view you.

xnciiyi44: If you only want facts, that's easy. Read the annual report, quarterly report and any announcements on bursamalaysia's website made by the company. There you go, facts.

If you want negative views (regarding Benalec), non factual (never seen any research) and extremely brief statements (usually one word descriptions, i.e. rubbish, nonsense et al), you know who to look for.

If you want my analysis/views (which are not facts but based on my interpretation of most of them), they're here for all to see. I can only stress that since it's my own work, it's what I believe in but should not be taken as gospel truth.

Sorry, but if you want it to be brief, you'll have to look elsewhere as I won't be able to help you there. As I'm sharing these postings for free (and my own personal enjoyment), I see no reason why I should have to come out with even simpler versions to suit another person's needs.

7) Regarding the sale of 45 million shares @ 77 sen in Benalec by Oceancove Sdn Bhd (the family holding company) on 9 April 2014, the MD was very forthcoming as to the reason which I found to be highly credible.

He explained that he (Vincent Leaw - and also implicitly also includes elder brother Leaw Ah Chye) had bought out his eldest brother's (Leaw Tua Choon) stake in the family company and needed the funds to pay him.

The shares were thus placed out and sold at a discount to raise the funds needed.

His explanation here was good, his stake in the sale of the shares was about 20 million shares (which means a loss of about 13 sen at that time per share - RM2.6m. This is my interpretation), but his (indirect) shareholding in the company had increased by 70 million from the buyout. Thus he's still up by about 50 million shares and since then Benalec's share price has gone from 90 sen to 1.10-1.20 (20-30 sen profit, so about RM10m-RM15m up). So he's still ahead.

I did not inquire at what price he bought his brother out, but safe to say it was probably at a discount to Benalec's share price.


Overall I came away from the meeting a lot more confident than before about the company's prospects (also the fact that HoA resolution passed with 100% helped - and that only one item remains to be completed - the Access Road issue which is minor in the greater scheme of things).

Vincent Leaw definitely came off as a credible (and determined) character. He carried himself well in answering questions.

I also liked a comment made by one of the other directors in an aside with me where he stated that Vincent Leaw really knows how to make the company money.

Here's a copy of the email to my peers regarding the EGM.

Okay, Benalec EGM update.

Both resolutions (land sale and ratification of heads of agreement) were passed.

Voting was done by poll. 100% votes in favour for both resolutions.

Here's what I've learned thus far. Any errors are due to my own (mis)interpretation

1) Sri Tanjung Pinang 2 - Benalec will definitely be participating when tenders are called for. Whether their prospects are good, it's hard to say.


2) Remaining land concession between Pulau Indah and Melaka amounts to 600 acres. Of this amount 400 acres have _already_ been reclaimed and is awaiting to be sold.


3) EIA for Tanjung Piai is still pending. Management is confident with regards to off-takers taking plots from 1MYSOT. Hopeful for approvals to happen by the end of the year. (My impression is that they're highly confident on this point - call it a gut instinct on my part - take note that this is not gospel truth! Just my impression)

One of the interesting points made by the MD is that he's not in favour of signing MoUs in advance for the sale of reclaimed land. He'd rather reclaim the land first, show it to a buyer and then come to an agreement. His analogy was pretty good, land under water is not as valuable as land above it. :p

Contrary to the article by the Malaysian Insider, reclamation work has _not_ started. My impression is that they've moved some equipment and materials on site in readiness. You do not need EIA approval for materials on site. Heh.


4) For the RM235m land sale to Ultra Harmony Sdn Bhd (128 acres), almost half of the amount has been reclaimed, with work on-going for the other half. I'm actually pretty amazed at how far ahead they are on this. In the circular the expected date of completion of the sale for each of the 4 stages (roughly 30 acres each) is May 2015, Oct 2015, Feb 2016 and Jul 2016.

At the rate they're ahead though it sounds like they've got a good chance of wrapping this up early. If so, that's a huge plus point.

Should've asked to clarify if their timeline is ahead, but it slipped my mind. Either way, I don't think they're going to be late in delivering vis a vis the expected completion as per the circular.

It was interesting to hear that depending on conditions they are really able to reclaim land at the rate of between 0.5 to 1 acre a day.


5) Confirmed that institutionals/funds are actually interested in Benalec again and that they've requested to meet (or have met) the management. The board seemed a little surprised at this as they thought this would only happen after the HoA is ratified and put to rest.

MD's impression is that institutionals have increased their stakes by at least 10% of the company's paid up over the last week (this is my interpretation of his statement).


6) A question was asked whether Benalec would take part in the reclamation of Forest City (for Country Garden of China) in Johor (area about 2000 ha), interestingly the Board declined to answer since it's currently a sensitive matter. (At least that's what I interpreted it as)

If true, this is definitely an interesting point as I didn't think Benalec would be involved in any way.

tshwong: Lol, no I don't think he was there. The fact that 100% of votes were in favour of both resolutions seems to imply it so. I was expecting to hear something like 99.999% in favour and 100 shares against. XD

EGM for both resolutions; RM235m land sale to Ultra Harmony and ratification of the Heads of Agreement was passed.

Voting was done by poll. Both resolutions passed with 100% votes.

Will update later on with what I've learned after a discussion with my peers.

After a discussion with my peers, they have advised me that I should treat kukuman differently since he's obviously "special". They've highlighted a simple point that it is useless to argue with someone who's "special".

I don't want to keep reiterating all my points in different postings. I think anyone who reads all the postings can agree that he's a liar since after much prodding he still refuses to give me his so called "lawyer's" contact number.

I of course retain the privilege of tearing down any further stupid statements by said "special" person.

I've got too much work to deal with to waste any more time on these points with this "special" cur.

sunztzhe: I'm not going to restate all my previous postings, suffice to say that I'm bullish on this company over the medium to long term.

I would suggest you take kukuman's statements with a huge pinch of salt. He has always lied in his statements and has never once elaborated on his statements.

Don't believe me? Click on his nick, and click on postings". Click on my nick, and and click on postings".

He'll say, "rubbish company" but will never tell you why. Notice above he's stated that my statements are "nonsense"? Yet he doesn't tell you why he thinks they're nonsense.

I'll at least give you my reasons when I state something.


Kukuman the lying, spineless troll. I am still waiting for your lawyer's contact number. I note that you have ignored this point in all my postings even though YOU (the spineless one) raised it in the first place.

Once a lying bullshitter, always a lying bullshitter. That's kukuman.

At least take the time to research base off public announcements, quarterly and annual reports plus reading other people's analysis. You on the other hand don't even give one ounce of analysis, one ounce of research.

All you give is bullshit o spineless troll. No credibility nor integrity. Still waiting for your "lawyer's"_ contact. You claim you have one from Skrine. Chances are though you've got a disbarred reject on call assuming you even have on that is.

Pathetic, kukuman the spineless lying troll. Pathetic.

It's after office hours, you pathetic excuse for a miscreant.

And my postings are done on my own without any input from Benalec. Of course someone of your limited intelligence can't figure that out.

Yet again, your spinelessness shows. You have declined to:

1) Elaborate on your statement that there are still backdoor dealings between the Leaw brothers.

2) Give me your "lawyer's" name and number to discuss your so called "confidential evidences".

No doubt with regards to 2 you were hoping I'd give you my name and number so that you can get some telemarketing junkie to spam me.

My responses in asking your "lawyer's" contact details no doubt caused you to kecut further, assuming there's anything left to kecut.

Ladies and gentlemen, I present to you the spineless, lying troll kukuman.

I will speak with Victor Koo tomorrow to confirm that what you said is of course bullshit.

As usual you rebut my statements with one word, "nonsense".

Someone with a modicum of intelligence would have rebutted with, "nonsense because..."

You evidently don't have any intelligence. If you want to bullshit at least try to pretrend you actually know what you're talking about.

And I note you have declined to give me your lawyer's name and contact number so that I can speak to him/her regarding this "confidential evidences" that you claim to have involving the management's supposed shenanigans.

Kukuman, I call you out as a spineless liar and a crook. You have the no integrity at all.

And with regards to kukuman's statement on the HoA, he's spouted (yet again) another load of crap.

1) The entire step of the HoA process required Bursa's input. If Bursa disagreed at any point in time, they would have told them to shut it down and required that Benalec undo everything they had done thus far.


2) An RPT of this issue DOES require shareholders agreement. Bursa's Listing Requirements, 10.08, subparagraph 2 states very clearly, "where any of the of the percentage ratios of a related party transaction is 5% or more" vis a vis the Heads of Agreement circular, Section 19 which states that the highest percentage ratio here 5.07%.

Perhaps instead of stating what is completely untrue and trying to confuse readers here you might want to consult with your "lawyer" to try and understand the legalities before making any more of your "learned" statements.


3) If any fines are imposed, it is on the _individual directors of the Board_ not Benalec. Their stewardship comes into question, and they are the ones to be punished, not the minority/non-interested shareholders (via their stake in the company).


4) And this is what really annoys me the most. You're stating complete untruths with this statement, "Your point (iii) - true or not true, we don't know just yet as Bursa has make any judgement on this matter pending EGM. In the eye of Bursa, mr ben has made the wrong move by signing the HoA without proper shareholders' approval and that is why Bursa's decision for an EGM. "

I've stated point regarding RPT in item 2 above. To follow up even further, please read the HoA circular again. Section 14:

"As set out in Section 13.1 above, with regard to the HoA settlement arrangements as set out in Sections 2 to 10 of this Circular, notwithstanding the outcome of the EGM for the Porposed HoA Ratification, those items that had been completed shall remain effective."

_BURSA_ approved this statement. In other words, even if the shareholders vote no, what is done CANNOT be undone. The only thing that remains at risk of failure if the shareholders vote no is "The Citypoint Suit" as per Section 6/Section 13.1. And that is not a major item in the settlement agreement.

Again I'd like to highlight the fact that _BURSA APPROVED THIS CIRCULAR_. If they disagreed, they would have removed that point allowing them to undo everything if shareholders vote no.


I'd like to reiterate again, you wanted me to have an "informal chat" with your "lawyer" regarding the "confidential evidences" about Benalec's misdeeds. Give me your lawyer's name and number and I will contact him/her directly to hear whatever it is that you claim.

If you do not agree to do so, then I would have to say you yet again been a complete liar by stating complete untruths.

Kukuman: The name and contact number of your lawyer, please. You made the challenge, so now I'm waiting to see whether you dare stand by what you said earlier.

Bleh, misread his posting, groggy with flu.

I have to reiterate, I don't trust you enough to give you my name and phone number. I suspect you'll use it for other means instead of what you claim. You claim your "lawyer" will speak to me. Tell you what, why don't you give me your lawyer's name and contact number. I'll speak to him/her directly.


Oh and if you actually have "confidential evidences" that there's something funny going on with Benalec, why you don't report it to the Securities Commission?

They'll come down on the company like that hand of god IF what you say is true.

And the company's share price will then drop drastically.

Wouldn't that make you happy?

Excuse me, but you were the one that initiated the challenge. Since you started it, it should be you that offers your name and number first.

Why in the world should I give my name first? And why would I even want to speak to your "lawyer"? As far as I know I have committed not one single crime against you or with regards to Benalec.

As far as I'm concerned, you're a completely untrustworthy person. For me to give you my name and number would be extremely foolish. To me, you have not shown a single ounce of integrity in this forum. To put it bluntly, I do not trust you.

You on the other hand have committed what I believe to be libel against both Vincent Leaw and Benalec. You claim that there are back door dealings between him and his brothers, implying criminal breach of trust/breach of fiduciary duties. From what I've seen, you have not backed up your statement with a single ounce of truth.

To resolve the matter, let's both go and see Vincent Leaw at the forthcoming EGM and discuss your statement face to face with him. After all, if what you claim is true then you have nothing to fear and it would be in the favour of the minority shareholders of the company.

However, if what you said is untrue, then he might decide to take legal action against you. And whose fault would that be? Yours.


All I've seen thus far is plenty of excuses or complete avoidance against my questions towards you. Now you seem to be trying to shunt the issue by getting me to speak to your "lawyer". To say that this situation that you have created to be a pathetic one would be an understatement.

As expected, kukuman refuses to:

1) Answer the questions that I put to him regarding his outlandish statements (Benalec brothers still having backdoor dealings)
2) Give his name, so that we can continue this discussion about his statement above with Vincent Leaw at the forthcoming EGM.

Also, it's not hard to tell when I got involved with investing in Benalec by looking at the history of my forum postings, my initial posting date in the Benalec forum should hint at that. Even someone with limited intelligence (maybe excepting for one person) should be able to figure that out.

And evidently, I wasn't aware that by not posting in any of the other forums makes one a "promoter" or "spin doctor". Never mind the fact that I only post in forums that I'm interested in.

Finally, I'll reiterate (especially for those with extremely limited intelligence) that I always like to see contrarian views on this counter. However I dislike to see views that are not backed up with one single iota of proof or reason.

Kukuman has never once justified any of his statements. He posts outlandish vitriol and leaves it at that.

It's like saying, "Politician XYZ is corrupt". When we ask, why do you say that, he does not reply. At the very least he could TRY to justify it with, "Because he drives a big car" or "He got a huge government contract". But from kukuman, nothing.

As always I urge all the forum readers to disregard kukuman's postings. He has never once posted the truth here.

kheng: Agreed. Unfortunately in this case it's difficult not to lambast him when he makes a posting. Every time someone makes a posting in support of the company, one becomes a "promoter" and "spin doctor".

He makes statements that are so foul, that if true would automatically make the company a very dangerous investment for anyone (back door dealings by the brothers would be the equivalent of CBT/breach of fiduciary duties).

But every time he's asked to give some proof, some evidence, even a simple explanation on his statements, he refuses. He just carries on again and again with the same tried and tested formula of vindictiveness.

I usually avoid responding to his postings, but sometimes it's difficult to do so simply because they're so ridiculous it demands a breakdown and shredding of each of his (non-existent) points.

Nope. You started the challenge it's you who gives me your name and number. If you refuse, you are a coward.

To everyone else, watch as the lying spineless troll Kukuman declines to do so. He started this, and as usual he won't have the balls to end it.