BOARDROOM TUSSLE SHOULD NORMALLY RAISE SHARE PRICE AS EACH PARTY TO THE CONFLICT WILL TRY TO GAIN MORE VOTING RIGHTS THROUGH ACQUISITION OF SHARES FROM THE OPEN MARKET
BURSAMASTER BOARDROOM TUSSLE SHOULD NORMALLY RAISE SHARE PRICE AS EACH PARTY TO THE CONFLICT WILL TRY TO GAIN MORE VOTING RIGHTS THROUGH ACQUISITION OF SHARES FROM THE OPEN MARKET 22/06/2014 15:28
Easy, RC not voted as director that mean he already out of the board and we just wait for him being sacked by the board as CEO! That will end the RC story! Unless RC has enough money to fight with his opponent!
Dato Azim Zabidi one of the nominated directors is chairman and director of Doxport Technologies who are being investigated by the police for conning British investors. visit www.bvim.org.uk
Internal bickering may have a silver lining. That is, it captures many people's attention.
As long as the company's fundamentals are strong, technical charts show positive trend, book order is solid, the infighting a good competition for the most capable management team.
The Board of Directors of Harvest Court Industries Berhad (“HCIB” or “the Company”) wishes to announce the Company was informed that two Shareholders, namely Zenith City Investments Limited (“Zenith”) and Syawaras Sdn Bhd (“Syawaras”) had advertised a Notice of Extraordinary General Meeting (“EGM”) to be convened pursuant to Section 145 of the Companies Act, 1965 (“the Act”), in New Straits Times and Utusan Malaysia dated 11 July 2014.
However, the Company is of the view that no proper EGM is convened for the 8 August 2014 for the reasons stated below: -
1. Although Zenith and Syawaras have requested for the Record of Depositors (“ROD”) on 4 July 2014, the Company should have up to 21 days to response from date of receipt of their request in accordance with Section 34 of the Securities Industry (Central Depositories) Act 1991.
2. Before the Board of Directors had the opportunity to consider the request, Zenith and Syawaras had gone ahead to advertise the Notice of EGM on newspaper on 11 July 2014 and left 4,800 copies of Notice of EGM and Circular at the Company's registered office. Therefore, the Notice of the EGM had failed to be circulated to the shareholders.
The Company is of the view that an EGM convened under Section 145 of the Act is the sole responsibility of the shareholder to organize. There is no obligation on the Company to circulate the Notice of EGM on behalf of the shareholders, Zenith and Syawaras, given that the meeting requested is not requisitioned under Section 144 of the Act; and
3. In view of the current on-going litigation between the Company and Zenith, Datuk Chai Woon Chet & 32 others (collectively as “Defendants”) as the Defendants have together acted in concert to breach Section 9(1) of the Malaysian Code on Take Overs and Mergers 2010 (“the Code”) for their failure to make a mandatory general offer to the Company’s shareholders. The litigation was announced by the Company on 14 July 2014.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
duitkwspkita
26,756 posts
Posted by duitkwspkita > 2014-06-22 11:01 | Report Abuse
For short term investor, it is rather a bad news. It may be positive restructuring for long term investor.
anyway, just my personal understanding.