26.04.2019
ANALYST’S MESSAGE
By Chong Chee Fern
Q&A Session at AGMs – The Highlights and What to Expect
Following last week’s Message on “A Peek into AGMs …….” , we feel its apt that we continue with our sharing, focusing this time on the Q&A session which is deemed as the crux and the most interesting and “colourful” moment of the AGM.
19.04.2019
ANALYST’S MESSAGE
A Peek into Annual General Meetings (AGMs) …..
A Glimpse into some Bad or Undesirable Practices !!!
MESSAGE FROM THE CEO
Shareholder Activism…Of Flying Chairs, Crass Language and Songs
We came across a short clip, on Facebook, purportedly taken at the AGM of Stone Master Corporation Bhd. An irate shareholder was seen berating and venting aggressively his frustrations at the Board. And he has every reason to be upset as the share is suspended at a last done price of 3 sen per share. The irate shareholder, who was seated in the first row, then proceeded to throw the chairs in the front row on to the ground. The clip showed four chairs being thrown. The Chairman then stated that he was adjourning the AGM. Some shareholders in the background protested vehemently stating that the AGM should not be adjourned, and if necessary, they should get someone else to chair the meeting. The Chairman then proceeded to leave the dais stating that he was resigning. The short clip ended.
There should be a certain level of decorum when shareholders engage with board members at general meetings. Losing money on a share investment is unpleasant. Losing a lot of money is even more unpalatable. We can disagree without being disagreeable. There is no room for violent acts, including damage to property or putting someone in fear of physical harm, at a general meeting…such acts are tantamount to criminal wrong. There is no place for such behaviour at general meetings.
There was another AGM where there was presence of ‘bouncers’ allegedly to ensure no shareholder gets ‘out of hand’. This is tantamount to intimidation.
Another undesirable feature at general meetings is the use of crass, aggressive and vulgar language. The use of such language does not do justice to the point that the shareholder is trying to convey because the board members will be concentrating more on such language instead of the points being made…the board members will become defensive and whatever good points that are being made is lost.
It is understandable that sometimes an undesirable word might creep into the shareholders line of questioning or comments. It is heartening to note that some shareholders do apologise for the utterance of these undesirable words that they have used when the chairman points out that the words are unacceptable and that the shareholder should avoid using such words.
05.04.2019
MSWG'S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS
Genting Malaysia Berhad (“GENM” or “the Company”)
GENM confirms Equanimity purchase for USD126.0 million (or the equivalent of approximately RM514.6 million)
On 28 March 2019, GENM made an offer to the Kuala Lumpur High Court of Malaya to purchase the Equanimity superyacht (together with bunkers, fuel, lubricants and other existing consumables on board) for a total consideration of USD126.0 million (or the equivalent of approximately RM514.6 million), (“Offer”).
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