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Mr Tang,
Please make contact through “ sjohn@phronimoscap.com “ or by phone +1 4247617871 and advise us of the outcome
Good point. I am less than convinced by the RNS. I invested in Polo as I had made a number of poor decisions re commodity investment and I wanted someone who knew what they were doing to help me out. It turns out that my poor investment choices have not done nearly as badly as Mr Tang's dire record.
Quote from Phronimos: While the decision to return capital initially
rests with the Board, shareholders like clients of Phronimos ultimately have other means to effect the
changes necessary to protect their investments."
I have emailed them to pledge the support of my puny investment in the event of them considering 'other means'.
It will be interesting to see what NAV Tang places on the shares as of 31 December which will have to be verified by the auditors. As the valuation of the investment holdings form the bulk of the Board’s and auditors’ duties at year end, why can’t the annual results not be furnished sooner than in previous years? Is it not easier to value a shareholding closer to the date rather than later. The valuation is at year end on the information available at that time and no consideration should be given to subsequent events. Those can be dealt with a note accompanying the accounts under ‘ events since year end’.
What are they doing to justify their fees ?
"and work to realise and return value to shareholders through timely and appropriate transactions and specifically the appreciation in the value of the Company's shares rather than by means of distribution as previously approved by shareholders."
And that in a nutshell is why the SP is stagnant and why this company is so unloved. Who on earth would buy here? Good for Phronimos for questioning this Datuk and his actions, but from the RNS, he doesn't believe he is answerable to his shareholders IMO
Would mr john of phronimoscap advise us on this board what, if any, contact he has had from Tang?
So, still unable to make contact after a week?
Please share your thoughts with us Mr Tang. Do you have a PR adviser?
You were quick enough to advise us on the good news from Hibiscus. Are we not entitled to some courtesy?
Courtesy from the Datuk to his shareholders? That will be the day. He has nothing but contempt for us all
Has anyone tried contacting Blytheweigh, the. PR advisors to the company- a UK number. Might be illuminating what they may say? I’m traveling so not so easy for me
Two weeks now and still can’t make contact?
The shareholders pay the consultancy/directors’ fees and what do we get by way of return? Come on Tang
The original letter from phronimoscap to the BoD was dated 28th January and published on 12th February. The letter was submitted on behalf of c14% of the shareholding. If the Board is serious about correcting the alleged inaccuracies in that letter,surely it shouldn’t take more than five weeks to do so
Malayisians generally are a polite people, but Mr Tang seems to be from a different mould. I think the shareholders should be scrutinising his remuneration and also reminding other Directors of their fiduciary duties to all the shareholders
The Company appears to be worth a multiple of its market capitalisation but the lack of any communication to its shareholders raises suspicion about the integrity of its Board
Mr Tang is also a Datuk, an honorary title bestowed on people with great integrity. Who on earth would hold an AGM in Kuala Lumpur when the company is listed on the London index? Perhaps a man who does not want to be questioned at all by any of his shareholders? Perhaps a man who has no integrity whatsoever? Perhaps a man who is rude rather than polite? A Datuk? I don't think so Tang - Moreover a man who wants to increase his personal wealth and couldn't care less about making a return for his shareholders who seem to be a minor inconvenience for him.
I read somewhere that you can buy the Datuk thingy anyway.
bakky - yes, a Malaysian lawyer told me that a Datuk title in effect can be bought. And if such a person also is in the in the tittle Tatler list then that combination is a massive dont-even-consider-it red flag as far as investing is concerned.
And still no word from Phronimiscos?
Maybe another release from them would be interesting to let us know what contact there has been and what their alleged errors are.. Remember they are speaking on behalf of 14% of shareholders