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A 100% dividend yielder - CSPORT - get onboard.
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terencefok
Master |
11-Apr-2011 19:20
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Which one? |
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chinton86
Veteran |
11-Apr-2011 18:40
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Next on the list to get into SUSP mode |
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terencefok
Master |
11-Apr-2011 17:58
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Thanks for the valuable insight. Another company I wish to highlight is Unified Communications. NAV 8.8 cents, last taded 4.5 cents. Cash per share is 5.3 cents and EPS about 0.6 cent this year with almost no debt. Looking at its balance sheet, it does not seem to require more than $2 million for inventories but yet its cash balance was shown as $17 million, which has been growing for more than 2 years. Might want to propose special dividend too. F.Y.I, I have 80,000 shares in Unified Communications. |
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Metallicus
Member |
10-Apr-2011 22:00
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Jackpot2010. Thanks for your insight. One will need to table a resolution to the Board at least 6 weeks before the AGM. This will not work, except that it will place additional pressure on the Board. But this is only one of few alternatives. Given some restriction, one can submit a " statement" at least 1 week before the AGM that will be distributed to all shareholders. At the AGM, one can call for a poll to be held (again with certain restrictions). The Bermuda Companies Act of 1981 does allow for shareholders propose dividends, as it is classified as an " ordinary resolution." I do not know Orkla ASA, but see that they have been " substantial" shareholders for quite some time. They must have lost a lot of money on this investment. I assume that they will join in support. Alternatives, post AGM is to simply request a special general meeting. One of the reasons for our facebook site is simple - to gather enough shareholders (# is more important than total % ownership) so that we can pursue alternatives that are, among others, mentioned above. Note that the Board consists of 5 members, 3 of which are independent sing-residents. They also sit on other boards and have a " local" reputation to protect... Appreciate your support and help in promoting the cause. Please dont hesitate to further question the logistics part. M |
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Jackpot2010
Master |
10-Apr-2011 20:45
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Your intention is good but looks impossible to accomplish. Hv u consider the min.time required to table a resolution by shareholders, including notices etc - between now to end-Apr only left ~20 days. Can shareholders proposed dividend under Bermuda law ? I thought only the Board of Directors propose div and then approve by shareholders at AGM not the other way round. If OKLA ASA who owns 6.25% supports what u are doing it may go some way but I are sceptical of any favourable outcome due to the simple facts that Board of Directors/Majority shareholders call the shots in any company, incl Bermuda registered one. |
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Metallicus
Member |
10-Apr-2011 18:41
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To be clear...I am not suggesting that you on Monday fill up your PA with CSPORT shares. The smallest limit of shares is really enough. This will give you entry to the AGM and is important because to table a resolution, one will need to have the support of a certain number of shareholders (according to Bermuda law). It does not matter how much they own. During the vote itself, we will need 50% together. Don't worry about that. What we need, however, if for this members of this community to help spread the word. Write threads, refer to our facebook site, rally the troops, contact SIAS and the media. Use your connections to get this snowball rolling. For the sceptics: you are running minimal risk and with a hefty reward potential. You won't be doing the heavy lifting. The community will. M |
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Metallicus
Member |
10-Apr-2011 18:39
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Auditors have become increasing careful when checking cash balances among S-chips, despite the recent news on e.g. China Hongxing. Auditors now actually go directly to the bank and have it print out the company's bank statements, as opposed to in the past (e.g. Oriental Century where the company's CEO falsified the bank statements...). There is of course a risk that the cash is not there, but the chances (imo) are minimal. S-chips have also started releasing official statements confirming that the cash is actually there. Currently, CSPORT is in the mercy of a very negative S-chip and sportswear industry sentiment. It is dangerous to generalize. M |
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Metallicus
Member |
10-Apr-2011 18:05
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Join us in tabling a resolution to the annual general meeting (end of April) for a dividend payout of SGD 0.10 (current px: SGD 0.085). The company currently has SGD 0.185 cash per share, earns less than 0.5% interest on this cash and has no significant capital expenditure plans. Minority shareholders in Singapore (+ 1 inst shareholder) controls 70% of the company. We only need a simple majority (50%) to double our money! We are organizing on facebook: " China Sports Intl - Shareholders Unite" In the name of good corporate governance, please help spread the word. Tell friends and fellow shareholders. Help us reach out to SIAS, blogs and media. This opportunity does not come around often. Our " Info" tab on facebook will provide further color. M
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