Raffles Education Corp

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eAGM 30 Oct 2020@11am
https://links.sgx.com/1.0.0/corporate-an...5e395b94e7

Stay home and stay healthy, everyone.

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The Board wishes to announce that the Plaintiffs had on 12 October 2020, filed a notice of discontinuance to wholly discontinue the Originating Summons against the Company with no order as to costs. The Company has consented to the discontinuance and the notice of discontinuance has been accepted and approved by the High Court of Singapore. Accordingly, the legal proceedings between the Plaintiffs and the Company in the Originating Summons, including the Plaintiffs’ application for an injunction against the Company from proceeding with any further acts in relation to the Proposed Acquisition, have concluded.
https://links.sgx.com/FileOpen/REC%20-%2...eID=635195

Stay home and stay healthy, everyone.

[¯|_(ツ)_/¯]

Raffles Education - 13 pages of QnA
the Oriental Univeristy City, an education township, owned and operated by the Group is strategically located in Langfang city, a fast developing city, located between the metropolis cities of Beijing and Tianjin, well poised to cater to the demands for higher education institutions specialising in the area of vocational and technical training. 

The business assessment, in the context of the education sector in the PRC, is arrived at by the Company drawing on its current knowledge, past experiences and judicious use of current best available evidence from multiple sources and certain public information which are axiomatic.
https://links.sgx.com/FileOpen/REC%20-%2...eID=636420



Stay home and stay safe, everyone.

[weijian]

There is a website highlighting the issues : https://save-raffles-education.com/

"About Save Raffles Education
This website aims to educate investors in Raffles Education about issues surrounding the company which are likely to see the company’s financial performance, share price and dividends continue to deteriorate...."

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https://governanceforstakeholders.com/20...-meetings/

I personally feel it is better to sell and move on (most VBs would prefer as well) but there are those who are willing to fight on, and we have to appreciate them for that.

MESSAGE TO SHAREHOLDERS OF RAFFLES EDUCATION CORPORATION

A Group of REC shareholders are now coming together to consider taking legal action against the directors.
If you are a REC shareholder and are interested in joining this action, you can email to the following email address: contact@save-raffles-education.com
Please indicate when you bought the shares if possible, and the number of shares you own.

https://governanceforstakeholders.com/20...rporation/

[CY09]

https://links.sgx.com/1.0.0/corporate-an...7f1ebeae17

Billionaire Oei has thrown in the towel and is selling off his stake.

With the company being shareholder unfriendly with its constant diluting of Opmi and no dividends during profitable times seems to be a good choice. While the company holds valuable land in its balance sheet, it seems the family will be the ones enjoying through the salary drawn while NAV dwindles

Maybe there is one last cigar puff if the family decides to privatize it off for a fraction of its 40+ cents book value

[weijian]

REC is a land developer disguised as an education provider. Not very different from various tech companies where they use 1 portion of the biz to acquire customers (eg. ride hailing at Grab) and then seek to monetize them to earn profit at another (super app)

ANNUAL GENERAL MEETING TO BE HELD ON 30 OCTOBER 2021 RESPONSES TO SUBSTANTIAL AND RELEVANT QUESTIONS

We note that in FY2021, profit before tax amounted to $29.9 million, but this included $13.8 million of fair value gains on investment properties, and another $28.4 million in gains from disposals of investment properties, subsidiaries and AFS securities under "other operating income".

Without these unrealised fair value gains and one-off gains from disposals, there would have been a loss before tax of $12.4 million. We estimated that over the last 10 years, cumulative profit before tax from continuing operations was $213.6 million, while cumulative fair value gains on investment properties amounted to $208.6 million, and cumulative one off gains/losses from disposals of investment properties, subsidiaries and AFS securities amounted to $157.3 million.Without the fair value gains and other one-off gains/losses included in other operating income, the group would have cumulative losses before tax of $152.2 million

https://links.sgx.com/FileOpen/RE%20-%20...eID=688222

[weijian]

Many moons ago, the Chew Brothers were stars on the corporate scene, helming separately listed companies as CEO/Founder. Fast forward to today, both are been charged - Chew Hua Seng @REC under the SFA and Patrick Chew @Midas under the CA.

As OPMIs, we do hope justice is served quick, fast and severe, if the court eventually finds them guilty.

Unfortunately when we look at the Public Disciplinary list (https://regco.sgx.com/public-disciplinary-actions) by SGX RegCo, most of them got off with a reprimand, directorship ban or the most severe is a fine. Should the disincentive for nefarious activities be improved?

Lim How Teck and four other Raffles Education directors charged with disclosure breaches

CORPORATE figure Lim How Teck and four fellow directors of Raffles Education : NR7 0%, including chairman-cum-chief executive Chew Hua Seng, were charged on Friday (Sep 20) with breaching disclosure obligations under the Securities and Futures Act.

Each charge prescribes a maximum punishment of up to seven years imprisonment and a fine not exceeding S$250,000.

https://www.businesstimes.com.sg/compani...e-breaches

[Shiyi]

Credit must go to Oei Hong Leong in this case. Lesson to be learnt: corporate governance or the lack of it can only be exposed when there are two big elephants fighting.

[weijian]

Credit must go to Oei Hong Leong in this case. Lesson to be learnt: corporate governance or the lack of it can only be exposed when there are two big elephants fighting.

To recap, Oei publicly wrote about the non-disclosure before SGX got wind of it and did their own query.

Personally, I don't think only the fight between 2 big elephants will bring about such disclosure.

Rather the lesson learnt in this case is very clear - Unless you are squeaky clean, else don't mess with people that has means to flush you down