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22-04-2022, 11:20 PM
I thought some questions in the AGM QnA are quite interesting - the first abt risk mgmt, the second abt valuation/company performance.
In general, I think sometimes retail investors ask questions knowing the answers but nevertheless, use the channel as a subtle approach to convey certain messages.
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RESPONSES TO QUERIES FROM SHAREHOLDERS IN RESPECT OF THE COMPANY’S ANNUAL GENERAL MEETING TO BE HELD ON 29 APRIL 2022
https://links.sgx.com/FileOpen/MCFS-Resp...eID=713467
Q : What safeguards do Maxi-Cash have in place to prevent Hin Leong type of incident from similarly happening at the Group? Does the Audit Committee regularly review whether anyone speculates on gold or other precious metal contracts?
Q : Please refer to below “Price Ratios” table of Maxi-Cash at time of IPO and time of private placement during FY2021:
<table in the doc>
In other words, it is either Maxi-Cash IPO has been over-priced (in terms of its price ratios) by Directors at time of IPO, or Maxi-Cash’s latest private placement price has been under-priced by Directors at time of private placement :
If it is that current share price has been undervalued compared to time of its IPO, can the Directors consider using share buyback mandate to do more shares buyback ?
If it is that current operational performance has been lacklustre compared to time of its IPO, are there any suggestions from the Directors who have been with the Company since IPO (i.e. Wee Seng, Lee Hwee, Lee Meng, Keh Yan, Sai Sing) how the Company’s operational performance can be improved to the point the key price ratios can be brought back to its IPO level (e.g. P/B of 1.478 times, P/E of 25.0 times)?
.................
In general, I think sometimes retail investors ask questions knowing the answers but nevertheless, use the channel as a subtle approach to convey certain messages.
--------------
RESPONSES TO QUERIES FROM SHAREHOLDERS IN RESPECT OF THE COMPANY’S ANNUAL GENERAL MEETING TO BE HELD ON 29 APRIL 2022
https://links.sgx.com/FileOpen/MCFS-Resp...eID=713467
Q : What safeguards do Maxi-Cash have in place to prevent Hin Leong type of incident from similarly happening at the Group? Does the Audit Committee regularly review whether anyone speculates on gold or other precious metal contracts?
Q : Please refer to below “Price Ratios” table of Maxi-Cash at time of IPO and time of private placement during FY2021:
<table in the doc>
In other words, it is either Maxi-Cash IPO has been over-priced (in terms of its price ratios) by Directors at time of IPO, or Maxi-Cash’s latest private placement price has been under-priced by Directors at time of private placement :
If it is that current share price has been undervalued compared to time of its IPO, can the Directors consider using share buyback mandate to do more shares buyback ?
If it is that current operational performance has been lacklustre compared to time of its IPO, are there any suggestions from the Directors who have been with the Company since IPO (i.e. Wee Seng, Lee Hwee, Lee Meng, Keh Yan, Sai Sing) how the Company’s operational performance can be improved to the point the key price ratios can be brought back to its IPO level (e.g. P/B of 1.478 times, P/E of 25.0 times)?
.................
