atans1

Angry, little people fight back

In Corporate governance, Financial competency on 24/11/2019 at 6:38 am

otter saluting flagGreat to see minority shareholders do something other than go to and whine to that toothless, flea ridden watchdog that is the Securities Investors Association of S’pore asking for help, or to failed presidential candidate who lost his deposit (and PAP enabler) Tan Kin Lian for help.

A group of minority shareholders of Magnus Energy shot down all the resolutions put forward at the recent annual general meeting on Oct 30. They ousted three of the directors and blocked the reappointment of the external auditor as well as the mandate to issue shares to raise funds or pay director’s fees.

Then

On Nov 7, these shareholders, who hold a total stake of about 10%, sent Magnus Energy’s board an extraordinary general meeting requisition notice.

https://www.theedgesingapore.com/news/shareholder-activism/penny-stock-linked-magnus-energys-past-transactions-under-spotlight

And that’s not all, they are suing past and present directors for breaches of general and fiduciary duty.

Wow. These are really very angry shareholders. Can’t blame them. before the shares were suspended from trading in Aug this year, the share price was 0.1 cent. They were at a high of $3.75 in February 2013.

Bit harsh on SIAS? Go read

Why SIAS should sit down and shut up

FBI in US, SIAS, SGX here

SIAS: Close it down

Hyflux: Can believe or not?

  1. […] Angry, little people fight back (Thoughts of a Cynical Investor) […]

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