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Battle for Raffles Edu: Oei HL is seeking to remove Chew HS as Chairman of the Co
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13-10-2017 12:12 AM
Kekkk Offline
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Posts: 540
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Oei is tabling three resolutions at a EGM, one of which is seeking:

"the removal of Mr. Chew Hua Seng as Chairman and director of the Company (including the termination of his employment with the Company) and to take necessary steps to remove him from all appointments with the Company, its subsidiaries and associated companies;"

"It's not bragging if you can back it up." Muhammad Ali
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13-10-2017 12:18 AM
niubee Online
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Good, Chew H'S is milking Raffles edu
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13-10-2017 12:26 AM
Kekkk Offline
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From the Straits Times

Quote:Oei Hong Leong serves notice to remove Chew Hua Seng as Raffles Education chairman

SINGAPORE - Tycoon Oei Hong Leong, who has amassed a stake of more than 10 per cent in Raffles Education, wants a shareholders' meeting to remove chairman Chew Hua Seng.

In a letter to the board of directors, Mr Oei proposed that Mr Chew, who is also the firm's founder and chief executive, be replaced by an independent director and his employment terminated.

If none of the independent directors wish to take the position, Mr Oei is proposing that the board search for a suitable replacement to assume the role of non-executive chairman.

Mr Chew is the company's largest shareholder with a 33.58 per cent stake, down from 36.88 per cent before the placement.

Mr Oei also wants Raffles Education to disclose the identities and the number of shares placed to each of the people who received stock in the company's recent placement exercise.

The letter furnished no details of what prompted the action, but Mr Oei is a long-time shareholder in Raffles Education, having bought its shares seven years ago and raising his holdings every now and then.

"It's not bragging if you can back it up." Muhammad Ali
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13-10-2017 12:27 AM
Kekkk Offline
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Quote:Last month, he scooped up more shares in a series of market purchases that revived speculative interest in the counter, giving the shares price a boost. Mr Oei brought his stake up to 14.04 per cent. This was diluted to 12.88 per cent after the placement.

On Sept 28, after the company's shares reached a 12-month high of 33.5 cents on Sept 26, Raffles Education announced that it would place out 95 million new shares to raise net proceeds of $28.2 million to be used to repay loans and borrowings, and for working capital purposes.

The 95 million shares - representing 8.96 per cent of the company's enlarged share capital - were issued and allotted on Tuesday at an issue price of 30 cents each.

The company is holding its annual general meeting (AGM) on Oct 13 at Novotel Singapore Clarke Quay.

Raffles Education made a net loss of $1.85 million in the 12 months to June 30, down from a net profit of $15.8 million a year ago.

The discontinuation and teach-out of Raffles Shanghai joint venture college resulted in the turnover decline of revenue by $5.8 million, while the reduction in foreign student intake in Raffles Sydney dragged revenue down by $1.5 million from a year ago.

At last year's AGM, shareholders voiced concerns over how the company intended to start making real earnings from education.

Mr Chew said then: "We're trying to focus and expand at the expense of bringing in revenue."

Lead independent director Henry Tan added: "There's nothing to be proud of in terms of current performance and share price, but its not as if we've just been sitting there."

Raffles Education shares finished half a cent or 1.59 per cent higher at 32 cents today.

"It's not bragging if you can back it up." Muhammad Ali
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13-10-2017 12:35 AM
Kekkk Offline
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Chew HS and Doris Chung 33.57%
Oei HL 12.88%

"It's not bragging if you can back it up." Muhammad Ali
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13-10-2017 9:27 AM
Kekkk Offline
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TODAY at AGM, ah Chew may be forced to show hands.... for too long he gas been sucking the blood of the company. Oei will be seen as a hero here.

Quote:Mr Oei also wants the company to disclose the identities of those who have received stock from and the number of shares issued to each of these people during a recent placement of 95 million shares.

The 95 million shares, which were issued and allotted on Tuesday at an issue price 30 Singapore cents, represent 8.96 per cent of the company's enlarged share capital.

Mr Oei, who has been picking up shares in the private college operator from the market over the past year, currently holds a 12.88 per cent stake in Raffles Education. He most recently acquired 1.07 million shares from the open market for S$360,007.48, or about S$2.96 per share on Tuesday. Despite his purchase, his interest in the company was diluted from 14.04 per cent as a result of the placement.

Mr Chew and his spouse Doris Chung have a combined 33.57 per cent stake in the company following the placement.

Raffles Education is conducting its annual general meeting at 11am on Friday at Novotel Singapore Clark Quay for their annual general meeting.

"It's not bragging if you can back it up." Muhammad Ali
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13-10-2017 9:36 AM
talkingstocking Online
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Today shot up!

Fake news found :

http://sgtalk.org/mybb/User-SmarTIndex

SgTalk allows the use of FAKE news as signature! thumbs up

30-6-2017 6:44 AMtester wrote  He is using the signature to state his belief. Not neccesarily based on fact
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13-10-2017 9:38 AM
Kekkk Offline
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Today Raffles is blinking brightly. Why is Oei so interested all this while??! The real plum behind the battle is not the lousy chow ah qua type of fashion design education courses business , but the juicy underdeclared (or undeclared) massive land bank in China. Technically the company is worth more than its NAV of 60 cents.

"It's not bragging if you can back it up." Muhammad Ali
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13-10-2017 9:45 AM
niubee Online
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13-10-2017 9:38 AMKekkk wrote  Today Raffles is blinking brightly. Why is Oei so interested all this while??! The real plum behind the battle is not the lousy chow ah qua type of fashion design education courses business , but the juicy underdeclared (or undeclared) massive land bank in China. Technically the company is worth more than its NAV of 60 cents.

The raffles uni in PRC sit on big land
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13-10-2017 10:07 AM
Kekkk Offline
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Today AGM will be packed and Chew will sure be roasted. Oei should seek to remove all the directors as well.

"It's not bragging if you can back it up." Muhammad Ali
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