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88everyday Member	26-Nov-2019 14:33        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	Although I am vested long, very interesting read I must say. And thanks for sharing. P.S. your link dun work, others should try: https://governanceforstakeholders.com/case-studies/ and download volume Eight. FrancisLim      ( Date: 26-Nov-2019 13:53) Posted: Reference to the article in Corporate Governance on Spackman Entertainment amongst other companies: https://governanceforstakeholders.com/wp-content/uploads/2019/10/Corporate-Governance-Vol-8_2019.pdf
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FrancisLim Elite	26-Nov-2019 14:05        FrancisLim About Contact  Quote this Post!
x 0   x 0  Alert Admin	An extract from the Case Studies on Corporate Governance relating to the Company:  Please read the whole chapter on the Company in the earlier link. SGX&rsquo s curiosity is piqued SGX queried SEGL on 6 June 2018, seeking clarifications on SEGL&rsquo s share swap with SMGL with the following questions:50 (A) Please explain how the purchase consideration of US$6.9 million was arrived at in light of the NTA and NAV of SMGL. (B) What is the Board&rsquo s views and bases on why this acquisition is in the interest of the Company? 171 SEGL&rsquo s response to the first question was that the quantum of US$3 per SMGL share was arrived at simply based on prior transactions. However, there was no actual supporting information to substantiate how the consideration was determined.51 It also cited a RHB report by an unnamed analyst who has estimated SMGL&rsquo s value per share to be between US$4.70 to US$8.00. According to a blogpost, a RHB analyst had put a bullish valuation on SMGL in 2017 and this same analyst had set a target price for SEGL of 32 cents in 2017, then lowered it to 27 cents, then 23 cents, then 20 cents and finally 10 cents in May 2018, while consistently maintaining a &ldquo buy&rdquo recommendation for SEGL&rsquo s shares.52 Clearly dissatisfied with the response, on 6 August 2018, SGX issued a further query with eight questions based on the company&rsquo s response to the first SGX query. Amongst its questions, SGX queried SEGL on its future plans for SMGL, its rationale for acquiring stakes in SMGL at a significant premium, the individuals holding key leadership positions in SMGL, as well as the controlling shareholders of SMGL. SEGL provided its responses to the SGX query on 23 August 2018 and 29 August 2018.53,54 SGX subsequently issued yet another query, with a focus on the Group&rsquo s strategic business direction for SMGL . In its response, SEGL repeatedly mentioned SMGL&rsquo s &ldquo potential&rdquo to grow and be monetised despite its current net loss position .55 Are SGX&rsquo s persistent queries a sign of problems in SEGL? SEGL, which listed on SGX&rsquo s Catalist board in July 2014 through a private placement of 69.44 million shares at S$0.26 each,56 has seen its share price fall from a high of more than S$0.52 post-listing to just S$0.018 on 18 July 2019.57 Clearly, shareholders would not be amused. Discussion questions 1. SEGL entered into a number of sales and purchase agreements with &ldquo independent&rdquo or &ldquo unrelated&rdquo third parties as it increased its stake in SMGL between 2017 and 2018. Critically evaluate these transactions and their possible impact on the value of SEGL&rsquo s shares. 2. In a number of cases, SEGL issued shares through share swap transactions and the issue prices of those shares were stated to be above the prevailing market price. There are other companies which have done the same. Why might companies do this and is this beneficial to the shareholders of these companies? 3. What are the potential conflicts of interest in the disposal and sale of UAA Korea and Opus Pictures to SEGL&rsquo s former CEO? Discuss the possible implications of UAA Korea losing its assets (i.e. well-known Korean artistes) to the new entity, UAA & Co. SPACKMAN ENTERTAINMENT: SEARCHING FOR THE MAGIC FORMULA 172 4. SGX issued a number of queries to SEGL. Critically evaluate the usefulness of SGX&rsquo s queries and whether you believe the company&rsquo s responses were adequate? Do you think SGX should have done more to ensure that the transactions concerned are in the best interest of SEGL&rsquo s shareholders? If so, what else do you think SGX could have done? 5. There are a number of issues relating to the founder of SEGL, Charles Spackman, which have been reported in the media. Do you think SEGL should have been allowed to list on SGX given these issues? Explain, citing relevant SGX rules which may be applicable. 6. SEGL cited the valuation placed on SMGL by an unnamed analyst in helping justify the consideration paid to acquire SMGL shares. This analyst also consistently set high target prices and maintained &ldquo buy&rdquo recommendations for SEGL shares. What is the role of analysts in the corporate governance ecosystem? What are conflicts of interests that analysts may face? How can analysts be made more accountable, given that investors may rely on their projections and recommendations in making investment decisions? DYODD
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FrancisLim Elite	26-Nov-2019 13:53        FrancisLim About Contact  Quote this Post!
x 0   x 0  Alert Admin	Reference to the article in Corporate Governance on Spackman Entertainment amongst other companies: https://governanceforstakeholders.com/wp-content/uploads/2019/10/Corporate-Governance-Vol-8_2019.pdf
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88everyday Member	26-Nov-2019 13:42        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	Free trade deals on going between China, Japan and South Korea.  " Trade officials are expected to discuss ways to open goods and services markets and lower other trade barriers, according to the ministry. " Looking forward to lifting of K-pop ban in China :) http://www.koreaherald.com/view.php?ud=20191126000428
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88everyday Member	26-Nov-2019 13:31        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	The same could be asked, what is in the interest for substantial shareholders, Spackman Equities Group Inc. and Dr Tan Chong Koay. If they do not see value in the management' s decision (e.g. shares swapping), why do they continue to vote for " management to allot new shares" during special meeting and " reappointment of directors" every year?? FrancisLim      ( Date: 26-Nov-2019 11:59) Posted: It is not 5 points or demand.  They are the same calling out statements made by the co and the individuals.  Absolutely not in the interest of minority shareholders, oversaw the share price falling from 26 cents to 1 cent.  Where is the accountability for those statements made.
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FrancisLim Elite	26-Nov-2019 11:59        FrancisLim About Contact  Quote this Post!
x 0   x 0  Alert Admin	It is not 5 points or demand.  They are the same calling out statements made by the co and the individuals.  Absolutely not in the interest of minority shareholders, oversaw the share price falling from 26 cents to 1 cent.  Where is the accountability for those statements made.
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88everyday Member	26-Nov-2019 09:39        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	ESA issued bonds to acquire ESA' s stake? U mean share buyback? danger      ( Date: 26-Nov-2019 09:14) Posted: that could be for the acquisition of ESA ' s stake
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danger Supreme	26-Nov-2019 09:14        danger About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	that could be for the acquisition of ESA ' s stake
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88everyday Member	26-Nov-2019 09:07        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	ESA co. Ltd (Sunwoo Produce majority shareholder) is raising 10billion won (S$11.5m) bonds. Somethings brewing. https://news.mt.co.kr/mtview.php?no=2019112211265427699
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88everyday Member	25-Nov-2019 14:12        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	Just like Hong Kong protesters.... 5 demands.... ahaha FrancisLim      ( Date: 25-Nov-2019 10:06) Posted: Spackman Entertainment Group, Crazy Romance Spackman will only move up: (1) it shows positve p/l and cash flow and not accounting profit by revaluing its swapped co. (2) the Co buy back share since the managment deemed the share to be undervalued at over 10 cents. (3)  the previous interim CEO and now Director of the co, buy the shares as he went on record when share was trading mutifold of current price, that it was then undervalued. (4)  the current CEO, John Ko buy the shares, when he took the role of CEO he said the share price was undrvalued and he aimed to increase the value.  The share price was mid 4 cent.  He sold all his swapped shares before assuming the CEO position. (5)  Mr Kay Na, who was previously responsible for Finance and now current COO, buy the shares.  He was on the helm when the numerous share swaps were done for cos which were supposedly accretive but so far had been drag on the bottom line.    They oversaw the massive dilution of the Co' s share. If not, their actions and talks as proved  have not been to the interest of the minority shareholders as reflected by the precipe fall of the share price from its IPO price 26 cent to the current 1 cent.
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FrancisLim Elite	25-Nov-2019 10:06        FrancisLim About Contact  Quote this Post!
x 0   x 0  Alert Admin	Spackman Entertainment Group, Crazy Romance Spackman will only move up: (1) it shows positve p/l and cash flow and not accounting profit by revaluing its swapped co. (2) the Co buy back share since the managment deemed the share to be undervalued at over 10 cents. (3)  the previous interim CEO and now Director of the co, buy the shares as he went on record when share was trading mutifold of current price, that it was then undervalued. (4)  the current CEO, John Ko buy the shares, when he took the role of CEO he said the share price was undrvalued and he aimed to increase the value.  The share price was mid 4 cent.  He sold all his swapped shares before assuming the CEO position. (5)  Mr Kay Na, who was previously responsible for Finance and now current COO, buy the shares.  He was on the helm when the numerous share swaps were done for cos which were supposedly accretive but so far had been drag on the bottom line.    They oversaw the massive dilution of the Co' s share. If not, their actions and talks as proved  have not been to the interest of the minority shareholders as reflected by the precipe fall of the share price from its IPO price 26 cent to the current 1 cent.
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88everyday Member	22-Nov-2019 16:08        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	Most likely just some high level talks. But you can already starting to see Spackman working with Singapore MediaCorp to produce drama series. danger      ( Date: 22-Nov-2019 15:26) Posted: A temasek holdings buy over or take a big stake in Spackman ? Or a free samsung phone etc ...
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danger Supreme	22-Nov-2019 15:26        danger About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	A temasek holdings buy over or take a big stake in Spackman ? Or a free samsung phone etc ...
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88everyday Member	22-Nov-2019 12:44        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	https://www.channelnewsasia.com/news/singapore/prime-minister-lee-hsien-loong-arrives-in-south-korea-for-12115892 Singapore PM visting South Korea today. Good news to come this weekend??
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88everyday Member	22-Nov-2019 10:57        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	News of China opening up to Kpop brewing since this year. Example: Spackman' s artist signs contract with China production company: https://www.allkpop.com/article/2019/04/song-hye-kyo-signs-with-chinese-director-wong-kar-wais-production-company 88everyday      ( Date: 22-Nov-2019 10:49) Posted: An example of CHINA investor buying up shares of Korean Eentertainment Agency. http://www.koreaherald.com/view.php?ud=20161013000747 My gut feel that same thing going to happen soon with China South Korea realtionship improving.
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88everyday Member	22-Nov-2019 10:49        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	An example of CHINA investor buying up shares of Korean Eentertainment Agency. http://www.koreaherald.com/view.php?ud=20161013000747 My gut feel that same thing going to happen soon with China South Korea realtionship improving.
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88everyday Member	21-Nov-2019 18:34        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	I also no more bullets. Hhaha Already whacked Spackman 3,000 lots @0.015 last few weeks ago (paper lost now, but still profit overall). YZJ i also vested 20 lots @ 0.94 few months back and still holding. newbieliu      ( Date: 21-Nov-2019 17:59) Posted: U buy 1000 lot to support first I no more bullets burnt in yzj 88everyday      ( Date: 21-Nov-2019 13:13) Posted: WIth that gain on investment is like S$34m, which means S$0.028 / share (S$34m divide by total issued shares 1.2 billion). This is 200% the currently share price of S$0.014. WHAT A STEAL IF U BUY NOW!!!
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newbieliu Elite	21-Nov-2019 17:59        newbieliu About Contact  Quote this Post!
x 0   x 0  Alert Admin	U buy 1000 lot to support first I no more bullets burnt in yzj 88everyday      ( Date: 21-Nov-2019 13:13) Posted: WIth that gain on investment is like S$34m, which means S$0.028 / share (S$34m divide by total issued shares 1.2 billion). This is 200% the currently share price of S$0.014. WHAT A STEAL IF U BUY NOW!!!! 88everyday      ( Date: 21-Nov-2019 13:03) Posted: Spackman bought Novus Mediacorp at S$2.5m in 2014, 2018 interest from China cashrich property developer for S$36.5m 14.6 times ROI (Return on Investment) in 4 years. Shiok!! https://shentonwire.net/2018/10/25/spackman-entertainment-china-property-company-makes-unsolicited-bid-for-novus-mediacorp/ https://sbr.com.sg/media-marketing/more-news/spackman-entertainment-acquire-51-stake-in-novus-mediacor
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88everyday Member	21-Nov-2019 17:23        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	Actually, China cash rich venture capitalist no need offer buy all the subsidaries / associates now. Cause, they can buy Spackman instead right now. S$0.014 * 1.2b shares only S$16.8m. SO CHEAP!!!! Privatisation is a more possible senerio.  88everyday      ( Date: 21-Nov-2019 13:13) Posted: WIth that gain on investment is like S$34m, which means S$0.028 / share (S$34m divide by total issued shares 1.2 billion). This is 200% the currently share price of S$0.014. WHAT A STEAL IF U BUY NOW!!!! 88everyday      ( Date: 21-Nov-2019 13:03) Posted: Spackman bought Novus Mediacorp at S$2.5m in 2014, 2018 interest from China cashrich property developer for S$36.5m 14.6 times ROI (Return on Investment) in 4 years. Shiok!! https://shentonwire.net/2018/10/25/spackman-entertainment-china-property-company-makes-unsolicited-bid-for-novus-mediacorp/ https://sbr.com.sg/media-marketing/more-news/spackman-entertainment-acquire-51-stake-in-novus-mediacor
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88everyday Member	21-Nov-2019 13:13        88everyday About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "sarcasm grabs attention"
x 0   x 0  Alert Admin	WIth that gain on investment is like S$34m, which means S$0.028 / share (S$34m divide by total issued shares 1.2 billion). This is 200% the currently share price of S$0.014. WHAT A STEAL IF U BUY NOW!!!! 88everyday      ( Date: 21-Nov-2019 13:03) Posted: Spackman bought Novus Mediacorp at S$2.5m in 2014, 2018 interest from China cashrich property developer for S$36.5m 14.6 times ROI (Return on Investment) in 4 years. Shiok!! https://shentonwire.net/2018/10/25/spackman-entertainment-china-property-company-makes-unsolicited-bid-for-novus-mediacorp/ https://sbr.com.sg/media-marketing/more-news/spackman-entertainment-acquire-51-stake-in-novus-mediacorp 88everyday      ( Date: 21-Nov-2019 12:54) Posted: South Korea recently broke off defense talks with US and signs defence agreement with China. Soon China' s investment will come to the Korea entertainment industry after China really lifts the ban on K-pop (due to THAAD deployment from US 2 years ago). Look out for it!!
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