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Let us check what happens when a company director breach disclosure obligations. In cordlife, they did not disclose the temperatures maintenance has lapse and cause the blood stem cells to be not useable. In fact, even when MOH carries out their routine check, cordlife did not disclose of this to MOH.
Now let us compare to another case of non disclosure. A recent case was reported in Straits Times Ex-director and CEO of printing company charged with breaching disclosure obligations | The Straits Times. In this case, the director did not disclose his interest in the company and when he ceased to be a director after he sold his shares, he also failed to report it. Comparatively, his failure in the disclosures only affected his own interest, not as serious as cordlife which affected many parents and possibility the lives of their children.
What do you think the court ordered in damages to this director of the printing press? A fine? Or worst a jail term? It was reported in the Straits Times article, for such non discloures, he can be fined $250,000 for each charge and a jail term of 2 years.
As seen in cordlife, the case is more serious, why was MOH not informed by cordlife on the breaches and had to rely on a whistleblower to know what has happened? If you were MOH or CAD surely, you would want a more serious punishment dealt to the cordlife directors compared to the director in the printing press case.
Even at current situation, the board of directors and ex CEO will have this potential court case heavily weighted in their minds. I am sure they have seek lawyers' opinion when they are out on bail. Can they still expand their business into other areas to grow the company? Not possible. Even if they want to do new business, other businesses will be wary on the outcome of their case. The lost of confidence in the public and possible legal charges by existing parents would also affect the company financials in compensations.
In my opinion, it is better not to invest or buy into the company until everything else is cleared.
Now let us compare to another case of non disclosure. A recent case was reported in Straits Times Ex-director and CEO of printing company charged with breaching disclosure obligations | The Straits Times. In this case, the director did not disclose his interest in the company and when he ceased to be a director after he sold his shares, he also failed to report it. Comparatively, his failure in the disclosures only affected his own interest, not as serious as cordlife which affected many parents and possibility the lives of their children.
What do you think the court ordered in damages to this director of the printing press? A fine? Or worst a jail term? It was reported in the Straits Times article, for such non discloures, he can be fined $250,000 for each charge and a jail term of 2 years.
As seen in cordlife, the case is more serious, why was MOH not informed by cordlife on the breaches and had to rely on a whistleblower to know what has happened? If you were MOH or CAD surely, you would want a more serious punishment dealt to the cordlife directors compared to the director in the printing press case.
Even at current situation, the board of directors and ex CEO will have this potential court case heavily weighted in their minds. I am sure they have seek lawyers' opinion when they are out on bail. Can they still expand their business into other areas to grow the company? Not possible. Even if they want to do new business, other businesses will be wary on the outcome of their case. The lost of confidence in the public and possible legal charges by existing parents would also affect the company financials in compensations.
In my opinion, it is better not to invest or buy into the company until everything else is cleared.
Every company has sop on maintenance of equipment. When dbs payment system fail, dbs ceo took a pay cut of 30%. Let me check, is he the only one who takes a pay cut? No, the full board of directors and senior managers also cut pay. Wait how about those below them? Are they happily enjoy big bonuses? Not possible right?
ysh2006 ( Date: 28-Mar-2024 12:59) Posted:
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Why should the technicians be charged and operators too ? They just doing a job taking down temperature and input into system only...? Like this in refinery many operators will be charged when some product off spec ?
dataminer ( Date: 27-Mar-2024 21:54) Posted:
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Cordlife&rsquo s CFO arrested amid CAD probe TransGlobal makes another requisition attempt
CORDLIFE Group&rsquo s chief financial officer Thet Hnin Yi was the latest to be arrested by the Commercial Affairs Department (CAD) and released on bail after four of the company&rsquo s directors and its former group chief executive, Tan Poh Lan, went through the same process.
The cord-blood bank on Wednesday (Mar 27) said Thet was also arrested in connection with investigations related to irregular temperatures in a certain cryogenic storage tank, first disclosed by the group on Nov 30, 2023.
Cordlife, however, maintained that it would &ldquo be in the interests of the company&rdquo for Thet to remain at her post, considering how she has been with the company for about 17 years and is &ldquo very familiar&rdquo with its historical and current financial numbers and information.
This would be &ldquo useful to the board in its decision with regards to ongoing matters facing the company&rdquo , it added.
Aside from working with external auditors to finalise the accounts for Cordlife&rsquo s current financial year ending Dec 31, 2023, Thet was also highlighted as &ldquo the key person liasing and managing responses to be sent to the regulators&rdquo .
The group added that she works closely with its legal advisers regarding announcements released by Cordlife, as well as its company secretary in relation to corporate secretarial matters.
&ldquo Ms Thet has been instrumental and proactive in assisting the board and the ongoing work undertaken by the company to investigate and address the lapses identified by the Ministry of Health (MOH) in relation to the company&rsquo s Singapore operations.&rdquo
Its nominating committee and the board both were of the view that Thet would be able to continue fulfilling her duties professionally as CFO, and will be able to &ldquo discharge her duties in an independent and professional manner&rdquo .
It maintained that Thet&rsquo s continued presence in her role as CFO would be &ldquo very relevant to the board as she will be able to share her experience and deep financial knowledge that (are) very important to the board&rdquo .
Last November, MOH handed the mainboard-listed healthcare provider a six-month suspension notice when it came to light that Cordlife kept some cord-blood tanks at above acceptable temperature limits. An audit found that cryopreserved cord-blood units in seven tanks had been exposed to temperatures above -150 deg Celsius.
At the time, the cord-blood units in one of the seven tanks were confirmed to have been damaged. Some 2,200 cord-blood units in the tank belong to at least 2,150 clients.
MOH said the final results of the tests on the affected cord-blood units will be ready by end-March.
The ministry also found three other process lapses at Cordlife, and said it would require the healthcare group to rectify these issues by end-May.
Shares of Cordlife : P8A 0% were unchanged at S$0.19 as at 1.36 pm on Wednesday, after the company&rsquo s latest announcement.
TransGlobal takes another shot
Prior to the market open on Wednesday, the group announced that it received yet another requisition notice from its controlling shareholder, TransGlobal Real Estate Group, amid the latter&rsquo s dispute with Cordlife&rsquo s substantial shareholder Nanjing Xinjiekou Department Store.
This time, the letter was issued by Phillip Securities acting as a nominee or custodian for Haitong International Securities for TransGlobal as its underlying client.
TransGlobal was again seeking to reject proposed resolutions by Nanjing Xinjiekou in its Mar 14 notice, as well as remove two non-independent, non-executive directors &ndash Shally Chen (also known as Chen Xiaoling) and Zhai Lingyun.
Cordlife said it was considering the Mar 26 letter and intends to seek legal advice on its validity.
In its previous notice dated Mar 18, TransGlobal requested for similar resolutions to be tabled at either a specially convened extraordinary general meeting or Cordlife&rsquo s next annual general meeting.
Cordlife on Sunday said it would not be doing so after obtaining legal advice that TransGlobal itself was not a &ldquo member&rdquo of the company, and therefore not entitled to put forward any resolutions.
It would, however, table seven ordinary resolutions listed in Nanjing Xinjiekou&rsquo s Mar 14 notice, which was also issued by Phillip Securities.
This comes after Cordlife verified Phillip Securities&rsquo shareholding as nominee for Nanjing Xinjiekou.
The Mar 14 notice called for the removal of four directors &ndash acting chairman Ho Choon Hou and independent directors Yeo Hwee Tiong, Titus Cheong and Joseph Wong &ndash as well as the appointment of three individuals to the board &ndash Teo Tong Kooi, Xu Tianhong and Cai Yong.
TransGlobal&rsquo s Mar 26 letter marks the third requisition notice received by Cordlife regarding this matter. It also represents the second requisition attempt made by TransGlobal.
When board members knew about the problem bit kept quiet they were arrested, should there be more parties involved? After all, there has to be technicians or staff who are in charge of the temperatures and is doing the operations. Are they not arrested too. They report the matter to the board and they are scott free from any liabilities? How deep is this going to get? How many more need to be arrested?
Will be worst.. wait and ser
CORDLIFE Group?s chief financial officer Thet Hnin Yi was the latest to be arrested by the Commercial Affairs Department (CAD) and released on bail after four of the company?s directors and its former group chief executive, Tan Poh Lan, went through the same process.
The cord-blood bank on Wednesday (Mar 27) said Thet was also arrested in connection with investigations related to irregular temperatures in a certain cryogenic storage tank, first disclosed by the group on Nov 30, 2023.
Cordlife, however, maintained that it would ?be in the interests of the company? for Thet to remain at her post, considering how she has been with the company for about 17 years and is ?very familiar? with its historical and current financial numbers and information.
CORDLIFE Group?s chief financial officer Thet Hnin Yi was the latest to be arrested by the Commercial Affairs Department (CAD) and released on bail after four of the company?s directors and its former group chief executive, Tan Poh Lan, went through the same process.
The cord-blood bank on Wednesday (Mar 27) said Thet was also arrested in connection with investigations related to irregular temperatures in a certain cryogenic storage tank, first disclosed by the group on Nov 30, 2023.
Cordlife, however, maintained that it would ?be in the interests of the company? for Thet to remain at her post, considering how she has been with the company for about 17 years and is ?very familiar? with its historical and current financial numbers and information.
u think too much....company in deep shit, they sure low ball u if there is an offer....say they offer u 25ct, if u don accept, u continue to be stuck below 20ct....
ysh2006 ( Date: 27-Mar-2024 04:56) Posted:
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Got smoke than got fire....if got offer maybe around 30-40c possible...
moonsun ( Date: 26-Mar-2024 11:14) Posted:
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Could be wayang ?
No see any formal offer mean nothng
No see any formal offer mean nothng
ysh2006 ( Date: 26-Mar-2024 05:28) Posted:
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Cutting the cord?: The events leading up to Cordlife&rsquo s MOH suspension and arrests of its directors, former group CEO
AMID ongoing investigations into its processes and a shareholder dispute, troubled private cord-blood bank Cordlife Group : P8A -1.51% has been thrust back into the spotlight after last Friday&rsquo s (Mar 22) arrests of four directors and its former group chief executive officer.
The Business Times traces the timeline of events leading to these arrests, which are related to alleged breaches-of-disclosure obligations. These disclosures relate to irregular temperatures in its storage tanks, which led to a six-month suspension notice from the Ministry of Health (MOH) in November 2023.
Nov 2020 - Nov 2023: Movements in the dark &ndash lapses in Cordlife&rsquo s storage units, but the public is not informed
November 2020 to Nov 30, 2023: Cordlife&rsquo s cryopreserved cord-blood units in seven of 22 storage tanks are exposed to temperatures above acceptable limits at different periods.
February, March and June 2022: At least one tank (Tank A) containing 2,200 cord-blood units is exposed to temperatures beyond acceptable limits for several days in these months.
June 2022: &ldquo Certain members&rdquo of Cordlife&rsquo s management team are alerted by an employee that one tank was exposed to irregular temperatures for several days in June 2022. Upon being notified, they take immediate action and carry out internal investigations processes are later &ldquo strengthened&rdquo .
September 2022: Cordlife is inspected by MOH as part of a biennial routine inspection. MOH does not find any lapses relating to storage tank temperatures, and Cordlife does not disclose any incidents to MOH.
February 2023: Cordlife&rsquo s board is informed of the June 2022 incident. The board assesses the incident, and says there would be &ldquo no material impact&rdquo on the financial performance of the group for FY2022 and FY2023. External auditors are also informed.
Jun 26, 2023: Shares of Cordlife hit a three-year high amid heavy trading, after the company says it is aware of a possible transaction between Cradle Investments and a third party, which may lead to an offer for its shares. The counter closes up 20.5 per cent at S$0.50.
Jul 24, 2023: MOH receives a complaint from a member of the public alleging that cord-blood units stored in one of Cordlife&rsquo s tanks had been exposed to temperatures above 0 degrees Celsius.
Aug 15, 2023: MOH conducts an unannounced audit on Cordlife. Cordlife finds out about the irregular temperature exposure in Tank A and another tank in February and March 2022.
Aug to Nov 2023: MOH inspectors call Cordlife on multiple occasions to request and clarify documents, as well as to seek further explanation.
Sep 13, 2023: Cordlife says the possible transaction announced in June in relation to its shares is not on the table any more.
Oct 27, 2023: Group CEO and executive director Tan Poh Lan resigns to pursue &ldquo personal interests&rdquo . Her last day is stated to be Mar 31, 2024.
Nov 16 to 21, 2023: MOH conducts further unannounced audits on Cordlife.
Nov 2023 - Jan 2024: Lapses come to light, regulatory investigations begin
Nov 30, 2023: MOH slaps Cordlife with a six-month suspension from collecting, testing, processing and/or storing new cord blood and human tissues. The company is also not allowed to provide any new types of tests to patients. The suspension is to start two weeks from Nov 30.
MOH says seven of the 22 tanks at Cordlife were exposed to temperatures above acceptable limits at different periods from November 2020. Samples from Tank A are tested by Cordlife, and an independent expert panel concludes its cord-blood units have been damaged.
Oct 1, 2023: Cordlife shares drop as much as 42.9 per cent in early trading to near the lowest level since its listing in 2012. It closes down 32 per cent, or S$0.145, at S$0.31.
Cordlife begins sending e-mails to customers on the storage lapses. In an e-mail seen by BT, the company commits to finding a replacement for customers whose stored cord blood has been deemed unsuitable for use in required treatment.
Dec 5, 2023: Cordlife updates shareholders that its accreditation by the Foundation for the Accreditation of Cellular Therapy has been suspended with immediate effect, at least until the foundation&rsquo s investigations are completed and issues are resolved.
Dec 7, 2023: Cordlife informs shareholders that the suspension of accreditation from the Foundation for the Accreditation of Cellular Therapy will not impact its storage of cord blood.
It also says the Association for the Advancement of Blood & Biotherapies is conducting an internal investigation into Cordlife on the issues uncovered by MOH. As part of the ongoing investigation, the association is continuing to collect relevant information to inform next steps regarding the accreditation status of Cordlife&rsquo s facility.
Dec 8, 2023: In a Facebook post, Minister for Health Ong Ye Kung says investigations into Cordlife could take another six weeks. The ministry supervises Cordlife&rsquo s banking activities and inventory in the interim. Ong advises parents to hold off on transferring their cord-blood units until investigations are completed.
Dec 10, 2023: Cordlife responds to queries from Singapore Exchange Regulation about the lack of announcements about the temperature breaches and process lapses.
Dec 13, 2023: Cordlife accepts MOH&rsquo s notice and says it will not be making written representations.
Dec 15, 2023: Cordlife&rsquo s six-month suspension begins.
Jan 10, 2024: In response to questions in Parliament, Senior Minister of State for Health Janil Puthucheary says MOH will review the regulatory requirements for cord-blood banking providers. The regulatory requirements to be reviewed include the frequency of inspections and other aspects of inspections, as well as monitoring and reporting requisites.
Jan 15, 2024: A report prepared by Cordlife in response to private queries from Singapore Exchange Regulation finds that the temperature at one storage tank reached as high as 20.4 deg C in 2021.
Jan 17, 2024: Cordlife says it will send cord-blood samples from all seven affected tanks to a third-party laboratory by Jan 18. The company says each sample batch may take three to six weeks to be completed, depending on whether a repeat test of samples from the same tank is needed.
Jan 23, 2024: MOH says it has found three more lapses at Cordlife, regarding cord-blood processing methods, the temperature monitoring system and preventive maintenance. Cordlife will be required to rectify these &ldquo potential non-compliances&rdquo by end-May.
Meanwhile, Robust Plan and its beneficial owner Shanghai Dunheng Capital Management ceases to be a substantial shareholder of Cordlife after selling 4.6 million shares for S$1.5 million.
Jan 26, 2024: MOH estimates that the results of the tests on the samples will be available by end-March.
Feb 5, 2024: Around this time, Cordlife begins offering refunds to affected customers whose cord-blood units were damaged.
Feb - Mar 2024: Leadership changes and arrests
Feb 19, 2024: Cordlife announces that Yiu Pang Fai, a former TransGlobal unit executive director, will take over as group CEO. Former group chief Tan&rsquo s last day at the company is brought forward to Feb 19.
Feb 23, 2024: Cordlife receives a letter from SAC Capital sent on behalf of substantial shareholder Nanjing Xinjiekou Department Store, stating it is mulling making an offer for shares of Cordlife it does not already own. Cordlife elects not to disclose the letter, as there is no strict requirement under the listing rules to do so in the event there is no unusual trading activity of the company&rsquo s shares at the relevant time.
Feb 27, 2024: Cordlife guides for a 25 to 30 per cent slide in net profit for the financial year ended Dec 31, 2023. It adds that the impact could be greater if findings of the ongoing investigations confirm that more tanks were adversely affected by the temperature breaches.
Feb 29, 2024: Cordlife director Joseph Wong steps down from his role as chair, but remains an independent director. Vice-chair Ho Choon Hou is appointed acting chairman.
Cordlife&rsquo s board reaffirms Yiu&rsquo s appointment as group CEO, but notes that two directors &ndash Chen Xiaoling and Zhai Lingyun &ndash have expressed reservations on his appointment and abstained from the vote.
Cordlife posts a net profit decline of 50.3 per cent year on year to S$1.5 million for H2 FY2023. Its full-year net profit falls 24 per cent to S$3.7 million.
The group also announces the set-up of a new subsidiary in Vietnam.
Mar 14, 2024: Cordlife calls for a trading halt pending an announcement, after its shares fall 6.3 per cent or S$0.15 to S$0.225.
Mar 21, 2024: Amid a trading halt, Cordlife says it has received separate extraordinary general meeting requisition notices from two substantial shareholders &ndash Nanjing Xinjiekou and TransGlobal Real Estate Group &ndash calling for the removal of certain directors.
Mar 22, 2024: Cordlife discloses that four directors and former group CEO Tan have been arrested by the Commercial Affairs Department (CAD) and released on bail. CAD has also asked chief financial officer Thet Hnin Yi to assist in investigations, and has issued a notice for four other directors to attend an interview on Apr 2.
In the evening after the announcement, Cordlife posts a letter to shareholders from group CEO Yiu, affirming that the company is working with experts to introduce &ldquo stringent measures&rdquo to enhance operational standards. It is also focusing on a rectification plan to have the six-month suspension lifted.
Cordlife receives a second letter from SAC Capital, confirming that Nanjing Xinjiekou is reviewing its shareholding in the cord-blood bank but has not expressed a firm intention to make an offer.
Mar 24, 2024: Cordlife says it will table the resolutions proposed by Nanjing Xinjiekou, but not those proposed by TransGlobal Real Estate Group, as the latter is not a &ldquo member&rdquo of Cordlife as defined by the Companies Act. Cordlife discloses the two requisition notices, as well as the two letters from SAC Capital.
The company said someone possible in Feb this year make a offer to buy the company but haven't confirm yet.....?
Not vested but for those who still have.....DYODD
UPDATE ON REQUISITION NOTICES
The board of directors (the " Board" ) of Cordlife Group Limited (the " Company" ) refers to its announcement dated 21 March 2024 in relation to, among others, the requisition notices received by the Company (" 21 March 2024 Announcement" ). Unless otherwise defined, all capitalised terms used herein shall bear the same meanings as in the 21 March 2024 Announcement. 1. FIRST REQUISITION NOTICE In relation to the First Requisition Notice, the Company has verified the shareholding of Phillip Securities as nominee of NJXJK (the " First Requisitioning Member" ), and has confirmed that the First Requisition Notice has been deposited at the registered office of the Company. A copy of the First Requisition Notice, including the accompanying Appendix which sets out the First Requisitioning Member' s grounds for the resolutions set out in the First Requisition, is enclosed in Annex A to this announcement. With respect to paragraph 1(a) of the Appendix to the First Requisition Notice which makes reference to a letter dated 23 February 2024 sent by SAC Capital Private Limited (" SAC Capital" ) on NJXJK' s behalf to the Company (the " First SAC Letter" ), the Board wishes to update shareholders of the Company (" Shareholders" ) of the following: (a)
The Company had on 23 February 2024 received the First SAC Letter notifying that NJXJK is currently reviewing its shareholding in the Company with the possibility of making an offer (either by itself or through its related companies) for the ordinary shares in the capital of the Company, other than those already owned, controlled or agreed to be acquired by NJXJK and parties acting in concert with NJXJK (the " Potential Offer" ), and SAC Capital is acting as financial adviser to NJXJK in relation to the Potential Offer. (b) The First SAC Letter stated that no firm decision has been reached by NJXJK as to whether or not to make the Potential Offer and there is no certainty or assurance that any such offer would be made. In addition, the First SAC Letter provides that nothing in the First SAC Letter shall be construed as NJXJK having a firm intention to make an offer for shares in the Company under the Singapore Code on Take-overs and Mergers (the " Code" ). (c) The First SAC Letter also states that NJXJK will inform the Company of any material updates and in the meantime, NJXJK wishes to highlight for the attention of the Board, Rule 5 of the Code. (d) Under the Code, following an approach to the board of an offeree company which may or may not lead to an offer, the primary responsibility for making an announcement will normally rest with the board of the offeree company. In particular, an announcement is required when the offeree company is the subject of rumour or speculation about a possible offer, or there is undue movement in its share price or a significant increase in the volume of share turnover, whether or not there is a firm intention to make an offer. A movement of approximately 20% above the lowest share price since the time of the approach or above an appropriate market index should be regarded as untoward. (e) Upon receipt of the First SAC Letter, the Board had obtained legal advice stating, among others, that if Rule 703(3) of the listing rules of the Singapore Exchange Securities Trading Limited (" SGX Listing Rules" ) was applicable and there was no unusual trading activity of the Company' s shares at the relevant time, there was no strict requirement under the SGX Listing Rules or the Code for the Board to make an announcement on the receipt of the First SAC Letter. Nonetheless, the Board can also opt to voluntarily release an announcement on the First SAC Letter. (f) The Company had subsequently received a letter dated 22 March 2024 from SAC Capital (the " Second SAC Letter" , and together with the First SAC Letter, the " SAC Letters" ) updating that as of the date of the Second SAC Letter, NJXJK is currently still reviewing the Potential Offer. The Second SAC Letter further repeats the points set out in paragraphs (b) and (c) above from the First SAC Letter. Mr Zhai Lingyun and Ms Chen Xiaoling, both of whom are Non-Independent Non-Executive Directors of the Company, are nominee directors of NJXJK. In this regard, both Mr Zhai Lingyun and Ms Chen Xiaoling have recused themselves from all deliberations and decisions of the Company relating to the First Requisition Notice and the SAC Letters. Save as disclosed in the foregoing paragraph, and other than their respective interests arising by way of their shareholdings and/or directorships in the Company, none of the Directors and the substantial shareholders of the Company whose interests such Directors represent (if any) or their associates have any interest, direct or indirect, in the matters set out in the SAC Letters. The Company will proceed to commence preparations to convene an EGM or table the resolutions in the First Requisition Notice at the AGM (as the case may be) pursuant to the First Requisition Notice and the Companies Act 1967 of Singapore (" Companies Act" ) in due course, and will update Shareholders as and when there are further developments.
UPDATE ON REQUISITION NOTICES
The board of directors (the " Board" ) of Cordlife Group Limited (the " Company" ) refers to its announcement dated 21 March 2024 in relation to, among others, the requisition notices received by the Company (" 21 March 2024 Announcement" ). Unless otherwise defined, all capitalised terms used herein shall bear the same meanings as in the 21 March 2024 Announcement. 1. FIRST REQUISITION NOTICE In relation to the First Requisition Notice, the Company has verified the shareholding of Phillip Securities as nominee of NJXJK (the " First Requisitioning Member" ), and has confirmed that the First Requisition Notice has been deposited at the registered office of the Company. A copy of the First Requisition Notice, including the accompanying Appendix which sets out the First Requisitioning Member' s grounds for the resolutions set out in the First Requisition, is enclosed in Annex A to this announcement. With respect to paragraph 1(a) of the Appendix to the First Requisition Notice which makes reference to a letter dated 23 February 2024 sent by SAC Capital Private Limited (" SAC Capital" ) on NJXJK' s behalf to the Company (the " First SAC Letter" ), the Board wishes to update shareholders of the Company (" Shareholders" ) of the following: (a)
The Company had on 23 February 2024 received the First SAC Letter notifying that NJXJK is currently reviewing its shareholding in the Company with the possibility of making an offer (either by itself or through its related companies) for the ordinary shares in the capital of the Company, other than those already owned, controlled or agreed to be acquired by NJXJK and parties acting in concert with NJXJK (the " Potential Offer" ), and SAC Capital is acting as financial adviser to NJXJK in relation to the Potential Offer. (b) The First SAC Letter stated that no firm decision has been reached by NJXJK as to whether or not to make the Potential Offer and there is no certainty or assurance that any such offer would be made. In addition, the First SAC Letter provides that nothing in the First SAC Letter shall be construed as NJXJK having a firm intention to make an offer for shares in the Company under the Singapore Code on Take-overs and Mergers (the " Code" ). (c) The First SAC Letter also states that NJXJK will inform the Company of any material updates and in the meantime, NJXJK wishes to highlight for the attention of the Board, Rule 5 of the Code. (d) Under the Code, following an approach to the board of an offeree company which may or may not lead to an offer, the primary responsibility for making an announcement will normally rest with the board of the offeree company. In particular, an announcement is required when the offeree company is the subject of rumour or speculation about a possible offer, or there is undue movement in its share price or a significant increase in the volume of share turnover, whether or not there is a firm intention to make an offer. A movement of approximately 20% above the lowest share price since the time of the approach or above an appropriate market index should be regarded as untoward. (e) Upon receipt of the First SAC Letter, the Board had obtained legal advice stating, among others, that if Rule 703(3) of the listing rules of the Singapore Exchange Securities Trading Limited (" SGX Listing Rules" ) was applicable and there was no unusual trading activity of the Company' s shares at the relevant time, there was no strict requirement under the SGX Listing Rules or the Code for the Board to make an announcement on the receipt of the First SAC Letter. Nonetheless, the Board can also opt to voluntarily release an announcement on the First SAC Letter. (f) The Company had subsequently received a letter dated 22 March 2024 from SAC Capital (the " Second SAC Letter" , and together with the First SAC Letter, the " SAC Letters" ) updating that as of the date of the Second SAC Letter, NJXJK is currently still reviewing the Potential Offer. The Second SAC Letter further repeats the points set out in paragraphs (b) and (c) above from the First SAC Letter. Mr Zhai Lingyun and Ms Chen Xiaoling, both of whom are Non-Independent Non-Executive Directors of the Company, are nominee directors of NJXJK. In this regard, both Mr Zhai Lingyun and Ms Chen Xiaoling have recused themselves from all deliberations and decisions of the Company relating to the First Requisition Notice and the SAC Letters. Save as disclosed in the foregoing paragraph, and other than their respective interests arising by way of their shareholdings and/or directorships in the Company, none of the Directors and the substantial shareholders of the Company whose interests such Directors represent (if any) or their associates have any interest, direct or indirect, in the matters set out in the SAC Letters. The Company will proceed to commence preparations to convene an EGM or table the resolutions in the First Requisition Notice at the AGM (as the case may be) pursuant to the First Requisition Notice and the Companies Act 1967 of Singapore (" Companies Act" ) in due course, and will update Shareholders as and when there are further developments.
https://www.asiaone.com/excordlife-ceo-says-claims-he-left-over-pay-rift-are-inaccurate
cmengchan ( Date: 24-Mar-2024 17:09) Posted:
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I don' t own any Cordlife shares now, last exited all my holdings almost 10 years ago. However, I have been monitoring this counter recently, post-Covid as I think their business moat is strong and the dividend yield looks secured too. Only problem was low liquidity.
In 2016, the Cordlife ex-CEO (Jeremy Yee) was performing well, but was suddenly ousted under very weird circumstances. The explanation from Cordlife BOD did not match the ex-CEO' s. The share price dropped, but I was hesitant reinvesting again. The feeling is that there was some internal conflict, issues or hidden agenda. The BOD actions did seemed transparent and explanation given has gaps.
Jeremy Yee said " he was faced with two options set by the private cord-blood banking firm - to leave or be removed" .
Cordlife official statement was " Mr Yee had not wanted to renegotiate new employment terms."
Dr Ho Choon Hou was the chairman when ex-CEO was ousted. He is now the acting Chairman, one of those arrested by CAD.
https://www.businesstimes.com.sg/companies-markets/cordlife-ex-ceo-tells-his-side-story
Dr Goh Jin Hian (son of former prime minister Goh Chok Tong) was the independent director then.
However, he stepped down from Chairman role in Oct 2020 as he was being sued
https://www.straitstimes.com/business/companies-markets/goh-jin-hian-steps-down-as-cordlife-chairman
Bottom line, the explanation has been fishy. I also felt uncomfortable with actions/comms from the directors. Hence, did not invest in Cordlife yet.
Hope the MOH audit and CAD investigation will give a clearer picture.
In 2016, the Cordlife ex-CEO (Jeremy Yee) was performing well, but was suddenly ousted under very weird circumstances. The explanation from Cordlife BOD did not match the ex-CEO' s. The share price dropped, but I was hesitant reinvesting again. The feeling is that there was some internal conflict, issues or hidden agenda. The BOD actions did seemed transparent and explanation given has gaps.
Jeremy Yee said " he was faced with two options set by the private cord-blood banking firm - to leave or be removed" .
Cordlife official statement was " Mr Yee had not wanted to renegotiate new employment terms."
Dr Ho Choon Hou was the chairman when ex-CEO was ousted. He is now the acting Chairman, one of those arrested by CAD.
https://www.businesstimes.com.sg/companies-markets/cordlife-ex-ceo-tells-his-side-story
Dr Goh Jin Hian (son of former prime minister Goh Chok Tong) was the independent director then.
However, he stepped down from Chairman role in Oct 2020 as he was being sued
https://www.straitstimes.com/business/companies-markets/goh-jin-hian-steps-down-as-cordlife-chairman
Bottom line, the explanation has been fishy. I also felt uncomfortable with actions/comms from the directors. Hence, did not invest in Cordlife yet.
Hope the MOH audit and CAD investigation will give a clearer picture.
Dont worry. Regulators dont all out to kill. Unless its useless beauty services like slimming..
Medical services is welcomed vy govt.
Medical services is welcomed vy govt.
cmengchan ( Date: 23-Mar-2024 20:15) Posted:
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This is a big business, storage of baby cord for prevention of any sickness for their sibling, I am surprise under Singapore gov there are monkey management around. NKF, city harvest church, example not listed. Even the first world country still got this
ysh2006 ( Date: 24-Mar-2024 10:20) Posted:
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No risk no return just like Sembawang Marine maybe two years later a new life emerged ?
cmengchan ( Date: 23-Mar-2024 20:15) Posted:
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I think the biggest risk is that Cordlife loses the MOH licence for Singapore and they no longer can provide such healthcare services. It depends on how well they can recover and address all the operational gaps.
A six-month suspension notice from the Ministry of Health. & at least a year restoration of public confidence & operation. The business is as good as almost gone. TP 0.10.
$0. I am serious.
If losses from lawsuits, onerous compliance processes to be implemented, loss of customers, etc accumulate to the point where Cordlife can no longer operate, it will go into insolvency. Shareholders are last in line for any payout from liquidation (usually $0).
If losses from lawsuits, onerous compliance processes to be implemented, loss of customers, etc accumulate to the point where Cordlife can no longer operate, it will go into insolvency. Shareholders are last in line for any payout from liquidation (usually $0).
ysh2006 ( Date: 23-Mar-2024 05:47) Posted:
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