VibroPower    Last:0.046   -

Vibropower EGM

Avoid, because of the uncertainty surrounding the fate of the directors of this company. 
Sell, because the company' s track record is very poor.
Review when board is firmed up.
But the general rule for such a  situation is : sell now and ask questions later.

Immotion      ( Date: 25-Oct-2020 07:46) Posted: Why sell now and avoid? Care to share? St.Maximus      ( Date: 24-Oct-2020 19:01) Posted: Avoid this stock. Sell and ask questions later.

 

Why sell now and avoid? Care to share?

St.Maximus      ( Date: 24-Oct-2020 19:01) Posted: Avoid this stock. Sell and ask questions later.

 

Then Buy ahead of Chen Siew Meng and not at 13 cents. Buy all up including the Wongs. Will they sell at 26 cents 1 bagger? CEO said placement is to raise cash so the Wongs are investors, they will sell??

hongchangcc      ( Date: 24-Oct-2020 17:35) Posted: Does CEO Ben Chng even knows about Chng? They are " super millionaire," " no issue to thumb down Chng," skins in the game. Father and brother helping Is CEO vibropower telling the truth? Skins in the game

 

Avoid this stock. Sell and ask questions later.

 

Does CEO Ben Chng even knows about Chng? They are " super millionaire," " no issue to thumb down Chng," skins in the game. Father and brother helping

Is CEO vibropower telling the truth?

Skins in the game

 

Now Vibropower price is ~60% discount from NTA, so price is so cheap. If it is really what claim as take over, the why talk so much or target one another, use action to do the talking. If that is worth yours efforts.

hongchangcc      ( Date: 24-Oct-2020 00:03) Posted: Date: 23 October 2020  VibroPower Corporation Limited 11 Tuas Avenue 16 Singapore 638929  Attention: The Board of Directors  Dear Sirs/Madams,  REQUISITION TO CONVENE AN EXTRAORDINARY GENERAL MEETING PURSUANT TO SECTION 176 OF THE COMPANIES ACT (CHAPTER 50) OF SINGAPORE  Dear fellow shareholders. I am a shareholder holding about 18% of the total issued shares of the Company and the founder of the Company since its establishment in 1995. I am also an executive director and the Chief Executive Officer of the Company. I was first appointed to these positions on 23 May 2000 when the Company was listed on the Singapore Stock Exchange.  I am making these representations in response to the requisition made by Mr. Cling Beng Hock (Chng) and his cousin, Mr. Lim Eng Tiong (Lim) to, inter alia, remove me as a director of the Company. They have sent the Company a requisition notice to convene an Extraordinary General Meeting of the Company (' ' EGM' ' ) to replace the entire Board with Chng and his 2 nominees as the new Board of the Company. In other words, Chng and Lim in effect seek to take over the Company without having to make a general offer to all shareholders at a fair price. I would like to share my thoughts on Chng and Lim' s actions in this letter.  1. Chng has not made any concrete complaint against the present Board, and what I believe is his real motive behind these requisitions.  1.1  In their first requisition notice dated 14 September 2020, Chng and his cousin claimed that they were seeking to stop a placement that the Company was undertaking and to take over the entire board of the Company because of the " worrying performance and development of the Company."   1.2 Shareholders should note that Chng and his cousin are not long-time shareholders alarmed by recent affairs of the Company as they claim. Chng only became a shareholder of the Company sometime in October 2019 after the Company announced its rights cum warrants issue on 1 October 2019. By the end of October 2019, Chng had become a shareholder, holding about 240,000 shares at the time, but I understand he purchased a large amount of warrants and also subscribed for excess rights cum warrants compared to the number of shares he held at the time. These warrants entitle him to subscribe for new shares in the Company at only 10 cents per share. Urn became a shareholder of the Company only sometime in December 2019. Both Chng and later his cousin continued to buy shares of the Company with full knowledge of the shareholders' approval given for the Company' s general share issue mandate which they now apparently take issue with.  1.3 The COVID-19 pandemic started in early 2020 and all industries across the board were adversely affected, not just our Company. If Chng and his cousin were so worried or dissatisfied about the performance of our Company, then they would not, and should not have bought into the Company at all or continued to buy shares and warrants of the Company. In fact, by the time Chng and his cousin Lim sent their first notice of requisition dated 14 September 2020, they had increased their shareholding 37.38 times more to 8,996,250 shares from the 240,700 that Chng initially held. Far from being worried about the Company' s performance and development as they have claimed, Chng and his cousin Lim have been increasing their stake in the Company. What were they planning? Were the interests of the Company or its shareholders included in their plan, or were Chng and his cousin Lim only interested in their own agenda?  SpinAround      ( Date: 23-Oct-2020 20:01) Posted: You said he respond. SGX posting Founding member Chen responded with Director Representation. And... Chen Siew Meng recently become substantial shareholder start buying in market to shore up their camp power.... Not quiet anymore, where Immotion says no action.

 

CEO Benedict Chen is probably trying to sway the sentiment....but given the Company' s performance for past 3 years and so many lurking questions on the actions taken, it is TIME for CHANGE!!!

 

Yep. Do note that this is not full document, karchongg is only able to copy limited amount due to ?word limit?. all the shareholders in the skins in the game do not assume that this is all the document. Tks

Immotion      ( Date: 24-Oct-2020 07:11) Posted: This is not full document, it is a long 5 pages document. Only slamming on Chng and gangs, what is his agenda...etc No appeal to minority shareholders about what he is planning to improve performance, everything is moving so slowly. Covid 19 is an excuse, other business turn it into opportunity. Poor results come before Covid set in. Look at what happened to Vibropower under current management when shareholders equity dropped from 23 to 13 mil, yearly results are mediocre or making losses, why stock trading at this price way below NTA for so long & stock Price/ value lost more 90%. Yes, value lost is what shareholders most concern. Address it clearly with his plan how to turn the business around and shareholders will not vote other way. He talk about Chng is not coming clean with a clear business idea to improve Vibropower. This is true so far not very clearly explained by Chng. Maybe a respond that Chng is preparing now can answer this question. How he can improve shareholders value and Vibropower stock price. hongchangcc      ( Date: 24-Oct-2020 00:03) Posted: Date: 23 October 2020  VibroPower Corporation Limited 11 Tuas Avenue 16 Singapore 638929  Attention: The Board of Directors  Dear Sirs/Madams,  REQUISITION TO CONVENE AN EXTRAORDINARY GENERAL MEETING PURSUANT TO SECTION 176 OF THE COMPANIES ACT (CHAPTER 50) OF SINGAPORE  Dear fellow shareholders. I am a shareholder holding about 18% of the total issued shares of the Company and the founder of the Company since its establishment in 1995. I am also an executive director and the Chief Executive Officer of the Company. I was first appointed to these positions on 23 May 2000 when the Company was listed on the Singapore Stock Exchange.  I am making these representations in response to the requisition made by Mr. Cling Beng Hock (Chng) and his cousin, Mr. Lim Eng Tiong (Lim) to, inter alia, remove me as a director of the Company. They have sent the Company a requisition notice to convene an Extraordinary General Meeting of the Company (' ' EGM' ' ) to replace the entire Board with Chng and his 2 nominees as the new Board of the Company. In other words, Chng and Lim in effect seek to take over the Company without having to make a general offer to all shareholders at a fair price. I would like to share my thoughts on Chng and Lim' s actions in this letter.  1. Chng has not made any concrete complaint against the present Board, and what I believe is his real motive behind these requisitions.  1.1  In their first requisition notice dated 14 September 2020, Chng and his cousin claimed that they were seeking to stop a placement that the Company was undertaking and to take over the entire board of the Company because of the " worrying performance and development of the Company."   1.2 Shareholders should note that Chng and his cousin are not long-time shareholders alarmed by recent affairs of the Company as they claim. Chng only became a shareholder of the Company sometime in October 2019 after the Company announced its rights cum warrants issue on 1 October 2019. By the end of October 2019, Chng had become a shareholder, holding about 240,000 shares at the time, but I understand he purchased a large amount of warrants and also subscribed for excess rights cum warrants compared to the number of shares he held at the time. These warrants entitle him to subscribe for new shares in the Company at only 10 cents per share. Urn became a shareholder of the Company only sometime in December 2019. Both Chng and later his cousin continued to buy shares of the Company with full knowledge of the shareholders' approval given for the Company' s general share issue mandate which they now apparently take issue with.  1.3 The COVID-19 pandemic started in early 2020 and all industries across the board were adversely affected, not just our Company. If Chng and his cousin were so worried or dissatisfied about the performance of our Company, then they would not, and should not have bought into the Company at all or continued to buy shares and warrants of the Company. In fact, by the time Chng and his cousin Lim sent their first notice of requisition dated 14 September 2020, they had increased their shareholding 37.38 times more to 8,996,250 shares from the 240,700 that Chng initially held. Far from being worried about the Company' s performance and development as they have claimed, Chng and his cousin Lim have been increasing their stake in the Company. What were they planning? Were the interests of the Company or its shareholders included in their plan, or were Chng and his cousin Lim only interested in their own agenda?

 

This is not full document, it is a long 5 pages document.
Only slamming on Chng and gangs, what is his agenda...etc
No appeal to minority shareholders about what he is planning to improve performance, everything is moving so slowly. Covid 19 is an excuse, other business turn it into opportunity. Poor results come before Covid set in.
Look at what happened to Vibropower under current management when shareholders equity dropped from 23 to 13 mil, yearly results are mediocre or making losses, why stock trading at this price way below NTA for so long & stock Price/ value lost more 90%. Yes, value lost is what shareholders most concern. Address it clearly with his plan how to turn the business around and shareholders will not vote other way.
He talk about Chng is not coming clean with a clear business idea to improve Vibropower. This is true so far not very clearly explained by Chng.
Maybe a respond that Chng is preparing now can answer this question. How he can improve shareholders value and Vibropower stock price.

hongchangcc      ( Date: 24-Oct-2020 00:03) Posted: Date: 23 October 2020  VibroPower Corporation Limited 11 Tuas Avenue 16 Singapore 638929  Attention: The Board of Directors  Dear Sirs/Madams,  REQUISITION TO CONVENE AN EXTRAORDINARY GENERAL MEETING PURSUANT TO SECTION 176 OF THE COMPANIES ACT (CHAPTER 50) OF SINGAPORE  Dear fellow shareholders. I am a shareholder holding about 18% of the total issued shares of the Company and the founder of the Company since its establishment in 1995. I am also an executive director and the Chief Executive Officer of the Company. I was first appointed to these positions on 23 May 2000 when the Company was listed on the Singapore Stock Exchange.  I am making these representations in response to the requisition made by Mr. Cling Beng Hock (Chng) and his cousin, Mr. Lim Eng Tiong (Lim) to, inter alia, remove me as a director of the Company. They have sent the Company a requisition notice to convene an Extraordinary General Meeting of the Company (' ' EGM' ' ) to replace the entire Board with Chng and his 2 nominees as the new Board of the Company. In other words, Chng and Lim in effect seek to take over the Company without having to make a general offer to all shareholders at a fair price. I would like to share my thoughts on Chng and Lim' s actions in this letter.  1. Chng has not made any concrete complaint against the present Board, and what I believe is his real motive behind these requisitions.  1.1  In their first requisition notice dated 14 September 2020, Chng and his cousin claimed that they were seeking to stop a placement that the Company was undertaking and to take over the entire board of the Company because of the " worrying performance and development of the Company."   1.2 Shareholders should note that Chng and his cousin are not long-time shareholders alarmed by recent affairs of the Company as they claim. Chng only became a shareholder of the Company sometime in October 2019 after the Company announced its rights cum warrants issue on 1 October 2019. By the end of October 2019, Chng had become a shareholder, holding about 240,000 shares at the time, but I understand he purchased a large amount of warrants and also subscribed for excess rights cum warrants compared to the number of shares he held at the time. These warrants entitle him to subscribe for new shares in the Company at only 10 cents per share. Urn became a shareholder of the Company only sometime in December 2019. Both Chng and later his cousin continued to buy shares of the Company with full knowledge of the shareholders' approval given for the Company' s general share issue mandate which they now apparently take issue with.  1.3 The COVID-19 pandemic started in early 2020 and all industries across the board were adversely affected, not just our Company. If Chng and his cousin were so worried or dissatisfied about the performance of our Company, then they would not, and should not have bought into the Company at all or continued to buy shares and warrants of the Company. In fact, by the time Chng and his cousin Lim sent their first notice of requisition dated 14 September 2020, they had increased their shareholding 37.38 times more to 8,996,250 shares from the 240,700 that Chng initially held. Far from being worried about the Company' s performance and development as they have claimed, Chng and his cousin Lim have been increasing their stake in the Company. What were they planning? Were the interests of the Company or its shareholders included in their plan, or were Chng and his cousin Lim only interested in their own agenda?  SpinAround      ( Date: 23-Oct-2020 20:01) Posted: You said he respond. SGX posting Founding member Chen responded with Director Representation. And... Chen Siew Meng recently become substantial shareholder start buying in market to shore up their camp power.... Not quiet anymore, where Immotion says no action.

 

Date: 23 October 2020 
VibroPower Corporation Limited 11 Tuas Avenue 16 Singapore 638929 
Attention: The Board of Directors 
Dear Sirs/Madams, 
REQUISITION TO CONVENE AN EXTRAORDINARY GENERAL MEETING PURSUANT TO SECTION 176 OF THE COMPANIES ACT (CHAPTER 50) OF SINGAPORE  Dear fellow shareholders. I am a shareholder holding about 18% of the total issued shares of the Company and the founder of the Company since its establishment in 1995. I am also an executive director and the Chief Executive Officer of the Company. I was first appointed to these positions on 23 May 2000 when the Company was listed on the Singapore Stock Exchange. 
I am making these representations in response to the requisition made by Mr. Cling Beng Hock (Chng) and his cousin, Mr. Lim Eng Tiong (Lim) to, inter alia, remove me as a director of the Company. They have sent the Company a requisition notice to convene an Extraordinary General Meeting of the Company (' ' EGM' ' ) to replace the entire Board with Chng and his 2 nominees as the new Board of the Company. In other words, Chng and Lim in effect seek to take over the Company without having to make a general offer to all shareholders at a fair price. I would like to share my thoughts on Chng and Lim' s actions in this letter. 

1. Chng has not made any concrete complaint against the present Board, and what I believe is his real motive behind these requisitions. 
1.1 
In their first requisition notice dated 14 September 2020, Chng and his cousin claimed that they were seeking to stop a placement that the Company was undertaking and to take over the entire board of the Company because of the " worrying performance and development of the Company."  
1.2 Shareholders should note that Chng and his cousin are not long-time shareholders alarmed by recent affairs of the Company as they claim. Chng only became a shareholder of the Company sometime in October 2019 after the Company announced its rights cum warrants issue on 1 October 2019. By the end of October 2019, Chng had become a shareholder, holding about 240,000 shares at the time, but I understand he purchased a large amount of warrants and also subscribed for excess rights cum warrants compared to the number of shares he held at the time. These warrants entitle him to subscribe for new shares in the Company at only 10 cents per share. Urn became a shareholder of the Company only sometime in December 2019. Both Chng and later his cousin continued to buy shares of the Company with full knowledge of the shareholders' approval given for the Company' s general share issue mandate which they now apparently take issue with. 
1.3 The COVID-19 pandemic started in early 2020 and all industries across the board were adversely affected, not just our Company. If Chng and his cousin were so worried or dissatisfied about the performance of our Company, then they would not, and should not have bought into the Company at all or continued to buy shares and warrants of the Company. In fact, by the time Chng and his cousin Lim sent their first notice of requisition dated 14 September 2020, they had increased their shareholding 37.38 times more to 8,996,250 shares from the 240,700 that Chng initially held. Far from being worried about the Company' s performance and development as they have claimed, Chng and his cousin Lim have been increasing their stake in the Company. What were they planning? Were the interests of the Company or its shareholders included in their plan, or were Chng and his cousin Lim only interested in their own agenda? 

SpinAround      ( Date: 23-Oct-2020 20:01) Posted: You said he respond. SGX posting Founding member Chen responded with Director Representation. And... Chen Siew Meng recently become substantial shareholder start buying in market to shore up their camp power.... Not quiet anymore, where Immotion says no action. hongchangcc      ( Date: 23-Oct-2020 16:54) Posted: Just curiosity...can any teacher share the link of the vibropower last AGM here? I want to see what qns CHNG pose and MORE IMPORTANTLY what the board said, They have been VERY QUIET. Skins in the game

 

Bro WBullish, did you see the Director Representation? Any thoughts? Or you waiting for Karl?

 

Many other questions lurking in the background that the current Board of Vibropower needs to address:

1. Why engage Lead Independent Director as the lawyer in the lawsuit against others?   No other competent lawyers to help the Company?
Vibropower in his latest half year results stated that Administrative expenses increased by 7.1% was mainly due to legal fees incurred of approximately S$0.2 million for an ongoing litigation case announced previously.  
https://links.sgx.com/FileOpen/VibroPower%20Corporation%20Ltd%20Announcement%20for%20HY2020%20_14.8.20_R.ashx?App=Announcement& FileID=628002

2. Why proposed EGM resolution 9 - Share issue mandate? Company need more funds? Haven' t the board seen the impact of previous share placement (which was introduced by CEO Benedict Chen)?  

3. In May 2020, SIAS asked about the Interested Parties Transactions (where Vibropower had sales of $2.8 million in the financial year with Mason Industries Pte Ltd and Wizdenki Pte Ltd.)
These 2 companies are owned by the Brother of CEO Benedict Chen..
https://links.sgx.com/FileOpen/VCL_Annt_100520.ashx?App=Announcement& FileID=609997
Interestingly, Mason Industries is just 2 min walk from Vibropower (info from GOOGLE MAP).

 

  Take note Vibropower Shareholders,  PROXY FORM for the EGM to be submitted by 7 November 2020 at 9.00 a.m.

Support CHNG for the Company! Bring Positive Change to Vibropower!

The Proxy Form must be submitted to the Company in the following manners:
(i) if submitted by post, be deposited at the registered office of the Company at 11 Tuas Avenue 16, Singapore 638929 or
(ii) if submitted electronically, be submitted via email in Portable Document Format (PDF) format to the Company at [email protected].

 

I don?t know how to link here. Just go to SGX announcement, everything there

 

Bro can you share the link to the Director Representation? I cannot seems to see it, I can see Chen Siew Meng buying

Skins in the game

SpinAround      ( Date: 23-Oct-2020 20:01) Posted: You said he respond. SGX posting Founding member Chen responded with Director Representation. And... Chen Siew Meng recently become substantial shareholder start buying in market to shore up their camp power.... Not quiet anymore, where Immotion says no action. hongchangcc      ( Date: 23-Oct-2020 16:54) Posted: Just curiosity...can any teacher share the link of the vibropower last AGM here? I want to see what qns CHNG pose and MORE IMPORTANTLY what the board said, They have been VERY QUIET. Skins in the game

 

You said he respond.
SGX posting Founding member Chen responded with Director Representation. And...
Chen Siew Meng recently become substantial shareholder start buying in market to shore up their camp power....
Not quiet anymore, where Immotion says no action.

hongchangcc      ( Date: 23-Oct-2020 16:54) Posted: Just curiosity...can any teacher share the link of the vibropower last AGM here? I want to see what qns CHNG pose and MORE IMPORTANTLY what the board said, They have been VERY QUIET. Skins in the game hongchangcc      ( Date: 23-Oct-2020 16:47) Posted: According to the experts below it seems the brother father " super millionaire" all helping, " no issues" to thump down Chen, I think we can be sure in the skin. Bros WBullish assured us " With CHNG Beng Hock coming in....and he having so much stake, he will certainly do his best to revive Vibropower!" Skins in the game.

 

Birds rising in flight is a sign that the enemy is lying in ambush when the wild animals are startled and flee he is trying to take you unaware.

 

Just curiosity...can any teacher share the link of the vibropower last AGM here? I want to see what qns CHNG pose and MORE IMPORTANTLY what the board said, They have been VERY QUIET.

Skins in the game

hongchangcc      ( Date: 23-Oct-2020 16:47) Posted: According to the experts below it seems the brother father " super millionaire" all helping, " no issues" to thump down Chen, I think we can be sure in the skin. Bros WBullish assured us " With CHNG Beng Hock coming in....and he having so much stake, he will certainly do his best to revive Vibropower!" Skins in the game.   SpinAround      ( Date: 23-Oct-2020 16:19) Posted: Price still drifting down day by day. Where got powe

 

According to the experts below it seems the brother father " super millionaire" all helping, " no issues" to thump down Chen, I think we can be sure in the skin.

Bros WBullish assured us " With CHNG Beng Hock coming in....and he having so much stake, he will certainly do his best to revive Vibropower!"

Skins in the game.
 

SpinAround      ( Date: 23-Oct-2020 16:19) Posted: Price still drifting down day by day. Where got power hongchangcc      ( Date: 23-Oct-2020 13:09) Posted: Agreed Bro Immotion. Tigong told us that CHNG is definitely skin in the game and keep on buying and buying and buying. Karchongg says let us all keep supporting CHNG to thumb down CHEN with his super millionaire family. Do note the super millionaire family is Skins in the game. Thank you PEN agenc

 

Price still drifting down day by day. Where got power

hongchangcc      ( Date: 23-Oct-2020 13:09) Posted: Agreed Bro Immotion. Tigong told us that CHNG is definitely skin in the game and keep on buying and buying and buying. Karchongg says let us all keep supporting CHNG to thumb down CHEN with his super millionaire family. Do note the super millionaire family is Skins in the game. Thank you PEN agency Immotion      ( Date: 23-Oct-2020 09:24) Posted: Interesting and Thank You MBULLISH for precious information. Few questions in my mind....... How can the family support Mr. Chng Beng Hock? To Oust current board? What is the argument from Mr. Chng that he can revive Vibropower? Apart from citing the bad set of result deliver by current management (which is really really bad), how to change the course? New business?  Very interesting is till now current Vibropower board and management still have no idea how (making announcement in SGX or public) to tell the rest of SH what are they are doing and why SH need to believe in them and not vote Mr. Chng. Is this EGM going to be a Hand Down win by Mr. Chng?