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Great Eastern 20.5
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MrBear12
Supreme |
02-May-2024 15:53
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Up or down from 88.4%?
As expected, OCBC?s plans for the separately-listed GEH was again a point of contention at its AGM. Similar questions had been raised at OCBC?s AGM last year and at GEH?s own AGM on April 25. Some disgruntled shareholders had raised their voices at GEH?s board, calling the insurer?s share price a ?disaster?. At OCBC?s AGM, however, shareholders pressed Lee for clarity about OCBC?s plans ? whether to distribute some of its shares in GEH in-specie to OCBC shareholders, or to add to its holdings and eventually take GEH private. See also: OCBC board keen on talks with GEH to align dividend policies: 2023 AGM Helen Wong, group CEO of OCBC, agreed with a shareholder that there is value in distributing dividends whether in cash or in-specie, but questioned the decisions behind such a move. ?Whatever we distribute, we have to attach a decision? If we choose to distribute GEH shares, is that of value to our shareholders? Of course. But likewise, if we distribute in cash, if we distribute in our own shares, it?s also of value to the shareholders.? OCBC will make the best decision given its capital position, said Wong. ?Do we believe we have excess capital? What are we holding that will give us the best value going forward, so that any distribution of dividend is of value, and is of sustainable value? I think that is another thing that we have to look at.? Following Wong?s comments, Lee likened OCBC to a ?thriving? restaurant. ?Does it make sense to downsize our kitchen when we see good potential in the business?? One shareholder retorted: ?I agree with you that it does not make sense to downsize, but I think it makes sense to upsize and take the whole Great Eastern private.? Lee answered: ?We have already answered the question last year it is on public record. Anything that is good strategically for the group, we will consider.? Last year, Lee had said OCBC is ?always open to possibilities?. ?If there are Great Eastern shares available for sale, talk to us we may be interested. This is just one strategic possibility the bank has with regards to Great Eastern.? See also: Great Eastern Holdings free float falls further with OCBC acquiring 2.3 million shares OCBC made good on its word in June 2023, when it bought 2.3 million GEH shares for nearly $40 million, taking its stake up from 87.9% to its current 88.4%. Another shareholder echoed the call for OCBC to take GEH private. ?Since OCBC said last year [that] anybody who is willing to sell GEH shares can approach OCBC hypothetically, if somebody has 1.6% and is willing to sell to OCBC, is OCBC open to this idea?? Lee called his bluff. ?If there are shares for sale, assuming you have [them], please approach our CFO. Please stand up to get recognised again.? ?Big brother of GEH? For some time now, GEH top management have been remunerated with OCBC shares. If OCBC is not keen to distribute GEH shares to its shareholders, would the board consider distributing GEH shares to GEH?s directors? The same shareholder ? who claims to also hold GEH shares ? asked if GEH?s ?big brother?, OCBC, would consider offering GEH shares to its executives instead. According to him, GEH?s chairman Soon Tit Koon had dismissed his question at the GEH AGM, saying it should be answered by OCBC?s board instead. Lee replied: ?As I have said, this is the decision solely of the Great Eastern board there's nothing to stop the Great Eastern board if they want to go out to the market to purchase Great Eastern shares? OCBC is agnostic as to how they reward their executives or their directors with whatever shares they want to award.? According to GEH, the low liquidity of the stock makes share purchases difficult, a comment the shareholder relayed to Lee. ?As I've said earlier, since 2006, the free float of Great Eastern is lesser than 20%. OCBC is not in the business of providing liquidity for another company. We have our own strategic agendas? We have no direct interest in stimulating Great Eastern liquidity or share price.? Great Eastern is a strategic pillar, said Lee, repeating his comments from last year?s AGM. Then, Lee had pledged to align the interests of the shareholders of OCBC with that of GEH. Since then, GEH has refreshed some board seats, appointing five new directors, Lee noted. GEH?s dividend has also been raised to 46%, up from an average of 34% over the past 10 years. OCBC is ?not hoarders of capital?, said Lee, despite the bank?s common equity tier-1 (CET-1) ratio standing at 15.9% for FY2023, above DBS?s 14.6% and UOB?s 13.4%. As of 1QFY2024, DBS?s CET-1 has edged higher to 14.7%. ?To put it in a militaristic term, our gun is fully loaded we have all the bullets,? said Lee. ?We will use them where it makes sense to us strategically and for the right price.? OCBC will report its 1QFY2024 results on May 10 before trading opens. |
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chartiskao
Elite |
02-May-2024 14:39
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https://www.straitstimes.com/business/buffetts-berkshire-hathaway-takes-521m-stake-in-australias-iag
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chartiskao
Elite |
02-May-2024 14:34
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https://sg.finance.yahoo.com/news/great-easterns-potential-055957814.html
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MrBear12
Supreme |
02-May-2024 11:31
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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For this to go back to nearer 30, need some big guy to bring it totally private. | ||||
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chartiskao
Elite |
02-May-2024 10:45
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NBEV is a measure of the long-term profitability of new sales. GEH also announced that its embedded value in FY2023 of $17.3 billion (or $36.59 per share) represented a 3.2% decline compared to its FY2022 embedded value of $17.9 billion.26 Feb 2024
https://www.theedgesingapore.com/news/company-news/ocbc-board-keen-talks-geh-align-dividend-policies-agm
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MrBear12
Supreme |
26-Apr-2024 11:30
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Reflects a risk on approach. | ||||
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chartiskao
Elite |
26-Apr-2024 11:25
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https://www.channelnewsasia.com/business/japans-yen-falls-1990-lows-dollar-yen-nears-155-4284036s
https://www.theinsurer.com/news/aviva-completes-937mn-sale-of-singapore-unit/
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chartiskao
Elite |
25-Apr-2024 14:46
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https://www.channelnewsasia.com/world/blinken-china-businesses-shanghai-trip-4290481
https://goldprice.org/live-gold-price.html
https://www.businessinsider.com/gold-price-china-consumers-central-bank-pboc-economy-concerns-dedollarization-2024-4
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chartiskao
Elite |
15-Mar-2024 15:19
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vs https://www.aia.com/content/dam/group-wise/en/docs/investor-relations/2024/AIA%20Group%20FY%202023%20Analyst%20Presentation%20Final.pdf
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chartiskao
Elite |
15-Mar-2024 15:16
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https://investors.sgx.com/securities/stocks?security=U13
vs
https://investors.sgx.com/securities/stocks?security=G07
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Godwinlow
Elite |
13-Mar-2024 11:56
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Behind the minority-investor movement at Great Eastern: BT Mark to Market (Ep 41) https://omny.fm/shows/bt-mark-to-market/behind-the-minority-investor-movement-at-great-eas Concern to OCBC shareholders also |
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Godwinlow
Elite |
11-Mar-2024 13:59
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If you are a GEH shareholder and wish to support our actions, please pm or email me at: Mobile: 9862 8896 Email: [email protected] Hi pls contribute to the minority shareholder movement by WhatsApp Mr Ong, he will send the documents to get your name and signature, he will submit 3 resolutions to great eastern board for the upcoming AGM to enhance shareholder value. Thank you 🙏 |
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chartiskao
Elite |
11-Mar-2024 13:40
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https://finance.yahoo.com/news/weakness-great-eastern-holdings-limiteds-001313208.html?guccounter=1
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chartiskao
Elite |
07-Mar-2024 15:54
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why ceo can not always give excuse such as they focus on doing the business well and the company share price always undervalued is beyong their control
Sias urges Great Eastern to address minority investors&rsquo concerns instead of dismissing them on legal technicality Mia PeiPublished Thu, Mar 07, 2024 · 2:26 pm
 Great Eastern&rsquo s board said on Wednesday that it has sought legal advice and understands that the request &ldquo does not satisfy all of the requirements&rdquo for a requisition to be moved at the AGM.
PHOTO: BT FILE
 THE Securities Investors Association (Singapore) or Sias has urged the board of Great Eastern to &ldquo seriously and objectively consider the true purpose of the shareholders&rsquo requests&rdquo , instead of avoiding them on a legal ground.
The statement on Thursday (Mar 7) is in response to the insurer&rsquo s dismissal of minority shareholders&rsquo request to table three proposed resolutions at its upcoming annual general meeting (AGM). Great Eastern&rsquo s board said on Wednesday that it has sought legal advice and understands that the request &ldquo does not satisfy all of the requirements&rdquo for a requisition to be moved at the AGM. &ldquo It is however surprising that Great Eastern has adopted a somewhat legalistic response to the tabling of resolutions by minority shareholders, a move which appears to sidestep the substantive concerns raised by the minority shareholders,&rdquo said the investor association. While Sias agreed with OCBC&rsquo s insurance arm on its share price movement depending on many factors including those beyond management control, the association highlighted that it is imperative to address any persistent underperformance. GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sias noted that it has met with representatives of the minority shareholder group on Wednesday, and understands that these shareholders are &ldquo advocating for measures they believe will enhance shareholder value&rdquo . Since the proposed resolutions seek to align directors&rsquo interests with those of all shareholders, Sias highlighted the &ldquo significant value&rdquo in getting a shareholder vote on the three resolutions at the AGM. &ldquo We believe it would be premature for the company to dismiss the tabling of these resolutions outright, especially based on a legal technicality. &ldquo Instead, we encourage the board to exercise its discretion based on the spirit of the law to include these resolutions on the agenda for the upcoming AGM,&rdquo said Sias. It also encouraged the board to consider absorbing the marginal cost associated with including the resolutions proposed by the minority shareholders at the AGM, to promote good corporate governance practices &ldquo beyond mere box-ticking exercises&rdquo . Additionally, Sias suggested that the remuneration committee consider paying 30 per cent of the existing director fees in Great Eastern shares to directors in lieu of cash. Meanwhile, it posed eight questions on the insurer&rsquo s financial position and performance metric. It asked the management to clarify the primary impact of SFRS(I) 17 adoption on its profit and loss, financial position, as well as embedded value. Sias also requested the company to disclose the total shareholder return (TSR) trends over the past three years, five years, and since 2015, which also roughly correlated with the tenure of the current group chief executive officer. It asked if the board benchmarked the company&rsquo s performance against peer insurance companies, and what the key performance criteria used in the formal assessment of the board are, including the weightages assigned to TSR and return on equity. &ldquo Similarly, how are TSR and embedded value factored into the performance assessment of the group CEO and key senior management executives, and what are their respective weightages?&rdquo The investor body noted that the group CEO in FY2022 received S$1.9 million in bonuses and S$1.4 million in long-term incentives, out of the total remuneration package of S$4.9 million. Since Great Eastern pays its executives with OCBC shares instead of its own shares, Sias requested the remuneration committee to disclose the total value of OCBC shares and OCBC share options received by the group CEO since his appointment in November 2015. It also highlighted a significant divergence observed in share prices between Great Eastern and OCBC over the past three years, and questioned the board if it is viewed as a concern. The association furthered questioned the board if it is actively exploring measures to strengthen the group&rsquo s remuneration and incentive practices. This is particularly regarding the allocation of OCBC shares to the group CEO, considering the role primarily focuses on the business of the insurer instead of its parent company. &ldquo While activism from minority shareholders may be perceived as uncommon or even unwelcome, it is imperative for boards to assess the merits of proposed resolutions from the standpoint of the issuer and its shareholders as a collective. &ldquo We echo SGX RegCo&rsquo s stance and encourage the Great Eastern board to proactively engage with shareholders to address their concerns, regardless of any differences in perspective, thereby facilitating a more transparent and responsive decision-making process,&rdquo said Sias. Shares of Great Eastern : G07 0% were trading down 0.3 per cent, or S$0.05, to S$18.15 as at 1.44 pm on Thursday.
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chartiskao
Elite |
07-Mar-2024 13:20
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https://www.cnbc.com/quotes/US10Y
https://www.investing.com/rates-bonds/u.s.-10-year-bond-yield?utm_source=google& utm_medium=cpc& utm_campaign=20949136980& utm_content=688262005379& utm_term=dsa-1546555491574_& GL_Ad_ID=688262005379& GL_Campaign_ID=20949136980& ISP=1& npl=1& gad_source=1& gclid=CjwKCAiAxaCvBhBaEiwAvsLmWNWTr7CXTTu4V-uisrYWXfZ6qLAecvnN-vKCKo3lZxspDb9rLNmKeRoCf-AQAvD_BwE
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chartiskao
Elite |
07-Mar-2024 13:17
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usdsgd 1.3375 https://www.dailyfx.com/news/usd-dollar-falls-fed-s-resolve-in-question-usd-jpy-usd-cad-setups-before-nfp-20240306.html
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chartiskao
Elite |
06-Mar-2024 16:25
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https://links.sgx.com/FileOpen/ALL-MASNET-311223.ashx?App=Announcement& FileID=787563
https://finance.yahoo.com/news/aspial-lifestyle-full-2023-earnings-020952179.html
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chartiskao
Elite |
06-Mar-2024 15:16
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OCBC&rsquo s recent purchase of more Great Eastern shares has further narrowed the insurer&rsquo s public spread and increased the risk of it eventually being suspended from trading. But Great Eastern undervalued shares still hold great potential. Senior correspondent Ben Paul explains. Synopsis: Listen to senior correspondent Ben Paul&rsquo s analysis and insight on market trends and corporate issues in Singapore in this podcast series based on his weekly column in The Business Times. Highlights of the podcast: 08:38 Little protection for minority shareholders 11:59 AGM comments on compensation and share price SEE ALSOhttps://www.businesstimes.com.sg/podcasts/bt-mark-market-great-easterns-great-potential-ep-33
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chartiskao
Elite |
05-Mar-2024 15:18
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Shareholding Statistics As at 1 March 2023 CLASS OF SHARES Ordinary shares VOTING RIGHTS 1 vote per share (other than treasury shares and subsidiary holdings, which are treated as having no voting rights) DISTRIBUTION OF SHAREHOLDINGS Size of Holdings No. of Shareholders %(1) No. of Shares %(1) 1 &ndash 99 40 1.24 718 0.00 100 &ndash 1,000 1,836 57.14 1,134,789 0.24 1,001 &ndash 10,000 1,061 33.02 3,624,284 0.77 10,001 &ndash 1,000,000 266 8.28 20,310,937 4.29 1,000,001 and above 10 0.31 448,248,341 94.70 Total 3,213 100.00 473,319,069 100.00 Number of issued shares : 473,319,069 Number of treasury shares : Nil Number of subsidiary holdings : Nil Percentage of the aggregate number of treasury : Nil shares and subsidiary holdings held against the total number of issued shares Note: &ldquo Subsidiary holdings&rdquo is defined in the Listing Manual of the Singapore Exchange Securities Trading Limited to mean shares referred to in Sections 21(4), 21(4B), 21(6A) and 21(6C) of the Companies Act 1967. TWENTY LARGEST SHAREHOLDERS No. Name No. of Shares %(1) 1 Citibank Nominees Singapore Pte Ltd 420,572,254 88.86 2 HSBC (Singapore) Nominees Pte Ltd 11,640,196 2.46 3 Wong Hong Sun 3,211,500 0.68 4 Kuchai Development Berhad 3,032,000 0.64 5 DBS Nominees (Private) Limited 2,801,074 0.59 6 Wong Hong Yen 2,009,868 0.42 7 Sungei Bagan Rubber Company (Malaya) Berhad 1,733,120 0.37 8 Shaw Vee Meng 1,204,000 0.25 9 Shaw Vee Foong 1,036,800 0.22 10 Raffles Nominees (Pte.) Limited 1,007,529 0.21 11 Maybank Securities Pte. Ltd. 810,400 0.17 12 Thia Cheng Song 800,000 0.17 13 OCBC Securities Private Limited 740,102 0.16 14 Lee Hak Heng 728,150 0.15 15 United Overseas Bank Nominees (Private) Limited 654,664 0.14 16 Yeo Kok Seng 608,300 0.13 17 Yeo Wei Yan 492,400 0.10 18 Yeap Holdings (Pte.) Limited 487,238 0.10 19 Phillip Securities Pte Ltd 485,894 0.10 20 Svasti Daniel Yoke Kwong Patanadej 469,540 0.10 Total 454,525,029 96.02 Note: (1) Based on 473,319,069 issued shares as at 1 March 2023. 215A N N U A L R E P O R T 2 0 2 2 Shareholding Statistics As at 1 March 2023 Substantial Shareholder Direct Interest No. of Shares Deemed Interest No. of Shares Total Interest No. of Shares % of Issued Shares(1) Oversea-Chinese Banking Corporation Limited 416,010,959(2) 67,000(3) 416,077,959 87.91
https://www.straitstimes.com/business/ocbc-ups-stake-in-insurance-arm-great-eastern-to-884
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chartiskao
Elite |
04-Mar-2024 15:24
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Ask the CEO whether the investors would buy your shares as part of the funding round. I' ve seen a company do this. It' s a win for everyone. Offer a moderate discount (10-20%) to make it worth their while.- Company gets to re-concentrate their ownership among active investors/employees, and remove " dead wood" ex-founder with small stake from the cap table. This alone might make it worth their while. - Investors get shares more cheaply than they otherwise would - You get cash and get to wash your hands of the company
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