Spackman   

Spackman entertainment

Arrests of EHT directors cast spotlight on directorship rules, responsibilities
https://www.businesstimes.com.sg/companies-markets/arrests-of-eht-directors-cast-spotlight-on-directorship-rules-responsibilities


FOLLOWING Eagle Hospitality Trust's (EHT) announcement on Oct 1 that six of its former and current Singapore-based directors were arrested and released on bail, there has been a flurry of announcements from other listed companies addressing the positions of these individuals on their boards.

moonsun      ( Date: 18-Sep-2020 19:36) Posted: Wow.. i found in reuters the profile.. lead independent director since 10 Jan2014. Mrs. Thong Yuen Siew Jessie (?Jessie Ho?) is Lead Independent Director of Spackman Entertainment Group Limited since 10 January 2014. She is also the Chairman of the Nominating Committee and serves on the Audit Committee and the Remuneration Committee. Seems very professional and should be aware of the transactions as serve since 2014... gd to have such local talent in audit committee.. FrancisLim      ( Date: 18-Sep-2020 10:54) Posted: Mrs. Jessie Ho is the Lead Independent Director of Spackman Entertainment Group Limited. She is also the Chairman of the Nominating Committee and serves on the Audit Committee and the Remuneration Committee. Mrs. Ho is currently an executive director of JHT Law Corporation, a law firm based in Singapore. She first started her career at Rodyk & Davidson where she was a litigation lawyer and subsequently joined Dave Shaun Patel & Jim in 1998. She then joined the firm of Jimmy Harry & Partners in 2001, which was dissolved in 2003 upon the formation of JHT Law Corporation. Mrs. Ho read law at the University of Cambridge where she obtained a BA Hons and her LL.M. She was admitted to the Singapore Bar in 1991 and has been in active practice ever since, primarily advising on conveyancing and litigation matters. Mrs. Ho is a member of the Law Society of Singapore and was an active Council Member of the National Family Council of Singapore from 1 August 2010 up until July 2013. She is also currently on the board of directors of Halogen Foundation, a non-profit organisatio

 

After nearly a month sgxregco... spackman response..

https://links.sgx.com/1.0.0/corporate-announcements/VTCAYZ2YU5DTJCZ9/633481_FInal%20Update%20on%20MOU%20with%20SQG.pdf

Still no replies ... more worms 🐛

 

Same sponsor as Spackman.. maybe prof mak on choice of sponsors n vested interested do have a point..

After 3 weeks, still no response to sgx regco on IPT..
If no scandals ahould come clean fast ...

No Signboard's lead independent director resigns board looking to fill vacancy
https://www.businesstimes.com.sg/companies-markets/no-signboards-lead-independent-director-resigns-board-looking-to-fill-vacancy


THE lead independent director of Catalist-listed seafood restaurant chain No Signboard Holdings resigned on Wednesday, the board said in a late-night bourse filing.

 

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Wow.. i found in reuters the profile..
lead independent director since 10 Jan2014.
Mrs. Thong Yuen Siew Jessie (?Jessie Ho?) is Lead Independent Director of Spackman Entertainment Group Limited since 10 January 2014. She is also the Chairman of the Nominating Committee and serves on the Audit Committee and the Remuneration Committee.
Seems very professional and should be aware of the transactions as serve since 2014... gd to have such local talent in audit committee..

FrancisLim      ( Date: 18-Sep-2020 10:54) Posted: Mrs. Jessie Ho is the Lead Independent Director of Spackman Entertainment Group Limited. She is also the Chairman of the Nominating Committee and serves on the Audit Committee and the Remuneration Committee. Mrs. Ho is currently an executive director of JHT Law Corporation, a law firm based in Singapore. She first started her career at Rodyk & Davidson where she was a litigation lawyer and subsequently joined Dave Shaun Patel & Jim in 1998. She then joined the firm of Jimmy Harry & Partners in 2001, which was dissolved in 2003 upon the formation of JHT Law Corporation. Mrs. Ho read law at the University of Cambridge where she obtained a BA Hons and her LL.M. She was admitted to the Singapore Bar in 1991 and has been in active practice ever since, primarily advising on conveyancing and litigation matters. Mrs. Ho is a member of the Law Society of Singapore and was an active Council Member of the National Family Council of Singapore from 1 August 2010 up until July 2013. She is also currently on the board of directors of Halogen Foundation, a non-profit organisation moonsun      ( Date: 18-Sep-2020 09:37) Posted: Maybe they have powerful sponsors or independent directors? Or maybe they are based overseas ? Shouldn?t the sponsor warranty or put up a performance bond if ceo etc are based overseas just in case ? board of directors Anthony Wei Kit Wong Non-Executive & Independent Chairman Eugene Lee Executive Director Na Kyoungwon Chief Operating Officer, President & Executive Director ​ Richard Lee Non-executive Director Jessie Ho Independent Director Hong Whee Ng Independent Directo

 

Mrs. Jessie Ho is the Lead Independent Director of Spackman Entertainment Group Limited. She is also the Chairman of the Nominating Committee and serves on the Audit Committee and the Remuneration Committee.

Mrs. Ho is currently an executive director of JHT Law Corporation, a law firm based in Singapore. She first started her career at Rodyk & Davidson where she was a litigation lawyer and subsequently joined Dave Shaun Patel & Jim in 1998. She then joined the firm of Jimmy Harry & Partners in 2001, which was dissolved in 2003 upon the formation of JHT Law Corporation. Mrs. Ho read law at the University of Cambridge where she obtained a BA Hons and her LL.M. She was admitted to the Singapore Bar in 1991 and has been in active practice ever since, primarily advising on conveyancing and litigation matters. Mrs. Ho is a member of the Law Society of Singapore and was an active Council Member of the National Family Council of Singapore from 1 August 2010 up until July 2013. She is also currently on the board of directors of Halogen Foundation, a non-profit organisation

moonsun      ( Date: 18-Sep-2020 09:37) Posted: Maybe they have powerful sponsors or independent directors? Or maybe they are based overseas ? Shouldn?t the sponsor warranty or put up a performance bond if ceo etc are based overseas just in case ? board of directors Anthony Wei Kit Wong Non-Executive & Independent Chairman Eugene Lee Executive Director Na Kyoungwon Chief Operating Officer, President & Executive Director ​ Richard Lee Non-executive Director Jessie Ho Independent Director Hong Whee Ng Independent Director FrancisLim      ( Date: 18-Sep-2020 09:30) Posted: No, this response is for the Co' s earlier announcement. On the latest swap deal at not less than SGD 23 cents, the Directors esp the Independent Directors are sweating on coming out with the response.  Reasonable period should be 14 days.  Will follow up with SGX Re

 

Maybe they have powerful sponsors or independent directors?
Or maybe they are based overseas ? Shouldn?t the sponsor warranty or put up a performance bond if ceo etc are based overseas just in case ?



board of directors

Anthony Wei Kit Wong
Non-Executive & Independent Chairman

Eugene Lee
Executive Director

Na Kyoungwon
Chief Operating Officer, President & Executive Director

​ Richard Lee
Non-executive Director

Jessie Ho
Independent Director

Hong Whee Ng
Independent Director

FrancisLim      ( Date: 18-Sep-2020 09:30) Posted: No, this response is for the Co' s earlier announcement. On the latest swap deal at not less than SGD 23 cents, the Directors esp the Independent Directors are sweating on coming out with the response.  Reasonable period should be 14 days.  Will follow up with SGX Reg moonsun      ( Date: 18-Sep-2020 09:19) Posted: Is this their reply ? Never response on shady deals of spackman media group to Spackman entertainment gp usd$3 if interested party transaction ? SGXregco accept this rubbish reply after 2 wks ? Really making a mockery of SGX & regulators ! Their sponsor connected or independent directors got connections?? Lo

 

No, this response is for the Co' s earlier announcement.

On the latest swap deal at not less than SGD 23 cents, the Directors esp the Independent Directors are sweating on coming out with the response.  Reasonable period should be 14 days.  Will follow up with SGX Reg

moonsun      ( Date: 18-Sep-2020 09:19) Posted: Is this their reply ? Never response on shady deals of spackman media group to Spackman entertainment gp usd$3 if interested party transaction ? SGXregco accept this rubbish reply after 2 wks ? Really making a mockery of SGX & regulators ! Their sponsor connected or independent directors got connections?? Lol FrancisLim      ( Date: 18-Sep-2020 08:41) Posted: Spackman easily and very frequently through its listing history tried to prop up its share prices through various similiar announcements - some investors interested in purchasing part of the business spin-off and listings, etc Good that SGX follow up on all these announcements that came to nothing. Through its listing, the only actions that it conssistently applied - dilute minority shareholders through swaps to the disadvantage of shareholders with no accretive effects as touted.  Its box office even hiting multimillion gross revenues did not result in significant contribution to the co' s income and cash flow.  Always resort to private placements at ever lowered price. Those 3 musketeers plus the name sakes who always touted that the share price is cheap (only getting cheaper) should buy  the shares. Quote: SGX Query 17 Sep 2020 Query of the SGX-ST & Company&rsquo s Response 1. MOU with Sunwoo Produce as announced on 5 November 2019: - The Company announced that it has entered into a non-binding MOU with Sunwoo Produce to collaborate in opportunities for overseas production, investment and distribution of various entertainment-related content and businesses by utilizing the Group&rsquo s global networks. - The MOU of the Proposed Partnership shall be terminated if a definitive agreement is not executed by 31 December 2019, unless extended by mutual written agreement. (i) Has the MOU lapsed since the deadline of 31 Dec 2019 has passed? (ii) What are the Company&rsquo s plans on the Partnership? Following discussions with Sunwoo Produce on several potential business partnerships such as US film production and investment, there was no material progress and Sunwoo Produce had not given an update or reply in this aspect of collaboration. Accordingly, the MOU had lapsed and no extension was entered into in respect of the non-binding MOU. 2 2. Non-binding LOI with CHARM as announced on 7 July 2020: - Based on the LOI, the Company entered into a non-binding LOI with CHARM to purchase a major asset of the Company (the &ldquo Proposed Sale&rdquo ). - Based on the LOI, the Purchaser agrees to use its reasonable best efforts to negotiate in good faith with a view to execute a definitive agreement on or before 31 Dec 2020. (i) Can the Company update whether the negotiations with CHARM still ongoing? If so, please provide updates. The Company wishes to update that the negotiation with CHARM on the Proposed Sale to the listed Korean content production company is still on-going. Through CHARM, both the Purchaser and the Company are in the midst of discussing the preliminary terms and conditions of the Proposed Sale. If there is any material update to the non-binding LOI with CHARM, the Company shall make the necessary update and disclosure Unquote

 

Is this their reply ? Never response on shady deals of spackman media group to Spackman entertainment gp usd$3 if interested party transaction ?
SGXregco accept this rubbish reply after 2 wks ?
Really making a mockery of SGX & regulators !
Their sponsor connected or independent directors got connections?? Lol

FrancisLim      ( Date: 18-Sep-2020 08:41) Posted: Spackman easily and very frequently through its listing history tried to prop up its share prices through various similiar announcements - some investors interested in purchasing part of the business spin-off and listings, etc Good that SGX follow up on all these announcements that came to nothing. Through its listing, the only actions that it conssistently applied - dilute minority shareholders through swaps to the disadvantage of shareholders with no accretive effects as touted.  Its box office even hiting multimillion gross revenues did not result in significant contribution to the co' s income and cash flow.  Always resort to private placements at ever lowered price. Those 3 musketeers plus the name sakes who always touted that the share price is cheap (only getting cheaper) should buy  the shares. Quote: SGX Query 17 Sep 2020 Query of the SGX-ST & Company&rsquo s Response 1. MOU with Sunwoo Produce as announced on 5 November 2019: - The Company announced that it has entered into a non-binding MOU with Sunwoo Produce to collaborate in opportunities for overseas production, investment and distribution of various entertainment-related content and businesses by utilizing the Group&rsquo s global networks. - The MOU of the Proposed Partnership shall be terminated if a definitive agreement is not executed by 31 December 2019, unless extended by mutual written agreement. (i) Has the MOU lapsed since the deadline of 31 Dec 2019 has passed? (ii) What are the Company&rsquo s plans on the Partnership? Following discussions with Sunwoo Produce on several potential business partnerships such as US film production and investment, there was no material progress and Sunwoo Produce had not given an update or reply in this aspect of collaboration. Accordingly, the MOU had lapsed and no extension was entered into in respect of the non-binding MOU. 2 2. Non-binding LOI with CHARM as announced on 7 July 2020: - Based on the LOI, the Company entered into a non-binding LOI with CHARM to purchase a major asset of the Company (the &ldquo Proposed Sale&rdquo ). - Based on the LOI, the Purchaser agrees to use its reasonable best efforts to negotiate in good faith with a view to execute a definitive agreement on or before 31 Dec 2020. (i) Can the Company update whether the negotiations with CHARM still ongoing? If so, please provide updates. The Company wishes to update that the negotiation with CHARM on the Proposed Sale to the listed Korean content production company is still on-going. Through CHARM, both the Purchaser and the Company are in the midst of discussing the preliminary terms and conditions of the Proposed Sale. If there is any material update to the non-binding LOI with CHARM, the Company shall make the necessary update and disclosure Unquote

 

Spackman easily and very frequently through its listing history tried to prop up its share prices through various similiar announcements - some investors interested in purchasing part of the business spin-off and listings, etc

Good that SGX follow up on all these announcements that came to nothing.

Through its listing, the only actions that it conssistently applied - dilute minority shareholders through swaps to the disadvantage of shareholders with no accretive effects as touted.  Its box office even hiting multimillion gross revenues did not result in significant contribution to the co' s income and cash flow.  Always resort to private placements at ever lowered price.

Those 3 musketeers plus the name sakes who always touted that the share price is cheap (only getting cheaper) should buy  the shares.


Quote:

SGX Query 17 Sep 2020

Query of the SGX-ST & Company&rsquo s Response

1. MOU with Sunwoo Produce as announced on 5 November 2019: - The Company announced that it has entered into a non-binding MOU with Sunwoo Produce to collaborate in opportunities for overseas production, investment and distribution of various entertainment-related content and businesses by utilizing the Group&rsquo s global networks. - The MOU of the Proposed Partnership shall be terminated if a definitive agreement is not executed by 31 December 2019, unless extended by mutual written agreement.

(i) Has the MOU lapsed since the deadline of 31 Dec 2019 has passed?

(ii) What are the Company&rsquo s plans on the Partnership?

Following discussions with Sunwoo Produce on several potential business partnerships such as US film production and investment, there was no material progress and Sunwoo Produce had not given an update or reply in this aspect of collaboration. Accordingly, the MOU had lapsed and no extension was entered into in respect of the non-binding MOU.

2 2. Non-binding LOI with CHARM as announced on 7 July 2020: - Based on the LOI, the Company entered into a non-binding LOI with CHARM to purchase a major asset of the Company (the &ldquo Proposed Sale&rdquo ). - Based on the LOI, the Purchaser agrees to use its reasonable best efforts to negotiate in good faith with a view to execute a definitive agreement on or before 31 Dec 2020.

(i) Can the Company update whether the negotiations with CHARM still ongoing? If so, please provide updates.

The Company wishes to update that the negotiation with CHARM on the Proposed Sale to the listed Korean content production company is still on-going. Through CHARM, both the Purchaser and the Company are in the midst of discussing the preliminary terms and conditions of the Proposed Sale. If there is any material update to the non-binding LOI with CHARM, the Company shall make the necessary update and disclosure

Unquote

 

buyers seem to be back... 

 

what' s up ..something is brewing today

 

Did not see deadline given by SGX Reg.  Maybe, reasonable should be 2 weeks.

Everytime they announced Box Office, they should also announce no material impact on year' s earnings.  And not the crap reply, will contribute positively to the co' s earnings.   

moonsun      ( Date: 11-Sep-2020 10:49) Posted: This spackman board, or independent directors must be very powerful. After more than a week, no response to SGX Regco. Must really see the regulators no up.. heck care n no response.. lol. Interesting response. I thought there be resignations in the board or at least some attempts to deflect the questions but silence is deafening.. sbscap      ( Date: 05-Sep-2020 09:53) Posted: After a long hiatus, Regco woke up, read Dr Mak' s article and went after Spackman. It can no longer accept the excuse of " confidentiality" for the persons behind all these share swaps as a reason for non-disclosure. Instead, it seems to assume that all these share swaps are all IPT transactions. But what is done cannot be undone. At least the music stops.

 

This spackman board, or independent directors must be very powerful. After more than a week, no response to SGX Regco.
Must really see the regulators no up.. heck care n no response.. lol. Interesting response.
I thought there be resignations in the board or at least some attempts to deflect the questions but silence is deafening..

sbscap      ( Date: 05-Sep-2020 09:53) Posted: After a long hiatus, Regco woke up, read Dr Mak' s article and went after Spackman. It can no longer accept the excuse of " confidentiality" for the persons behind all these share swaps as a reason for non-disclosure. Instead, it seems to assume that all these share swaps are all IPT transactions. But what is done cannot be undone. At least the music stops.

 

In the past, it had quite a few box offices in South Korea earning even up to US$50 million gross revenues but no significant cash and income went to the Company.

So even they published the box office collections(for the new film) like in the past, you would not see significant inflow of cash and income to the company.

They will do share placement(at each stage at lower price), and swaps at ridicously high price at the expense of the company.

Now, they are trying to do a reverse swap, where they bought the Spackman Media all the while at US$3 to swap at SGD2.30 for the Canadian company which basically loss making and with no operations but a dream to go Hollywood.   

 

lighter87      ( Date: 09-Sep-2020 10:08) Posted: Red flag is there all along when they even include a small restaurant in their annual report and window dress it until like some big coy with profit

 

Red flag is there all along when they even include a small restaurant in their annual report and window dress it until like some big coy with profit

 

They issue 743 millions at 0.007c. Now 0.006c. Those ownself investors will be struck .. they can vote for the ahare swap as imho these investors are own people.. Interested party for sure..

 

SQG closed at 0.015 but low volume.

This movie name "Stone Skipping" seems to be describing the top management aptly, skipping the stones thrown at them lol.

The Board of Directors (the ?Board?) of Spackman Entertainment Group Limited (the ?Company? and together with its subsidiaries, the ?Group?) refers to the Group?s press release dated 4 August 2020 on SPACKMAN ENTERTAINMENT GROUP?S UPCOMING ART FILM, STONE SKIPPING, PRODUCED BY STUDIO TAKE, TO BE RELEASED IN KOREA ON 9 SEPTEMBER 2020 and wishes to update that the expected release date of STONE SKIPPING, produced by the Company?s wholly-owned indirect subsidiary, Studio Take, shall be 30 September 2020 instead of 9 September 2020. The postponement of the original expected release date is due to the recent resurgence of COVID-19 and tighter social distancing measures implemented in South Korea.

 

Good job SGX. All the bull sheets from the crap management for years should finally be stopped. Let the share price finally drop to 0.001 cts. Good luck         

Joelton      ( Date: 04-Sep-2020 09:16) Posted: SGX RegCo blocks Spackman Entertainment' s proposed divestment   THE regulatory arm of the Singapore Exchange (SGX RegCo) is blocking a proposed divestment by Spackman Entertainment Group (SEG), pending a review of certain past acquisitions.   The directive, which came via a Notice of Compliance on Thursday night, requires SEG to conduct a review of its previous dealings to assess if they were on normal commercial terms or if they were prejudicial to the interests of minority shareholders.   On Aug 18, SEG had announced plans to sell its entire 43.88 per cent interest in Spackman Media Group (SMG) to its substantial shareholder, Spackman Equities Group (SQG), a company listed on the TSX Venture Exchange in Canada.   The consideration of S$2.30 per SMG share was the floor price that the board had set, and shall be fully satisfied by shares of SQG.   SGX RegCo noted that in March 2017, SEG purchased one million shares of SMG from certain existing shareholders at US$3 per share, which increased the company' s shareholding interest in SMG from 24.53 per cent to 27.80 per cent.   Through subsequent purchases between Oct 2017 and Aug 2018, SEG purchase a total of close to 5.5 million SMG shares at US$3 each, which further increased the company' s stake in SMG to 43.88 per cent.   When SGX RegCo queried SEG on these acquisitions, it explained that the share purchases were part of a restructuring exercise in connection with a proposed listing of SMG on the Hong Kong Stock Exchange.   SEG also told SGX RegCo that the shares in SMG were acquired at a significant premium to SMG' s net tangible asset value, because it was a profitable company with the potential to grow significantly in value.   However, concerns have been raised about whether these transactions were entered into on normal commercial terms and in the interest of the company and its shareholders.   This is because the divestment proposed this month is at a " significantly lower" price than what SEG paid initially, while SEG, SMG and SQG share common directors (past and current), SGX RegCo said in a statement on Thursday.   SGX RegCo has therefore directed SEG' s Audit & Risk Management Committee to perform a " holistic review" on the past acquisitions, including but not limited to, background checks on the vendors.   SEG is also required to provide SGX RegCo with details of the due diligence it performed on the past acquisitions and the vendors.   Until the review is completed and SGX RegCo is satisfied with the findings, SEG cannot enter into a binding agreement in relation to the proposed divestment.   If SGX RegCo deems any or all of the past acquisitions to be interested-person transactions (IPTs) under Chapter 9 of the Catalist Rules, it reserves the right to impose disciplinary actions against the company and/or relevant person(s).   SGX RegCo will also scrutinise the proposed divestment to determine if it constitutes an IPT, it said.

 

So better sell?