Mano Sabnani posted: Fiasco at Raffles Education AGM!!
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CEO lost his cool.. calling shareholders "Oii.. you're ridiculous!!" and telling them to sell their shares if they not happy with company.
But how can they? Shares at 35c are one-fifth of price five years ago!
CEO Chew says co has three busineses now with two legs in properry development and management
Result: co has lost focus on education and survives on periodic sale of land!
Shareholders want better focus in education and recurrent earnings
provocateur says: Reminds me of how JYM Pillay lost his cool when he was chairing DBS's AGM some years ago and scolded a shareholder, implying that the latter didn't ask intelligent questions.
Agree with you that REC could be finally turning around its education business.
It also looks like OUC's land is worth a lot more than what REC paid some years ago. So OUC is a blessing in disguise. It brought lots of operating headaches but now that the headaches have been cured, the group is happily sitting on a golden goose. So laying a golden egg just means selling a piece of land. I don't see what's wrong with it.
I guess the shareholder asked a most pertinent question but he could have sensed that the existing education business is about to turn around in the REC group. But of course the future of Raffles Univ Iskandar and Raffles American School is still not so clear yet. Not everything in Iskandar is going to work out fine!
How soon will the stock actually be listed on HK Exchange?
APPROVAL IN-PRINCIPLE FROM THE STOCK EXCHANGE OF HONG KONG LIMITED (“SEHK”) FOR THE PROPOSED LISTING OF ORIENTAL UNIVERSITY CITY HOLDINGS (H.K.) LIMITED ON THE GROWTH ENTERPRISE MARKET (“GEM”) OF THE STOCK EXCHANGE OF HONG KONG LIMITED
The Board of Directors (the "Board") of Raffles Education Corporation Limited (the "Company") refers to the Company's announcements dated 8 October 2014 (the "8 Oct 2014 Announcement") and 3 December 2014. Unless otherwise defined, all capitalised terms and references used in this announcement shall have the meanings ascribed to them in the 8 Oct 2014 Announcement.
Raffles Education's spin-off of Oriental City University on HK GEMS board is not a major IPO. Funds to be raised amt to about HK$78 million. Earmarked for construction of new dormitories on its campus site.
OUC is valued at roughly HK$475m (S$85m) or ~10x FY14 P/E.
Raffles Education is quite undervalued at 0.65x P/B. There is regular share buyback -- positive outlook I think.
