sumer, any update on your view on this Lafe stock? I have been noticing quite a bit of insider buying at 7 cents. The chairman, Christopher something, bought 1.37 m shares in the first week of this month alone.
Lafe Corp has been out of my radar screen since I last wrote (below), due to the points mentioned then. When I don't feel comfortable with what I see, I do not hesitate to sell or cut all my holdings in a stock, and in Lafe's case that's what I did. In any case, I think the latest share buyback is token relative to Lafe's market capital.
There are better 2nd liner property stocks with high RNAV in the market, and among those I still own and prefer are Hiap Hoe, Heeton, Bt Sembawang, Hoe Bee, SC Global, Superbowl, Stamford Land and Chip Eng Seng (more of a play on dividend yield and aggressive management than RNAV).
sumer, the insider buying has been too frequent to be dismissed. Surely, they are not buying to donate money to the market. They are sure the stock is worth alot more.
Joes,
You may well be right with the insider buying. But for me personally, I am out of this counter because of I am not comfortable with management's moves on its land sales, as explained in my earlier post.
There are many other stocks trading at similarly big discounts to RNAV and whose management I am more comfortable with. I will stick to those.
The Board wishes to announce that the remaining balance of US$15.2 million due and
payable to the Company in respect of the disposal of its entire shareholding in Lafe Properties
(Hong Kong) Limited, which was due and payable by 31 December 2011, has been paid in
full to the Company.
BY ORDER OF THE BOARD
Ruby Lee Yen Kee
Company Secretary
4 January 2012
