Any update you can give post the meeting would be great @Aftermath2017
FYI some information I have had from local Directors is below, no comment from me but this is what I have been told. Might arm you with some information before tomorrow:
1. The company doesn't want to issue a dividend because it doesn't want to be a "Chinese Dividend stock" with a stuck market cap.
2. The company wants to expand outside of its current province, and needs - apparently - a lot of cash to do that, hence the cash stockpiling
3. The overseas Directors are frustrated with Australian based investor's eagerness for a higher share price as it is early days in the listing. (This was more of a throw-away comment I received)
4. It is a legit business
The Audit change and feedback is quite scary I must say. It could centre on different business practices - i.e. if any kickbacks, rebates, etc are common over there but they don't want to telescope it in the financials I can imagine a local auditor taking issue with it.
With Net Assets at $80m, this company has an EV of -$57m. If all is legit it should be a $0.60 - $1.00 share price on it's ear, so either something is suss or they want to keep the valuation low.
Good luck at the meeting.
TB8 Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
