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13.0¢ tianmei beverage group corporation limited

Ann: Results of General Meeting, page-3

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MineralMaster

1,685 Posts.

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27/03/18

20:57

Post #: 32070304
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Originally posted by Aftermath2017 ↑

So I attended the meeting this morning with another shareholder who is family.
In no particular order, these are somethings I took away from this.
1. Surprise at the levels of voting against both resolutions as general indications on here lead me to believe there would be a larger vote against both motions. This leads me to think people on here are either very small holders, bull chitters or could not be bothered voting.
2. Confirmation Nicholas Ong resigned because he sided with BDO's decision, probably making his position untenable.
3. Nicks short term replacement based in (Sydney) resigned believed to be due to time differences between EST and WST/China mainland time difference. Not sure I really believe this. However due to time difference my day here starts at 5am WST doing DD for investments I have, to see markets open at 7am my time, so inconvenience could be a possibility.
4. Mentioned why in late July would 10 million more shares be issued for a $2million capital raise for the company when same shares could be purchased at market for 17-19c. Telling them at the time we had millions in cash already and nothing had be mentioned of strategic purchase in the future. At this point I did credit them for the water purification/production plant purched for 10 million (I guessed this from memory), but then asked why we would need such a large cash balance that we now have.
5. I bought up SP growth and mentioned
A. a return to share holders of even a cent would move SP up. And cash at hand was available.
B. Notification of reinvestment in the company for eccpansion.
C. Transparency in activities as no news seems forth coming.
D. That many Chinese based companies seem to be tarnished as a not so secure investment and TB8 should make every effort to reassure this is not so, so as when shares trade again there is more confidence.
6. Shares may take another 6 weeks to 2 months to be released from suspension until the auditors are done.
7. Auditors in both China and Australia are to be replaced. Initially I believed it was BDO not accepting of TB8 figures that bought this to a head. I was informed that auditors in China (American based company) could not agree with BDO on figures. So INP (new Australian auditor) will be given a short list of 5x China based auditors to work with. *I AM NOT SAVY ON THIS POINT*
8. Enquired what points where sticking points for BDO, but was refer to BDO's statement as they where not privy to particulars.
9. I noted to them that Wang seems as common as Smith, and there seems to be many Smith's working for INP. They reassured that there is no conflict of interest.
10. INP is being contracted as communication between INP and China based auditors will suffer less language barriers.
11. INP is being used as it has a Perth based office for easier time zone communication. (While we have many time zones, TB8 operates on WST.
There was more but I am blank at the moment.
12. I stressed to them repeatedly about transparency.
13. I said shareholder confidence will come with more information.
14. 7 people where there on the shareholders side, 5 in one way or another connected to TB8. Just myself and friend there as representing shareholders as to speak. I did ALL the questions. The chair, secretary and representing lawyer where all forth coming with info.
Hope this helps.

On a side note. I have said this before. Personally I believe no dividend will be mentioned until next December. Something along the lines of December's numbers 2018, exdate Feb 2019, pay date April 2019. All escrowed shares are released in April 2019 and they would have a run up from a maiden dividend.

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Thanks aftermath, a very good summary. Let's see what happens

TB8 Price at posting: 13.0¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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