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Who are the "chines institutional investors" ? How many shares...

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27/08/15

19:30

Post #: 15889175
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Originally posted by BradkenHope ↑

Hi ALL
Back awhile ago, when BKN dropped 20 days in a role and the company did not say anything, I complained
Previously, we complained on behalf of our Chinese investors to the ASX about lack of disclosure of information and conflict of interests of the Chairman in recommending an offer which is 50 cents less than PEP. The ASX did respond to us by saying they will look into the matter of no disclosure of any information for decline in share prices for 20 days but responded any findings as a result of the investigation will be confidential.

On the same day, I also sent the same letter to the directors of BKN and they responded the next day on the ASX, stating they had no explanation for the decline in share prices. That resulted in an increase in the share price from $1.05 to $1.36 for the next couple of days before falling again. On the matter of conflict of interest, the ASX advised this is a matter for ASIC and gave us a form to complain to ASIC.

After speaking to our investors, we decided the ASX did not seem that interested to pursue the matter of lack of disclosure of information and the matter of conflict of interests has already been reported several times in the press without any action from ASIC. Our Chinese institutional investors instructed us to sell their BKN shares which we did so over the course of today and yesterday at a loss. Whilst we still have a small parcel of BKN, we do not intend to pursue any further action on BKN but rather refocussed our energies on searching for better share alternatives, now that the market has fallen substantially over the last week . Our efforts were directed to looking for investments with low PE and a high yield apart from the banks. We have bought substantial parcels of shares in an ASX company with PE of 5.28, final year dividend yield of 8.05% and annual yield of 12.55%. Based on our extensive search with the help of other brokers, we are unable to find many other ASX listed shares with such appealing criteria. Therefore, in short, good luck with your BKN investments. Our Chinese institutional investors just grew too tired of waiting for good news when the company does not appear to be working for the interests of the shareholders but yet seem to be getting away with it.

BRAKENHOPE

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Who are the "chines institutional investors" ? How many shares did you guys hold and sold?
Why do you post it here to inform who?

Sorry don't get me wrong, just curious because we don't always such posts in Hotcopper.

BTW, any reason that your "Chines investors" don't want to wait until Saturday (the 60 days expiration)? Do you know something we don't know?

BKN Price at posting: $1.15 Sentiment: Hold Disclosure: Held
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