Given the amount of shares held by some 'small shareholders', one avenue might be to start legal agitation.
Calling shareholders meetings, suggesting placement of director, calling for distribution of cash held at bank (capital restructuring).
Now yes Mr whatever his name is holds 51%,
But you guys need to bandy together. What are the ASX rules over shareholders calling general shareholders meetings.
Start agitating like this, and you start to create headaches.
Everytime a general shareholders meeting is called, the company has to pay for it. This comes out of Mr 51% pocket as well, and he will have to be there to make sure he doesn't loose control of the company.
Its in your hands.
Don't b**tch about it on hotcopper, be proactive.
I personally don't hold much SBB anymore, copped a nice loss at different levels between 0.065 cents and 0.075 cents several months ago, reducing exposure.
Whilst I never believed the 'fraud' arguments. I did feel that Mr 51% is treating this as his own personal company with complete disregard to minority shareholders.
No dividend is a disgrace. He could have announced a small dividend. But no dividend????? Companies net assets are up, cash flow statement was ok.
But then think from his point of view, why declare a dividend if he can own 51%, yet 'own' everything through his controlling shareholder status at 51%. Any dividend would be double taxed as well, as profits would have to be moved from the subsidiaries to the SBB holding company.
Better from his point of view to keep it in China/HK. If things work out he has two options both of which screw Australian minority shareholders
(a) Pay himself massive bonus through the subsidiaries
(b) Keep doing what he is doing, shareprice tanks, he then does a personal buy out of the company for a couple of cents a share. Minority shareholders all wiped out, he removes it from ASX, but the money is still safe with him in China. No fraud, no illegality. Why a couple cents, because theres nobody left in the Australian market to buy shares, only sellers. Give this a few years and its a real possibility.
So band together.
SBB Price at posting:
6.6¢ Sentiment: None Disclosure: Held
