This is related to what I posted here . An independent? adviser has finally been appointed. Now they would need to call an EGM. I don't think this can be put off till the middle of next year when they have their AGM.
I wonder if these transactions are still occuring?
Remember, at the EGM, NLFCS and all related parties will not be able to vote (all the directors who have shares in the related entities), that is about 45% of the shares, so small shareholders will really have a unique opportunity to voice their displeasure and make a difference.
General Announcement
Reference No CP-081103-61704
Company Name : PREMIUM NUTRIENTS BERHAD
Stock Name :PREMIUM
Date Announced :03/11/2008
Type :Announcement
Subject : INDEPENDENT ADVISER FOR RATIFICATION OF RECURRENT RELATED PARTY TRANSACTIONS
Contents : The Board of Directors of Premium Nutrients Berhad ("Premium") is pleased to announce that Aminvestment Bank Berhad is appointed as Independent Adviser ("IA") to the non-interested Directors (are they? after 10 + years on the board, they can't really qualify as independent directors, they are not going to go back and review the decisions they are responsible for as well. I think it is good practice for the independent directors to be replaced every 2 years, that way, they stay independent) and non-interested Shareholders of the Company for the ratification of Recurrent Related Party Transactions involving the sale of Palm Kernel Pellets ("PKP")("RRPTs")vide their letter of offer and the acceptance of the appointment by the Board.
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