1) Mr Chew Thiam Keng Is Very Affable
You would think that the Chairman of the board with his kind of credentials and owning what he owns (of which the $2B Ezion Holdings), he'd have a certain air about him. Total bollocks. The man was so humble, polite and nice, it was really refreshing to see. Not only very likeable, he went about the AGM in a professional and concise manner. I have no doubt that Mr Chew will lead Charisma to far greater heights as he did for Ezion after today's meeting. The only downside was that he decline to take a photo with me (saying he does not take photographs).
2) Expect More Contract Announcements
Maybe that is how companies use their AGMs to pump up their share price. It was suggested/implied (but cannot be confirmed, due to SGX requirements), that Charisma had an extremely strong pipeline. This bodes well for the future share price. I actually asked the question about the direction and prospect of Charisma in the bigger scheme of things, given that it is but one of Ezion's three current 'daughters' (JK Tech and Ausgroup). Mr Chew said the question was hard to respond to as it was akin to asking a man who had three girlfriends, which one was the best. Not sure what to infer from that haha. There was a chuckle drawn from that response. Still, he did say that he was committed to turning Charisma into another Ezion.
3) Share Consolidation
My next question, was whether a share consolidation was on the cards for Charisma. Mr Chew said there wasn't any at the moment. I will take his words at face value for now. But a fellow shareholder actually came up to speak to me later on that some time ago a similar question was raised at the SingHaiYi (another SGX-listed stock) AGM and the response was also a no, but just awhile later they announced a consolidation. Hope this doesn't happen. It would definitely change my impression of Mr Chew and the company if it does.
4) Enlarged Share Float
Another shareholder asked about the enlarged share float which I also mentioned of previously. It is noted that there are still approximately 3+B stock options waiting to be converted at the super low strike price of 0.025. This does not bode well for the share price as there will be a huge dilution. Current share float is almost 10B, so if everything were to be converted, current price would be sliced to maybe almost 4c per share. Not good.
5) The Mothership & Profitability
As expected, there was talk of the cash injection from the Hong Leong Group. With such a strong backer, confidence and opportunities have expanded exponentially for Ezion Holdings and it's 'daughters'. This bodes well in its expansion which I hope will be fast and successful. And hopefully Charisma Energy can truly turn out to be a star value play. One star event to look out for will be its first quarterly profits in Q2 where it will book a $7mil profit. This is a very good development as it puts Charisma Energy firmly in the black.
From right to left:
Yap Thian Huat
Tan Seh Ko
Lim Ka Bee
Chew Thiam Keng
Woo Peng Kong
Cheng Yee Seng
Lim Chen Yang
With that, my AGM experience concluded. As expected, even at such a small AGM (30-40pax), the buffet food ran out in the blink of an eye.
Huat ah!!!
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