Press Statement on Si2i Share Buyback Move To Address Shareholder Concerns
Date: 31 May 2017

SIAS is pleased to note that S i2i, which is currently on the SGX watch list, is taking steps to address shareholder concerns which SIAS has raised with the Board of S i2i, following feedback from shareholders at the recent SIAS dialogue session. SIAS notes that the latest announcement by S i2i is a proposal for share buyback for shareholders to approve at an EGM. The share buyback will see part of the company’s cash going back to shareholders and, if done at a meaningful level, should see shareholders’ value improved, as the current share price is trading significantly below the last declared net tangible asset value of the company.

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Commentary: Maritime Sector Needs Help To Ride Out Storm
Date: 18 May 2017

The Industry faces more issues than help, especially with local banks, when caught in a challenging economic climate

The raging and persistent turbulence in the maritime sector has not only destabilised many industry players but minority retail shareholders and noteholders as well, who have suffered as restructuring efforts have been lacklustre and futile.

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Commentary: Making AGM bunching just a number and no longer a governance issue
Date: 02 May 2017

All stakeholders can improve the overall process to ensure a transparent and robust capital market

In recent weeks much has been said in the press about a large number of companies holding their AGMs in the last week of April. According to our check from announcements through Singapore Exchange (SGX), there are about 311 company meetings (AGMs and EGMs) held on the last five days of April this year. Unfortunately, we do not expect the situation to improve as companies and their auditors are required to do more with the introduction of the enhanced auditor’s reporting kicking in, as well as the requirement for companies to “comply or explain” on sustainability reporting. The complaint, therefore, is that shareholders who hold shares in multiple companies are unable to attend AGMs and to participate. A right that must be honoured and good for the development of good corporate governance. Without accountability, a shareholder can never be happy and the company may lose its investors. SIAS fully understands their current predicament.

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Press Statement: Sabana REIT
Date: 28 April 2017

SIAS is pleased that the unitholders of Sabana REIT today voted in the interest of the company and against the removal of the manager and winding up the REIT. Now that the unitholders have had their voice heard, it is imperative that the Board works towards uniting all unitholders and steer the REIT to deliver value to unitholders. The strategic review announced earlier will be the next focus for unitholders. I trust the Board will reflect on what has just happened, and take the necessary and immediate actions actions to bring the REIT to the next level and avoid a similar situation from repeating.

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Press Statement: SGX RegCo
Date: 27 April 2017

SIAS is pleased with the establishment of SGX RegCo. SIAS has, for some time, been advocating for completely independent body to regulate the market and be detached from the listed SGX entity. There has been a perception that SGX is both a business entity as well as a regulator is like the policeman doing business with the citizens he is supposed to police. Although, SGX has managed the conflict thus far, but the perception continues to exist. With the separation, the conflict situation need not be a major issue. It is comforting to know that majority of the Board at RegCo will comprise of independent directors, including the Chairman. It also good that the CEO will only report to the RegCo Board.

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