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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Heated exchanges at Richard Pieris AGM

Heated exchanges at Richard Pieris AGM

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1Heated exchanges at Richard Pieris AGM Empty Heated exchanges at Richard Pieris AGM Sat Jun 30, 2012 8:33 pm

CSE.SAS

CSE.SAS
Global Moderator

Some sparks flew at the Richard Pieris and Co. PLC’s annual general meeting held at the company’s headquarters at Nawinna with Dr. Sena Yaddehige in the chair, shareholders said.

Two proxy holders had got into a heated argument with Yaddehige, they said.

Company sources claimed that the dismissal of a foreign employee lay at the bottom of the sharp exchange although no details were available as this edition went to press.

These sources said that other shareholders were complimentary of RPC’s performance, the company having posted an after tax profit of Rs. 2.6 billion of which Rs. 2.3 billion was attributable to shareholders and paid dividends totaling Rs. 0.70 per share.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=55657

2Heated exchanges at Richard Pieris AGM Empty Re: Heated exchanges at Richard Pieris AGM Sun Jul 01, 2012 12:20 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

As per the info I received from participants to the AGM,
it was an organised attempt to discredit the Chairman, Dr. Yaddehige by some hidden party and those young guys were sent by them.

As per the info I got it was like this:

Three young fellows has asked very unusual questions repeatedly, agitating the Chairman.

First they described about some transactions done by RICH with a LLC and claimed some directors of that LLC are family members of the Chairman.

They blamed that it was not disclosed in the annual report.
The chairman clearly said those people are not his family members.

Then those guys wanted to the Chairman to become their ( those boys') friend. The Chairman got agitated and told them they are not his friends.

Then they challenged that the spouse of the sister of your spouse is your family member. The Chairman got very angry and told him in his family, it is not like that. His family is his wife and children, not others spouses.

Then they blamed that they are 'Related Parties' as one Director of that LLC is the spouse of the sister of chairman's spouse and started to challenge the Chairman to define "Related Parties'.

Both of them wanted to know how he define Related Parties.

The elderly and educated people kept quite. One gentleman asked the chairman not to take this episode seriously. One man who was there told me " if those guys wanted to learn about such a term they could go to a A/L student and ask him."

They were talking about two different LLCs and normally they become related parties if a director of one LLC become a director of the other LLC.

Actually it was clear that those elements were remotely controlled. During the heated argument this was leaked from one man . He started talking about his client (who sent him) and business dealings he had with RICH, showing his immaturity.

Then another boy ( in the same gang) wanted to know the steps taken to attract investors in order to push the share price up in the market. The chairman again became uneasy and told him he does not know how to do such things but they have taken all possible steps to make the business profitable. Then they blamed the Chairman for not taking some action to boost the share price.

At this point all realized what was happening and the level and knowledge of those fellows. .

No one was interested about them or their allegations.

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