Unethical Malawatte Management

lokka1 · 1 Unethical Malawatte Management Tue Aug 09, 2011 10:25 am

lokka1

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MALWATTE made an earlier announcement that the XD date for the MAL rights was August 5th. Yesterday I sold some of my MAL shares both voting and non voting thinking that I am entitled to the rights based on what I owned on August 4th. Now they have announced the XD date is August 29th. How ethical is this and is this legal? It is about time SEC woke up and took notice of these shenanigans going on in the Bourse.
lokka1

Hiru · 2 Re: Unethical Malawatte Management Tue Aug 09, 2011 10:37 am

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Even though they are unethical to some extent, they had informed the fact on 04th August and the same was displayed in CSE website on 5th.

Chanuque · 3 Re: Unethical Malawatte Management Tue Aug 09, 2011 10:40 am

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Not only that Bud, the whole leisure venture in the Maldives is a White Jumbo project as the MVs will be disappeared years to come due to the elevation of the ocean. When the wise guys are selling off their islands, our fools are buying them to eat up the cash reserves of MAL ..

lokka1 · 4 MAL Rights Tue Aug 09, 2011 10:51 am

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Hiru wrote:Even though they are unethical to some extent, they had informed the fact on 04th August and the same was displayed in CSE website on 5th.

They never mentioned that they would revise the XD date. They only said that the EGM date is revised.
Lokka1

lokuayya · 5 Re: Unethical Malawatte Management Tue Aug 09, 2011 11:04 am

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this Malwatta Maldives Project reminds me the GREG's Gold mine Project.

cse_investor · 6 Re: Unethical Malawatte Management Tue Aug 09, 2011 11:08 am

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Chanuque wrote:Not only that Bud, the whole leisure venture in the Maldives is a White Jumbo project as the MVs will be disappeared years to come due to the elevation of the ocean. When the wise guys are selling off their islands, our fools are buying them to eat up the cash reserves of MAL ..

John Keells sold one of their islands, but not because it's going under, but because they failed at managing it. Their 4* resorts are doing well, but they failed miserably at establishing a 5* product. In order to save face they swapped the resort for a sublease extension on one of their other properties in the Maldives. A huge loss, but they managed to make it look like a good deal.

As for the "Maldives is sinking" theory, that's populist nonsense and there is zero factual evidence. Here's an interview with a guy who knows better than most people:

http://www.climatechangefacts.info/ClimateChangeDocuments/NilsAxelMornerinterview.pdf

All said and done, I agree that the MAL resort deal in Maldives sounds very dodgy.

Investor99 · 7 Re: Unethical Malawatte Management Tue Aug 09, 2011 11:21 am

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Generally all shareholders are invited to the AGM and should attend it and at the AGM they decided to postpone the Rights Issue resolution for another date (29.8.2011) so it ethical and legal. The XR date cannot be a date before the EGM that’s common sense.

MALWATTE VALLEY PLANTATION PLC
Company ID: - MAL (Voting)
Date of Announcement: - 14-Jun-2011
Proportion: - Two (02) voting shares for every ten (10) voting shares held
Two (02) Non-voting shares for every ten (10) voting shares held
Issue Price: - Rs.6.75/-
Qty Offered: - 49,518,032
General Meeting & Provisional Allotment: - 29-Aug-2011
XR: - 30-Aug-2011
Dispatch of Provisional Letter of Allotment: - 06-Sep-2011
Rights Trading Commences on:-12-Sep-2011
Renunciation: - 19-Sep-2011
Last Date of Acceptance & Payment: - 20-Sep-2011

MALWATTE VALLEY PLANTATION PLC
Company ID: - MAL (Non-Voting)
Date of Announcement: - 14-Jun-2011
Proportion: - Two (02) Non-voting shares for every ten (10) Non-voting shares held
Two (02) voting shares for every ten (10) Non-voting shares held
Issue Price: - Rs.5.50/-
Qty Offered: - 49,518,032
General Meeting & Provisional Allotment: - 29-Aug-2011
XR: - 30-Aug-2011
Dispatch of Provisional Letter of Allotment: - 06-Sep-2011
Rights Trading Commences on: - 12-Sep-2011
Renunciation: - 19-Sep-2011
Last Date of Acceptance & Payment: - 20-Sep-2011

If Maldives is sinking the same issue is going to impact all Sri Lankan hotels situated along the coast belt. The rise of the sea level is going to impact the world as a whole in the future unless we change our energy consumption patterns and the methods of energy generation.

Hiru · 8 Re: Unethical Malawatte Management Tue Aug 09, 2011 12:21 pm

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lokka1 wrote:

Hiru wrote:Even though they are unethical to some extent, they had informed the fact on 04th August and the same was displayed in CSE website on 5th.

They never mentioned that they would revise the XD date. They only said that the EGM date is revised.
Lokka1

Please look for the purpose of the notice when you read something in future.

If read all the right issue announcements, there is a meeting to approve the right issue and following date is the XR date.

Here the company has clearly said that right issue is not a subject of the meeting and hence the XR date have to be postponed. Its obvious.

Chanuque · 9 Re: Unethical Malawatte Management Tue Aug 09, 2011 2:04 pm

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Why Maldives .. ? MAL can develop within Sri Lanka leisure sector and they will be far more better off right here in the island if they want .. Off Shore Investments do not ring anyone s bell like GREG does .. ?? Less Transparency is the clause what I am looking for .. !