KGAL AGM - Gifts and Refreshments

milanka · 1 KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 8:01 pm

milanka

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Received the KGAL annual report today , and found this small piece of paper enclosed which says ,

“ Please note that only some refreshments will be served to the shareholders the Annual General Meeting but no gifts will be distributed”

Please check your copy also... anyway what do you think about the note ?

wmdcf · 2 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 9:26 pm

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One of my friend got the same note with NAMU annual report.

Gaja · 3 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 9:30 pm

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well this is what i got it with the RICH Report,

"Please note that refreshments will be served to the shareholders at the Annual General Meeting but no gifts will be distributed"

kam2011 · 4 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 9:50 pm

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I also found the same with Annual Report. What does it mean? May be last year Stockholders were treated well witha good lunch and distributed a gift and they do not expect to repeat the same this year.

Fresher · 5 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 10:20 pm

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maybe to stop the gift scavengers from attending AGMs with a handful of shares Very Happy

invest-abc · 6 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 10:27 pm

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npp wrote:maybe to stop the gift scavengers from attending AGMs with a handful of shares

Ya. I think you got it right Very Happy

xhora · 7 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 10:45 pm

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hehe my copy also had a one i didn't receive the RICH report yet maybe tomorrow.
it also had another note for errata

Chinwi · 8 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 11:24 pm

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May I tell you the real story ?

Last few years, at the AGMs of all RICH family plantations they gave very good quality big packets of tea they produce to all the shareholders. As many had shares of all the plantations (at least 100 each) people got 3-4 packs and for many husband and wife teams 8 packs. For some families dozens.

The news spread year by year and at last year's AGM there were 1000s of people in Navinna came to collect the gifts. The staff tried very hard to control the big crowd and sometimes they ( staff) were humiliated by some bad people came just for gifts. They openly shouted "we came here to get our parcel" The big hall at Navinna was fully packed with the "gift seekers".

Some shouted even at the meeting as they couldn't get their full portion. The staff was very upset after the days of hard work. Container loads of tea parcels they packed were not enough and Dr. Yaddehige ordered the staff to get the details of the people who left with no gifts and actually they arranged a later date for them to get their gifts.

There were thousands of people, majority had no interest for participating in the AGM . After struggling in the staircase I managed to enter the hall.

Actually , after the meetings, I personally requested the Chairman and the staff not to continue this next year. Not only me, many genuine shareholders were very upset about the happenings.

I am very happy to get the "No - gifts" note, now we can listen to the Chairman about the future plans and prospects of the company and then decide about our holdings.

Fresher · 9 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 11:28 pm

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I haven't been to an AGM yet but i have the genuine interest of going for one to see the proceedings first. I too am happy that it has stopped. After all it is not worth for people who have 100 shares to get to much freebies which in the end is borne by the genuine shareholders

Monster · 10 Re: KGAL AGM - Gifts and Refreshments Thu Jun 09, 2011 11:41 pm

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npp wrote:I haven't been to an AGM yet but i have the genuine interest of going for one to see the proceedings first. I too am happy that it has stopped. After all it is not worth for people who have 100 shares to get to much freebies which in the end is borne by the genuine shareholders

I too haven't been to an AGM but would like to participate if any AGM is schedule when I am Sri Lanka (Currently I am living overseas). As genuine investors we don't need any gift but if we can listen to the chairman about their future plans and prospects, that would be great.

xhora · 11 Re: KGAL AGM - Gifts and Refreshments Fri Jun 10, 2011 12:00 am

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who knows this time they may come for the 'Refreshments"

ss7097 · 12 Re: KGAL AGM - Gifts and Refreshments Fri Jun 10, 2011 4:19 am

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xhora wrote:who knows this time they may come for the 'Refreshments"

I've to give you + Rep for this xhora. You're abosoultely correct. Those people who shouted on that day, will be in next AGM for Refreshments Laughing

Slstock · 13 Re: KGAL AGM - Gifts and Refreshments Fri Jun 10, 2011 4:32 am

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Chinwi wrote:May I tell you the real story ?

Last few years, at the AGMs of all RICH family plantations they gave very good quality big packets of tea they produce to all the shareholders. As many had shares of all the plantations (at least 100 each) people got 3-4 packs and for many husband and wife teams 8 packs. For some families dozens.

The news spread year by year and at last year's AGM there were 1000s of people in Navinna came to collect the gifts. The staff tried very hard to control the big crowd and sometimes they ( staff) were humiliated by some bad people came just for gifts. They openly shouted "we came here to get our parcel" The big hall at Navinna was fully packed with the "gift seekers".

Some shouted even at the meeting as they couldn't get their full portion. The staff was very upset after the days of hard work. Container loads of tea parcels they packed were not enough and Dr. Yaddehige ordered the staff to get the details of the people who left with no gifts and actually they arranged a later date for them to get their gifts.

There were thousands of people, majority had no interest for participating in the AGM . After struggling in the staircase I managed to enter the hall.

Actually , after the meetings, I personally requested the Chairman and the staff not to continue this next year. Not only me, many genuine shareholders were very upset about the happenings.

I am very happy to get the "No - gifts" note, now we can listen to the Chairman about the future plans and prospects of the company and then decide about our holdings.

I hail this move. If this was the case Chinwi ( I have not been to a meeting) it is in best interest for genuine share holders and group to stop this abuse. For the genuine shareholders we only hope the company keep doing well with profits (while (maintaining fair practice and treatment to their employees) to see share holder wealth grow. Little gifts are nice to please in the short term but for the longer haul we expect them to save on them to deliver bigger later.

Fresher · 14 Re: KGAL AGM - Gifts and Refreshments Fri Jun 10, 2011 7:18 am

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ss7097 wrote:

xhora wrote:who knows this time they may come for the 'Refreshments"

I've to give you + Rep for this xhora. You're abosoultely correct. Those people who shouted on that day, will be in next AGM for Refreshments

that's what they hav said "some refreshments"
they will only refresh. not fill tummies Very Happy

Chinwi · 15 Re: KGAL AGM - Gifts and Refreshments Fri Jun 10, 2011 8:43 am

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On 30 June they are going to have AGMm of NAMU, KGAL, MASK at Arpico HQ in Navinna.
I am sure there will be lesser crowd this time.

( Navinna - From Colombo go along Highlevel road passing Nugegoda , the place is at left side closer to Maharagama )