TGOFFS (7228) : Tanjung Offshore: some shareholder activism (3)
".... what are "matters arising from recent media reports on the Company"? How do we know which media reports the Board of Directors has knowledge off? Why do they not just list the matters at hand, what exactly is the Independent Committee going to review?"
That question is answered in the latest announcement by the company:
"The duties and responsibilities of the Independent Committee shall be as follows:-
i) To investigate any unauthorized dissemination of Company’s confidential information to the media in the past twelve (12) months and any officer’s breach of fiduciary duty;
ii) To investigate the dissemination of misleading information to the media resulting in negative investor perception of the Company upon publication in the media over the past twelve (12) months
iii) To review the Bourbon transaction based on minutes of the recent Management Committee meeting dated 26 December 2014;
iv) To review the acquisition of the remaining 49% stake in Gas Generators (M) Sdn Bhd which was completed in October 2013, the acquisition of a property in the United Kingdom in 2014 and the resource trading operations in The Philippines; and
v) To engage professionals to perform independent valuation of the said transactions undertaken by the Company (if necessary).
The Independent Committee shall commence its first meeting on 15 January 2015 and is expected to complete this review by end of January 2015."
Hopefully (an extract of) the report regarding the review will be published on Bursa's announcements website shortly after the review has been finished.
http://cgmalaysia.blogspot.com
