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View Full Version : RPL Richina Pacific. A REGISTER for disaffected shareholders.



Felonius
20-10-2009, 01:47 PM
As a longterm shareholder in this company I have been disgusted by both the company itself (which delisted in New Zealand and registered in Bermuda), and with the NZ Stock Exchange which allowed the company to delist without ensuring shareholders were given a realistic opportunity to bail.

A Register for Those Who Would Like to Sell and Cannot.

This is the ONLY purpose of this thread. The aim is to enable us to make contact as a group and give us some fire power.

Please reserve comments about the company in general to my next thread -

RPL Richina Pacific A FORUM for locked-in shareholders who are feeling conned.

Thank you.

Arbitrage
20-10-2009, 01:57 PM
I am glad you have started this. In July this year I enquired as to where my payment was as I had sent an authority to Richina to buy my shares off me. Here is the email reply (truly):

"I have record of a copy of your authority form and you are on our buy-out waiting list. We are now having investor evaluating the buy-back investment in RPL and we hope to hear from them of their commitment soonest."

Perhaps we should have a competition interpreting the meaning of this?

To cap it all off, one of the directors, Jenny Shipley, has been appointed today as Chair of the Board of Genesis because of her commercial skills.

I look forward to anyones comments....

apostle 95
20-10-2009, 02:22 PM
Thank you gentlemen for raising this patience testing situation.

I have , on a number of occasions attempted correspondence with the person below

May Kwan
Company Secretary
Richina Pacific Ltd
Level 9
University of Otago House
385 Queen Street
Auckland
1010

My original application to divest myself of shares owned for over 10 years ( with only one dividend ever received over that period) in early 2008 was ignored completely, although, apparently , some lucky applicants were paid out.

My March 2009 reapplication is attempting to be varied by a Company approach to , maybe, pay out on 25% of my holding, following RPL's wish to vary their liability to pay out on shares that are now effectively frozen, since none of us long suffering remaining shareholders have a vector by which to sell, because of manouevres committed by the company when they divided the original company into Newco Shares in each of 4 divisions.

I refuse to accept this new October variation to the offer that was first made almost 2 years ago, but the Company does not have the courtesy of replying to my correspondence.

Apostle95

Felonius
20-10-2009, 02:44 PM
Aahh !! some quick responses which exactly reflect my own experiences. Keep them coming chaps (and girls).

Arbitrage
20-10-2009, 04:54 PM
So do we have any means of extricating ourselves from this situation?

seagull
22-10-2009, 01:00 PM
Have found the same situation here. Hoping for something soon. The Securities Commission has been informed and the company has been told to provide regular
communication to investors.

Felonius
22-10-2009, 03:26 PM
Thanks Seagull, although as most Kiwi shareholders are aware the Securities Commission (led by the very attractive Jane Diplock) has been worse than useless at protecting our interests.

seaosh
25-10-2009, 07:48 PM
You have my sympathies.

Shame on Richard Yan.

Felonius
02-11-2009, 12:37 PM
I don't think the company supplied these, which immediately placed shareholders at a disadvantage.

For those shareholders who would like to get their money back, you are welcome to use the attached format which I composed and forwarded to Richina.

Arbitrage
03-11-2009, 01:03 PM
Perhaps we should address it to the Hon J Shipley c/o Genesis Energy? She was defending Mr Yan and the company at the last agm i attended.

Also as we are still shareholders, shouldn't we still receive company notices?

PLYNCH
03-11-2009, 01:55 PM
Hi to all you disaffected shareholders I was one of the lucky few who was paid out.I voted against the split and I am wondering if this is the reason I was paid out.

Richina is now listed on "unlisted".But there have been no trades since listing.
The company has not made any announcements since listing not even a full year result. Hopeless.

Arbitrage
03-11-2009, 03:46 PM
Thanks for that information. A pity the company didn't directly advise us of this. Either that or I missed it. Looks like those of us who are unpaid may be on a slippery slope...

Lizard
03-11-2009, 04:32 PM
I thought I had voted against and thought I had sent off the forms (albeit a little late as did not find out where to get them until too late). However, I was not paid out and, as I did not keep a copy of the voting form, I have no proof I qualified.

I thought the last set of accounts that came with the latest notice were a bundle of laughs to read, so I must try and find the time to pull them out and comment.

Personally, I've written off my small holding in my own mind and added it to my list of legendary sharemarket disasters. :o

Felonius
03-11-2009, 08:24 PM
Hi Lizard,
You are not alone in having a small holding. Shares in Richina have lost substantial value over the last 10 years.
Two years ago I saw some signs of light and substantially increased my holding. Pity I didn't take a closer look at that smarmy American chairman, and of course Messrs Yan and Shipley !

Tinker
03-11-2009, 11:46 PM
Hi,

I too accepted the buy out just before Xmas but heard nothing more. I thought I would e-mail or write to them. Does anyone have a corporate office address for shareholder enquiries other than the Penthouse in Malaysia one listed as their operational headquarters on their website?

Thanks in advance.

apostle 95
04-11-2009, 09:37 AM
Hi,

I too accepted the buy out just before Xmas but heard nothing more. I thought I would e-mail or write to them. Does anyone have a corporate office address for shareholder enquiries other than the Penthouse in Malaysia one listed as their operational headquarters on their website?

Thanks in advance.
May Kwan
Company Secretary
Richina Pacific Ltd
Level 9
University of Otago House
385 Queen Street
Auckland
1010

glennj
04-11-2009, 12:03 PM
As a longterm shareholder in this company I have been disgusted by both the company itself (which delisted in New Zealand and registered in Bermuda), and with the NZ Stock Exchange which allowed the company to delist without ensuring shareholders were given a realistic opportunity to bail.

A Register for Those Who Would Like to Sell and Cannot.

This is the ONLY purpose of this thread. The aim is to enable us to make contact as a group and give us some fire power.

Please reserve comments about the company in general to my next thread -

RPL Richina Pacific A FORUM for locked-in shareholders who are feeling conned.

Thank you.

Hi Felonius,
I've got a small number of these, the legacy of a "sell at market" offer that didn't completely clear before the price dropped away. I wrote to the May Kwan address as given on this thread back in March 09 but got no reply. I wish you well with this endeavour.

apostle 95
04-11-2009, 01:49 PM
Hi,

I too accepted the buy out just before Xmas but heard nothing more. I thought I would e-mail or write to them. Does anyone have a corporate office address for shareholder enquiries other than the Penthouse in Malaysia one listed as their operational headquarters on their website?

Thanks in advance.
Richina Pacific Limited




Level 9, 385 Queen St Auckland Central PO Box 5185 Wellesley Street Auckland
09-375 2188

Dr_Who
04-11-2009, 01:51 PM
You guys should let the press know about this. I am sure it will make interesting reading, especially the history. Media coverage will put pressure on RPL management to front up. Disgraceful.

Felonius
04-11-2009, 02:30 PM
We have the Securities Commission in on the act. How about a more direct approach starting with our own "Dame" Jenny Shipley.

And let's not forget Richard Yan who had the good fortune to be sponsored by Auckland Rotary to leave his home in Communist China to attend Auckland Grammar School, and then on to Auckland University.

Jenny Shipley's phone number : 09 358 5360
Richard Yan " " 021 857 888


You could also try the company secretary May Kwan who operates from her office in Malaysia (not Queen St) and seems determined not to respond to anyone's correspondence.

May Kwan Ph. 00603 7722 2200

or Shirlyn Liong who stands in when May is away.

may.kwan@richina.com
shirlyn.liong@richina.com

Let's get these people just a little less comfortable ! Good luck.

Arbitrage
05-11-2009, 08:41 AM
If there are any Herald or Dominion reporters reading this, it would make a great article. Especially with a high profile director like Shipley on the board.
A bit of investigative work required but not too much. Probably a couple of phone calls to the key players.
Perhaps we should have a headline competition?
"Richina Gets Rich on Shareholders Loss"
or "Former Prime Minister in Share Rort"
Any other contributions?

PL
05-11-2009, 09:23 AM
For those of you who feel RPL have shafted them, keep going and don't give up. I started trying to get paid out in Dec 08 and finally got the money in June 09. It took phone calls to Yan (waste of time) and emails/phone calls to May Kwan and I finally beat them into submission. They wriggled and lied but finally gave up when they realised I wasn't going away.

Good Luck.

Felonius
05-11-2009, 10:23 AM
You are absolutely correct PL. They will pay up if we hassle them sufficiently.

Richard Yan chooses not to respond to mesages on his cellphone, although being the biggest beneficiary it is important we do not let him off the hook.

Jenny Shipley does answer her phone and will be feeling some discomfort. She has sufficient sway with her colleagues to "make things happen" when pressured.

May Kwan will answer her phone.

..................


Arbitrage, I like your headline suggestions.

How about : "Richina Shareholders Shafted"

Arbitrage
05-11-2009, 10:37 AM
"RPL Says RIP to Shareholders Money"

Tinker
05-11-2009, 01:24 PM
Thanks Felonius,

I will write to the above address and if necessary get a someone to visit. I will be pursuing this matter.

Cheers,
Tinker

Arbitrage
05-11-2009, 01:54 PM
I am following up a previous request as well. If anyone gets a response can they report its contents back to this forum? It seems like they have picked us off individually in the past so would be useful to know what is going on amongst other shareholders..

PL
06-11-2009, 10:25 AM
I'm not a lawyer but I think there is a fair chance that the actions of the RPL Board are in breach of Securities and/or Company Act legislation.

If any of you that still have a copy of the original offer document (issued by RPL for the 15 Dec 08 Special Meeting) you should refer to bye law 5.7 that gave shareholders the right to have their shares purchased by RPL.

To have your shares purchased by RPL you needed to have:

1. Cast your vote against the resolution proposed at the Special Meeting held on December 15 2008. and

2. Completed and returned to RPL a form titled 'Notice to RPL' by 31 January 2009. This form effectively gave written notice to the RPL to purchase your shares. You needed to tick Option A.

The form was never sent to shareholders, it was only available on RPL's website. (I suspect this in itself is in breach of Secuirities legislation). The only reason I became aware of the form was through a post on another RPL thread.

If you did the above then RPL are legally bound to pay and cannot use any excuses about third party investors buying the shares. I did do the above and it still took several months and the threat of legal action against them to make them pay.

The manner in which they operate as a company is disgraceful and you should never give up.

Do any of you think that the esteemed ex PM of NZ is aware of what RPL is doing to minority shareholders?

Felonius
06-11-2009, 11:00 AM
Thank you PL for your excellent precis of events.


"Do any of you think that the esteemed ex PM of NZ is aware of what RPL is doing to minority shareholders?"

PL, she is a very astute woman. In my mind there is no question that she is very aware ..

Arthur
09-11-2009, 11:49 AM
Can't recall a pip from them despite losing a company and minorities getting shafted

Felonius
12-11-2009, 04:44 PM
On 31st December 2008 Richina Pacific ceased to be listed on the NZ Stock Exchange. On the same day the newly amalgamated company became registered with the Bermuda authorities (whatever that entails).

The Explanatory Memorandum which shareholders received on November '08 advised on page 7 : "As a result, Newco Shareholders may have difficulty in disposing of Newco Shares following the implementation of the Amalgamation."

Was this not a pointer to the NZX and other regulatory bodies that shareholders were about to be disenfranchised ? Where are the NZX etc. when we need them ?

Rackets like this have cost New Zealanders millions of dollars and consigned many older people to life's scrapheap.

Thank you for that.

Arthur
12-11-2009, 05:30 PM
Yes there is a good argument for getting the paper documents and not the electronic notices. As soon as a company delists all access to announcements on NZX disappear - so long investing suckers and thanks for all the fees. Often the company deletes the info from their websites as well.

winner69
12-11-2009, 05:47 PM
Thats why there is such a thing as a 'equity risk premium' ... because there is always the chance that shareholders may never see there money again unless there is some willing buyer of those shares

But in this case wasn't there some undertaking that this Newco might buy your shares?

Many said on this forum that Yan and his mates could never be trusted and so it has turned out to be .... wonder what Hone would call them

POSSUM THE CAT
12-11-2009, 06:14 PM
Winner Hone would probally call them brother

Felonius
12-11-2009, 10:30 PM
I do not wish to live in a world where this type of behaviour is viewed as acceptable. Also, some of us have children and I fear for them.


Please Readers, take it upon yourselves to challenge the directors and beneficiaries of this .... . (I won't specifically identify the behaviour but you will get the gist).

Jenny Shipley's phone number : 09 358 5360 Newmarket
Richard Yan's " " 021 857 888 Kohimarama

You could also call the company secretary May Kwan, who operates from her office in Malaysia (not Queen St).

May Kwan : Ph. 00603 7722 2200
or Shirlyn Liong who takes over when May is away.

may.kwan@richina.com
shirlyn.liong@richina.com


Go for it. Keep the thread rolling.

glennj
02-12-2009, 09:42 AM
Well I followed up by Email & fax with May Kwan & Jenny Shipley after reading the info you provided here Felonius. Got acknowledgements from both and today received a cheque in the mail for the small remnant parcel I still held.
A pleasant surprise after previously being ignored.
Have other holders also been paid out?

Arbitrage
02-12-2009, 10:06 AM
Yes. Mentioned possible report to the Securities Commission in my email and got a phone call from Shanghai the same day. The cheque arrived this week and hoping it will clear by tomorrow.
Well done team. Good discussion and advice.

apostle 95
02-12-2009, 02:03 PM
I have, over a period of 7 weeks emailed all mentioned executives except for Jenny Shipley. I have had no acknowledgement from anyone.

As it stands Richina has failed to acknowledge my original request to divest almost 2 years ago, failed to honour the declaration made in March of this year, and ignored my refusal to have the purchase agreement varied by drip feed payments in October.

I checked my mail today, but unlike those more fortunate, there is no "cheque in the mail"

It looks as though I am going to have to attempt to deal directly with Ms Shipley. I am not holding my breathe, especially since my holding is still quite substantial.

Lizard
02-12-2009, 09:01 PM
I've done nothing, but got my cheque yesterday for one-third of holding. Banked within minutes. Sounds like others are doing a little better and getting paid out in full?

Arbitrage
03-12-2009, 07:11 AM
Yes I was paid in full.

apostle 95
03-12-2009, 07:28 AM
I recieved the following email ( the first reply I have ever received from anyone in Richina administration ) this morning

Dear Peter



May ( Kwan ) is on leaves now and will only return on 8 Dec 2009.



The management has taken note of your e-mails.



Kindly be informed that there is no payout under existing offer now.



We'd like to look into the matter and if you could provide us your telephone no. to enable us to call you to clarify the matter better.



Please do not hesitate to e-mail me if you need further clarification.



Thanks and regards

Shirlyn

Felonius
03-12-2009, 12:36 PM
Yes Apostle, you will need to call Jenny Shipley directly, 09-358 5360. Nobody seems to be doing this.
Good heavens, as an independent director she is accountable to shareholders and we need to show some gumption.

Dame Shipley has the most at stake - she is vigilant in protecting her reputation. Having received from me a series of hand-delivered letters to her Newmarket apartment, AND unpleasant phone calls, she evidently found the bathwater too hot & spoke with May Kwan.
I forwarded a third "Authority" (what a game) and finally received full payment approx. $40,000.
-------------

I was paid out months ago following concerted phone calls and letters to Richard Yan, Jenny Shipley, May Kwan and Shirlyn Liong. I started this thread to help others and draw attention to this rort.

Please maintain the pressure on all parties. I don't wish to see us treated as fools.

Dr_Who
03-12-2009, 02:22 PM
I am very surprise you guys have not called the media on this. I am certain they will be very interested in your stories.

Richard Yan still resides in NZ and it would be very embarrassing for him to read any bad news in the papers.

blackcap
04-12-2009, 06:36 AM
I am very surprise you guys have not called the media on this. I am certain they will be very interested in your stories.

Richard Yan still resides in NZ and it would be very embarrassing for him to read any bad news in the papers.

Well surprise surprise, received my cheque for this in the mail today. Hand written and all. But off to the bank asap. Thanks for the lobbying guys, I had not got around to it yet....

Arbitrage
04-12-2009, 07:37 AM
Does anyone know the email address of a business reporter at the Herald or Dominion? Why not forward this thread link to them for us?

macduffy
04-12-2009, 08:38 AM
Does anyone know the email address of a business reporter at the Herald or Dominion? Why not forward this thread link to them for us?

You could try

James.Weir@dompost.co.nz

;)

PL
04-12-2009, 09:35 AM
Great to see that many aggrieved shareholders are finally seeing some payouts. I completely agree with the moves to involve the press and securities commission. If there is any justice then all of the Directors should be barred from acting as such in NZ. They are all complicit in what has gone on over the past year, and should be dealt with accordingly by the relevant authorities. It is hard to believe that an ex PM would get involved with this lot, what judgment she must have and remember that she bought in at around 71 cents per share a few years ago so I doubt if she was selling out at 45 cents.

apostle 95
04-12-2009, 09:39 AM
Felonius


Thank you for Dame Jenny Shipley's home phone number. Unfortunately she appears to be rarely at home, and her husband, to whom I spoke, knows nothing of the situation

He did , however provide me with her email address. which I will use, and may be of assistance to others in my situation

jenny@jsnz.com

PLYNCH
05-12-2009, 06:17 AM
RPL Requests Trading Halt

Felonius
11-12-2009, 10:42 AM
Will this be confirmation of the plan to disenfranchise shareholders by stealth ? The word "stealth" derives from the verb "to steal".

apostle 95
11-12-2009, 11:02 AM
coincidental use of the words 'theft by stealth', Felonious

I sent a long and detailed email to Dame Jenny Shipley last week, using that exact phrase.

She has still to reply to my queries and concerns apart from a computer generated acknowledgement of receipt of my missive to her computer.

It will be interesting to see if she will treat my questions with ignore, as has been done by the unHoly Trinity of Yan, Kwan and Liong.

I congratulate those of you who were paid out following your " tree shaking" Obviuosly I am going to have to return to Uni and repeat Treeshaking 101 !!!

Arbitrage
05-02-2010, 08:16 AM
Buyout could take up to two years

By ANDREA FOX - The Dominion Post

Last updated 05:00 05/02/2010

Remaining shareholders in delisted international property development and investment firm Richina Pacific could have to wait up to two years to be paid for their shares in a management buyout.

A letter from chairman John Walker, which according to irate shareholder Glenn Taylor was emailed to shareholders on the afternoon of Christmas Eve, said the company's objective was for all shareholders to fully exit by the end of 2011.

The letter also said Dame Jenny Shipley had resigned as a Richina Pacific director. She continues to chair subsidiary Mainzeal Property and Construction.

Dame Jenny said she had stepped down as a director because of workload after being appointed chairwoman of Genesis Energy.

Mr Walker wrote that although the company's buyout offer expired on December 31, it would continue to make or procure offers for the shares at 45c for each parcel of four division shares.

"We currently contemplate purchasing (or procuring the purchase of) before year-end 2010 up to one-half of the remaining shares of shareholders who want to sell their shares, assuming the payment of US$2.5 million on the loan to the company from Siam Commercial Bank (SCB) is made before such purchase, and further purchasing (or procuring ...) before year-end 2011 the remaining shares of such shareholders, assuming another payment of US$2.5 million on a loan from SCB is made before such purchase."

Further details would be announced "shortly" after the 2009 annual results were determined, he wrote.

The board was also making progress with plans to restructure the group, with some or all the divisions of the company to become stand-alone companies, the letter said.

Richina Pacific, which focuses on investment in China, is registered in Bermuda and headquartered in Malaysia, announced a restructure and delisting about 14 months ago.

No-one in the company could be contacted.

The chairman's letter said that on November 27, the company paid out 1809 shareholders.

That would leave about 800 shareholders, down from more than 2400 at the start of 2009.

More than 90 per cent of shareholders, representing more than 19 per cent of shares, had accepted the buyout offer, Mr Walker wrote.

Mr Taylor has complained in writing to the Malaysian headquarters, saying the "dragging out of this offer is a disgrace".

He noted the Christmas Eve timing of the chairman's emailed letter, which he said many shareholders would have missed, and sought more information about the buyout processes.

"As someone who voted against the delisting of the company from the NZX, but was then declined settlement in February 2009, I cannot accept waiting a further two years to get out of my Richina investment."

Mr Taylor has held up to 40,000 Richina shares at various times. He said he paid 50c for each share parcel.

He has about 11,000 shares after Richina bought back 5000 from him before Christmas.

In an emailed response to him, Richina representative May Kwan wrote: "In our view there was nothing negative in the chairman's letter ... the timing was purely a function of the final restructuring being implemented the week before."

Dr_Who
05-02-2010, 08:21 AM
So tell me again why the NZX allow RCH to delist without paying out the sh?

What a complete mess.

Oso
07-02-2010, 01:38 PM
With respect to the vote to delist from the NZX this was a bit of a sham....I am aware that many shareholders voted against the delisting, however as these shareholders were not present at the meeting there votes were not counted and proxies returned.....not the fairest process when smaller shareholders live outside Auckland and couldnt make the meeting....the resolution to delist was therefore passed much to the disadvantage of minor shareholders.

Unfortunately, it is in the best interests of Yan to delay payment as he will not want to pay interest on the funds required to payout shareholders, when he can delay payment for a further 2 years and still pick up the remaining shares at a very cheap 45c.

The only way remaining shareholders are going to be paid out, is to continue to lobby Yan, May Kwan, Jenny Shipley & Co.

Arbitrage
08-02-2010, 07:10 AM
Richina criticised over 'dragged out' offer
By ANDREA FOX - The Dominion Post Last updated 05:00 08/02/2010


Delisted international property and investment company Richina Pacific has defended criticism from a shareholder who says the now private firm will take another two years to pay out remaining shareholders.

Malaysian-based Richina became a private company at the end of 2008 through an amalgamation transaction.

Shareholder Glenn Taylor, who voted against the delisting from the NZX, has complained to the company that the "dragging out of this [buyout] offer is a disgrace".

He called for more open communication with remaining shareholders.

Mr Taylor said he was stuck with about 11,000 shares he could not sell, and that according to a letter from chairman John Walker, emailed to shareholders on Christmas Eve afternoon and nearly missed by him, shareholders would have to wait until the end of 2011 for payment.

Mr Taylor said he bought the shares for 50c a parcel.

Richina is buying the parcels back for 45c.

According to the chairman's letter, after a November round of buybacks from 1809 shareholders who included Mr Taylor, he is one of 800 remaining shareholders.

Mr Taylor said that last year when the shares were listed on the Unlisted market, not one share was traded.

In an emailed response to questions, Richina spokeswoman May Kwan said Mr Taylor was venting "personal frustrations".

Ms Kwan said Richina had bought shares back from some shareholders who did not agree with the amalgamation, but when the financial crisis deepened, more wanted to sell their shares.

Richina had decided to help them by listing on the Unlisted market and buying out shareholders "under certain conditions".

"Since there was not a single share traded ... during all of 2009 ... the primary route for selling shareholders became the buyouts. The conditions to be satisfied to achieve the buyouts were ultimately dictated by the timing of repaying a US$10 million loan to the Siam Commercial Bank which was originally due on February 28, 2009.

"However, since Richina Pacific could not obtain the necessary approvals from Chinese authorities to remit US dollars out of China, that loan was re-negotiated and extended for the final payment to be on December 14, 2011."

Ms Kwan said it had been clearly stated to shareholders that the buyout would be in three stages, with the first stage being the end of 2009, with two more payouts in 2010 and 2011. Mr Taylor understood this because he signed a form when his end-of-2009 payment was made, she said.

"However, for the majority of smaller shareholders, they would have sold their shares much earlier given their small ownership.

"It was on that clear basis, 1908 shareholders, including Mr Taylor, accepted the offer in writing and cheques were mailed to all 1908 shareholders at the end of November as promised," Ms Kwan wrote. (The chairman's letter said 1809 shareholders were paid out.)

Mr Taylor was "more than likely" to be paid out in total in 2010, Ms Kwan said.

Shareholders had been told the Unlisted listing would be only till the end of last year, she said.

Given there had been no share trades, the listing was discontinued.

Ms Kwan said Mr Taylor or any other shareholder could still sell their shares "to anyone they wish" and the company would process the sale.

"Today, more than 2000 shareholders out of the original 2400 have sold all, or a portion of, their shares and with the next two payouts, we expect a final shareholder number of no more than 100, so all future communication will only be between the company and our shareholders."

SandraT
02-03-2010, 09:26 AM
Hi,

Does anyone have a copy of the original offer document dated the 15th of December with bye law 5.7? If so are you able to post it or send me a copy?
Thanks

brenrox
06-03-2010, 09:09 AM
I had some of my mail sent to another adress and of course that is where my cheque from RPL went. Letter is dated Nov 28, just wondering if the cheque is still valid to deposit? What were they doing with people who chose not to accept the cheque? cheers

macduffy
06-03-2010, 11:38 AM
I had some of my mail sent to another adress and of course that is where my cheque from RPL went. Letter is dated Nov 28, just wondering if the cheque is still valid to deposit? What were they doing with people who chose not to accept the cheque? cheers

A cheque won't be dishonoured as "Stale" before it's 6 months old.

Just hope that there are still funds in the account to meet it!

Good luck!

brenrox
18-03-2010, 10:10 AM
Just thought I'd post to say that the cheque has cleared. So must be still a bit of money in there

Lizard
18-03-2010, 08:11 PM
Received another startling missive from RPL today - another re-purchase plan to sign (same price but drags the re-purchase dates out to Dec 2010/Dec2011 (depending on number of shares held). However, the startling part is the "proposed amendments to the bye-laws" proposed for the agm. Seems they wish to change the company structure to a limited partnership structure - I'm not sure of the ramifications of this - but they want to pass some bye-laws that:

1. Deletes the requirement for independent directors (their functions are transferred back to the board as a whole - i.e no safeguards in effect where possible conflict of interest)

2. Deletes the requirement for a shareholder meeting to be held in Auckland

3. Requires that shareholders shall keep all information received from the company confidential and not disclose information directly or indirectly without prior written consent of the company...

Wow. So if, subsequent to the re-purchase offer, they are unable to fulfill their obligations and therefore change the terms of the offer, does that mean a shareholder would be unable to disclose this to anybody, even in order to obtain legal or financial advice?

Oso
21-03-2010, 01:19 PM
Lizard - it appears that Richina is looking to silence Shareholders. A policy which is probably more akin to the political structure of the country where Richina holds most its assets.

The proposed change in governance or proposed removal of governance is interesting. Despite the Chairmans letter speaking of efficiencies caused by the removal of the governance structure I can see very little advantage to minor Shareholders. I wonder if Richina would still be proposing these changes to the bye-laws if the RH Jenny Shipley still held a position as Independent Director at RPL Board level?

Oso
24-03-2010, 10:50 AM
Attached Chinese article makes for an interesting read. The Richina board appears to have been very good at keeping the environmental record under wraps.

http://www.chinadialogue.net/article/show/single/en/3540

Felonius
25-04-2010, 03:23 PM
CONGRATULATIONS TO .. Glenn Taylor and Andrea Fox of THE DOMINION POST for publicising this rort.

The responses from New York lawyer & chairman John Walker, and May Kwan (Malaysian office) were predictable. May Kwan made the following statements (my comments are attached).

"Mr Taylor understood this because he signed a form when his end of 2009 payment was made."
What was Ms Kwan referring to? Was it the extraordinarily complex 189 page NOTICE OF MEETING, EXPLANATORY MEMORANDUM & INVESTMENT STATEMENT which we received late in 2008 ?

"It was on that clear basis 1908 shareholders, including Mr Taylor, accepted the offer in writing."
Clear basis? Nonsense. This whole saga has been cleverly designed to confuse and ultimately disenfranchise we sucker shareholders.

"Cheques were mailed to 1908 shareholders at the end of November as promised."
Well we could believe that statement. However the evidence presented in this thread would suggest otherwise.

LET US GIVE THANKS .. to the NZ Stock Exchange and our accomplished Regulatory Authorities, because now that Richina is registered in Bermuda how would we ever know ?

LET US ALSO GIVE THANKS .. to Jenny Shipley for her upstanding support of the shareholders she represented - or was she only there to protect her own interests ? I see she has subsequently bailed as a director.

AND OF COURSE THANK YOU .. to Richard Yan who was initially enabled to study and settle in NZ through the generosity of Auckland Rotary.


It happens to be Anzac Day. Some of you will have attended the Anzac Day Service. As a past Prime Minister Jenny Shipley spoke many grand and pious words on such occasions.

Our forebears fought for a better world.

Felonius
29-04-2010, 10:57 AM
May Kwan said recently : "Cheques were mailed to 1908 shareholders at the end of November as promised."
Well we could believe that statement. However the evidence presented in this thread would suggest otherwise.

LET US GIVE THANKS .. to the NZ Stock Exchange, Jane Diplock, and our accomplished Regulatory Authorities, because now that Richina is registered in Bermuda how would we ever know ??

LET US ALSO GIVE THANKS .. to Jenny Shipley for her outstanding support NOT, of the shareholders she represented - or was she only there to protect her own interests ? I see she has subsequently bailed as a director.

AND OF COURSE THANK YOU .. to Richard Yan who was initially enabled to study and settle in NZ through the generosity of Auckland Rotary.

glennj
29-04-2010, 12:44 PM
Felonius you've done good work publicising what's gone on with this company.
If it wasn't for your posts I wouldn't have pursued the payout for my remnant shares. Ended up with a whole $5.50 loss & a valuable lesson.
My sympathy to those who were not paid out.

Felonius
03-05-2010, 08:27 PM
Thank you for the compliment glennj.
I am pleased they returned your money !!

Oso
04-05-2010, 11:54 AM
A very accurate post Felonius. Unfortunately I am still waiting to be paid out. Does anyone know the outcome of the AGM held in late March. Richina yet to contact shareholders - communciation is not one of their strengths!

Lizard
24-08-2010, 06:21 AM
Haha, thanks MoSteph... haven't had such a good laugh for a while! Totally tragic... if we weren't all so busy with results season, we could have started our own "Richina-style blog" competition...

Something for a quiet day...

winner69
24-08-2010, 08:12 AM
Rhetoric is nothing new to Yan - from back in 2005 I posted this - looking back Richard was probably saying watch out shareholders because with one stroke I can take your wealth away and make me rich - read between the lines

Anyway back to 2005

A little story from the RPL annual report - I love companies that employ a bit of rhetoric and analogy to its dealings.

"Richina only wanted the land and buildings that the tanneries were in but the owners of Shanghai Leather Co said the land and buildings weren't for sale but the whole company was and so Richina ended up with ownership control of 44 enterprises, interest in other enterprises and land rights over 40 parcels of real estate in Shanghai."

Then this history lesson -


By a treaty signed in 1803, the US purchased from France the Loiusuana Territory, more than 2 million kilometeres of land extending from the Mississippi River to the Rocky Mountains. Having changed geopolitical priorities at the time, Napolean Bonaparte offered to sell Louuisana instead of further expansion in the Americas. Conincidently, President Thomas Jefferson had already sent James Monroe and Robert Livingston to paris to negotiate the purchase of a tract of land on the lower Mississippi River or to at least establish a guarantee of free navigation on the river. Surprised and delighted by the French offer of the whole territory, they immediately negotiated the treaty and made the purchase, for US$15 million.

The Louisiana Purchase greatly benefited and changed America forever. In one stroke, the United States would double in size, and own an enormous tract of land that opened to settlement, and was assured free navigation on the Mississippi River.

Felonius
26-09-2010, 09:38 PM
Thank you to all contributors for keeping RICHARD YAN and his "esteemed" cohort JENNY SHIPLEY in the headlights (if you know what I mean).

Please keep up the good work.

Felonius
08-10-2010, 08:50 PM
Lest we forget .. Richard Yan and cohort Jenny Shipley

macduffy
16-11-2010, 12:10 PM
Interesting to hear Jenny Shipley's name mentioned with regard to the Pansy Wong businesses.

Any connection here with the RPL debacle?

Felonius
12-01-2011, 09:25 PM
Sorry Mac, I don't know the answer to your question.

I am no longer a shareholder, but I would love to receive an update on Richina from anyone who is still involved.

Felix
12-01-2011, 10:01 PM
I'm not sure whether shareholders are allowed to comment about Richina. From what I recall shareholders approved a resolution which means that they are barred from communicating Richina's financial matters to anybody. I think this resolution was put forward by the Richina directors due to the changing status from a publically listed company to some sort of partnership structure.

Felonius
04-03-2011, 08:48 PM
Hi, is there anyone out there who can provide an update on the affairs of RICHINA ?
OR .. are you all playing for dead and allowing Richard Yan & his cohorts to walk all over you.

NB. It's not just about you. It's about deciding on the kind of society we wish to live in.

Felonius
18-04-2012, 10:07 AM
What has happened to Richina in the last two years ? I regret not retaining a few shares so I could follow this sad story ..

Well, it won't be sad for Richard Yan and Jenny Shipley of course !

Arbitrage
18-04-2012, 02:33 PM
Jenny has moved on to public service now and is chair of Genesis.

Arbitrage
13-06-2012, 03:11 PM
NZ taxpayers have given Richina Pacific a gift. Here is an article from stuff.co.nz today:


"Taonga gifted to Shanghai developer

Maori Affairs Minister Pita Sharples has gifted an artistic taonga to the property developer behind the proposed New Zealand House in Shanghai, touted as a "one-stop showroom" for Kiwis looking to do business in the Chinese city.

The art work depicting the three Maori baskets of knowledge has been given to Richina Pacific managing director Richard Yan in Shanghai as a Te Puni Kokiri-led Maori business delegation tours China.

The delegation includes business people from Whale Watch Kaikoura, Kiwa Media Group, food and beverage maker Wakatu Incorporation, forestry partnership CNI Holdings and farming business Atihau Whanganui Incorporation.

Former All Black captain Taine Randell is also on the trip, representing the Ngati Kahungunu Asset Holding Company, and he joined Sharples in a haka after the presentation from Yan.

Sharples said Yan's "innovative" plan to showcase New Zealand to Chinese consumers would see Maori culture and products playing a central role.

"New Zealand house is an enormous and generous gesture," Sharples said in a statement. "It can become a showcase for Maori and will build on our cultural connections to China."

Sharples said the Maori business delegation to China was part of a long-term strategy and was aligned to a push of the "NZ Inc" brand in major overseas markets.

"New Zealand's 100% Pure brand is one Maori have held and guarded for generations.

"Maori share ancient cultural bonds with our kin in China that we are proud to celebrate today."

The Maori Affairs Minister is due back in New Zealand on Friday after a two-week journey taking in Beijing, Guizhuo, Shanghai, Guangzhou, Jiangmen and Hong Kong. "

macduffy
13-06-2012, 05:45 PM
And on another note, a recent newspaper article reported that "former prime minister Jenny Shipley, chair of the Global Women organisation, called for the New Zealand Stock Exchange to follow Australia's lead and require publicly listed companies to report on the gender balance at board level."

Now, I'd take that a bit more seriously if it hadn't been "called" by someone so closely associated with the Richina Pacific debacle!

macduffy
06-02-2013, 02:50 PM
Mainzeal into receivership.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10863801

Does Richina still own them?

macduffy
06-02-2013, 02:56 PM
Mainzeal into receivership.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10863801

Does Richina still own them?

Apparently so. Or at least did, in November 2012.

http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10848069

Arbitrage
06-02-2013, 03:09 PM
Mainzeal was RPL's cornerstone so I wonder how the rest of the company is getting on?

winner69
06-02-2013, 03:32 PM
Yes was still a richina company

Guru business leader Yan says it all .....and lack of shareholder support is one of the reasons we put it into receivership

In other words we discounted the jobs too much to get them and now too hard to fix it so lets walk away from nz and let the creditors suffer

Always was going to end in tears

macduffy
06-02-2013, 04:49 PM
It's strange how things turn out, sometimes.

Now seems that NZ shareholders are well rid of this company (Richina) despite the bitterness of their parting.

Serpie
06-02-2013, 07:06 PM
That's what happens when you do all of your business in the back room. Karma. Feel sorry for all of the subcontractors that will go down with them though.

stoploss
06-02-2013, 07:32 PM
" a general fall off if commercial construction work " ??? NZ'S biggesr ever rebuild going on in CHCH this doesn't add up ..........

Serpie
06-02-2013, 09:00 PM
NZ's biggest ever rebuild hasn't really started yet. Mainzeal really had only 1 large job on the go in Christchurch, and that was rebuilding a site that burned down - not earthquake related.

Felix
06-02-2013, 09:53 PM
The comment about lack of shareholder support is also interesting. I haven't received any correspondence from Richina in about two years. Oh, I guess they mean no support from their big important shareholders...

I've written this up as an investment lesson. Over the years the directors have blamed everything but themselves and always spouted that next year would be better. At the time I soaked up the excuses and believed them. The longer you're in the game the better you get at seeing through the excuses and promises. Richina was an early investment for me and its too late now, but when I heard the same excuses and blaming from the Rakon directors for that company's issues I sold out and took the loss.

Marilyn Munroe
07-02-2013, 01:57 AM
Dame Jenny Shipley resigns as Mainzeal Property & Construction director one day before reveivership.

http://wellington.scoop.co.nz/?p=52509


Boop boop de do

Marilyn

stoploss
07-02-2013, 07:51 AM
NZ's biggest ever rebuild hasn't really started yet. Mainzeal really had only 1 large job on the go in Christchurch, and that was rebuilding a site that burned down - not earthquake related.

from the NBR today "Mainzeal is a well-known New Zealand construction company, and a major player in the Christchurch post-quake rebuild"

winner69
07-02-2013, 08:16 AM
from the NBR today "Mainzeal is a well-known New Zealand construction company, and a major player in the Christchurch post-quake rebuild"

Were in partnership with somebody to manage the insurance claim work for Vero and others .....otherwise as Serpie says they were almost a non event in Chch ...... But prob had ambitions

Plenty of pissed of people if you read the comments in the NBR article eh

Also a tangled web of companies to unwind .... Mainzeal Corp not in receivership ....yet

stoploss
07-02-2013, 08:26 AM
Were in partnership with somebody to manage the insurance claim work for Vero and others .....otherwise as Serpie says they were almost a non event in Chch ...... But prob had ambitions

Plenty of pissed of people if you read the comments in the NBR article eh

Also a tangled web of companies to unwind .... Mainzeal Corp not in receivership ....yet

yes some sad stories there. Well hopefully the Govt can step in and underwrite the mainzeal part of the partnership, guarantee payments to the sub contractors, so the work can go on. Not a shareholder , or involved in this in any way . Just trying to get my head around the strength of the economy ....( or lack of strength as the case maybe )

Dentie
07-02-2013, 01:08 PM
Dame Jenny Shipley resigns as Mainzeal Property & Construction director one day before reveivership.

http://wellington.scoop.co.nz/?p=52509


Boop boop de do

Marilyn


A review of the Companies Office reveals Dame Jenny is up to her ears in this & others (in terms of Directing at least) - not so much as a shareholder though

macduffy
23-02-2013, 01:21 PM
Brian Gaynor discusses the performance of recent Richina Pacific directors.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10867172

Valuegrowth
12-01-2014, 03:57 PM
What is the latest position of this company? I had some shares in this company in the past.

winner69
12-01-2014, 04:24 PM
Suppose Richard's dreams never came to life ....unless he and his mates moved SLC to a safe haven away from the rest of the mob

RPL Annual Report - Yan said

Your New York-based Chairman, a great student of
American history, has likened the significance of RPL’s
acquisition of SLC to that of America’s Louisiana
Purchase. At the risk of sounding a little grand, I find
this analogy most fitting!

By a treaty signed in 1803, the United States purchased
from France the Louisiana Territory, more than 2 million
square kilometers of land extending from the Mississippi
River to the Rocky Mountains. Having changed French
geopolitical priorities at the time, Napoleon Bonaparte
offered to sell Louisiana instead of further expansion in
the Americas. Coincidentally, President Thomas
Jefferson had already sent James Monroe and Robert
Livingston to Paris to negotiate the purchase of a tract
of land on the lower Mississippi River or to at least
establish a guarantee of free navigation on the river.

Surprised and delighted by the French offer of the
whole territory, they immediately negotiated the treaty
and made the purchase, for US$15 million.

The Louisiana Purchase greatly benefited and changed
America forever. In one stroke, the United States would
double its size, own an enormous tract of land that
opened to settlement, and was assured free navigation
on the Mississippi River.

In our case, much more humble but just as important to
RPL shareholders, we first approached SLC in February
2004 seeking to purchase the land and buildings that
housed SRL’s tanneries.

We were very surprised but equally delighted when SLC told us that while the land we wanted was not for sale, SLC itself was.

This closely followed the decision by SLC’s parent, LIH, one of
Shanghai’s largest SOEs (which had 28 subsidiary
holding companies, including SLC, and had over 180,000
employees), to sell SLC as a whole. This decision by
LIH came about rather suddenly because the Beijing
central government, having recently decided to further
deepen its commitment to SOE reform, required
prompt action, and Shanghai as usual led the charge.

The rest, as we say, is history.

Valuegrowth
13-01-2014, 06:50 PM
Thank you Winner69. I really appreciate. Kind regards MW

macduffy
23-04-2015, 11:16 AM
Former shareholders of RPL will be amused to hear Ms Shipley lecturing exporters today on the ethics of doing business in China.

;)

Dentie
23-04-2015, 12:45 PM
Former shareholders of RPL will be amused to hear Ms Shipley lecturing exporters today on the ethics of doing business in China.

;)

Oh yes...absolutely. Funny, I had your exact same thought when I read that earlier today Macduffy.

I'll never forget her jumping ship just before the big Mainzeal collapse.

Felonius
14-09-2015, 08:45 PM
Yes, ethics was never her "main suit".
Thanks for that update Macduff.

macduffy
24-10-2015, 01:44 PM
The ghost of Richina Pacific refuses to lie down!

http://www.nzherald.co.nz/best-of-business-analysis/news/article.cfm?c_id=1501241&objectid=11534289

Dentie
24-10-2015, 02:57 PM
The ghost of Richina Pacific refuses to lie down!

http://www.nzherald.co.nz/best-of-business-analysis/news/article.cfm?c_id=1501241&objectid=11534289

The "smirks" on these people's faces expose it all as far as I am concerned. Study Kerr's face and then the Dame's and you'll see what I mean....

"Butter wouldn't melt......"

Felix
16-12-2016, 08:59 PM
For anybody who still owns Richina shares, there is an update dated 12 December on the Richina website that you might be interested to read. In my opinion it's good news. I recall there being a requirement for shareholders to not divulge information about the company, so I'll obey that. The update is in the Investors section after logging in.

peat
19-12-2016, 08:03 AM
a client of mine has been advised he will still likely receive payment in the New Year..... I'm not too sure of the details exactly but seemed like a reasonable figure

Balance
09-10-2018, 11:11 AM
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12139307

The wheels of justice turn slowly but there may yet be justice.

Balance
15-10-2018, 06:00 PM
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12142670

Excerpt : "Directors of failed construction firm Mainzeal had no reason to question promises from its Chinese parent the company would get the financial support it needed to stay afloat, former Prime Minister Jenny Shipley told the High Court today."

Dame Jenny Shipley may want to revisit the commitments made to minority shareholders by the Chinese Parent when it delisted from NZX.

https://www.nzherald.co.nz/best-of-business-analysis/news/article.cfm?c_id=1501241&objectid=11534289

"The company needn't worry about the last requirement because this columnist retained 1026 Richina Pacific shares to observe how this NZX delisting process works but hasn't received any annual report or information on director changes, if any, over the past six years."

Richina and Mainzeal had been run without any decent oversight by any regulatory authorities it seems - relying purely on the directors?