CAMKIDS lunch 09/10/14 Allenby Price 49-52p

Present Mr Zhang, Founder; Ng Pei Eng FD; Hong Qinming Sales and Marketing Director. No non Execs; 3 shareholders; five Allenby attendees

Ms Ng gave a presentation of the interim results. I am not going to make any comment on the figures. I want to concentrate on the meeting and corporate governance

Mr Zhang. He sat silent, dour, not understanding a word of the lunch. No translator was provided and he understood only the c10% that the FD translated. It was very odd his lack of involvement, lack of passion and actually, apparent lack of interest in the nature of the meeting. He “looked” unimpressive, almost humble, and should have been wearing his Mao suit.

He got a little more animated when asked about the valuation, but as his replies were all translated it was impossible to tell the strength of his replies.

Ms Ng is very impressive and led the whole meeting. She seemed to have a good grasp of the business, some understanding of our concerns and has done this trip four times. However, she holds no shares and I suspect is very much the junior to Mr Zhang


Mr Hong looks aged 12. He is in fact 29, but speaks limited English and spoke not a word. I have no idea why he was there, what his qualifications are to lead Camkids. He only graduated in 2008, spent three years as a investment analyst, then became a Board Director of CAMK aged 26 !!


Non Execs. Why oh why was there no Non Exec present ? The most important trip to reassure London with the price at an all time low, NBU getting slaughtered, the (distant, unavailable) Board likely to get FLAK. Well, one not available and Jacques Franck is in China looking at stores. Very odd.


Dividend cut The FD’s standard response to questions was “we are only just learning about the listing.....we are new to the listing”. So ( without reference to Mr Zhang, as most of her replies) she said that they did not really understand what was deemed important and that they were listening to concerns ( except for Mr Zhang, who obviously understood not a word of this). This was all a little rehearsed, extremely naive and fairly unbelievable.


The locked in sellers. First Allenby confirmed to the best of their understanding, all of the “locked in sellers” have now…

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