Practice of some companies not following Foreign NVDR rights to new warrants.
I just notice, an ill-practice by some which continues' on just voiding warrants to certain non-Thai NVDR holders, regardless of where they actually reside. This an unacceptable practice of your industry. And so will be pointed out. I view for some years already to avoid DEMCO (3.20) shares.
"The Company (DEMCO) reserves the right not to allocate Warrants to the existing shareholders
proportionate to their respective shareholdings if the allocation of Warrants to such
shareholders causes or may cause the Company to have duty under foreign law. In this
regards, the Company considers not to allocate Warrants to the shareholders in the
United States of America, India, Germany, the People’s Republic of China, Singapore,
Malaysia, England, Australia and any other countries that the Company may deem
appropriate. In case there are more additional countries, the Company shall further
notify via the system of the Stock Exchange of Thailand."
Here is how I just wrote this company along with a forward to some key Thai Broker, executives.
Your company issuing new warrants, and yet once again excluding certain foreigners regardless of Thai residency.This is a serious issue as this new ill-practice has been going-on for some time already and like a mine field -as we never know what listed-company does this non-sense practice next? We pointed this out a year ago to the SET; but they were totally aloof -and just said "up to the company".. Imagine Thai's residing in Los Angeles and then being told by US-brokers they can't get certain shareholder rights as it "may be against Thai law". Its complete horror as if one resides here and has proper address here, we follow Thai law, not some foreign country, regardless of Passport holder. Also different companies here have excluded different nationalities with no real sense why/what/how. Its a true discriminatory practice and unacceptable, with no legal standing.
Paul A. Renaud. www.thaistocks.com
