I read thru this board and some of my own searches and really do not like the portrait of Koo that emerges:
Founder and key management continuity - looks like everyone else churns.
Giving himself (he is board Chairman) $1.2 million (incl apartment) a year to be CFO + perks (including golf course membership - what companies are still giving these type of perks)regardless of company performance and well above comparable CFOs - is this a company belt tightening?
Moves AGM were fun/convenient for him - 2009 to Vancouver Canada, know of any other NYSE company that has their AGM here(Koo's previous and maybe current residence), 2010 California - were he buys Napa wine (do you believe this guy paid $200k for a 6L bottle of screaming eagle). Is the AGM not for the benefit of investors and should be held were best for them?
Has Fun launching law suits and exercising his law degree thru Nam Tai(suing BofChina, UBS, PW, SSA, even previous employees).
Described as smart and huge Rolodex by some scary crazy senile by others.
What a portrait - we are relying on this guy to turn this company around!
Agreed that the role of Koo has become larger than life and way overdone.
I pointed out that Koo was presently serving as chairman for $1/yr according to the last proxy statement I recieved. If there are other ways or matters that affect his stewardship of NTE I relyy on the BOD to sift through those factors and make good decisions.
Another significant factor to me is the presence of several 5 mil share owners controlling about 50% of the common stock - not to mention a smaller additional position held by the Kahn group.
That plus the underlying support of a share price equal to cash in the bank and no debt, selling well below BV, is enough for me.
My experience is that patience in these circumstance usually works out well.
Specit, I read through your posts and you are certainly Long. Nam Tai is lucky to have a loyal investor like you.
As one of the posters pointed out, this company is behaving as a founder owned private company. And I like the way another poster referred to Koo's compensation as "hide the pea".
Certainly this stock is mainly an institutional investor play, given no active IR don't see how its gets visibility on the retail side. Many of these inst. investors seeking to get international content in the portfolio or like you looking at the underlying assets.
I also looked at the make up of the board and the fact that P. Kellogg is on it gives some comfort and that he owns 12% of the company - probably a small play for him given he is on the Fortune 100 list. Other board members don't seem to have credibility outside of China or in the US.
However, this whole situation has to give you some doubts as well. Its one thing to have poor results. It is another to question the integrity and competence of the Chairman of the board and top paid Executive of the company. I refer to him like this as obviously he has more power than anyone else even if they call him the CFO - paid 5X more than the CEO.