First Ship Lease Trust *Official* (SGX: D8DU)

[lzydata]

FOUR directors have left FSL Trust Management, the trustee-manager of First Ship Lease Trust, citing differences in opinion between the shipping trust and its manager.

These include Mr Philip Clausius, FSL Trust Management's president and chief executive officer and a non-independent director of First Ship Lease Trust. He is currently serving out his notice period until December 31.

Also resigning is Mr Cheong Chee Tham, senior vice-president and chief financial officer of FSL Trust Management. He will be serving out his notice until Sept 30.

Mr Wong Meng Meng, chairman of the board of directors of FSL Trust Management, has also ceased his directorship. Mr Wong, the founder of local law firm WongPartnership, was also an independent director and member of the audit committee of the trustee-manager.

Four directors quit First Ship Lease Trust manager, including CEO and CFO

Not sure what the heck is going on.

 

[Dividends Warrior]

The management is in a total mess.

 

[Dividends Warrior]

do not lose faith in the business trust structure. the problem is the ****ing management most of the time. pacific shipping trust and rickmers are held up despite gloomy business fundamentals. u need good leaders

So true, Drizzt. So true.....

 

[abutan]

jialat. 10k stuck inside.

 

[Dividends Warrior]

jialat. 10k stuck inside.

My condolences.

Imho, Cut loss and reinvest ur funds elsewhere.

Your money, your call.

 

[abutan]

My condolences.

Imho, Cut loss and reinvest ur funds elsewhere.

Your money, your call.

want to cut also cannot cut. kena suspend liao.

 

[Dividends Warrior]

want to cut also cannot cut. kena suspend liao.

Once the suspension is lifted (if it even happens), be prepared to cut loss ASAP, do not hesitate.

In the mean time, just pray it will not go bankrupt.

 

[Hardware2003]

Once the suspension is lifted (if it even happens), be prepared to cut loss ASAP, do not hesitate.

In the mean time, just pray it will not go bankrupt.

OMG....

 

[peterchan75]

Even if they can find and get back the boats, what to do with them ? Can convert to cruise ship aka floating casino ?

 

[MVCPattern]

I think this suspension is a blessing in disguise.

hope they can get their affairs in order before lifting suspension.

 

[starbugs]

Glad I cut this off at 20c

Yes, the FSL management is really quite crab. I remember then raising money from share placements, but instead of pay down debt, they bought ships from Torm. Then only months later, Torm asks to renegotiate charter terms. Where is the due diligence???

 

[danielkok]

Ok, suspension has been lifted. Immediately drop down to now 9 cents. Any hope left with this counter? Almost the entire board stepped down already.

 

[Dividends Warrior]

Ok, suspension has been lifted. Immediately drop down to now 9 cents. Any hope left with this counter? Almost the entire board stepped down already.

Run away as fast as possible!!!

 

[V_for_Vanilla]

Ok, suspension has been lifted. Immediately drop down to now 9 cents. Any hope left with this counter? Almost the entire board stepped down already.

Look at who are the board members. They simply pat pat backside and walked away. Hopeless.

 

[danielkok]

Dumped all my shares. Lost 90%. Sienz.

 

[tcsstcss]

Dumped all my shares. Lost 90%. Sienz.

Can know how much you bought ?
I lost quite a lot on this stupid counter too.

 

[Asphodeli]

Possible revival? Strong support at 0.130-0.132, but I'm 40% negative on this (vested).

DYODD and caveat emptor.

 

[Perisher]

your conviction is strong. do you ever cut loss though?

 

[Asphodeli]

your conviction is strong. do you ever cut loss though?

I entered at 0.131 a few days ago...still holding on to this.

Cut loss only on 1x bad stock so far, but then a few days after I sold, the stock bounded up to above my entry price, haha...kanchiong spider...but after that, it went back down below my entry price.

I've been pretty lucky to escape with capital less brokerage fee not once, not twice, but 4 different small-cap stocks so far.

 

[Asphodeli]

Strong support at 0.13x range so far...meanwhile, this handsum korkor got interviewed.