Investors group voices concern over SLC move

[Lite Beer]

Investors group voices concern over SLC move
The Nation

BANGKOK: -- INDIVIDUAL investors have asked whether Solution Corner (1998)'s acquisition of a 12.27-per-cent stake in Nation Multimedia Group (NMG) is an unfriendly deal, and hope that this battle with SLC can be solved amicably so the media group's editorial freedom can be maintained.

Yesterday some 60 investors, including members of the Thai Investors Association (TIA), met with NMG executives, including chairman Suthichai Yoon, president Duangkamol Chotana and group editor-in-chief Thepchai Yong, to ask about the controversial share acquisition. Some of these investors hold NMG shares.

Adirek Pipatpatama, vice president of a club for protecting investors' rights under the TIA, said SLC's real intentions in this acquisition were questionable, and hence he and his fellow TIA members decided to talk directly to NMG executives about the issue.

Adirek expressed concern about risks the 40-year-old media powerhouse faces if the new investor and its affiliates decide to push to reshuffle NMG's management and editorial team, particularly in relation to a news icon like Suthichai.

"NMG is one of the few professional media companies that has been serving the public for many decades now. In order to maintain editorial independence and public interest, we hope this crisis will be resolved soon. We also support NMG," he added.

They handed over messages of support, saying "a good media company must have a good investors".

Other independent investors also advised NMG to launch a series of campaigns to engage relevant sectors, ranging from private, public and civil society, to voice concern over the hostile buy-up.

Duangkamol responded by saying the company had contacted several public agencies such as the Securities and Exchange Commission, the National Broadcasting and Telecommunications Commission and the Department of Special Investigation, calling on them to examine the deal.

The company will discuss the issue with the Federation of Thai Capital Market Organisations next week.

Suthichai reminded the investors that over four decades NMG had consistently maintained its editorial freedom as a core value. He added that the company welcomed new investors with a maximum 15-per-cent stake, but it was committed to ensuring that all its media outlets remained free from any interference.

NMG believes SLC and its affiliates hold about 30 per cent of the group's shares.

Suthichai said he wanted to discuss the matter with SLC and its affiliates to seek a proper solution before the company's annual general meeting in April.

Thepchai said: "We must learn from the case of iTV, which was taken over by Shin Corporation in 2000 and changed to an entertainment TV station."

Source: http://www.nationmultimedia.com/business/Investors-group-voices-concern-over-SLC-move-30252084.html

-- The Nation 2015-01-17

[Lite Beer]

NMG execs vow to slug it out after SLC files a lawsuit
The Nation

BANGKOK: -- NATION MULTIMEDIA Group executives said yesterday they would slug it out to try to uncover the truth about Solution Corner (1998) Plc (SLC)'s questionable acquisition of NMG shares.

The move came after SLC, an IT firm listed on the Market for Alternative Investment (MAI), filed a lawsuit against an NMG executive in connection with its purchase of NMG shares in a possible bid to influence the media.

NMG executives showed up in force at its headquarters in Bang Na yesterday led by chairman Suthichai Yoon, who was accompanied by president Duangkamol Chotana and group editor-in-chief Thepchai Yong.

NMG executives insisted they would stand side by side with Nation Broadcasting Corporation president Adisak Limprungpatanakij to fight to uncover the truth by clinging on to principle and uprightness.

The group's battle this time, they said, was aimed at preserving professionalism in the media for Thai society.

"We are willing to be proven by the court on facts in the issue and our honesty," Thepchai said. "We consider our battle this time is for the truth to be revealed to the public so that we can say we are professional. We believe that we are not be fighting alone because of all the support from our media friends."

Meanwhile, Adisak said that he was ready to fight in court to prove the facts.

At the Ratchadapisek Criminal Court yesterday morning, SLC chief executive Arak Ratboriharn had his lawyer Suwat Apaipak file defamation and computer crime charges against Thana Tummanond, director of cable provider CTH Plc, and Adisak, the president of Nation Broadcasting, which runs Nation TV.

The lawsuit was for two counts of defamation, as per Sections 326 and 328 of the Criminal Code and the Computer Crime Act BE 2550 (2007). Preliminary examination was set for March 30.

In the lawsuit filing, SLC said that the company had used part of the proceeds from a success share sale to the existing shareholders, which raised a total of Bt2.19 billion.

Suwat said that Thana had posted on Facebook accusing SLC of being as an affiliate of the Shinawatra family in acquiring NMG shares in order to dominate the media.

Meanwhile, Adisak was accused of sharing content posted by Thana that might affect SLC shareholders by misleading them to cancel their subscription to SLC shares. This caused damage to SLC, the suit claimed.

Suwat said: "I insist that SLC's purchase of NMG shares is not associated with any company of the Shinawatra family." He added that SLC had acquired only a 12.27-per-cent stake in NMG - an amount that could not give it control of media management.

He added that next week, SLC would file a civil suit against the pair to seek compensation of Bt800 million.

Meanwhile, MFEC vice chairman and president Siriwat Vongjarukorn, who was seen as being part of a network of SLC in acquiring NMG shares, said yesterday he was not involved with any share manipulation case, although he was on a list of investors who were to be allotted SLC shares via private placement.

On Thursday, he said he had not decided whether to buy any SLC shares via private placement.

Source: http://www.nationmultimedia.com/politics/NMG-execs-vow-to-slug-it-out-after-SLC-files-a-law-30252081.html

-- The Nation 2015-01-17

[smedly]

Suwat said: "I insist that SLC's purchase of NMG shares is not associated with any company of the Shinawatra family." He added that SLC had acquired only a 12.27-per-cent stake in NMG - an amount that could not give it control of media management.

Well that statement says it all for me, no matter how many shares they have should not allow them to dictate what they report

weird this is - that before I read that article I was thinking could this be a Thaksin related dispute were he tried to buy up and control another media organisation - it seems I wasn't far wrong after reading the OP

Edited January 17, 2015 by smedly

[Tatsujin]

Suwat said: "I insist that SLC's purchase of NMG shares is not associated with any company of the Shinawatra family." He added that SLC had acquired only a 12.27-per-cent stake in NMG - an amount that could not give it control of media management.

Well that statement says it all for me, no matter how many shares they have should not allow them to dictate what they report

weird this is - that before I read that article I was thinking could this be a Thaksin related dispute were he tried to buy up and control another media organisation - it seems I wasn't far wrong after reading the OP

It's a continuation of the Thaksin propaganda empire ... as I mentioned some while back. Own the news, own the people.

It's worked out quite well for him so far in terms of being able to make people believe any old crap he wants them to, that he "fights for the poor" rather than just being an extremely wealthy self-serving vindictive divisive hate-filled egomaniac despot that is as "elite" as anyone on the other side. Even reasonably well educated people here buy into it.

[rickirs]

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Suwat said: "I insist that SLC's purchase of NMG shares is not associated with any company of the Shinawatra family." He added that SLC had acquired only a 12.27-per-cent stake in NMG - an amount that could not give it control of media management.

Well that statement says it all for me, no matter how many shares they have should not allow them to dictate what they report

weird this is - that before I read that article I was thinking could this be a Thaksin related dispute were he tried to buy up and control another media organisation - it seems I wasn't far wrong after reading the OP

It's a continuation of the Thaksin propaganda empire ... as I mentioned some while back. Own the news, own the people.

It's worked out quite well for him so far in terms of being able to make people believe any old crap he wants them to, that he "fights for the poor" rather than just being an extremely wealthy self-serving vindictive divisive hate-filled egomaniac despot that is as "elite" as anyone on the other side. Even reasonably well educated people here buy into it.

The military also owns the news. Who else would televised General Prayuth's weekly monologues? The military also has control over all news media content so this conflict with ownership of The Nation is more imaginary than real. You say "own the news, own the people." The Junta says "own the guns, own the people."

[Tatsujin]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Suwat said: "I insist that SLC's purchase of NMG shares is not associated with any company of the Shinawatra family." He added that SLC had acquired only a 12.27-per-cent stake in NMG - an amount that could not give it control of media management.

Well that statement says it all for me, no matter how many shares they have should not allow them to dictate what they report

weird this is - that before I read that article I was thinking could this be a Thaksin related dispute were he tried to buy up and control another media organisation - it seems I wasn't far wrong after reading the OP

It's a continuation of the Thaksin propaganda empire ... as I mentioned some while back. Own the news, own the people.

It's worked out quite well for him so far in terms of being able to make people believe any old crap he wants them to, that he "fights for the poor" rather than just being an extremely wealthy self-serving vindictive divisive hate-filled egomaniac despot that is as "elite" as anyone on the other side. Even reasonably well educated people here buy into it.

The military also owns the news. Who else would televised General Prayuth's weekly monologues? The military also has control over all news media content so this conflict with ownership of The Nation is more imaginary than real. You say "own the news, own the people." The Junta says "own the guns, own the people."

Not quite the same thing as you well know.

The military might temporarily "control" what is allowed to be printed/televised for the moment, but they do not have a stake/ownership/control of the media in the same way that Thaksin does/has and is also attempting to do with this SLC takeover for example.