Agendas for the three firms' shareholder meetings concern recapitalisation, an employee stock option programme, and changes in both shareholding and business structure.

Sansern Nilrat, second vice president of the TIA, said several listed companies took advantage of the absence of shareholders from such meetings, and - without sufficient numbers to veto their plans - hidden agendas were often passed.

For example, some companies proceed to change the way their business is run or take over a company, but these moves often turn sour and the firms end up going bankrupt.

Sansern said that during the economic slowdown, it was surprising to see the price of several stocks perform well despite those companies' indifferent business plans.

Taking the case of Dragon One, he said the "silent period", during which major shareholders are prohibited from selling their stock - in this case in relation to two separate capital increases - was a controversial issue. Top executives and the company's major shareholder do not want to be subject to the silent period, contrary to the wishes of the Stock Exchange of Thailand.

Sansern said it should not be up to a company's executives to decide whether shares fall under a silent period.

He also said Jrarat Pingclasai, Dragon One's chief executive officer and major shareholder, had been allocated too high a proportion of the firm's warrants - 117.6 million out of 150 million - issued under an employee stock option programme.

Meanwhile, BNT is holding a shareholders' meeting today to vote on the company's plan to double its capital from Bt230 million to Bt460 million. Prior to the capital increase, it will reduce its capital from Bt2.28 billion to Bt230 million.

Sea Horse's shareholders will meet on October 2, with a change in the company's business activity - from frozen seafood to energy - at the top of the agenda for approval.

Also on the agenda is the company's plan to allocate 2.6 billion shares through private placement. If this is successful, Sea Horse's shareholding structure will change.

Siriporn Chanjindamanee

The Nation