Latest news with #Unusual
CNA
23-07-2025
- Business
- CNA
Concert promoter Unusual apologises for inaccurate directors' remuneration disclosures in annual reports
SINGAPORE: Homegrown concert promoter Unusual on Tuesday (Jul 22) apologised for publishing wrong information about its directors' remuneration in two of its annual reports following queries from an investor group. For the financial year of 2024, the Catalist-listed firm had paid S$100,000 (US$78,198) in fees and S$1.7 million in incentives, among others, to its key management and board directors. However, remuneration disclosures in the year's annual report showed all its seven directors receiving less than S$250,000 each, when in fact Mr Leslie Ong and Mr Johnny Ong, the firm's two founders, earned above S$750,000 that year. In its latest annual report for 2025, the breakdown of compensation showed a header that said 'below S$250,000' despite some of its directors receiving total remuneration that exceeded that figure. Pointing out the discrepancies, the Securities Investors Association Singapore (SIAS), also asked why the firm had dished out S$1.7 million in directors' incentives in the year before a major loss and whether it was impacted by the troubles surrounding its major shareholder mm2 Asia. Unusual reported a net loss of S$22.5 million for the financial year of 2025, a reversal from profits of S$7.7 million in the previous year. In a filing to the Singapore Exchange on Jul 22, Unusual said 'the sub-headings in the tables showing the directors' remuneration were not correct in the company's annual reports'. It added that it had issued corrected figures of its directors' remuneration via a bourse filing on Jul 21, and apologised 'for any confusion that may arise'. 'Moving forward, we will take steps to strengthen the review and validation process to prevent such occurrences in the future,' said the firm, which was the concert promoter for Hong Kong Heavenly King Jacky Cheung's concert here in 2023 and most recently, Mandopop veteran Wakin Chau and Japanese pop legend Ayumi Hamasaki. On its financial losses, Unusual attributed this to several factors: a lower number of projects completed during the year; an increase in 'fair value loss on financial assets' due to the firm's decision to pivot away from certain genres in line with changing market conditions and evolving audience demand; as well as higher show fees and operational costs. Asked by SIAS if the awarding of S$1.7 million in directors' incentives in the year before a major loss may raise concerns about the company's governance and the integrity of its performance-based pay, Unusual said the incentives were 'determined based on performance metrics and contractual entitlements applicable at the time, taking into account the business environment and contributions made by the executive directors'. It added that the losses in 2025 were due to 'unexpected changes in the industry and broader operating conditions, which could not have been reasonably foreseen'. That said, the firm's board 'acknowledges that this may raise questions about perceived alignment between short-term incentives and long-term outcomes', and its remuneration committee 'will refine the remuneration structure to strengthen alignment with long-term performance'. This includes incorporating appropriate safeguards, performance conditions and accountability mechanisms to protect the interests of all shareholders, Unusual said. CONCERNS ABOUT MM2 Unusual, founded in 1997, counts entertainment firm mm2 Asia as its major shareholder. The latter owns 51 per cent of Unusual Management, which in turn holds 76.88 per cent of Unusual. Mainboard-listed mm2 Asia, which also owns Cathay Cineplexes, has been in the news for financial woes sparked by its struggling cinema operations. The entertainment firm has recently said it is mulling several options – including winding up the cinema business – to address its financial challenges. On whether mm2's financial issues have affected Unusual and what financial safeguards are in place, Unusual said that the issues presently faced by mm2 Asia 'is peculiar to itself and has nothing to do with the company'. The management of Unusual is also 'separate and independent' from mm2 Asia, it said. Mr Melvin Ang, founder and executive chairman of mm2 Asia, currently sits on the board of Unusual as an non-executive chairman and non-independent director. In response to further questions from SIAS, Unusual said that the group's recent pivot away from certain content genres, such as family-themed projects, was a 'commercially-driven or market-focused decision' that had nothing to do with mm2 Asia. On questions surrounding mm2 Asia's stake in the firm and whether Unusual's board would consider new strategic investors, the homegrown concert promoter replied that its board and directors has, from time to time, responded to 'queries from various parties, including possible strategic investors, on collaborations in various forms'. It added that it 'is open for discussion on any initiative(s) to bring the company and group to greater heights' but it would 'respectfully desist from making any comments on the possibilities and eventual outcome related to mm2 Asia's stake in the company'.
News24
06-05-2025
- Entertainment
- News24
Beyond the awards: The inspiring story of gospel singer Xolly Mncwango's musical journey
Gospel singer Xolly Mncwango won Best Female Artist and Best Gospel Album at the 2025 Metro FM Music Awards. She hopes her listeners will take away hope and inspiration from her music. Xolly reveals a touching moment she shared with an audience member, reaffirming her purpose in music. _________________________________________________________________________ Xolile Mncwango is witnessing the fruits of her labour in real time. Affectionately known as Xolly Mncwango, she has just come off two major wins in her career, bagging the Best Gospel Album for her sophomore project Unusual and Best Female Artist wins. Since the contemporary gospel singer's debut studio album dropped in 2020 after spending nearly a decade working with renowned gospel artists and choirs like Joyous Celebration and Benjamin Dube, Xolly's latest awards are a testament to her hard work and unwavering faith. View this post on Instagram A post shared by Xolly Mncwango (@xollymncwa) Xolly is undoubtedly one of South Africa's essential voices in the local contemporary gospel scene, touching heartstrings with impactful praise songs like Ungukuphila and Healing Power. Doing it for who she loves Xolly's collection of awards now includes a South African Music Award (SAMA) for Best Contemporary Faith Music, a Crown Gospel Award for Best Female Artist of the Year and Best Streamed Song along with her two Metro FM awards. While winning these awards are a formidable achievement on their own, Xolly's purpose with her artistry is all about lifting others through her faith and angelic vocals. Xolly tells TRUELOVE what she hopes her listeners will take away and learn from her music. 'I hope that my supporters will take away a sense of hope, inspiration, and encouragement from my music. I pray that my songs will touch their hearts, uplift their spirits, and remind them of God's love and presence in their lives.' She continues, 'I hope that my music will: Inspire faith and trust in God. Encourage perseverance through life's challenge. Provide comfort and solace in times of need. Remind them of their worth, value, and purpose. Ultimately, I hope that my music will be a reflection of God's love and a blessing to all who listen.' Xolly's inspirations in music 'My musical inspirations are a diverse group of artists my mentor and my producer who have shaped my sound, style, and passion for music. Siyanqoba Mthethwa: My brother who is also my producer for all my released albums. Yolanda Adams: A legendary gospel artist, her timeless voice and classic songs have taught me the importance of crafting music that stands the test of time. These people have inspired me to create music that is authentic, innovative, and impactful. Their influence has helped shape my unique sound and style.' Xolly dedicates her deserved success to her son, whom she says is 'a precious motivation for my hard work and legacy. Inspiring him through my achievements will undoubtedly have a lasting impact on his life. Leaving a legacy that shows him the value of perseverance, dedication, and passion will be a priceless gift that will shape his own journey and aspirations.' There's power in purpose Intentionality is at the heart of Xolly's music. Not only did she study music theory at Varsity College to better her understanding of her craft, Xolly's passionate vocals and the lyrics behind them have changed people's lives. View this post on Instagram A post shared by Xolly Mncwango (@xollymncwa) Sharing a moment in her career that reaffirmed her calling to music, Xolly tells us about one moment that stood out to her when performing a worship concert and saw the impact her music had on the audience. She says, 'As I sang, I noticed a woman in the front row who was visibly moved to tears. She was worshipping with abandon, and I could sense the weight of God's presence in the room. 'After the concert, she approached me and shared how my music had ministered to her during a difficult season in her life. She told me that my songs had brought her comfort, hope, and healing.' In that moment, Xolly knew that she was on the right path and is fulfilling her purpose as a musician.
Reuters
13-03-2025
- Business
- Reuters
Trump-linked small stocks pull back after rallying on family ties
March 13 (Reuters) - U.S. President Donald Trump's re-election prompted a run-up in the broad stock market that has since receded. The same has happened in a number of tiny companies linked to the president's two eldest sons. In the last few months, Donald Trump Jr and Eric Trump have announced their involvement in several smaller companies ranging from the e-commerce, drone manufacturing and financial advisory industries. The announcements sparked a frenzy of buying in those stocks - generally thinly traded names with tiny market valuations and minimal revenue - only to give back most of those gains. Donald Jr and Eric Trump currently run the Trump Organization, the president's real estate company. Their association with smaller, publicly listed companies since the election indicates their interest in leveraging that win in the business world. On February 24, the duo disclosed a combined 13.4% stake in biotech firm-turned-financial advisory Dominari Holdings (DOMH.O), opens new tab, which is headquartered at the Trump Tower in New York. They were appointed to Dominari's board of advisers on February 11. Shares doubled after the announcement, but are now down about 6% since their appointment. More than 23 million shares in the stock traded a day before the announcement, LSEG data showed. By contrast, average volume in 2024 was just 13,000 shares a day, according to Reuters calculations. The Trump Organization and Dominari Holdings did not respond to requests for comment. Drone maker Unusual Machines (UMAC.A), opens new tab in November added Don Jr to its advisory board, who noted in a statement the need for America to "stop buying Chinese drones and parts." The company, however, said in a filing last year that it was heavily dependent on Chinese imports for products and operations. Allan Evans, CEO of Unusual Machines, told Reuters the company was making progress on shifting its supply chain to domestic production, estimating that Chinese imports would account for less than 50% of the supply chain by year-end. Shares jumped 260% on the news of Donald Jr's appointment, but have since fallen back. They are still up about 14% since the announcement for a market value of about $93 million. Dominari and Unusual share another link. Dominari was an underwriter in Unusual's IPO in 2024 and was its placement agent when it raised about $2 million in October in a private fundraising. Evans said Donald Jr joined the company as an investor in that private placement. He owned 331,580 shares of Unusual as of December, according to regulatory filings. Dominari reported revenue of $11.6 million in the first nine months of 2024, while Unusual posted about $3.6 million. James Wood, CEO of short-selling researcher Differentiated Analytics, said the companies were benefiting from the name recognition. The firm has a short position in PSQ Holdings (PSQH.N), opens new tab, which added Donald Jr to its board of directors in December. "The apparent purpose of these appointments is to drum up investor hype. I thus expect the bump in the share price to be ephemeral," Wood said. Michael Seifert, CEO of PSQ, which owns online shopping website PublicSquare, said Donald Jr's appointment was not due to hype, but a natural progression in his involvement with the company since first investing in it before it went public in July 2023. The company bills itself as "anti-woke," with a goal of connecting shoppers to brands aligned with the conservative movement, opens new tab. Upon Donald Jr's appointment, PSQ stock rose as much as 270%, but has since given back most of those gains; it is up 22% since the announcement and is worth about $87 million.
