Attached files
| file | filename |
|---|---|
| 8-K - CHINACAST EDUCATION CORP | v210442_8k.htm |
| EX-99.1 - CHINACAST EDUCATION CORP | v210442_ex99-1.htm |
February
8, 2011
Dear
Shareholders:
Happy
Chinese New Year of the Rabbit! After a successful 2010, a year in which we made
significant progress toward our long-term growth objectives, I would like to
update you on the large share trading volume of CAST last week.
One
factor that may have caused this increase is that our third largest shareholder,
DirecTV, recently sold approximately 1.3 million of the 3.0 million shares of
our stock they hold (please see the SEC 13G filing dated 2/2/2011,
http://cchyy.client.shareholder.com/sec.cfm). As a non-core investment in their
portfolio of assets, we view their stock sales as a long-term positive in
further expanding our shareholder base and free float. Our management team
strongly believes that our Company’s best days are ahead of us, as evidenced by
the management team and board of director’s purchase of 1.34 million shares of
common stock during the past twelve months, with a total value of $9.54
million.
In
addition, there is continued volatility in the Chinese small cap market caused
by short sellers making allegations against a few U.S.-listed Chinese companies.
We have a simple, transparent corporate structure and a straightforward business
model. I would highlight the following attributes as reasons why ChinaCast
Education Corporation is an easy investment that investors should be confident
in:
1. Recurring,
service cash business with significant excess demand
2. Physical
assets that grow in value over time
3.
Post-secondary education has high barriers to entry
4. Management
has consistently communicated with investors and hold similar interests as
shareholders.
As
always, we welcome the opportunity to answer any questions you may have
regarding our company. We look forward to seeing many of you at the upcoming
conferences in March. Thank you again for your continued support.
Regards,
Ron Chan
Tze Ngon, Chairman and Chief Executive Officer
ChinaCast
Education Corporation