Another interesting stock.

We like the business that this company is in BUT, after going through its board structure, we have decided NOT to invest in RFT.

Usually, a healthy board would be consist of a majority of independent directors with only the CEO being the executive director. In contrast, the company is controlled by a "small and closed circle" board made up of dependent directors and executive directors. 

This company may very well have great potential, however, we cannot tolerate one with a lack of governance.

Further reference:

Potential consequence: Refer to stock IGE, announcement "BOARD STRUCTURE UPDATE" on the 28th April 2020.