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What happen?
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limhpp
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30-Aug-2007 10:51
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Thanks m2d4pc, No wonder the price drop like crazy. Better not touch this counter. |
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m2d4pc
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30-Aug-2007 10:42
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This is what happen. Got this news from CNA: Read carefully : millions of shares have been issued at dirt cheap price : they are selling at good margin now: CIRCULAR TO SHAREHOLDERS IN RELATION TO THE PROPOSED (1) ALLOTMENT AND ISSUANCE OF UP TO 19,500,000,000 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF $0.00015 EACH IN CONNECTION WITH (I) THE MODIFIED SCHEME OF ARRANGEMENT BETWEEN THE COMPANY AND ITS SCHEME CREDITORS; AND (II) THE MODIFIED SCHEME OF ARRANGEMENT BETWEEN LIANG HUAT ALUMINIUM INDUSTRIES PTE LTD AND ITS SCHEME CREDITORS (2) ALLOTMENT AND ISSUANCE OF UP TO 2,000,000,000 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF $0.0015 EACH TO HO LEE GROUP PTE LTD AND THE CO-INVESTOR UPON COMPLETION OF THE INVESTMENT AGREEMENT REPRESENTING 70% OF THE ENLARGED SHARE CAPITAL OF THE COMPANY, FOR AN AGGREGATE CASH CONSIDERATION OF $3,000,000 (3) THE GRANT OF AN OPTION TO HO LEE GROUP PTE LTD TO CONVERT $1,250,000 OF THE INVESTMENT AMOUNT INTO UP TO 840,000,000 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY UPON NON-COMPLETION OF THE INVESTMENT AGREEMENT AND THE ALLOTMENT AND ISSUANCE OF UP TO 840,000,000 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF $0.0015 EACH TO HO LEE GROUP PTE LTD, REPRESENTING 29% OF THE ENLARGED SHARE CAPITAL OF THE COMPANY AT THE TIME OF THE ALLOTMENT AND ISSUANCE OF SUCH SHARES, UPON EXERCISE OF THE SAID OPTION (4) WHITEWASH RESOLUTION FOR THE WAIVER BY THE COMPANY'S INDEPENDENT SHAREHOLDERS OF THEIR RIGHT TO RECEIVE A MANDATORY GENERAL OFFER FROM HO LEE GROUP PTE LTD AND ITS CONCERT PARTIES UPON COMPLETION OF THE INVESTMENT AGREEMENT (5) WHITEWASH RESOLUTION FOR THE WAIVER BY THE COMPANY'S INDEPENDENT SHAREHOLDERS OF THEIR RIGHT TO RECEIVE A MANDATORY GENERAL OFFER FROM MALAYAN BANKING BERHAD AND ITS CONCERT PARTIES UPON NON-COMPLETION OF THE INVESTMENT AGREEMENT (6) CAPITAL REDUCTION OF THE SHARE CAPITAL OF THE COMPANY (7) CONSOLIDATION OF EVERY 10 ORDINARY SHARES INTO 1 ORDINARY SHARE IN THE COMPANY PURSUANT TO AND IN CONNECTION WITH A SCHEME OF ARRANGEMENT UNDER SECTION 210 OF THE COMPANIES ACT, CHAPTER 50 ( ALLOTMENT AND ISSUANCE OF UP TO 55,000,000 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF $0.00015 EACH TO THE CREDITORS REPRESENTING APPROXIMATELY 0.19% OF THE ENLARGED SHARE CAPITAL OF THE COMPANY, FOR THE CONVERSION OF DEBT OF $919,693 OWING BY THE COMPANY TO THE CREDITORS (9) MANDATE PLACEMENT EXERCISE (10) NEW SHARE ISSUE MANDATE (11) AMENDMENT TO THE EXISTING MEMORANDUM OF ASSOCIATION OF THE COMPANY AND ADOPTION OF THE NEW ARTICLES OF ASSOCIATION OF THE COMPANY (12) NEW SHAREHOLDERS' MANDATE FOR INTERESTED PERSON TRANSACTIONS They pay 15 cts to buy 1,000 shares = 1 lot. We must pay 10,000 cts to buy 1,000 shares = 1 lot. |
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limhpp
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30-Aug-2007 09:49
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This counter suddenly fall like mad, anyone knows what happen? Not vested but just curious |
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