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Any time soon to lift suspension
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sarahlkh
Senior |
25-Mar-2008 23:04
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just when this will be over | ||
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Pandan
Member |
25-Mar-2008 20:04
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I think Primefold is the Soeryadjaya led consortium and will replace the present management with new team with expertise. Last year they sold off the machineries, Tuas and Tg Penjuru Cresc sites will pay off a portion of the debt, I est it was about $20m to $30m. And Adaro has been reaping profit from the coal price. |
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GrayDon
Member |
25-Mar-2008 18:40
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Pandan, Do you think Soeryadjaya and/or Wee Cho Yaw behind the Primefold company? Trust they must be behind the scene to get the company back to be listed though. Just don't understand how the company wants to use it's asset to pay off the multi-million dollar debt while they can walk free with bankrupcy. Can't they find another means to secure thier asset rather than paying 80 Mil as debt and shareholder bonuses/dividends! |
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awchyeong
Member |
25-Mar-2008 15:35
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But still feel cant understand why the are under JM if their asset in more than the debt. |
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Pandan
Member |
25-Mar-2008 14:53
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As much as i know, L&M 's debt was $80million. Compared to the assets in S.Kalimantan and Aceh, the debt is a small issue. |
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Pandan
Member |
25-Mar-2008 14:48
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Legally, your view is justified. But we don't have the actual figure of all the assets and liabilities. | ||
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awchyeong
Member |
25-Mar-2008 14:07
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Thank you and like to hear this feed back. but as you mention the announcement is when they are still in business. In business point of view, once they enter to JM means all present business and future plan are gone, all the asset under their name will be take over by JM and make distribution to the creditors unless new investor want to take over the company including their debt. | ||
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Pandan
Member |
25-Mar-2008 13:14
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No. In fact when the stock was still trading in 2003, there was announcement in CDP and GK Goh Research said the management has entered into oil business, and in 2004 circular hint that the company has a hidden asset in Aceh. | ||
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awchyeong
Member |
24-Mar-2008 23:14
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The fact is L&M was under JM since years ago. this means that the company is unable to continuous their business. Their net asset in not enough to pay for their creditors. In such a suituation what the share holder expect the dividends or bonus. In fact personal think that we should write off the stock from our portfolio. Consider a total lost in this counter. | ||
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sarahlkh
Senior |
24-Mar-2008 16:56
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i agree with the unlikely... if they are willing to give shareholders something? that will be some blessing in disguise...i hope they pay more, but likelihood if they pay would be 0.01/share? or less... | ||
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Pandan
Member |
24-Mar-2008 15:33
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I am serious and this is justified. Your business adviser will agree that there must be a recompensation.
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awchyeong
Member |
24-Mar-2008 15:01
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Yes, hope so but wait long long. | ||
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Pandan
Member |
24-Mar-2008 14:42
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Let's hope the owner automatic gives us Bonus Shares or Dividends for our long-awaiting. | ||
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sarahlkh
Senior |
24-Mar-2008 14:09
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does this mean the Primefold will buy over the shares? | ||
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winsontkl
Elite |
21-Mar-2008 00:21
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Wow suspended for quite some time already... | ||
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iPunter
Supreme |
21-Mar-2008 00:17
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This announcement coming out at this time may portend good for this company... since this is a time of resurrection... |
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Pandan
Member |
20-Mar-2008 20:21
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They will proceed with share consolidation in 9 months time and start trading. I see if it is up to my expectation. | ||
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GrayDon
Member |
20-Mar-2008 19:46
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Interesting development for this counter....latest announcement by L&M. Further to the announcement made on 3 March 2008, Mr Bob Low Siew Sie, Judicial Manager of L&M Group Investments Limited (Under Judicial Management) (the ?Company?) wishes to announce that the creditors of the Company have on 20 March 2008, by the requisite majority, approved the Scheme of Compromise and Arrangement proposed by the Company pursuant to section 210 of the Companies Act (Cap. 50) read with section 227X of the Companies Act (Cap. 50). The Scheme of Compromise and Arrangement is subject to, among other things, the following : (i) the High Court of the Republic of Singapore approving the proposed Scheme of Compromise and Arrangement (the ?Approval Order?); (ii) all requisite approvals including but not limited to approvals of the shareholders of the Company and the Singapore Exchange Securities Trading Limited (?SGX-ST?) being obtained by the Company for the conversion of the total debt of the Company assigned to Primefold Group Limited (?Primefold?) into new ordinary shares in the capital of the Company at an issue price to be agreed by Primefold and the Company and approved by the relevant authorities; (iii) the waiver of the Securities Industry Council being granted to Primefold and their concert parties, and such waiver not having been withdrawn or revoked as at the completion date of the issuance of new ordinary shares in the capital of the Company in consideration of Primefold agreeing to convert the total debt of the Company assigned to them, of their obligation to make a mandatory offer under Rule 14 of The Singapore Code On Take-Overs and Mergers for the ordinary shares in the capital of the Company not held by them and their concert parties and from having to comply with the requirements of Rule 14 of The Singapore Code On Take-Overs and Mergers, and if such approval is subject to any condition or restriction imposed by the Securities Industry Council, such condition and restriction being acceptable to Primefold; and (iv) all requisite approvals including but not limited to approvals of the shareholders of the Company and the SGX-ST being obtained by the Company for the consolidation of the entire enlarged share capital of the Company (after issuance of the new ordinary shares in the capital of the Company to Primefold) at such ratio as agreed by Primefold and the Company and approved by the relevant authorities. The conditions stated in paragraphs (ii) to (iv) are to be fulfilled within 9 months from the date that the Scheme of Compromise and Arrangement becomes binding (the ?Long-Stop Date?) (the Scheme of Compromise and Arrangement becomes binding 30 days after the Approval Order is lodged with the Registrar of Companies in Singapore). Provided always that if the said conditions are not fulfilled by the Long-Stop Date, Primefold shall have the option to proceed with the terms of the Scheme of Compromise and Arrangement within seven (7) days from the Long-Stop Date. |
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Pandan
Member |
04-Dec-2007 18:36
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According to sgx website, they will hold creditors' meeting on 3rd Jan. L&M is a main board co, it will not involve in Catalist listing. | ||
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sarahlkh
Senior |
04-Dec-2007 17:35
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any news?? | ||
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