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First Resources
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Stupidbear
Senior |
16-Mar-2008 22:10
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I've just posted a view on this counter @ www.bear-analysis.cblogspot.com Comments welcome and links to the news on First Resources can be found withing the post. | ||||||||||||||
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hming78
Member |
16-Mar-2008 19:20
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so which direction will this counter goes tomorrow? | ||||||||||||||
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Kensonic77
Veteran |
16-Mar-2008 12:34
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What I can gather is only the headlines... It seems that the link has expired... First Resources up as output fears subside 14/03/08 20:00 from Business Times Online - Companies News INVESTORS flocked back to the counter of First Resources yesterday, sending the stock up as much as 23 per cent to $1.17, after the company said the Indonesian corruption watchdog has withdrawn its intention to auction off three of its plan.. |
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hming78
Member |
16-Mar-2008 11:32
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Are you able to post the article here? | ||||||||||||||
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Kensonic77
Veteran |
16-Mar-2008 01:31
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Should be back to normal. Please refer to the link:- http://business-times.asiaone.com/sub/companies/story/0,4574,271323,00.html? |
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q10activator
Member |
14-Mar-2008 21:03
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I think the temporary price rebound is not very significant. Given that even Wilmar is taking flake, and that quite a number of stocks are trading below IPO prices, I think this is a good stock to short. Any other views? |
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teeth53
Supreme |
14-Mar-2008 17:57
Yells: "don't learn through life, learn to grow with life " |
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Corrupted, maybe, maybe not. Today U c authority said go for it, tomorro said NO NEED. Ya  , then again if is enough, if not there goes again.....up down, up and down, up up, down ,down.
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zhuge_liang
Supreme |
14-Mar-2008 12:40
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First Resources after Indonesia's anti-graft body said it will not auction off three of the firm's assets in relation to a case involving one of its founders. First Resources said in a statement on Friday that the financial penalty imposed on Martias as a result of a court case has been fully paid. The Indonesian anti-graft body then withdrew its intention to auction off properties it deemed relating to Martias. |
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teeth53
Supreme |
11-Mar-2008 09:35
Yells: "don't learn through life, learn to grow with life " |
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Martias and the KPK subsequently appealed to the Corruption Supreme Court at the Supreme Court of Jakarta (the ?Supreme Court?). On 11 December 2007, the Supreme Court ruled that the financial penalty previously imposed on Martias was insufficient and ordered Martias to pay a penalty of approximately US$38.3 million. None of the Company or its subsidiaries were a party to the legal proceedings, nor did the Supreme Court rule that the Company or its subsidiaries were liable for such penalties imposed on Martias.............. Thing is very unsettle, so is the trading price
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keithmann
Member |
11-Mar-2008 09:27
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Hi all, Can give this amateur some advice on this stk,bought at 1.06 and since then,its been dropping,wonder why cause it traded at record volume on friday ?Is this share really going down this time ? |
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hming78
Member |
10-Mar-2008 21:55
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sian... keep dropping... | ||||||||||||||
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teeth53
Supreme |
10-Mar-2008 16:50
Yells: "don't learn through life, learn to grow with life " |
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Chiam liao, Chiam Si Tong $1/- cannot Tong, going 92ct..
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nickyng
Supreme |
10-Mar-2008 16:37
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folks...i hv done my best to bring down to 92cts liao hor...heee... liKE REAL ! :P anyway...i think as long as uncertainties are ard..this burger will be SHORTED down daily... which is FUN ! else how to make $$$ ?!?! :D |
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viruz7667
Senior |
10-Mar-2008 09:44
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Who dare go long at this entry price? hmmm.....very tempting... Published March 10, 2008  First Resources clarifies land seizure
It says Commission's action relates to co-founder who is no longer involved with the firm
By ARTHUR SIM
INDONESIAN palm oil plantation and mill owner First Resources issued a clarification yesterday in response to news that the Corruption Eradication Commission of Indonesia had seized and would auction three of its properties there. Its share price plunged by about 25 per cent to $1.05 on Friday last week after the news broke the day before. First Resources, which was listed on the Singapore Exchange last December, said that it believes that the action by the commission was in relation to a conviction of one of its founders and former shareholders called Martias. However, First Resources said that Martias, who was convicted of corruption on May 3, 2007, is no longer involved in the affairs of the company. It also said that it has consulted its Indonesian legal advisers on actions to publish counter announcements clarifying that the properties in question are not assets belonging to Martias. First Resources did say that the investigation by the commission concerned the grant of land use rights to 11 companies for private plantations from areas reserved as forest in East Kalimantan, and that one of these companies has been a subsidiary of First Resources since 2004. The subsidiary was not named as a defendant in the court proceedings and no sanction was imposed on it by the courts. First Resources revealed that after an appeal to Corruption Supreme Court by both Martias and the commission, the court ruled that Martias was to pay a further penalty of US$38.3 million in addition to an unspecific first penalty. The commission then announced last week that it would auction off 19 properties, 'presumably in order to secure payment for the penalty imposed on Martias'. Three of these properties belong to subsidiaries of First Resources. First Resources pointed out that it was disclosed in its prospectus under 'risk factors' that Martias, whose children 'directly or indirectly own all of our shares', was convicted of corruption. However, there could be issues concerning uncertified land; and the 'right to cultivate' certain land, also highlighted under 'risk factors', was not further elaborated. In a Bloomberg report last Friday, DBS Vickers Securities' plantation analyst Ben Santoso said that the forced sale of the assets could cost First Resources 40 per cent of its net income. He added: 'Defending the legal challenge may take a long time. |
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cheongwee
Elite |
10-Mar-2008 02:20
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nickyng, kindlay short it to 80c. i like to long this one. I think it wqill turn out ok long term. | ||||||||||||||
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yipyip
Master |
10-Mar-2008 00:01
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RESPONSE TO AN ANNOUNCEMENT BY THE CORRUPTION ERADICATION COMMISSION OF INDONESIA IN THE RIAUPOS AND MEDIA INDONESIA NEWSPAPERS ON 6 MARCH 2008 Martias and the KPK subsequently appealed to the Corruption Supreme Court at the Supreme Court of Jakarta (the ?Supreme Court?). On 11 December 2007, the Supreme Court ruled that the financial penalty previously imposed on Martias was insufficient and ordered Martias to pay a penalty of approximately US$38.3 million. None of the Company or its subsidiaries were a party to the legal proceedings, nor did the Supreme Court rule that the Company or its subsidiaries were liable for such penalties imposed on Martias.............. The Company has consulted with its Indonesian legal advisors on actions to publish counter announcements clarifying that the Land are not the assets of Martias, and to seek clarifications from the KPK on the announcements, and furthermore to challenge any attempts to infringe upon its rights in relation to the Land in the courts of Indonesia. The Company continues to have full operational accessibility to the Land and hold the original HGU certificates to this Land. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DC53AFCD4246E0E048257407003899D0/$file/First_Resources_SGX_Announcement_9Mar08.pdf?openelement |
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Arbitrager
Senior |
09-Mar-2008 17:17
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oh idea, look at UOB. its still disgusting high.. lolz.. standing on$17.60.. should be testing immediate support of $17 next few days. Long Term support seems at $16.20. Financials willing be within firing range for coming days. DBS is at $16.68 no reason for this burger to be staying at tis level. SELL Call Trading TP $17 Do your own research before investing.. caveat emptor applies. |
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idesa168
Elite |
09-Mar-2008 17:02
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Oh Nick, my questions you answered here already! I think I have the same sentiment, short First Resource. Cheers! I am also fond of shorting YZJ. | ||||||||||||||
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nickyng
Supreme |
09-Mar-2008 12:15
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hee...will attempt to SHORT this burger on Mon.....given the bleak outlook and uncertainties ...hee... SHORTIST's LIST: KEPCORP CITYDEV VENTURE FIRST RESOURCE |
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hming78
Member |
08-Mar-2008 23:46
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so it will downtrend for this counter....rite? | ||||||||||||||
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