ShareJunction - Member Posts

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its kinda like they already agreed on the deal but just waiting to settle paper, hence the auditing part.

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The Board wishes to announce that the Company has, on 27 February 2013, agreed with YuuZoo to extend:

(a) the long-stop date for finalisation of the Definitive Documentation in relation to the Proposed Transaction to 15 April 2013 (or such later date as the parties may agree in writing) and
(b) the expiry of the exclusivity period in relation to the Proposed Transaction to the earlier of (i) the execution of the Definitive Documentation in relation to the Proposed Transaction or (ii) 15 April 2013 (or such later date as the parties may agree in writing).

The Company and YuuZoo have agreed to the aforesaid extension to allow YuuZoo sufficient time to complete its audit in accordance with regulatory requirement for the financial year ended 31 December 2012.

Previously, they announced that they want Yuuzoo to have time to complete its audit... why everything so proper if they dont want it to go thru?

What seems to be shit announcement will turn out good. sgx is this weird recently, good news, shares drop. bad news, shares up. TMD

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Tmr need to monitor closely

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Auditor said company might go bankrupt cos contel is depending on the company funds to survive. Debts more than assets.

But if RTO is to go through, there will be cash injections by director? Plus funds from yuuzoo? Otherwise, why yuuzoo willing to go through RTO with contel.

iluvboost ( Date: 08-Apr-2013 21:04) Posted:

terence, are u sure? read the 2 announcements carefully.

terencee ( Date: 08-Apr-2013 20:03) Posted:

Glad you piece everything up!

Congrats to us then

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the other document, i cant paste cos its balance sheets. discrepancies. vested, but tmrw will decide whats to do with my lots.

iluvboost ( Date: 08-Apr-2013 21:33) Posted:

Going concern

The Group incurred a net loss of US$1,121,000 and net cash used in operating activities of

US$556,000 for the financial period from 1 April 2012 to 31 December 2012. Furthermore, the

Group’s and the Company’s current liabilities exceeded current assets by US$1,090,000 and

US$1,347,000 respectively as at 31 December 2012. The Group is reliant on its existing cash

and bank balances for its continuing operations which show a balance of approximately

US$138,000 as at 31 December 2012. These factors indicate the existence of a material

uncertainty which may cast signiﬁ cant doubt about the Group’s and Company’s ability to

continue as going concerns. Management has prepared the financial statements on a going

concern basis in view of the following factors:

- The Group expects to be generating proﬁ ts and sufﬁ cient positive cash ﬂ ows from its

operations in the next twelve months and

- The Group expects to raise additional funds from the issuance of equity linked

redeemable structured convertible notes in the next twelve months.

If the Group and the Company are unable to continue its operational existence for the

foreseeable future, the Group and the Company may be unable to discharge their liabilities in

the normal course of business and adjustments may have to be made to reﬂ ect the situation

that assets may need to be realised other than in the normal course of business and at

amounts which could differ signiﬁ cantly from the amounts at which they are currently recorded

in the balance sheets. In addition, the Group and the Company may have to reclassify noncurrent assets and liabilities as current assets and liabilities. No such adjustments have been

made to the ﬁ nancial statements.

1963411 ( Date: 08-Apr-2013 21:08) Posted:

iluboost, what did I miss? Please enlighten......