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Enzer - Restructuring in process
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u0205032
Member |
22-Aug-2007 19:28
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Entering the PRC mobile market with the funds from bonds. see below. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_D182715FD3F074B34825733F0035E637/$file/EnzerInLuckyBull.pdf?openelement Looks quite aggressive after its invest in Shanghai Jianhua Telecommunications. |
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u0205032
Member |
22-Aug-2007 19:11
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It is offering convertible bonds. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_227D75A5116D84AB4825733F002BB0CF/$file/EnzerBondIssue220807.pdf?openelement Anybody care to comment? |
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StarLine
Senior |
22-Aug-2007 00:29
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I am not again anyone here, or into this stock. I find that this company produce a wide range of products, but the quality of this products are not up to par, or even as close as Korean electrical products. |
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zhuge_liang
Supreme |
21-Aug-2007 20:45
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Enzer has proposed to acquire 51% of Shanghai Jianhua Telecom Satellite Co, China's leading satellite comms provider, for $2m. |
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coolboy
Member |
27-Jul-2007 13:28
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is anyone shorting this counter? |
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cyjjerry85
Elite |
27-Jul-2007 09:18
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this is the only counter which has a GREEN (up 0.07!!!) in the top volume this morning....wow...so outstanding in the sea of red |
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EastonBay
Master |
17-Jul-2007 11:49
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I am rather surprsied by the optimism here. Enzer's auditor has expressed opinion on 'going concern' of this company. It was highlighted in ST over the weekend. (not vested, and will not vest) Opinion As mentioned in Note 2 and Note 37 to the financial statements, the Group incurred a net loss of $11,185,680 for the year ended 31 March 2007 and at 31 March 2007 the Group?s total liabilities exceeded its total assets by $3,340,241 with borrowings from banks and financial institutions in the form of bills payable and loans amounting to $6,760,376. The Company?s share capital of $18,742,415 has been substantially depleted by accumulated losses of $17,950,716 with total assets exceeding total liabilities by $791,699 at balance sheet date. The Company has issued corporate guarantees to various financial institutions providing credit or hire purchase facilities to its subsidiary companies. Subsequent to the balance sheet date, Enzer Electronics Pte Ltd (?EEPL?), a major subsidiary of the Group, has received letters of demand and writ of summons for claims of outstanding debts of an aggregate sum of $6 million. Legal proceedings have been commenced against the Company for the sum of $1.2 million which the Company had acted as a guarantor for EEPL. Due to inadequate working capital, the Group is in the process of ceasing the operations of the Electronic Components Division. The other business operations of the Group are facing very challenging circumstances and the Group is now operating on a cash basis and is selling off its existing inventories. The Company has appointed a corporate advisor to formulate a streaming/restructuring plan to raise new equity to strengthen the capital base of the Company. Presently the Company and the corporate advisor are in discussions with new investors for recapitalisation as well as introducing new business into the Company. The Company has also briefed the Group?s bankers on the Company?s efforts in this regard. The results and financial position of the Group and the Company raises significant doubt on the Company?s and the Group?s ability to continue as going concerns. The validity of the going concern assumption on which the consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company are prepared depends on whether the directors are able to formulate a viable plan to raise new equity and introduce new business and on the continuing financial support from its bankers and creditors. In the event that adequate additional capital funds are not available and in the absence of continuing financial support from the Group?s bankers and creditors, the Company and the Group will no longer be able to continue as going concerns and may not be able to realise its assets and discharge its liabilities in the normal course of business. The financial statements of the Group and the Company do not take into account any adjustments to the financial statements that would have to be made to reflect the situation that assets may need to be realised other than in the normal course of business and at amounts which could differ significantly from the amounts at which they are currently recorded in the balance sheet. In addition, the Group and Company may have to provide for any further liabilities which may arise, and to reclassify non-current assets and noncurrent liabilities as current assets and current liabilities. Because of the significance of the matter mentioned above, we do not express an opinion as to whether the consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Singapore Companies Act, Cap. 50 (the ?Act?) and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and the Company as at 31 March 2007 and the results, changes in equity and cash flows of the Group and changes in equity for the Company for the financial year ended on that date. In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary companies incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Baker Tilly TFWLCL Certified Public Accountants 6 July 2007 ? |
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skyne7
Member |
16-Jul-2007 23:14
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welcome welcome... hope those who just enter make money... those who exited... be happy... :) |
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chuzzle
Member |
16-Jul-2007 23:11
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Thanks skyne. Like that ho say liao.... think tis is certainly a RTO in the making. Good luck to all. |
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skyne7
Member |
16-Jul-2007 23:08
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CHANGE OF SUBSTANTIAL SHAREHOLDERS Description The Board of Directors of Enzer Corporation Ltd (the "Company") wishes to inform the shareholders that Au Weng Kee,Boyd, a director and substantial shareholder of the Company, has disposed of his entire direct and deemed interest in 42,531,000 shares of the Company, representing about 50.26% of the total issued share capital of the Company, to new investors pursuant to a series of transactions effected today. As at the date hereof, Mr Au Weng Kee, Boyd ceases to hold any interest, direct and deemed, in the shares of of the Company. Ang Eng Chin, a director and substantial shareholder of the Company, has also disposed his entire direct and deemed interest of 13,625,000 shares in the Company to new investors pursuant to a series of transactions effected today. As at the date hereof Mr Ang Eng Chin ceases to hold any interest, direct and deemed, in the shares of the Company. Messrs Au Weng Kee, Boyd and Ang Eng Chin believe the disposal of their interests direct and deemed interest in the Company to new investors could help in facilitating the recapitalisation and restructuring efforts of the Company. Messrs Au Weng Kee, Boyd and Ang Eng Chin remain as directors of the Company. Pursuant to transactions entered into directly with Messrs Lim Chye Huat @ Bobby Lim Chye Huat, has an interest in 25,000,000 shares of the Company, representing about 29.54% of the total issued share capital of the Company. By Order of the Board Ang Eng Chin Chief Executive Officer 16 July 2007 |
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chuzzle
Member |
16-Jul-2007 22:55
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Hi Skyne, can summarize? Cannot open the link leh |
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skyne7
Member |
16-Jul-2007 22:33
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take a look... http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/a7fa81176817f3914825731a004deb43?OpenDocument |
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chuzzle
Member |
16-Jul-2007 22:17
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Congrats to those who brought Enzer. Cross your finger and let's hope for the best. Today my short-term target was hit. Cheers |
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chipchip66
Master |
16-Jul-2007 15:27
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trading halted! |
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minidonut
Member |
16-Jul-2007 15:03
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http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/7f88bc30c12867f34825731a00250e64?OpenDocument |
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chuzzle
Member |
14-Jul-2007 11:40
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Woke up tis morning and saw latest announcement released yesterday @ 1935hrs. Co. looking into share placement. Certainly hope they are issuing bonus shares instead of rights. However, even if rights issue, tis could be positive as they may be acquiring new biz. |
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chuzzle
Member |
10-Jul-2007 08:53
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Core biz should be changing. Type of biz depending on the new investor(s) so meaning..... Seeing from tis angle, Enzer price has always be so stable (and low) probably due to lack of new injects. With the co. changing its core biz, should able to see much more upside. If you take Firstlink for instance, their new injects and acquisition has pushed price to new high. Cheers |
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jm2212
Senior |
10-Jul-2007 08:34
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what is their core business now? still the consumer electronics stuff? this is another cut throat business... |
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singix
Member |
09-Jul-2007 23:28
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momentum already up.. possibly missed the boat again? |
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zhuge_liang
Supreme |
09-Jul-2007 23:23
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It said that its corporate adviser is still in the process of formulating its restructuring plans. In the interim, the company and the corporate adviser are in discussions with new investors for recapitalisation as well as introducing new business into the company. It said that its electronic components division is in the process of ceasing its operations due to lack of working capital and is not taking in any new business. The other business operations of the group are also facing very challenging circumstances. |
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