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If QS can continue with its past record of capablity to generate dividend income and thus income for FL when QS became a subsidiary, then on hindsight the trade off (Exchanging the stake in GS Grp for QS stake) would be espoused as a good deal and the directors given a pat on the shoulder for making a "wise" decision. This is because the mistake made in pumping money into GS without returns and control, provided no way out for FL but to seek a better playing field where it could control or have some say in an investment so big as tens of millions of Singapore dollars. However, if the takeover stake (exchanged stake, as no real money was involved) proved to be non-income generating or even liabiity incurring, then the board of FL must face questions as to their capability of running a public company which will eventually bring their integrity to question.
Last week, an announcement was made on a net profit for the 3rd Qrt for FL, and this I believe is an import milestone. If profitability can resume in FL, then I would be first to put big investment in it as the company is currently priced less the 50% of its assets.
Therefore, I will want to watch this counter very seriously for any good chance to enter and make money grow.
I so sorry for posting this forward looking assurance below. So now I must tell you that if QS being exchanged for the stake in GS on the premise of QS going to produce income, there is a case of injustifiable promise to do a trade off on that premise. If the trade off is not true to form, then it is problematic for directors to answer even if invited for coffee. I hope you are clear on this.
Cheers.
abc2xyz ( Date: 22-Jun-2009 13:40) Posted:
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Are you still holding? Better you watch to see if what is promised materialized. If shares don't move and income as promised doesn't come you, you can say you felt really cheated and should have recourse when you felt cheated, mr. shareholders.
Unfortunately I no longer vested, else can help you go after them.
It did not come true, the expected income from a taking over arrangement to appease the situation. This is the worst counter listed in the SGX. In fact look at how pitiful the individuals are.....insider selling 500 lots of his own holdings. I would have sold everything, but luckily I have not a single share now.
abc2xyz ( Date: 22-Jun-2009 13:42) Posted:
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waiting for it to hit 10cents...
looking good today.. what is the good news?
FL is "expected" to receive at least SG $1 Million in divdends from the stake it has in QS. That is according to the forecast in the previous AGM or SGM. So those vested should hope for the best to come though so far I have not heard anything.
abc2xyz ( Date: 22-Jun-2009 13:40) Posted:
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Why cannot move? I think people are worried that after the acquisition of the Qinghai Salt (QS) stake, the market turns backward and QS no longer pays dividends. That is probably the fear. But judging from historical records, QS had been paying successive years of dividends, there should not be any stop in dividends unless FLink is so bad luck. If that is so, even the Gods could not help.
cannot move fast , but possible counter for rotational soon
Correction: The new Qinghai Province Salt stake is 27.82% and not 23% as given in my previous post.
Sorry.
This is what I sum up from some information obtained at the last AGM. I think 14.4 refers to the new net tangible assets of the company after taking into consideration the new structure, i.e. forgoing "ineffective control" of Green Salt in exchange for an investment in Qinghai Provice Salt industry. The settlement which will grant the 23% stake in Qinghai Salt creates a "book" loss of $7 million, thus bringing the NTA to around 14.4 cents per share. Of course if it does not happen, then the auditors would not account for the market value of the original investment in Green Salt Lake, and the situation of the company will appear to be in a state of haitus. With a solid state in QS, the company will move on. QS is profitable and will add some bottomlines to the financials of Firstlink.
14.4?? wad does this mean?
any comments that share value 14.4?? is it true??
FirstLink Investments Corp - the company formerly known as Singatronics has entered into a settlement deed with Asiacorp Development and Green Salt Group to amicably resolve all claims and disputes, FirstLink said. FirstLink says it will hold a direct 27.82% interest in salt-mining company Qinghai Province Salt Industry (QPSI) under the proposed settlement, and that it is gearing up to reap gains from the commodities boom. The present 27.82% stake is owned by Green Salt through Amtrosden Assets Ltd (AAL). Green Salt is 56.22% owned by FirstLink and 43.78% by Asiacorp. Green Salt owns another 23.18% of QPSI through Capital Treasure.
Under the proposed settlement, which is subject to, among other things, shareholders' approval, Green Salt will cease to be a subsidiary of FirstLink, which in turn will gain full control of AAL. FirstLink will get two board seats in QPSI. On completion of the settlement, Asiacorp will hold about 23% of QPSI, while local Chinese government mining company Western Mining will hold 43% and minority interests will make up the rest.
Ha... apparently the trading halt is due to settlement of the lawsuits... hmm... but is the deal good or bad? Kinda confused.
i m oso curious how come halt so many days? since last Fri... any comments?
Anyone have any info why the trading halt??? Care to share? Thanks!!
I still do not understand why it is not moving up again?
does tis means tat firstlink will has x'tra cash?
The Company wishes to announce that a private equity group has entered into a conditional arrangement with our Executive Chairman, Mr Ling Yew Kong (“Mr Ling”), to acquire a strategic substantial stake of the Company including Mr Ling’s entire deemed interest of 6.27% shareholding in the Company. The Company will make further announcements as and when material developments arise. Submitted by Ling Yew Kong, Executive Chairman, on 22 May 2008 to the SGX-ST