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Just a correction. They used to be sole distributors for a number of big brands. Now seems they only manufacture and distribute their own house brand. That I am not too sure.
But the truth remains, its still a long way to clear the debts, financial obsticle, like lack of funding could be a thing that work against their progress. Lots of revenue were effect due to lack of funding as reported in their previous year end Financial report..
Think its unlikely to go up very high. many holders took the opportunity of this court's news relase as a breather and hope and to exit. It should go back to 3-4.5 cents range if not lower, around the pre-court action days.
Unless they can be in the black once again and clear their debts and banks willing to finance them again, untill then, it should be stagnant around the price mentioned above. Barring unforseen. Just good news that it don't have to close :) but mid to long term survival is still a challenge. Hope I am wrong.
Last year still make some profit, this year, half yearly report BIG looses. How to pay their debt ?
Even when the court rule against OCBC, its still an undischarged bankrupt. Owed creditors too much money.
Thats the reason, Ho Lee Contruction and OCBC want to appeal to court to reverse the earlier favourable decision to to allow for debt restructure. Its still struggling. Business is not iproving. Even though the court ruled in their favour, IF, the big if, since its still a bankrupted company under protection, and its business not doing well, loosing big money this FY, SONY and those big brands that give it the distributor right If pull out the distributor right and award to other local company, it'll be dead. a final blow.
Major brands may re-consider to let other distributors distribute its product other then TT ? Since TT have don quite badly wiht it own product.... might.
This temp good new is that its pull through this initial crisis only, but it have lots of other hurdles to clear. Its not out of the woods yet :)
Perhaps more challenges ahead. Those whom have chance to exit, should already done today during ther market opening. Perhaps let go at 6 cents. The rest are left to be seen. BUT the fact remains , its future is still very bleak.
First Quarter Results * Financial Statement And Related Announcement
http://pdf.reuters.com/sgxnews/sgxnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20101014:nSNAE61001
| TT Int | CPF | Open-0.055c | Closed-0.050c | +0.010c | +25.0% | Vol-17,686,000 | 4,444,000 | 0.050 | 0.055 | 6,218,000 | Hi-0.060 | Lo-0.050 |
TT Int. Halted. What happening..?? last done price - 0.045c
| TT Int | CPF | H | -- | 0.045 | -- | -- | -- | 1,000 | 0.095 | 0.050 | 1,957,000 |
If the court rule in OCBC and Ho Lle favour in reversing the earlier decision for restructuring.
Thats it. A very critical time for existence of AKIRA brand products.
The holders are fighting for their own survival. If TT go burst, OCBC and other big creditors will liquidate and get all leftover, the rest get nothing.
In all case, it can prolong the whole matter. But TT is not making money and making big lost every quarter so how to pay creditors ?
Interest stagging up....... Its chiam-see-tong ( hold as loong as it can) stredtegy. But there seem not much hope that it's business will improves... So the road ahead is bleak. Its still good to salvage whatever balance and cut lost and don't wait for a rapped up announcement and stock become no value anymore.
High risk. Its still better to salvage the balance other then holding on to worthless paper value and loose all..
The small creditors are giving their support to the management/company as the last straw, without which, OCBC and other big creditors is going to ask the court for liquidation of TT's assets. If court approves it, then, the building and asssets, all Akira products will be grab and sell off in auction.............and thats it.
Just short of a court's decision.
Many may still hold on and have a glimmer of hope that the court will rule in TT's favour in stopping OCBC's motion.
Need a very strong heart for this one. Not worth the punt.
TT bond holders push for court - approved plan
SINGAPORE
The plan also imposed a complete moratorium on any action against the firm by the debtors until the scheme ends.
The group is made up of institutions and individuals that hold TT’s medium term notes Series 19 which were bought through OCBC Bank.
According to documents seen by MediaCorp, the group explained that if the scheme of arrangement was overturned, the company will succumb to the financial pressures from legal proceedings.
This may result in all noteholders losing their investments an est imated $50 million in all.
They also believe that the scheme is the best option for TT and its creditors, compared to taking the liquidation or judicial management route.
In a letter sent to OCBC’s lawyers Rajah and Tann, the group explained that if the scheme is implemented, the returns to the creditors will be higher compared to liquidation of the company.
This is in addition to TT’s financial position, which has become profitable after much cost-cutting under the scheme.
Among the institutions that form the group of 24 include the Singapore Teachers’ Co-Op Society, the Singapore Police Cooperative Society and the NTUC Thrift and Loan Co-operative.
In response, Rajah and Tann said that “it has made its evaluation and formed its view of the scheme objectively and responsibly”.
Sim Law Practice is acting on behalf of the noteholders.
OCBC Bank had filed an appeal last month for the scheme of arrangement to be overturned.
— A group of 24 bond holders of distressed firm TT International has appealed to OCBC Bank to accept a High Court-approved scheme for the company to manage its debts.Jo-ann Huang
Might go all the way down to 0.005 cents.
I actually bought at 5.5 cents.:(
Gone case. if the management is smart, they will ask for trading to be suspended to prevent sell down to liquidate. Investers wil surely fear and don't want to take the chance, in case the court of appeal rule sin OCBC and the construction company favour and , thats it. The bank and the construction company will take over its premises and goods to try to rcover the debt owed.
But investers and the owner alike is hoping that the court will rule against the appeal and give it another chance to make good the debts.
In all cases, Akira and TT Intl is in a very dangerous situation of extinction.
Big holders must be worried and dump as the earliest opportunity or loose all. ?
Looks like it.
Homegrown Akira could face Liquidation
Jo-ann Huang
joannhuang@mediacorp.com.sg
SINGAPORE
But there are no Akira products in this year’s goodie bags, as the company’s fate hangs in the balance — with a pivotal court session in eight days.
MediaCorp has learnt that a court hearing has been scheduled next Wednesday, which could determine the fate of Akira and its beleaguered parent TT International, a consumer electronics distribution firm listed on the Singapore Exchange.
TT’s problems began when credit facilities totalling $332 million were pulled during the height of the financial crisis, forcing it to call for a standstill of payments.
As losses chalked up, TT sought to restructure its liabilities. In March, the High Court approved a scheme — overruling the objections of five banks, including OCBC, and building firm Ho Lee Construction — which would allow TT to manage the debts and impose a complete moratorium on any action against the firm until the scheme ends.
OCBC Bank and Ho Lee Construction subsequently appealed against the High Court ruling — and they will press their case next week. OCBC is claiming $21.7 million, while Ho Lee is claiming $22 million over construction works for an uncompleted 1.3 million square feet warehouse and retail complex beside Jurong East MRT Station.
If the Court of Appeal — the highest court in the land — rules in favour of OCBC and Ho Lee, TT will face liquidation, which could possibly spell the end of its house brand of consumer electronics, Akira.
TT was founded in 1984 by the husband-and-wife team of Mr Sng Sze Hiang and Ms Julia Tong, who built up the supply-chain specialist into one of Singapore’s largest exporters of consumer electronics. When contacted by MediaCorp,
Ms Tong declined to comment on the case.
But she said: “Having worked very hard for over 25 years to build up a Singapore brand, which is recognised in over 60 countries, for the sake of Akira and the 1,700 staff of TT who have sacrificed so much, we can only hope to be given a chance to continue growing.”
TT’s restructuring over the past two years — which incurred over $30 million in restructuring expenses and professional fees — has come at a heavy personal cost for the founders, too.
The couple signed personal guarantees of about $68 million in 2008 to obtain additional credit facilities to keep the company going, according to the company’s financial statement last year.
— Homegrown appliance brand Akira has been a loyal sponsor of the National Day Parade for the past eight years, where spectators received Akira freebies such as handheld fans.Just abit more detailing info sharing.
This program is oredi 2.5 yr old, since 1st Oct 07, still got 2.7 yr left to see it growth, hope for the best those vested one (plus BBs and owner), hope it's making it to bearing some more fruit this Q again...Ya. Happy trading and happy CNY (Hav a tiger- cheer
)
Well is has shown...(+half a ct) getting better by day, Err....by wk maybe by mth
This one is interesting. (Just forming my opinion and sharing info)
Both the Company and a subsidiary, Akira Corporation Pte Ltd, enjoy a concessionary tax rate of
10% on their qualifying income. The Global Trader Programme ("GTP") that was awarded to the
Company by the International Enterprises Singapore ("IES") on 8 May 2003, had been
subsequently renewed for a further period of five years commencing from 1 October 2007
teeth53 ( Date: 17-Feb-2010 10:06) Posted:
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It about six mths lao and the result is positive from TT. Sure making and crawling slowly back from bottoming pit, can going get better, just forming my own opinion and for info sharing,.
http://www.tt-intl.com/investor.htm
Perhaps they are doing some restructuring
. Has been a quiet September for them and its ending soon .
GoldMine68 ( Date: 22-Sep-2009 15:42) Posted:
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des_khor ( Date: 22-Sep-2009 14:22) Posted:
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Hey..Someone still buy / sell on X basic between two agreeable parties at 0.055cent
12:12:11 0.055ct 2,000,000 X
Woww...giving Hope and wait for better time, do know how long...nia nia ?.