PineAgritech   

handon trading...

Does Singaporean not deserve to have them all?

pharoah88      ( Date: 25-Mar-2010 11:07) Posted: SingapOre  has CASE TRUST  UpgradEd  tO  EDU TRUST. WHY  nO REMITTANCE  TRUST  ? DIRECTOR  TRUST  ?? GOVERNANC  TRUST  ??? INTEGRITY  TRUST  ???? DUE  DILIGENCE  TRUST  ????? GOVERNMENT  TRUST  ?????? FRAUD  TRUST   ??????? BOND  TRUST  ???????? DIVIDEND  TRUST  ????????? AUDITOR  TRUST  ??????????

 

why are there still so many buyers buying at 10c? are they stupid?

investment      ( Date: 25-Mar-2010 14:05) Posted: MARKET TALK: Pine Agritech At Risk Of Selldown On Ops Risk 0039 GMT [Dow Jones] Sellers likely to pounce on Pine Agritech (P78.SG) after company's auditor flags concerns over ability of China-based maker of soybean-based products to continue operations due to lack of funds to repay debt. Company still exploring options to fork out up to CNY2.2 billion (US$324 million) to pay investors eyeing early redemption of bonds in July, after citing possible technical difficulties in remitting funds to bond holders outside China. Options include using unit Linyi Shansong's retained profits of about CNY1 billion as partial payment. Auditor Grant Thornton says situation raises significant doubt on Pine Agritech's ability to continue as going concern as it currently doesn't have enough funds outside China to meet bond obligations in July. News may also hurt shares of People's Food (P05.SG), which owns about 37% of Pine Agritech. Latter sells by-products of its core items as animal feed to People's Food. Pine Agritech closed +5.0% at S$0.105 yesterday, may revisit S$0.065-S$0.07 levels reached in March last year; People's Food +1.6% at S$0.63, may fall below S$0.60 for first time in three weeks.

 

Another China S-chip company.

Be very very careful.

Don't loss your pants.

investment      ( Date: 25-Mar-2010 14:05) Posted: MARKET TALK: Pine Agritech At Risk Of Selldown On Ops Risk 0039 GMT [Dow Jones] Sellers likely to pounce on Pine Agritech (P78.SG) after company's auditor flags concerns over ability of China-based maker of soybean-based products to continue operations due to lack of funds to repay debt. Company still exploring options to fork out up to CNY2.2 billion (US$324 million) to pay investors eyeing early redemption of bonds in July, after citing possible technical difficulties in remitting funds to bond holders outside China. Options include using unit Linyi Shansong's retained profits of about CNY1 billion as partial payment. Auditor Grant Thornton says situation raises significant doubt on Pine Agritech's ability to continue as going concern as it currently doesn't have enough funds outside China to meet bond obligations in July. News may also hurt shares of People's Food (P05.SG), which owns about 37% of Pine Agritech. Latter sells by-products of its core items as animal feed to People's Food. Pine Agritech closed +5.0% at S$0.105 yesterday, may revisit S$0.065-S$0.07 levels reached in March last year; People's Food +1.6% at S$0.63, may fall below S$0.60 for first time in three weeks.

 

MARKET TALK: Pine Agritech At Risk Of Selldown On Ops Risk


0039 GMT [Dow Jones] Sellers likely to pounce on Pine Agritech (P78.SG) after company's auditor flags concerns over ability of China-based maker of soybean-based products to continue operations due to lack of funds to repay debt. Company still exploring options to fork out up to CNY2.2 billion (US$324 million) to pay investors eyeing early redemption of bonds in July, after citing possible technical difficulties in remitting funds to bond holders outside China. Options include using unit Linyi Shansong's retained profits of about CNY1 billion as partial payment. Auditor Grant Thornton says situation raises significant doubt on Pine Agritech's ability to continue as going concern as it currently doesn't have enough funds outside China to meet bond obligations in July. News may also hurt shares of People's Food (P05.SG), which owns about 37% of Pine Agritech. Latter sells by-products of its core items as animal feed to People's Food. Pine Agritech closed +5.0% at S$0.105 yesterday, may revisit S$0.065-S$0.07 levels reached in March last year; People's Food +1.6% at S$0.63, may fall below S$0.60 for first time in three weeks.

 

mOst Of  ALL

this wOrld  nEEds  CREDIT  TRUST 

 

CHINESE  can  bring  mOney  Out  tO  GAMBLE  in  SingapOre.

WHY CAN'T CHINA COMPANY  REMIT  FUNDS TO  REDEEM  BONDS?

WHO ARE nOt  dOing  thEir  dUtiEs ?



tchoonw      ( Date: 15-Mar-2010 17:01) Posted:

 

another celestial foods...

 

ZHi Zi says

"TRUST  tUrns  tO  RUST

as  Time  passEs." 

 

T R U S T    TRUST  ???????????

anOther  blOOdy  jOkE

 

SingapOre  has

CASE TRUST 

UpgradEd  tO  EDU TRUST.

WHY  nO

REMITTANCE  TRUST  ?

DIRECTOR  TRUST  ??

GOVERNANC  TRUST  ???

INTEGRITY  TRUST  ????

DUE  DILIGENCE  TRUST  ?????

GOVERNMENT  TRUST  ??????

FRAUD  TRUST   ???????

BOND  TRUST  ????????

DIVIDEND  TRUST  ?????????

AUDITOR  TRUST  ??????????

 

 

## in July, after citing possible technical difficulties in remitting funds to bond holders outside China. ##

iF  the  abOVe  statement  is  TRUE ?

MAS,  SGX,  Corporate  Directors,  Bankers,  Auditors  are  extremely  SLACK  in  their  Due Diligence and Corporate Governance.

Shun Zi says, "To WIN, One mUst nOt lOse."

ZHi Zi says, "To  Remit foreign funds into  CHINA,  One  must be able  to  Remit the SAME funds OUT  of CHINA"

Once Upon a TiME,  the whOle wOrld  knEw that  PriOr  ApprOval  mUst bE  Obtained  frOm  CHINA FX AuthOrity befOre  any  CHINA BANK  WOuld  prOcess  an  Outward  Remittance Application.

Best Of ALL,  EvEn  Ah  Beng and Ah  Lian  alsO  knOw  abOut  this  tOday.

Any mOre  EXCUSE  pOssiblE  and  accEptablE ????



 

 

ZHi zi  says,

"iN  cOrpOrate  WARS,  bOnd  hOlders  and  sharEhOldErs  arE  On  OppOsitE  sidEs" 

pharoah88      ( Date: 25-Mar-2010 09:33) Posted: apparEntly  bOnds  lOOk  innOcent  and  harmlEss actUally   bOnds  are  dEadly  tO  sharEholdErs. wishbone      ( Date: 24-Mar-2010 21:20) Posted: Emphasis of Matter by Auditors on Financial Statements for the Financial Year Ended 31 December 2009  The Directors of Pine Agritech Limited (the "Company") would like to announce that the Company's Auditors, Grant Thornton, Certified Public Accountants, Hong Kong, had issued their report on the Company's consolidated financial statements for the financial year ended 31 December 2009, containing an emphasis of matter. A copy of the Independent Auditors' Report and note 3.1 to the financial statements is annexed to this announcement. The emphasis of matter in the report of the Auditors has been made in compliance with International Standard on Auditing. The Group is exploring various options to meet its funding requirements outside the PRC to pay bondholders who opt for early redemption on 27 July 2010 in accordance with the terms of the Bond. Assuming all bondholders chose the early redemption option, the amount payable is approximately RMB2,212,869,000 (equivalent to US$323,968,000 as at 31 December 2009). While possible technical difficulties may exist in the remittance of funds to Bondholders outside the PRC, the Group has continued to preserve its cash and bank balances which stood at RMB2,512,566,000 as at 31 December 2009. The Group reiterates its full intent on fulfilling its obligations under the Bond Terms and is actively considering the following proposals, amongst others: (i) the Group’s PRC subsidiary, Linyi Shansong Biological Products Co., Ltd. (“Linyi Shansong”) has distributable retained profits of approximately RMB1 billion under PRC accounting standards on 31 December 2009 which could be distributed as dividend to its immediate holding company, Rainbow Palace Inc., a company incorporated outside the PRC. As such, the Group may consider making fund transfer by way of dividend payment by Linyi Shansong to Rainbow Palace Inc. outside the PRC which would then be available for the settlement of the Early Redemption of Bondholders; and (ii) the Group may make financing arrangements with third parties and/or major shareholders for fund raising outside the PRC. However, the negotiations of these financing arrangements are still in progress as of the date of this announcement. By Order of the Board Li Zhuping Chief Execuitve Officer 24 March 2010

 

yep.. perhaps yet another one bites the dust (favourite song to be used on Schip). Apparently People's food might get affected.

here's more detail on that headline that you posted.

0039 GMT [Dow Jones] Sellers likely to pounce on Pine Agritech (P78.SG)
after company''s auditor flags concerns over ability of China-based maker
of soybean-based products to continue operations due to lack of funds to
repay debt. Company still exploring options to fork out up to CNY2.2
billion (US$324 million) to pay investors eyeing early redemption of bonds
in July, after citing possible technical difficulties in remitting funds to
bond holders outside China. Options include using unit Linyi Shansong''s
retained profits of about CNY1 billion as partial payment. Auditor Grant
Thornton says situation raises significant doubt on Pine Agritech''s
ability to continue as going concern as it currently doesn''t have enough
funds outside China to meet bond obligations in July. News may also hurt
shares of People''s Food (P05.SG), which owns about 37% of Pine Agritech.
Latter sells by-products of its core items as animal feed to People''s
Food. Pine Agritech closed +5.0% at S$0.105 yesterday, may revisit
S$0.065-S$0.07 levels reached in March last year; People''s Food +1.6% at
S$0.63, may fall below S$0.60 for first time in three weeks.
(frankie.ho@dowjones.com)
 

wishbone      ( Date: 25-Mar-2010 09:25) Posted: This one is quite scary. Will it be another CM????? 08:39 DowJones DJ MARKET TALK: Pine Agritech At Risk Of Selldown On Ops Risk

 

PineAgritech  is  just  a  DIStributOr  with  a  very  simple  business  model.

it  has  bEEn  UNcOmpetitive  Over  the  past  sEvEral  yEars

 

apparEntly 

bOnds  lOOk  innOcent  and  harmlEss

actUally  

bOnds  are  dEadly  tO  sharEholdErs.

wishbone      ( Date: 24-Mar-2010 21:20) Posted: Emphasis of Matter by Auditors on Financial Statements for the Financial Year Ended 31 December 2009  The Directors of Pine Agritech Limited (the "Company") would like to announce that the Company's Auditors, Grant Thornton, Certified Public Accountants, Hong Kong, had issued their report on the Company's consolidated financial statements for the financial year ended 31 December 2009, containing an emphasis of matter. A copy of the Independent Auditors' Report and note 3.1 to the financial statements is annexed to this announcement. The emphasis of matter in the report of the Auditors has been made in compliance with International Standard on Auditing. The Group is exploring various options to meet its funding requirements outside the PRC to pay bondholders who opt for early redemption on 27 July 2010 in accordance with the terms of the Bond. Assuming all bondholders chose the early redemption option, the amount payable is approximately RMB2,212,869,000 (equivalent to US$323,968,000 as at 31 December 2009). While possible technical difficulties may exist in the remittance of funds to Bondholders outside the PRC, the Group has continued to preserve its cash and bank balances which stood at RMB2,512,566,000 as at 31 December 2009. The Group reiterates its full intent on fulfilling its obligations under the Bond Terms and is actively considering the following proposals, amongst others: (i) the Group’s PRC subsidiary, Linyi Shansong Biological Products Co., Ltd. (“Linyi Shansong”) has distributable retained profits of approximately RMB1 billion under PRC accounting standards on 31 December 2009 which could be distributed as dividend to its immediate holding company, Rainbow Palace Inc., a company incorporated outside the PRC. As such, the Group may consider making fund transfer by way of dividend payment by Linyi Shansong to Rainbow Palace Inc. outside the PRC which would then be available for the settlement of the Early Redemption of Bondholders; and (ii) the Group may make financing arrangements with third parties and/or major shareholders for fund raising outside the PRC. However, the negotiations of these financing arrangements are still in progress as of the date of this announcement. By Order of the Board Li Zhuping Chief Execuitve Officer 24 March 2010

 

Price is trended lower and lower!

wishbone      ( Date: 25-Mar-2010 09:25) Posted: This one is quite scary. Will it be another CM????? 08:39 DowJones DJ MARKET TALK: Pine Agritech At Risk Of Selldown On Ops Risk

 

This one is quite scary. Will it be another CM?????

08:39

DowJones

DJ MARKET TALK: Pine Agritech At Risk Of Selldown On Ops Risk

 

Emphasis of Matter by Auditors on Financial Statements for the Financial Year Ended 31 December 2009 

The Directors of Pine Agritech Limited (the "Company") would like to announce that the Company's Auditors, Grant Thornton, Certified Public Accountants, Hong Kong, had issued their report on the Company's consolidated financial statements for the financial year ended 31 December 2009, containing an emphasis of matter.

A copy of the Independent Auditors' Report and note 3.1 to the financial statements is annexed to this announcement.

The emphasis of matter in the report of the Auditors has been made in compliance with International Standard on Auditing. The Group is exploring various options to meet its funding requirements outside the PRC to pay bondholders who opt for early redemption on 27 July 2010 in accordance with the terms of the Bond. Assuming all bondholders chose the early redemption option, the amount payable is approximately RMB2,212,869,000 (equivalent to US$323,968,000 as at 31 December 2009). While possible technical difficulties may exist in the remittance of funds to Bondholders outside the PRC, the Group has continued to preserve its cash and bank balances which stood at RMB2,512,566,000 as at 31 December 2009. The Group reiterates its full intent on fulfilling its obligations under the Bond Terms and is actively considering the following proposals, amongst others:

(i) the Group’s PRC subsidiary, Linyi Shansong Biological Products Co., Ltd. (“Linyi Shansong”) has distributable retained profits of approximately RMB1 billion under PRC accounting standards on 31 December 2009 which could be distributed as dividend to its immediate holding company, Rainbow Palace Inc., a company incorporated outside the PRC. As such, the Group may consider making fund transfer by way of dividend payment by Linyi Shansong to Rainbow Palace Inc. outside the PRC which would then be available for the settlement of the Early Redemption of Bondholders; and

(ii) the Group may make financing arrangements with third parties and/or major shareholders for fund raising outside the PRC. However, the negotiations of these financing arrangements are still in progress as of the date of this announcement.


By Order of the Board

Li Zhuping
Chief Execuitve Officer
24 March 2010

 

Will it up lorry because of the bond issue....... Auditor give emphasis of matter.......

 

During its HAY DAYS, PineAgriTech was UP HiGH because SOYA was iN shOrt sUpply and SOYA PRICES were then HiGH. Yet, it was UNable to fUlfill's EXCLUSIVE SOLE DISTRIBUTION TARGET and the agreement was CANCELLED by its PRINCIPAL. PINEAGRITECH is Only a DISTRIBUTOR and NOT EXCLUSIVE this time. Those days, it was very easy to CONTRA for S$1,000 prOfit per trade in a day. sOme gOOd days, CONTRA twO S$1,000-prOfit trades per day. One in the mOrning and One in the afternOOn. Then, just trade PINEAGRITECH alOne iN its Uptrend was gOOd enOugh. The trend was sO CLEAR, CONSISTENT and PREDICTABLE. nOw, it is quite RiSKY UNless yOu are sUre Of its fUtUre.