HanKore Env   

BIO-TREAT TECHNOLOGY LIMITED

Sorry, can someone explain what does this mean? Thanks....

moogee      ( Date: 12-Jan-2010 15:44) Posted: They are doing some capital restructuring, according to their latest announcement. Share price reduce frm HK40.40 to HK$0.10, or something like that. Can find info in SGX website.

 

Something like L&M become Seroja??

 

Pls. tread carefully guys, make your money and get out.  This counter is going for capital restructing  the d day is 15th of this month.  Some BB's must be pushing to cash out @ a higher price.  Just my 2 Cents worth.  Cheers.

 

 

wow.. almost 100% chiong in 1 day..billionaire..

 

Sorry, correction, HK$0.40 to HK$0.10.. 

 

why the sudden jump? Is this for real....or another trap?

 

They are doing some capital restructuring, according to their latest announcement. Share price reduce frm HK40.40 to HK$0.10, or something like that. Can find info in SGX website.

 

Any news guys ???????

 

independent auditors’ report
to the members of bio-treat technology limited
(incorporated in bermuda)
1 We were engaged to audit the accompanying financial statements of Bio-Treat Technology Limited (the “Company”)
and its subsidiaries (the “Group”), as set out on pages 35 to 101, which comprise the balance sheets of the
Company and of the Group as at 30 June 2009, and the consolidated income statement, consolidated statement
of changes in equity and consolidated cash flow statement of the Group for the year then ended, and a summary
of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
2 Management is responsible for the preparation and fair presentation of these financial statements in accordance
with Singapore Financial Reporting Standards. This responsibility includes:
(a) devising and maintaining a system of internal accounting controls sufficient to provide a reasonable
assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions
are properly authorised and that they are recorded as necessary to permit the preparation of true and
fair consolidated income statement and balance sheets and to maintain accountability of assets;
(b) selecting and applying appropriate accounting policies; and
(c) making accounting estimates that are reasonable in the circumstances.
Auditors’ Responsibility
3 Our responsibility is to express an opinion on these financial statements based on conducting an audit in accordance
with Singapore Standards on Auditing. Due to the significance of the matters discussed in paragraph 5 below,
we were not able to form an opinion on the accompanying consolidated financial statements of the Group and
the balance sheet of the Company.
Disclaimer Audit Opinion on the Financial Statements for the Year Ended 30 June 2008
4 The auditors’ report for the financial statements for the year ended 30 June 2008 contained a disclaimer opinion
and an update of the matters that gave rise to the disclaimer opinion is set out in Note 5 below.
Basis for Disclaimer of Opinion on the Financial Statements
Going Concern Assumption
5 We draw attention to Note 2 to the financial statements, which discloses that:
(a) The Group incurred a net loss of RMB703,338,000 for the financial year ended 30 June 2009 (2008
(Restated): RMB356,816,000), and as of that date, the Group’s current liabilities exceeded its current
assets by RMB1,205,407,000 (2008 (Restated): RMB405,254,000). Further, the Group incurred a negative
operating cash flow of RMB245,147,000 (2008 (Restated): RMB484,485,000) for the year.
(b) As disclosed in Note 27(b)(i) to the financial statements, the Group has an outstanding loan amount of
HK$239,412,000 (RMB211,449,000) (2008: HK$239,412,00 (RMB211,504,000)) due to Precious Wise
Group Limited (“Precious Wise”), a former shareholder of the Company, as at 30 June 2009. On 15 May
2008, pursuant to the event of default of the Convertible Bonds as described in Note 5(c) below, the
Group received notice from Precious Wise that the Company’s failure to meet the repayment for other
loans of the Group constituted an event of default for the outstanding loan, and therefore they had
invoked their rights pursuant to the terms and conditions of the loan agreement, amongst of which the
outstanding loan had become immediately due and payable by reason of the default as at the end of
the previous financial year ended 30 June 2008.
As disclosed in Note 27(b)(ii) to the financial statements, the Group has an outstanding loan balance
of HK$37,854,575 (RMB33,433,000) (2008: Nil) due to Datasino Group Limited (“Datasino”), a related
party of Precious Wise, as at 30 June 2009. The Group has not repaid the outstanding loan balance
which was due on 15 July 2009, subsequent to the financial year end.
As at the date of this report, negotiations by the Group are currently on-going with the Precious Wise and
Datasino (collectively known as the “Loan Lenders”) to seek a settlement and/or extension of repayment
dates for the outstanding loans. The directors of the Company are presently unable to determine the
outcome of the negotiations with the Loan Lenders.

(c) On 18 January 2008, certain Convertible Bondholders exercised their put option in respect of the
Convertible Bonds (the “Put Options”), with a principal amount of S$116,400,000 (RMB586,656,000),
to cause the Company to redeem the Put Bonds at 108.77% of their principal amount, totalling
S$126,608,000 (RMB638,106,000). The Company made partial payment amounting to S$39,972,000
(RMB201,145,000) in respect of the Put Bonds during the previous financial year ended 30 June 2008.
No further payment has been made in respect of the Put Bonds during the current financial year. The
principal amount outstanding in respect of the Put Bonds amounted to S$79,651,000 (RMB374,990,000)
as at 30 June 2009 (2008: S$79,651,000 (RMB401,729,000)).
The Company had on 18 April 2008, 22 July 2008 and 23 July 2008 received notices from certain
Convertible Bondholders claiming that the Company’s failure to redeem fully the Put Bonds that were put
to the Company on 18 January 2008 constituted an event of default (the “Alleged Default”) which the
Alleged Default entitled the other Convertible Bondholders to accelerate the remaining Convertible Bonds
(the “Accelerated Bonds”) to become immediately due and payable. The total principal amount of the
remaining Convertible Bonds that could potentially be accelerated was S$89,600,000 (RMB453,644,000)
as at 30 June 2008, of which the Company has, as at the date of our previous report for the financial
year ended 30 June 2008, received notices of acceleration in respect of Convertible Bonds amounting
to S$50,600,000 (RMB255,206,000).
During the current financial year, the Company has on 8 October 2008 and 25 February 2009 received
further notices of acceleration from certain Convertible Bondholders and consequently, as at the date
of this report, the Convertible Bonds which are subject to the various notices of acceleration received
by the Company totalled S$61,200,000 (RMB288,124,000).
As disclosed in Note 30 to the financial statements, subsequent to the financial year end, the Company
has on 22 September 2009 announced that it is proposing the following terms to all the Convertible
Bondholders to effect a full and final settlement of all the Company’s outstanding payment obligations
under the Convertible Bonds (the “Proposed Settlement”). Pursuant to the Proposed Settlement:
(i) the Company and all the Convertible Bondholders will effect a marking-down of the remaining
balance of the Convertible Bonds from the principal amount of S$169,251,000 to S$37,080,000
(the “Marked-down Bonds”) to be repayable on certain agreed bullet repayment dates;
(ii) the Company will procure a wholly owned subsidiary of the Group, Bio-Treat International Limited
(“BTI”), to grant a security interest over the shares held by BTI in World Pioneer Investments
Limited, a wholly owned subsidiary of BTI, by way of two charges given in favour of the Company
and the Bank of New York Mellon as security agents and trustees to secure the Company’s
obligations under the Marked-down Bonds; and
(iii) the Company will issue to the holders of the Marked-down Bonds warrants (the “Warrants”)
entitling the holders of the Marked-down Bonds to subscribe for 89,000,000 new ordinary
shares at an exercise price of S$0.025 for each new share in the capital of the Company upon
the exercise of the Warrants.
The Company has on 23 September 2009 given notice to the holders of the Convertible Bonds that a
meeting has been convened to be held on 15 October 2009 to approve the Proposed Settlement.
As at the date of this report, the directors of the Company are unable to determine the outcome of the
Proposed Settlement with the Convertible Bondholders.

6 The matters referred to in paragraph 5 above indicate the existence of material uncertainties which may cast
significant doubt as to the ability of the Company and the Group to continue as going concerns and to discharge
their liabilities in the normal course of business. The ability of the Company and the Group to continue as going
concerns is therefore dependent upon:
– the continuing support of the Loan Lenders and the successful outcome of the negotiations with the
Loan Lenders as described in Note 5(b) above;
– the continuing support of the Convertible Bondholders and the successful outcome of the Proposed
Settlement with the Convertible Bondholders as described in Note 5(c) above; and
– the success of various strategies that management is presently evaluating to improve the operating
performance, financial position and cash flows of the Company and the Group. These strategies include,
inter alia, obtaining alternative sources of finance.
7 The financial statements have been prepared on the assumption that the Company and the Group will remain as
going concerns, and discharge their liabilities in the normal course of business, the validity of which is dependent
on, inter alia, the successful outcome of the negotiations with the Loan Lenders, the Proposed Settlement with
the Convertible Bondholders, and the ability of the Company and the Group to generate positive cash flows
from its operations in the future and/or obtain alternative sources of finance. The assumption is premised on
future events, the outcome of which is inherently uncertain.
In the absence of sufficient appropriate evidential matter, we were unable to obtain sufficient audit assurance
regarding the use of the going concern assumption in the preparation of the financial statements. Accordingly,
we are unable to form a view as to the use of the going concern assumption in the preparation of the financial
statements.
8 In the event the Company and the Group are unable to continue in operational existence for the foreseeable
future, adjustments may 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 sheets. In addition, the Company and the Group may have to provide
for further liabilities that might arise, and to reclassify non-current assets and non-current liabilities as current
assets and current liabilities respectively. No such adjustments have been made to these financial statements.
Disclaimer Audit Opinion
9 Because of the significance of the matters discussed in paragraphs 5 to 8, we are not in a position to, and
accordingly do not, express an opinion as to whether the consolidated financial statements of the Group and
the balance sheet of the Company are properly drawn up in accordance with Singapore Financial Reporting
Standards so as to give a true and fair view of the state of affairs of the Company and the Group as at 30 June
2009 and the results, changes in equity and cash flows of the Group for the year ended on that date.
MOORE STEPHENS LLP
Public Accountants and
Certified Public Accountants
Singapore
13 October 2009

 

How will this news affect the price these few days?  




Bio-Treat Technology has proposed an issue of zero-coupon secured bonds worth $37.08 million with 89 million free detachable warrants to settle the outstanding balance of its toxic convertible bond (CB) programme.


The Chinese water treatment firm is currently seeking to mark down the remaining balance of the five-year convertible bonds which it issued in January 2006 from $169.25 million to $37.08 million.

Holders of the marked-down bonds will be issued 89 million warrants which will allow them to subscribe for new shares in Bio-Treat on the basis of one new share per warrant held.

The exercise price of the warrant will be fixed at $0.025, representing a 60 per cent discount off the firm's weighted average share price on Sept 17 of $0.0625, Bio-Treat said.

If all 89 million warrants are exercised, Bio-Treat will raise about $2.03 million for general working capital.

The exercise will also increase the company's issued and paid-up share capital by 10 per cent to 980.324 million shares.

The proposed transactions are subject to the approval of shareholders at a special general meeting and to the in-principle approval of Singapore Exchange for the listing of the new shares.

Subject to the approval of convertible shareholders at a meeting to be convened, the transactions, when effected, 'constitute a full and final settlement of all outstanding amounts owed' to the bondholders, the firm added.

 

1
BIO-TREAT TECHNOLOGY LIMITED
(Incorporated in Bermuda)
(Company Registration No.: 34074)
PROPOSED ISSUANCE OF ZERO COUPON SECURED BONDS WITH AN AGGREGATE
PRINCIPAL AMOUNT OF S$37,080,000 WITH 89,000,000 FREE DETACHABLE
WARRANTS, EACH WARRANT CARRYING THE RIGHT TO SUBSCRIBE FOR ONE (1)
NEW ORDINARY SHARE IN THE CAPITAL OF THE COMPANY
1. Introduction
1.1 On 13 January 2006, the Company entered into purchase agreements with various
investors in relation to the issue by the Company of S$206,000,000 (RMB
1,040,300,000) zero coupon convertible bonds due on 18 January 2013 (the
“Convertible Bonds”).
1.2 Subsequently on 18 January 2006, the Company entered into an agency agreement
(the “Original Agency Agreement”) with the Bank of New York Mellon (in its
capacity as, inter alia, fiscal agent) in respect of the Convertible Bonds.
1.3 On 18 January 2008, certain holders of the Convertible Bonds (the “Convertible
Bondholders”) exercised their put option in respect of the Convertible Bonds (the
“Put Bonds”), with a principal amount of S$116,400,000 (RMB 586,656,000), to
cause the Company to redeem the Convertible Bonds at 108.77% of the principal
amount, totaling S$126,608,000 (RMB 638,106,000). Pursuant to the exercise of the
put option, the Company has made partial payments amounting to S$39,972,000
(RMB 201,145,000) to these Convertible Bondholders during the financial year ended
30 June 2008. The remaining balance amounting to S$86,636,000 (RMB
436,961,000) in respect of the Put Bonds remains unpaid as at the date of this
Announcement.
1.4 Subsequently the Company had on 18 April 2008, 22 July 2008 and 23 July 2008
received notices from certain Convertible Bondholders claiming that the Company’s
failure to fully redeem the Put Bonds constituted an event of default (the “Alleged
Default”) which Alleged Default entitled these Convertible Bondholders to accelerate
the remaining Convertible Bonds held by them (the “Accelerated Bonds”) to
become immediately due and payable. The total principal amount of the remaining
Convertible Bonds that could potentially be accelerated was S$89,600,000 (RMB
453,644,000) as at 30 June 2008, of which the Company has, as at the date of this
Announcement, received notices of acceleration in respect of Convertible Bonds
amounting to S$50,600,000 (RMB 255,206,000).
1.5 The board of directors of the Company wishes to announce that the Company is
proposing to enter into an amended and restated agency agreement (the “ARAA”)
with the Bank of New York Mellon acting as the fiscal agent, warrant agent, registrar,
transfer agent and replacement agent for and on behalf of the Convertible
Bondholders.
The transactions contemplated in the ARAA (the “Transactions”) include:
(a) the marking-down of the remaining balance of the Convertible Bonds from the
principal amount of S$169,251,237 to S$37,080,000 (the “Marked-down
Bonds”) to be repayable on certain agreed bullet repayment dates;

 

shall i sell or hold ?

 

0.1 comming

 

exit unitedenv and just whack on this.

 

It is holding on strong when every stock is dropping

 

seems that this company has incurred substantial losses...isn't it risky to long this ?

 

Hopfully going to cheong soon. Vested at 0.055

 

moving steadily up

 

Will this be able to go back to 1 dollar?