ChinaMilk   

China Milk

Cash @ 31 Sept 09 was RMB 2.01 billion

Cash @ 31 Dec 09 was RMB 0.50 billion

Cash @ 28 Feb 10 was RMB 0.38 billion

Were the remaining RMB 1.5 billion cash used to pay off the CB ?

beruangface      ( Date: 22-Apr-2010 23:00) Posted: Health screening done, cow is healthy and certified as CASH COW....huat ahh! http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5463C4F250286AAA4825770D004B6BB8/$file/CM_CashAuditAnnc.pdf?openelement

 

any news when resume trading????

 

Health screening done, cow is healthy and certified as CASH COW....huat ahh!

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5463C4F250286AAA4825770D004B6BB8/$file/CM_CashAuditAnnc.pdf?openelement

 

Did you short?

des_khor      ( Date: 30-Mar-2010 11:21) Posted: Let say I short sell at 0.24 and this milk go delisted.... that mean I profit 0.24 ah ??

 

interesting,!   that means to say , you make 100% profit if company go delisted ?

But, wont the shares you borrowed from someone, that 'someone' has less share to sell?

star-trader      ( Date: 16-Apr-2010 20:51) Posted:   Short Sellers will own nothing,nil/zero. When you short sell, you actually borrow the shares which in turn sell them in the stock market..If you want to relinquish your shares, you got to buy back the same number of shares to repay the person/brokerage whom you borrowed from. If you got back the shares at a much lower price which you first sold it, you will receive the difference, selling short is a method to profit from a stock that the price is falling. So what happen if the company is delisted or go bankrupt? It means that you don't have to pay back anyone because the shares are already not worth the value, or worthless.. Hope it clarifies or alternatively, check with your broker for a clearer picture on this. Star-Trader des_khor      ( Date: 30-Mar-2010 11:21) Posted: Let say I short sell at 0.24 and this milk go delisted.... that mean I profit 0.24 ah ??

 

Hi,

 Just want to know what is the worst that I can expect??

 all money gone case??

 

 

Short Sellers will own nothing,nil/zero.

When you short sell, you actually borrow the shares which in turn sell them in the stock market..If you want to relinquish your shares, you got to buy back the same number of shares to repay the person/brokerage whom you borrowed from. If you got back the shares at a much lower price which you first sold it, you will receive the difference, selling short is a method to profit from a stock that the price is falling. So what happen if the company is delisted or go bankrupt? It means that you don't have to pay back anyone because the shares are already not worth the value, or worthless..

Hope it clarifies or alternatively, check with your broker for a clearer picture on this.

Star-Trader

des_khor      ( Date: 30-Mar-2010 11:21) Posted: Let say I short sell at 0.24 and this milk go delisted.... that mean I profit 0.24 ah ??

 

Hi

Some Update on CM

APPOINTMENT OF KPMG ADVISORY SERVICES PTE LTD
AS SPECIAL AUDITORS
Further to the announcement by the Singapore Exchange Securities Trading Limited
(“SGX-ST”) on 5 April 2010, China Milk Products Group Limited (the “Company”) has,
in consultations with the SGX-ST, appointed KPMG Advisory Services Pte Ltd as
special auditors to carry out an independent review of the Company and its subsidiaries
pursuant to Rule 707(12) of the Listing Manual of the SGX-ST. (the “Special Audit”)
The Company will make the requisite announcements as and when there are material
developments arising from the Special Audit.
16 April 2010
By Order of the Board
Liu Hailong
Chief Executive Officer 

 

It doesn't mean much at the moment, although those who were vested and subsequently trapped will need to keep their eyes glued to the SGC for further announcements. The results of the investigation will be crucial as to whether the management has made fraudalent claims about their problems in the remittance of money for the payment of the convertible bonds.

Off the top of my head, if the special investigator finds evidence of foul play by the management, I'm currently wondering whether minority shareholders can begin civil suits against the company to recover the money based on the SGX uncovered evidence. Think I'll need to find time to study previous cases like Fibrechem.


Cheers.

 

any idea if this is a good news anot?

stkoh78      ( Date: 05-Apr-2010 19:43) Posted:   Latest update CHINA MILK PRODUCTS GROUP LIMITED (THE “COMPANY”) APPOINTMENT OF SPECIAL AUDITORS The Exchange has today, pursuant to Listing Rule 704(12), directed the Company to appoint a Special Auditor immediately to investigate the affairs of the Company. The Special Auditor is to report to the Company's Audit Committee and the Exchange. On 12 February 2010, the Company announced that it was in default on its Convertible Bonds as it was unable to meet repayment obligations amounting to US$170.56 million. The Company had earlier attributed the delay in repayment to the process of obtaining SAFE approval for the remittance of funds out of the PRC. The Company characterised the process as administrative and procedural in nature. The Exchange directed the Company to conduct a cash audit to obtain greater transparency with regard to the Company's circumstances in consideration of the possible implications for the Company's ability to continue as a going concern. The Company was directed to announce the findings by 15 March 2010. The Company has failed to do so despite repeated reminders. The Company has also not presented its interim financial statements for the quarter ended 31 December 2009, despite a 7-week extension of time which expires today. In view of the Company's failure to provide timely and satisfactory responses to the Exchange's requests for information and the continued uncertainty surrounding its state of affairs, the Exchange directs the Company to appoint a Special Auditor to investigate its affairs. The Company has agreed to cooperate fully with the Special Auditor to be appointed.

 

 

Latest update


CHINA MILK PRODUCTS GROUP LIMITED (THE “COMPANY”)
APPOINTMENT OF SPECIAL AUDITORS

The Exchange has today, pursuant to Listing Rule 704(12), directed the Company to appoint a Special Auditor immediately to investigate the affairs of the Company. The Special Auditor is to report to the Company's Audit Committee and the Exchange.

On 12 February 2010, the Company announced that it was in default on its Convertible Bonds as it was unable to meet repayment obligations amounting to US$170.56 million. The Company had earlier attributed the delay in repayment to the process of obtaining SAFE approval for the remittance of funds out of the PRC. The Company characterised the process as administrative and procedural in nature.

The Exchange directed the Company to conduct a cash audit to obtain greater transparency with regard to the Company's circumstances in consideration of the possible implications for the Company's ability to continue as a going concern. The Company was directed to announce the findings by 15 March 2010. The Company has failed to do so despite repeated reminders. The Company has also not presented its interim financial statements for the quarter ended 31 December 2009, despite a 7-week extension of time which expires today.

In view of the Company's failure to provide timely and satisfactory responses to the Exchange's requests for information and the continued uncertainty surrounding its state of affairs, the Exchange directs the Company to appoint a Special Auditor to investigate its affairs.

The Company has agreed to cooperate fully with the Special Auditor to be appointed.

 

Poor quarterly results in the second half of last year already sounded the alarm...I sold mine immediately after the poor results then haha ! 

 

Sori, you will need to wait for all the dust settle and lift from suspension, before they pay you ! I kena once in the former Link Island (now call Manhatten), waited for 2 yrs plus before everything is done. And if the case of FerroChina, even short sell, I think did not get any $. So you see, if you buy and next day suspend, broking hse will still chase you for payment, but the other way round, then different story !

des_khor      ( Date: 30-Mar-2010 11:21) Posted: Let say I short sell at 0.24 and this milk go delisted.... that mean I profit 0.24 ah ??

 

Because once delisted consider worthless liao ma....

renzokun      ( Date: 30-Mar-2010 11:42) Posted: wah, like tt oso cn..bt i really wonder, if it true thn y not! i b glad to join..heex des_khor      ( Date: 30-Mar-2010 11:21) Posted: Let say I short sell at 0.24 and this milk go delisted.... that mean I profit 0.24 ah ??

 

wah, like tt oso cn..bt i really wonder, if it true thn y not! i b glad to join..heex

des_khor      ( Date: 30-Mar-2010 11:21) Posted: Let say I short sell at 0.24 and this milk go delisted.... that mean I profit 0.24 ah ??

 

CM joint venture with the China Agricutural Ministry in their business, dont think SGX can touch them when they have a taiko looking after them, I've written off my investment, before you manage to look for the shreaded records in their wastebin, you already sitting in the jail like the Rio Tinto boys..

 

Let say I short sell at 0.24 and this milk go delisted.... that mean I profit 0.24 ah ??

 

those buy at e peak crying out loud, those avg dn from peak crying out even louder

 

This will not happen in mainland la. See Sino ($$ transfer to other bank) and another China Dye (I call it China Die), the CEO and Chairperson (couple) went into hiding after swallow all the $$. They are all happily enjoying life somewhere in mainland. Satyam is different, because US lost too much, so India need to show some respect to big brother ! If the CEO is in Spore, then different story just like the ex-Ceo, Chen Jiu Lin (China AvOil) case, jail 4 yrs. This cow and milk is in China, far far away.

beruangface      ( Date: 30-Mar-2010 08:11) Posted: if they don't perform their work according to professional standards, negligence in their duty, or involve in fraud with the management, they can be charged. In Satyam case, 2 PwC partners are in jail now, do you know that? This is no joke, auditors are hired not to simply sign off the auditors report, if not any tom,dick and harry can do the same thing..no need to pay them million of audit fees.. grandmaster89      ( Date: 29-Mar-2010 19:42) Posted: How can you charge GT when they don't prepare the financial statements ?

 

No la, my friend still goes on with his other trading, he did not cry la ! So far did not hear any news like anyone commit suicide or whatsoever in Singapore, not like HK more dramatic, people really die when share tumble !

jasonwong75      ( Date: 30-Mar-2010 10:32) Posted: Hi, China milk IPO was 60 cents and historical high is above $1...... Those who bought china milk at the peak, they will probably be crying