Foreland Fabrictech

Interesting trades on Foreland today...Somebody bought 128 lots at $0.02 & 500 lots at $0.019...and now you have no takers at $0.014.

Just wondering what would be the thought process of those who bought at $0.019 & $0.02.

key wrongly of cos!! haha!

How is it possible that this counter has any value left?

(13-02-2015, 12:06 PM)brattzz Wrote: key wrongly of cos!! haha!

How is it possible that this counter has any value left?

Well brattzz, the counter does have significantly higher intrinsic value. It is a question of whether shareholders are able to get management to set right the wrongs that have been committed

ok ok, sorry sgmystique, i was insensitive with my remark....
apologies!

Hey brattzz, no need to apologise...When one invests in the stock market one is entering a world where anything can happen! Let's see how this story turns out. I keenly await the independent review from BDO.

BTW as a comparative how does this sound:

Taiwan's TransAsia Airways announced Wednesday that it would pay nearly half a million dollars in compensation to relatives of each of the victims of a dramatic plane crash earlier this month.

TransAsia Airways Flight GE235 crashed Wednesday last week shortly after take-off from Songshan airport in Taipei with 53 passengers and five crew on board, killing at least 42.

"We offered an amount of Tw$14.9 million (US$470,000) as compensation for each person who died in the accident. We hope to reach a settlement with the families," a TransAsia spokeswoman told AFP.

Total compensation: US$470,000 * 42 = US$19,740,000.00 (US$19.74 million)

Total compensation amount paid by Foreland to its client, Jiangxi Longdu:

RMB275,284,800 + RMB7,707,974.40 = RMB282,992,774.40 (Approximately US$45.36 million) for AN ORDER THAT FORELAND COULD NOT SATISFACTORILY FULFILL WORTH RMB 4,062,375.00 (Approximately US$651,110.00)

What has happened is very clear, we just need to find out how far is the SGX ready to go to ensure that ordinary shareholders like you and me are not taken to the cleaners and squeezed out dry time and again!

Considering that the claim/compensation seems so obviously wrong, and the executives still want to go ahead, what does that tell you about the quality of management?

(13-02-2015, 01:01 PM)sgmystique Wrote: Hey brattzz, no need to apologise...When one invests in the stock market one is entering a world where anything can happen! Let's see how this story turns out. I keenly await the independent review from BDO.

BTW as a comparative how does this sound:

Taiwan's TransAsia Airways announced Wednesday that it would pay nearly half a million dollars in compensation to relatives of each of the victims of a dramatic plane crash earlier this month.

TransAsia Airways Flight GE235 crashed Wednesday last week shortly after take-off from Songshan airport in Taipei with 53 passengers and five crew on board, killing at least 42.

"We offered an amount of Tw$14.9 million (US$470,000) as compensation for each person who died in the accident. We hope to reach a settlement with the families," a TransAsia spokeswoman told AFP.

Total compensation: US$470,000 * 42 = US$19,740,000.00 (US$19.74 million)

Total compensation amount paid by Foreland to its client, Jiangxi Longdu:

RMB275,284,800 + RMB7,707,974.40 = RMB282,992,774.40 (Approximately US$45.36 million) for AN ORDER THAT FORELAND COULD NOT SATISFACTORILY FULFILL WORTH RMB 4,062,375.00 (Approximately US$651,110.00)

What has happened is very clear, we just need to find out how far is the SGX ready to go to ensure that ordinary shareholders like you and me are not taken to the cleaners and squeezed out dry time and again!

So what invester do gain when the review say that it is wrong? Can investor sue the management to seek compensation? And i am surprise too that foreland boss agree to be review. But i think the auditor will come out in their favor. I think this is just another show play.

(13-02-2015, 02:20 PM)egghead Wrote: Considering that the claim/compensation seems so obviously wrong, and the executives still want to go ahead, what does that tell you about the quality of management?

egghead, the quality of management here is obviously poor...The going ons at Foreland have been extremely murky but the pertinent question is will the SGX be able to set these obvious wrongs right. The SGX, MAS and CAD are all responsible to bring those who have committed wrong doings to book.

Hopefully the action taken at China Sky Chemical Fibre (Business Times article quoted below) gives hope to shareholders of Foreland...

Ex-CEO of China Sky to pay civil penalty, give up 10% of his shares

FORMER chief executive of beleaguered China Sky Chemical Fibre, Huang Zhong Xuan, will pay a civil penalty of S$2.5 million and surrender 10 per cent of his shareholding in China Sky under a settlement agreement with the Monetary Authority of Singapore (MAS).

Please go to the link below for the full article:

http://www.businesstimes.com.sg/companie...his-shares

The $2.5m fine is from his FROZEN acct. He cannot touch it anyway

(13-02-2015, 04:08 PM)Behappyalways Wrote: The $2.5m fine is from his FROZEN acct. He cannot touch it anyway

You are right Behappyalways.

Let us see what the independent review at Foreland turns up and what action the troika of SGX, MAS and CAD decide to take if any wrongdoings are found.