Blumont

The proposal is scraped by a negative response on its share price.

Reference: http://infopub.sgx.com/FileOpen/Blumont_...eID=258700

Blumont Group Ltd. (博诺有限公司) (the “Company”) refers to its announcement dated 4 October 2013 (the “Initial Announcement”) on its proposed transactions (the “Transactions”) involving a foreign-listed coal mining company. Terms defined in the Initial Announcement shall bear the same meaning in this announcement unless otherwise defined here.
The Company wishes to inform Shareholders that the coal mining company in question is Cokal Limited (“Cokal”), a company listed on the Australian Securities Exchange (ASX: CKA).
The Company’s share trading prices this morning have materially and adversely affected the commercial terms discussed with Cokal. In light thereof, the Company and Cokal have agreed not to proceed with the Transactions for the time being. The Company and Cokal continue to believe in the strategic merit underpinning the proposed Transactions, and are continuing to explore opportunities for similarly mutually-beneficial transactions with each other. Shareholders should note that there is no certainty that such transactions will be agreed upon and entered into. The Company will update Shareholders and make appropriate announcements at the relevant time

The plot thickens... the takeover bid is off.

TERMINATION OF PROPOSED TRANSACTIONS INVOLVING COAL MINING COMPANY

(04-10-2013, 09:48 PM)lonewolf Wrote: The plot thickens... the takeover bid is off.

TERMINATION OF PROPOSED TRANSACTIONS INVOLVING COAL MINING COMPANY

Will this affect Blumont negatively?

Pechia lobang ? Now reverse gear . Believe the suspension will take longer than expected.

It doesn't matter whatever they say now.. Even value counters are being sold off due to excessive fear.. There will be tightening credit, margin calls etc. This is a sad day for the market, what I call a black Friday in Singapore that is due to a lack of surveillance or proper regulation and a few pricks that can be prevented in the first place. I wont be surprise next few weeks you see more reports of people taking their own life or broken families..

Peace be with you guys while making your bucks.

(04-10-2013, 11:36 PM)DP28 Wrote: It doesn't matter whatever they say now.. Even value counters are being sold off due to excessive fear.. There will be tightening credit, margin calls etc. This is a sad day for the market, what I call a black Friday in Singapore that is due to a lack of surveillance or proper regulation and a few pricks that can be prevented in the first place. I wont be surprise next few weeks you see more reports of people taking their own life or broken families..

Peace be with you guys while making your bucks.

What's so black when the STI only lost 0.2% for the day?

Those who got involved in these counters should know they were playing with fire. Black Friday for them only.

Trading restrictions on its stock, was one of the reason for share price plunge?

SGX halts trading in three stocks after S$5b wiped off

SINGAPORE — The Singapore Exchange yesterday suspended trading in three stocks — Blumont, LionGold and Asiasons — after shares of the commodity-investing companies plunged between 42 and 61 per cent, wiping more than S$5 billion in total off their market value.

The exchange said the three suspensions were to “safeguard the interests of the markets as there could be circumstances that would result in the market not being fully informed”.

Blumont tumbled 56.4 per cent to 88 cents per share before trading was halted in the morning, slashing S$2.9 billion from its market capitalisation and resulting in the investment firm calling off a takeover of Australian coal miner Cokal.
...
In a separate filing yesterday, Blumont said its share price plunge in recent days may be related to the proposed Cokal deal, as well as the recent decision by a local brokerage to set trading restrictions on its stock. It did not name the brokerage, but a media report on Thursday said UOB Kay Hian had put the counter on a designated list, where online trading is not allowed and clients must pay upfront for their purchases beyond a certain amount.
...
http://www.todayonline.com/business/sgx-...-s5b-wiped

Delusional to think that Blumont is worth more than $5 bn in the first place.
This kind of thing only happen in the stock markets....hahaha...

Any fool could see it coming by doing the most basic analysis of its financials, but some were pulled in by the greed of money...