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Chasen Holdings
31-01-2012, 01:01 PM.
Post: #1
Chasen Holdings
This one crashed from 0.515 in Nov 2011 to 0.20 with no fundamental reason. It was another pumped and dumped counter.

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16-10-2013, 09:30 AM.
Post: #2
RE: Chasen Holdings
Contract win annoucement this morning with 7.1m Secure in Middle east and yet tank 40%. Any thoughts?

Uniquely SGX..

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16-10-2013, 08:56 PM. (This post was last modified: 16-10-2013, 09:59 PM by kelvesy.)
Post: #3
RE: Chasen Holdings
Previous FY, its results were in the red.

Due to:
These were mainly due to the write-off of trade debts of $1.0 million and a further $5.1 million following the settlement of a trade dispute through arbitration as well as a provision for write-off of other debts of $2.0 million. However, after recording its first bottomline loss as a Group this financial year, we are pleased to report that several major relocation projects in the People’s Republic of China (PRC) would be coming on line in FY2014

No announcement pertaining to the fall, not to the knowledge of the management.

Previously its share price tanked too, the management did their daily share buy-back.

Tricky situation. I'd avoid it totally.

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16-10-2013, 10:33 PM. (This post was last modified: 16-10-2013, 10:35 PM by DP28.)
Post: #4
RE: Chasen Holdings
Thanks for sharing. Its probably another one of pump and dump I think. It is just one of another day that show resemblance of the 3 designated stock yet there is no query by SGX nor any disclosure by management by the sudden price movement.

I am a little puzzled what's the role of SGX. Maybe they should disclosure their parameters for "query" companies. You probably wont see this in matured exchange too.

Apologises. SGX did query, but I suppose these query are useless and it is pretty obvious something is cooking behind the scene.


(16-10-2013, 08:56 PM)kelvesy Wrote: Previous FY, its results were in the red.

Due to:
These were mainly due to the write-off of trade debts of $1.0 million and a further $5.1 million following the settlement of a trade dispute through arbitration as well as a provision for write-off of other debts of $2.0 million. However, after recording its first bottomline loss as a Group this financial year, we are pleased to report that several major relocation projects in the People’s Republic of China (PRC) would be coming on line in FY2014

No announcement pertaining to the fall, not to the knowledge of the management.

Previously its share price tanked too, the management did their daily share buy-back.

Tricky situation. I'd avoid it totally.

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21-10-2013, 09:28 PM. (This post was last modified: 21-10-2013, 09:29 PM by mkmk.)
Post: #5
RE: Chasen Holdings
Change of Chief Finance Officer (CFO)

Cessation of Mr Chew Choi Seng: http://infopub.sgx.com/Apps?A=COW_Corpor...mUrPNJQLVg

Appointment of Mr Ben Teo Teck Sing: http://infopub.sgx.com/Apps?A=COW_Corpor...mUrfNJQLVg

Quote:May 10 to Oct 13, Koon Holdings Limited, Chief Financial Officer oversee all financial and management accounting, corporate governance, treasury, listing, statutory and regulatory compliance matters within the Group.

Dec 09 to Apr 10, Chief Financial Officer in a company engaged in the poultry business, assisted the company in the preparation for listing on the Singapore Stock Exchange.

Oct 07 to Oct 09, Food Junction Holdings Ltd, last held position as Chief Financial Officer and Company Secretary, Group's financial and management accounting, corporate governance, listing requirement compliance, and any other finance related matters.

Nov 06 to Sept 07, HLS Electronics Pte Ltd, Financial Controller involved in the preparation for listing on the Singapore Stock Exchange.

Oct 05 to Oct 06, GKE International Limited (Company listed on Sesdaq), Financial Controller assisted in developing the annual budget plan and oversee the implementation of agreed financial plans, interpret operating results, analyze key performance metrics and provide business decision support to all functions.

Jan 04 to Sept 05, EDMI Limited (Company listed on Sesdaq), last held position as Finance Manager and Company Secretary, responsible for the preparation, consolidation, analysis and reporting of all financial statements for the group and its overseas subsidiaries in the Asia Pacific region.

Jul 02 to Dec 03, Sports Link Holdings Pte Ltd, Consumer & Sports (Marketing) Pte Ltd & Sembawang Book Store Pte Ltd, Finance Manager, responsible for formulating, reviewing and implementing financial policies and programmes.

1999 to 2002, Lapp Holdings Asia Pte Ltd and Lapp Logistics Pte (Singapore subsidiaries of a German MNC), Finance, Admin & HR Manager, responsible for preparation of financial reports and statements including Group consolidation.

1993 to 1998, MH Cheong & Associates, last held position as Audit Supervisor.

(not vested)

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28-10-2013, 11:35 PM.
Post: #6
RE: Chasen Holdings
(16-10-2013, 09:30 AM)DP28 Wrote: Contract win annoucement this morning with 7.1m Secure in Middle east and yet tank 40%. Any thoughts?

Uniquely SGX..

I read on another forum (HWZ) that on a fundamental basis, this counter is "very solid" right now. Honestly, that sounds ridiculous to me.

NAV is about 20cents, but NTA is 18.02 cents.
The receivables under "Current assets" has been increasing over the years, even after restating. Even in the latest FY14Q1 statements, it is STILL increasing.

The restatements add to my concern. Before restatements, the other receivables were lumped together, and it was increasing as well.

Low dividend yield even after the share price collapsed.

Management awards themselves warrants, and even then, they dispose of the warrants with exercise price of $0.3. This shows that they dont think it'll reach $0.3 in the next 2 years.

The share buyback would normally boost confidence, but if the management is disposing of their own PERSONAL interests, this just indicates to me that its ok to buyback using the company's cash, but when it comes to their own, they are suddenly more prudent.

Overall i think the surprise is not the sudden drop in share price, but rather how did the price go up to $0.5 in the 1st place.

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09-11-2013, 12:12 AM.
Post: #7
RE: Chasen Holdings
CHANGE IN CAPITAL :: RIGHTS ISSUE :: PROPOSED RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE OF WARRANTS

http://infopub.sgx.com/Apps?A=COW_Corpor...rrants.pdf

Quote:The board of directors (“Directors”) of Chasen Holdings Limited (“Company”), and together with its subsidiaries and associated companies, the (“Group”) wishes to announce that the Company is proposing to undertake a renounceable non-underwritten rights issue (“Warrants Issue”) of up to 111,998,816 Warrants (“Warrants”), based on the existing issued share capital of the Company of 251,910,793 ordinary shares (excluding 332,502 treasury shares) (“Shares”), at an issue price of S$0.01 (“Issue Price”) for each Warrant, each Warrant carrying the right to subscribe for one (1) new ordinary share in the capital of the Company (“New Share”) at an exercise price of S$0.12 (“Exercise Price”), on the basis of four (4) Warrants for every ten (10) existing Shares held by the Entitled Shareholders (as defined below) as at a books closure date to be determined by the Directors (“Books Closure Date”), fractional entitlements to be disregarded.

I wonder if this is good or bad. Any views?

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10-11-2013, 05:56 AM. (This post was last modified: 10-11-2013, 05:57 AM by crabcrab.)
Post: #8
RE: Chasen Holdings
A clever defensive move to avoid shares of Chasen to plunge further. Price may gap up on Monday. Smile

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11-11-2013, 02:46 PM.
Post: #9
RE: Chasen Holdings
(10-11-2013, 05:56 AM)crabcrab Wrote: A clever defensive move to avoid shares of Chasen to plunge further. Price may gap up on Monday. Smile

Look like it's back-firedExclamation

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11-11-2013, 05:41 PM.
Post: #10
RE: Chasen Holdings
With this warrant issue, the new NAV will be $0.185 from $0.208. Based on the last traded price of $0.180, the average price will be $0.165. I don't know about this coy so just doing simple math here.

Note not a call to buy or sell. Big Grin

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