YuuZoo Corp (Formerly W Corp)

[specuvestor]

SGX finally acted. Better late than never

[cyclone]

YuuZoo says given 'impossible' task of producing business plans and five-year cashflow analysis of 46 franchises

By: PC Lee
22/03/18, 04:49 pm

SINGAPORE (Mar 22): YuuZoo said it had asked Singapore Exchange for an extension until end of March as "it was impossible" to produce business plans and five-year discounted cashflow analysis for its 46 franchises within the two week-deadline given by the bourse operator.

Still, the online-gaming and e-commerce company said it managed to supply the required information to auditors RT LLP "just in time". But then the auditors needed time to assess the documents and formulate a response, which YuuZoo said would take until the middle of next week.

SGX halted trading YuuZoo shares on Tuesday after its auditor said "it was unable to obtain sufficient appropriate audit evidence" from the company to respond to the queries.

More details in https://www.theedgesingapore.com/yuuzoo-...nalysis-46

[BRT]

CAD seizes hard drives, laptops from YuuZoo's office; interviews chairman Zilliacus, who was asked to surrender his passport
THU, APR 05, 2018 - 11:45 PM
http://www.businesstimes.com.sg/companie...-zilliacus

MAINBOARD-listed online media company YuuZoo Corp announced late Thursday night that the Commercial Affairs Department (CAD) had raided its offices and seized valuation reports, audit plans and materials prepared by various professionals, hard disks, laptops, chargers and/or adapters of "certain" employees.

In a Singapore Exchange filing by chief operating officer Mohandas, YuuZoo added that its chairman, Thomas Zilliacus, and the company's 2015 head of franchise management Sebastian Zilliacus have both been interviewed by the CAD.

The company is under investigation by the Commercial Affairs Department (CAD) on possible breaches of the Securities and Futures Act.

[specuvestor]

^^^Some things are actually quite obvious but it still takes years for the law to catch up... maybe that's whay it's called "the long arm of the law"

But I'll miss the doses of SGX entertainment it provides...

[weijian]

I guess we are closer to the truth state of Yuuzoo with this update! But the 8mil worth of other income is still "too good to be true".

http://infopub.sgx.com/FileOpen/Yuuzoo%2...eID=506943

The Board of Directors of YuuZoo Corporation Limited refers to the Notice of Compliance (“NOC”) issued by the Singapore Exchange Securities Trading Limited on 5th March 2018. Unless otherwise defined in this announcement, all capitalised terms shall have the meanings ascribed to them in the NOC. In the NOC, the SGX-ST required the Company to engage its statutory auditor to provide an opinion on the veracity and reasonableness of the following items in the Company’s consolidated financial statements:

(a) other income of S$8.0 million for FY2017; and
(b) AFS balance of S$54.2 million as at 31 December 2017 and revenues of S$38.4 million from network development and franchise sales for FY2017.

The Company has decided the following after discussions with the auditors:
1. the other income has now been reduced to S$7.0 million;
2. to impair 100% of its AFS, i.e. S$54.2 million; and
3. not to book any value for the 2017 sale of network development and franchise licenses.

[BRT]

wow. pointing the finger at team singapore!

"A spokesperson for YNG Corporation says: “Our commitment to Singapore remains strong. The
continuation of the operations in Singapore has however been made impossible by the seizure
of all funds, the refusal by IRAS to return them in a manner that would enable the Company to
make use of them, the continuation of the SGX-imposed share suspension and the SGXrequested CAD investigation.

All of this has had a deeply negative impact on YNG’s business operations. It has resulted in all
Singapore-based banks that the Company has contacted refusing to open a bank account for
the Company and has made it impossible for the Company to raise new funds.

The Company will continue its operations from other offices around the world. The Company
has written to SGX requesting a lifting of the share trading suspension to allow the Company to
raise new funds that already have been committed, and to allow the shareholders of YNG
Corporation to make their own decisions on whether to sell, hold or buy shares in the
Company”."

https://links.sgx.com/FileOpen/Continued...eID=547616

[AQ.]

Death spiral coming soon?


https://links.sgx.com/FileOpen/YNG%20sec...eID=547771

Under an agreement (the ”Agreement”) signed with Asia Financial Group (“AFG), AFG has agreed to provide the Company with up to SG$30 million over a 36-month period. 

The SG$30 million will be in the form of a Capital Commitment which allows YNG to drawdown funds during the three-year term of the Agreement by issuing ordinary shares to AFG at a price per share which represents a 7.5% discount on the closing price of YNG shares on the date such drawdown is requested by YNG. YNG will control the timing and maximum amount of any drawdown under this facility and has no obligation to draw on the funds on offer. 

YNG has agreed with AFG on restrictions as comes to AFG’s possibility to sell shares it has acquired, thus securing an orderly, fair and transparent market. As part of the Agreement, YNG will issue 65 million warrants to AFG each carrying the right to subscribe for one new ordinary share in the Company. The warrants will be issued within 60 days of the Company obtaining shareholder approval for the Agreement. The warrants will be exercisable for a period of five years from the issue date at an exercise price of 10% above the average market price for the last three days prior to the execution of the Agreement. Should AFG decide to exercise the options, this will bring in an additional 2,72 million SGD in new funds for YNG.

[weijian]

Sometimes, we do need some funny stuff to start the week. This guys are in Bangkok now?

YUUZOO’S STREAMING VIDEO SUBSIDARY YUUFLIX RECEIVES 3 MILLION USD INVESTMENT

Bangkok,19th June 2019: Singapore-listed investment holding company YuuZoo Corporation Limited (“YuuZoo” or “the Company”) today announced that whilst the shares of the Company have been suspended, it has received a 3m USD investment from a foreign investor into its streaming video subsidiary YuuFlix. The investor has received a 2.91% ownership in YuuFlix, corresponding to a valuation of 100m USD for the subsidiary. The investment has been fully paid.

https://links.sgx.com/FileOpen/YuuFlix%2...eID=564038

[cyclone]

Regulatory Actions By SGX - The trading suspension will continue

The Exchange refers to the request of YuuZoo Networks Group Corporation (Company) for its share trading suspension to be lifted. The Company has not to-date complied with the Notice of Compliance (NOC) dated 2 April 2018 issued by the Exchange on the release of the findings of Ernst & Young Advisory Pte Ltd on its revenue recognition from franchise sales. The Exchange has also required a review of the veracity of certain receivables of the Company. In addition, contrary to what the Company represented to the Exchange, investigations by the Commercial Affairs Department are ongoing. Pending the compliance with the NOC by the Company and clarity on these matters, existing shareholders and potential investors are not able to trade in the shares of the Company on an informed basis. On this basis, the trading suspension will continue.

More details in https://links.sgx.com/1.0.0/corporate-an...uddies.com