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16-12-2024, 08:13 AM
The general rule of thumb for external auditing work is: If there is no problem, it doesn't mean there isn't. But if there are some problems, there will soon be more.
This company just listed itself on Catalist less than 10months ago, raising ~26mil gross proceeds (~22mil net). Some notes from prospectus:
(1) None of the existing SSH sold out at IPO. Matter of fact, the biggest SSH Berjaya Group subscribed for more shares (~10% of the total new shares been issued). Comparing between the prospectus (post IPO) and recently issued AR24, the top SSH doesn't seem to have sold away any shares.
(2) Catalist listing is Sponsor-dependent. Interestingly, the Sponsor PrimePartners Corporate Finance (PPCF) also bao-gao-liao for the IPO as the underwriter, placement agent and issue manager. Pretty sure they took a big cut of the 4mil IPO expenses but to their credit, they have align of interest via subscribing for ~800k worth of shares at issue price. PPCF is also a relatively big outfit, with over 20years of existence, worked on over hundreds of deals. In recent times, it was the IFA for Silverlake Axis/Boustead Projects privatization.
(3) Prospectus shows that company has been making increasing losses for the last 3 FY under consideration (FY21:9.3mil, FY23:12.4mil, FY24:18.1mil). So it shouldn't have been a surprise that it continues to make a loss in FY24?
Singapore Institute of Advanced Medicine flagged over uncertainties about staying afloat
THE Singapore Institute of Advanced Medicine (SAM) announced that external auditors of the company issued a disclaimer of opinion on the group’s results for the financial year ended Jun 30.
https://www.businesstimes.com.sg/compani...ing-afloat
This company just listed itself on Catalist less than 10months ago, raising ~26mil gross proceeds (~22mil net). Some notes from prospectus:
(1) None of the existing SSH sold out at IPO. Matter of fact, the biggest SSH Berjaya Group subscribed for more shares (~10% of the total new shares been issued). Comparing between the prospectus (post IPO) and recently issued AR24, the top SSH doesn't seem to have sold away any shares.
(2) Catalist listing is Sponsor-dependent. Interestingly, the Sponsor PrimePartners Corporate Finance (PPCF) also bao-gao-liao for the IPO as the underwriter, placement agent and issue manager. Pretty sure they took a big cut of the 4mil IPO expenses but to their credit, they have align of interest via subscribing for ~800k worth of shares at issue price. PPCF is also a relatively big outfit, with over 20years of existence, worked on over hundreds of deals. In recent times, it was the IFA for Silverlake Axis/Boustead Projects privatization.
(3) Prospectus shows that company has been making increasing losses for the last 3 FY under consideration (FY21:9.3mil, FY23:12.4mil, FY24:18.1mil). So it shouldn't have been a surprise that it continues to make a loss in FY24?
Singapore Institute of Advanced Medicine flagged over uncertainties about staying afloat
THE Singapore Institute of Advanced Medicine (SAM) announced that external auditors of the company issued a disclaimer of opinion on the group’s results for the financial year ended Jun 30.
https://www.businesstimes.com.sg/compani...ing-afloat