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Faith is now broken
http://tta.listedcompany.com/newsroom/08...00913E.pdf
(17-05-2018, 07:47 AM)specuvestor Wrote: (28-02-2018, 07:06 PM)specuvestor Wrote: Let's see if the Thais will continue the tradition in May
It’s quite incredible... the faith shareholders have
“In respect of convertible loan which is due on 16 May 2018, parties are in discussion to restructure the convertible loan. The Company will keep shareholders updated on any developments as and when appropriate.”
http://infopub.sgx.com/FileOpen/SGFIG%20...eID=505760
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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Wow.
As a former shareholder in Sino Grandness (regret being so but luckily got out without any real loss), I got to say this is certainly the last straw, this company will probably go down due to cash flow issues regardless of whether there's actually any fundamental business in it.
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(13-01-2019, 12:03 AM)specuvestor Wrote: Faith is now broken
http://tta.listedcompany.com/newsroom/08...00913E.pdf
(17-05-2018, 07:47 AM)specuvestor Wrote: (28-02-2018, 07:06 PM)specuvestor Wrote: Let's see if the Thais will continue the tradition in May
It’s quite incredible... the faith shareholders have
“In respect of convertible loan which is due on 16 May 2018, parties are in discussion to restructure the convertible loan. The Company will keep shareholders updated on any developments as and when appropriate.”
http://infopub.sgx.com/FileOpen/SGFIG%20...eID=505760
Specuvestor, your analysis is superb. Should have heeded your warnings.
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I think the situation is getting clearer; SG is closer to the end of the road than before.
https://www.businesstimes.com.sg/compani...hareholder
Sometimes we are right, sometimes we are not. Where others are wrong, let's try not to rub salt.
Anyway, this is another very good case study for those seeking to learn. 185 pages worth of material.
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Service of Letter of Demand
Sino Grandness Food Industry Group Limited announced that the Company has been served with a letter of demand (the “Letter of Demand”) on 8 January 2019 by Soleado Holdings Pte. Ltd. (the “Lender”).
Pursuant to the Letter of Demand, the Lender had demanded payment of a total sum of US$21,191,666.66 and S$30,000.00 from the Company by no later than 21 January 2019 in respect of the outstanding loan principal amount, outstanding interest, default interests payable and reimbursement of the amount of all costs and expenses (including professional and legal fees incurred by the Lender in connection with the negotiation, preparation, execution and perfection of the repayment framework agreement dated 20 July 2017 (the “RFA”) to the loan agreement dated 13 April 2016 as well as the costs and expenses for legal and professional fees under RFA.
The Company has been in negotiation with the Lender to settle the matter amicably and would make the necessary announcement as and when there is any material development.
More details in http://infopub.sgx.com/FileOpen/Sino_Ser...eID=540649
Specuvestor: Asset - Business - Structure.
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China Eratat deja vu....money only exists in the book, not in the bank....
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16-01-2019, 10:54 PM
(This post was last modified: 25-07-2019, 03:09 PM by Retired@52.)
Dear Value Buddies,
You refer to this tread, post 1323, 3 years ago on 16th Feb 2016, I cautioned those who debated on "Facts of the S-Chips" and I said: "time will tell".
At that time, the share price of this company was about $0.36. Now it is about $0.12.
So if you invested $36,000 at that time, its worth about $12,000 now. You Lost about $24,000.
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17-01-2019, 08:11 PM
(This post was last modified: 17-01-2019, 08:11 PM by dreamybear.)
Sino Grandness has requested for the lifting of trading halt today(SGX company annoucement) and also made an announcement relating to the 2011/2012 bonds. I read and re-read the doc, but am still unable to understand the situation, but it does seem like it has money to pay ????
"2. BONDS REPAYMENT EXTENSION
.......... ten (10) business days after the date on which the relevant company parties obtain the necessary PRC foreign exchange approvals for the remittance out of the PRC of funds for the payments to be made by such company parties pursuant to the Amended and Restated Agreement, or such other date or time as the parties may agree in writing;
.............
(a) The 2012 SB2 Bonds and 2011 SB2 Bonds shall be repaid and fully redeemed by Garden Fresh HK on the New Completion Date; "
https://links.sgx.com/FileOpen/Sino_Annm...eID=540739
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In theory 12 months later or 10 days after SAFE approval. Their SAFE seems different from the SAFE that other companies routinely request to remit money
Wash rinse repeat
(17-01-2019, 08:11 PM)dreamybear Wrote: Sino Grandness has requested for the lifting of trading halt today(SGX company annoucement) and also made an announcement relating to the 2011/2012 bonds. I read and re-read the doc, but am still unable to understand the situation, but it does seem like it has money to pay ????
"2. BONDS REPAYMENT EXTENSION
.......... ten (10) business days after the date on which the relevant company parties obtain the necessary PRC foreign exchange approvals for the remittance out of the PRC of funds for the payments to be made by such company parties pursuant to the Amended and Restated Agreement, or such other date or time as the parties may agree in writing;
.............
(a) The 2012 SB2 Bonds and 2011 SB2 Bonds shall be repaid and fully redeemed by Garden Fresh HK on the New Completion Date; "
https://links.sgx.com/FileOpen/Sino_Annm...eID=540739
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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Service of Letter of Demand
Sino Grandness Food Industry Group Limited has been served with another letter of demand on 23 January 2019 (the "23 January 2019 Letter of Demand") by the Lender. Pursuant to the 23 January 2019 Letter of Demand, the Lender had demanded payment of a total sum of US$21,333,333.33 and S$30,000.00 from the Company in respect of the outstanding convertible loan principal amount, default interests payable and reimbursement of the amount of all costs and legal expenses together with all applicable default interest accruing at 15% p.a., fees, costs and expenses from 24 January 2019 up to the date of full payment, within 14 days from 23 January 2019.
The Company has on 23 January 2019 remitted S$34,958 in respect of the payment of legal fees and reimbursement of the amount of all costs and legal expenses to the Lender and has been in negotiation with the Lender to settle the matter amicably and would make the necessary announcement as and when there is any material development.
More details in http://infopub.sgx.com/FileOpen/Sino%20G...eID=541296
Specuvestor: Asset - Business - Structure.
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