Technics Oil & Gas

[lonewolf]

PROPOSED DISPOSAL OF PROPERTY & SUBSIDIARY

Looks like the sale and leaseback arrangement is proceeding. Looks like management is actively tackling the problem. And its also interesting that they were able to obtain waiver of financial covenants from the banks; which implies the banks feel that the situation is not so dire and/or the good working relationship they have with the banks. So these are all positive signs that perhaps they will be able to turn things around.

The company also has outstanding warrants exerciseable Dec 16 that is still in the money. Whether it will still be in the money next year, only time will tell but if it is, then there will be fresh cash injections from exercising the warrants.

[CY09]

http://infopub.sgx.com/FileOpen/TOG_Lift...eID=405717

http://infopub.sgx.com/FileOpen/TOG_Lega...eID=405723

http://infopub.sgx.com/FileOpen/TOG_Soil...eID=405692

When it rains, it pours.

Just when we thought Soilbuild was the only default announcement, Technics has announced two more bad news. I guess one of the problems it is experiencing is an expanding receivables despite lower revenue. (from 42 mil to 44 mil). This has affected its cashflow

Once a darling by investors, we shall see how Technics maneuver itself out of the oil industry downturn.

[CY09]

An update on Technics and Soilbuild dispute

http://infopub.sgx.com/FileOpen/TOGL%20-...eID=406446

Technics case against Soilbuild has been dismissed by high court and soilbuild now holds the security deposit. Wonder how will it affect the balance sheet of technics and will they decide to move out

[Retired@52]

A sad day for those who are vested. I feel for you.

http://infopub.sgx.com/Apps?A=COW_CorpAn...310516.pdf

[Behappyalways]

just to share....

The insiders have been playing with their shares since day 1. The surprise is that how quick the current conpany got into the present situation with a change in new management. The balance sheet of the company's latest financial statement does not suggest such an outcome. I think that we might see CAD coming into the picture next.


i must be drunk. Talking rubbish again. Zzzzzzzzzzz

[lonewolf]

Light at the end of the tunnel??

LETTER OF OFFER IN RELATION TO A PROPOSED RESTRUCTURING OF THE COMPANY

If the RTO goes through, what happens to the current assets of the company?

[lonewolf]

GG

Application for Delisting of the Company

• Company is insolvent;
  
• Company’s debts far exceed its realizable assets; and
  
• Company is not in a position to make any distribution to shareholder
  
• Company has not received any indication from its controlling shareholder(s) of their willingness to make an exit offer
  

[brattzz]

GG

Application for Delisting of the Company

• Company is insolvent;
  
• Company’s debts far exceed its realizable assets; and
  
• Company is not in a position to make any distribution to shareholder
  
• Company has not received any indication from its controlling shareholder(s) of their willingness to make an exit offer
  

gosh, shareholders will have to write off..... not even a paper share to keep... :O