Fung Choi Media Group

[desmondxyz]

http://infopub.sgx.com/FileOpen/FCM_Anno...eID=314841

Suspended.....Gone

[newborn1000]

Thats why I love the market, not for the madness of Mr Market.............but for the juicy sagas

[Behappyalways]

Pursuant to the Enforcement Notice issued by the Bondholder to the Company on 7 August 2014, the Bondholder has alleged that an event of default had occurred under the Bonds whereby the Company had failed to pay interest due for the interest period of 1 April 2014 to 30 June 2014 and has thereby claimed for the redemption amount and the default interest payable under the terms of the Bonds
....................................................

Under the terms and conditions of the Bond issued on 1 December 2012, under Condition 5.2(a) (i) and (ii), the Company is required to ensure at all times the following financial covenants are met which are set out below:
(a) Consolidated Gross Debt to Consolidated EBITDA shall not exceed 280%; and
(b) Consolidated EBITDA to Gross Interest Expenses shall not be less than 350%.
Based on the unaudited consolidated financial statements as at 30 June 2014, the Company has breached the financial covenant whereby the actual Consolidated Gross Debt to Consolidated EBITDA was 300%.

..................................................

The figures have not been audited or reviewed by the Company’s external auditor.

During the course of the audit of the consolidated financial statements for the year ended 30 June 2014, the auditor identified transactions with certain suppliers and customers in the supply chain management business segment which may be considered to be interested party transactions (“IPT”) and/or related party transactions. The purchase of the supply chain manangement business segment that may be considered IPT amounted to HK$2,986 million which accounts for 63% of the Group’s purchase in the supply chain managment business segment.

................................

On 7 August 2014, the Bondholder has served an Enforcement Notice to the Company to allege that an event of default had occurred under the Bonds, namely that the Company had failed to pay interest for the interest period of 1 April 2014 to 30 June 2014 and thereby claimed for the redemption amount and the default interest payable under the terms of the Bonds which amounted to US$40.8 million (HK$316.5 million). Pursuant thereto, the Bondholder has appointed Receiver over the shares of FCPL and its underlying subsidiaries.
In addition, in connection with the Bonds, corporate guarantees were provided to the Bondholder by RainbowChina Media Holdings Company Limited and High Rank Development Limited (“High Rank”), each a wholly owned subsidiary of the Company. RainbowChina Media Holdings Company Limited is the holding company of Guangzhou Fung Choi Weixun Culture and Broadcasting Co., Ltd and Guangzhou Fung Choi Gaozhi Advertising Media Co., Ltd, each a principal subsidiary of the Company. High Rank holds all the shares of FCPL.
One of the banks of the Group has already issued notice of demand to the Company to request for the settlement of outstanding bank facilities undertaken by the Group.
In view of the above events, the ability of the Company and the Group to continue to operate as a going concern is highly dependent on the ongoing support from its Group’s bankers and its ability to generate sufficient cash flows from operations to cover operating costs and meet its financial commitments as and when they fall due.
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FY2014
http://infopub.sgx.com/FileOpen/FCM_Resu...eID=316456

[Behappyalways]

Change - Announcement of Cessation::Cessation of Financial Controller
http://infopub.sgx.com/Apps?A=COW_CorpAn...dbc801919e

17 Apr 2014
Change - Announcement of Appointment::APPOINTMENT OF FINANCIAL CONTROLLER
http://infopub.sgx.com/Apps?A=COW_CorpAn...29a0994fd4

[Behappyalways]

the Independent Financial Advisor's role is to assess the Group's current financial position including its ability to meet all the financial obligations and pay its debts as and when they fall due, and to undertake a review and recommend the appropriate remedies and avenues available to facilitate the Group to continue to operate as a going concern.

STATUS UPDATE
http://infopub.sgx.com/FileOpen/FCMG_Upd...eID=324665


APPROVAL FROM SGX-ST FOR EXTENSION OF TIME TO ANNOUNCE THE COMPANY’S FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2014 ("1Q2015 RESULTS")
http://infopub.sgx.com/FileOpen/FCMG_Ann...eID=324668

[Behappyalways]

(Suddenly their joint partners decided to give them a back stab....)


As explained in the Initial Waiver Approval, ever since Fung Choi Printing Limited was placed under receivership and its board of directors was replaced by the receivers, the Company has been facing significant resistance from its joint venture partners in obtaining from them the necessary management accounts information of the relevant joint venture companies for consolidation.


Announcement_on_extension_of_time_for_1Q2015_and_2Q2015 Results.pdf

http://infopub.sgx.com/FileOpen/Announce...eID=330021

[Behappyalways]

FUNG CHOI MEDIA GROUP LIMITED
(JOINT PROVISIONAL LIQUIDATORS APPOINTED)
(“COMPANY”)
http://infopub.sgx.com/FileOpen/Fung%20C...eID=344133

[Behappyalways]

The JPLs wrote to the executive directors of the Company, Ms Lai Yuen Ling and Mr Xiang
Mingxi (“Executive Directors”) and informed them of the appointment of the JPLs and
requested that they deliver all property, books and records of the Group to the JPLs. The
Executive Directors have failed to reply the JPLs. The JPLs attempted to contact and locate
the Executive Directors without success.


UPDATE ON WORK UNDERTAKEN BY JPLS
http://infopub.sgx.com/FileOpen/828987%2...eID=365923

[Behappyalways]

The first sign of trouble was two years back when they have some 'problems' with their bond issue......sounds similar ???? S-chips.....bond repayment problems.....^^


Due to the extended Lunar New Year holidays in the People’s Republic of China, the Company has
experienced a delay in obtaining the necessary approval from the relevant Guangzhou tax authority
for the remittance of the Company’s onshore dividends for the payment of the Remaining Outstanding
Bonds (as defined below). As such, the Company will not be able to proceed with the full redemption
of the Remaining Outstanding Bonds on or before 27 February 2012.
http://infopub.sgx.com/FileOpen/FC_annou...leID=73523

[weijian]

The Company refers to the announcement made on 5 May 2017 (“Announcement”). Capitalised terms defined in the Announcement have the same meaning in this announcement. The Announcement sets out, inter alia, that the Liquidators were preparing the necessary application to the SGX to delist the shares of the Company from the Mainboard of the SGX for the following reasons:

1. the Company is hopelessly insolvent;
2. there is no prospect for any corporate rescue or restructuring / sale of the Company’s business; and
3. the Company does not have any financial resources to:
3.1 propose any (cash) exit offer for the shareholders pursuant to Rule 1308 of the Listing Rules; and
3.2 convene a general meeting to obtain the approvals of the shareholders of FCM pursuant to Rule 1307 of the Listing Rules

http://infopub.sgx.com/FileOpen/815893%2...eID=459300