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YuuZoo shareholders call for immediate SGM in light of shares being suspended for 10 months

By:

Samantha Chiew

21/01/19, 07:38 am

SINGAPORE (Jan 21): YuuZoo Shareholders Association (YSHA) on Jan 20 claimed that shareholders representing more than 10% of the voting rights of YNG Corporation, formerly known as YuuZoo Corporation, have called for a special general meeting (SGM).

See: YuuZoo shareholders set up group to get SGX to lift trading suspension

The SGM is to be held as soon as possible to discuss and decide on the strategy, organisation and business of the company.

The call came in view of the continued trading suspension of YuuZoo&rsquo s shares, which is currently in its 10th month.

In a media release issued on Sunday, the group said that the suspension has &ldquo seriously damaged shareholder interest and value, and continues to hurt YuuZoo and its business&rdquo . The YSHA has requested for a immediate lifting of the suspension to ensure that the company can function normally and further erosion of shareholder value is stopped.

The group said that the trading suspension imposed by SGX RegCo had resulted in it losing YuuLog, the logistics operation it had set up in France, in Aug 2018, as the group was unable to raise funds (so what they want is to suck more money out of the capital market) the subsidiary needed when switching to the new business model YuuZoo after the acquisition had started to implement.

The loss of YuuLong resulted in more then 200 employees losing their jobs and shareholders losing a real estate valued at about $10 million, as well as losing a business &ldquo with a huge potential&rdquo .

In Oct 2018, YuuZoo shareholders have elected a new board, but three months later have still yet to receive information on when the trading suspension may be lifted, nor on what action the group is taking to achieve this.

Shareholders are also concerned that the group has yet to appoint a new auditor with only three and a half months remaining until the next annual general meeting (AGM).

Finally, the shareholders believe the company due to the continued trading suspension needs to reassess its business strategy and operations to ensure that it can continue to build a profitable business even during the suspension (since when was Yuuzoo really profitable. All using accounting gimmick to boost up which later has to be written off because it is just hot air).

YSHA believes that the board composition needs to be reviewed, in light of YuuZoo&rsquo s growing global operations. The board requires members with relevant background and experience, with strong compliance and regulatory background.

The shareholders who have called for the SGM have informed the company that they wish for the SGM to discuss and decide on the composition of the board, on the strategy and organisation of the company, on the recapitalisation of the company, on the appointment of a new auditor and on a change of name for the company.

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Since these investors believe so much in YNG, I suggest they take YNG private and own all of YNG for their own benefit.

laksaman57 ( Date: 21-Jan-2019 09:38) Posted:

https://www.theedgesingapore.com/yuuzoo-shareholders-call-immediate-sgm-light-shares-being-suspended-10-months

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19-Jan-2019 09:35

Courts Asia / COURTS ASIA- NAV 44.5 cents . P/E : 10

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Is the new delisting rule in effect already? If so, minorities should form a group to coordinate effort to safeguard their interest.

Observers ( Date: 18-Jan-2019 21:22) Posted:

I think this might turn out to be the first case to test the new delisting rules where major shareholder cannot vote on a delisting resolution.

Then again, if the offerer(s) get enough shares in this general offer to do a compulsory acquisition or if the float drops below a certain percentage and SGX mandates a delisting, then all that is moot.

lukewong82 ( Date: 18-Jan-2019 20:06) Posted:

From 2014 to 2019 5 years, the only time the share price traded below 20 cents is July 2018 to now which is about 5 mths. In this 5 mths, the volume is the very low compared to the last 4.5 years ==> Only 5-10% of those who bought courts are earning due to this take over, the rest of the 90-95% who bought courts are losing money... hai..

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19-Jan-2019 09:20

Falcon Energy / FALCON ENERGY - UNDERVALUED WINNER TOP STOCK PICK

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Expecting the following (taking cue from Ezion):
1. Bank will reduce interest rates and require minimal principle repayment during extended period.
2. Noteholders will be presented with two options:
A) major haircut of ~70-80% with remaining as straight bonds
B) haircut of 30-40% with remaining as convertible bonds (major dilution)
3. Owner pledge own shares as goodwill.
4. Either bank extend credit facilities or right issue to raise money from existing shareholders.

For 4, in Ezion case, bank extend credit facillities as Ezion is still generating sufficient postive cashflow from operation. But in Falcon case, it is operation cashflow is unstable. Bank might be hesitated to extend further credit. That' s why right issue is a possible route as well.

Falcon might also write down their asset but likely to be after the restructuring. Why after restructuring? Need to show the best possible asset value to " encourage" noteholders into signing the agreement. Ofc once they signed, asset value can be written down.

After restructuring Ezion price went from 25cts to 5cts, a 80% lose in shares price. Partly due to weak market partly due to convertible bond holder getting out. I suspect Falcon fate will be similar. We might be looking at 0.5cts eventually when all dust settled.

Ezion took 8 months. Falcon?

A long wait to see the eventuality.

sheerluck ( Date: 18-Jan-2019 13:20) Posted:

Major dilution. Same path as Ezion......

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18-Jan-2019 23:40

Courts Asia / COURTS ASIA- NAV 44.5 cents . P/E : 10

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Firstly, my post is not directed at anybody in specific.

How SRG/Courts destroyed retailer investors money is clear for all to see.

Quite frankly, the way Courts business performance is going, how likely is its share price going upwards. It didn' t even bother to declare a dividend in last FY when it is reporting positive accounting profit. Also Courts stopped their share buyback. It was buying like crazy when it was trading ard 44cts. At 14cts it didnt even spent a dime to buyback any shares. There is just nothing to spur it in the up direction.

What is Courts telling the market. Basically it has given up on its shareholders.

Courts mgmt should be condemned for such iresponsiblity.

fundamentalhero ( Date: 18-Jan-2019 22:39) Posted:

YOU GOT ME WRONG! I KNOW SRG WON' T LUGI READ PROPERLY. I AM SAYING THIS IS FISHY! TOTALLY SHORTCHANGING MINIORITIES
BESIDES, IF YOU ARE VESTED, YOU WILL KNOW THEY SPENT A !@#$TON OF MONIES TO RESTRUCTURE COURTS BUT THESE MONIES INCLUDE MINIORITIES MONIES.
YET NOW NO VALUE DELIVERANCE TO MINIORITIES BY ACCEPTING A LOW BALL OFFER SAY BASED ON YOUR SAID NAV OF 193MILLION. LOWBALL IS LOWBALL
AND IF YOU WANT TO FOLLOW CLOSER, SEE WHERE THE LOAN CAME FROM

LOL GOT SYNERGIES AND OPPORTUNITY SO TRANSLATE TO LOW BALL OFFER!!!

SO FISHY DEFINITELY SOME HANKY PANKY OR POSSIBLE KICKBACKS ETC ESPECIALLY JAPANESE CORPORATE CULTURE (NISSAN, OLYMPUS ETC TYPE OF SCANDALS)

ELSE HOW TO BE SUCH LOW BALL OFFER THAT WAS STRUCTURED TO OPPRESS THE MINIORITIES?!?

This is equivalent to say wha your property damn good vantage point location and crowd, heard it' s valuation is 267million plus. I damn like your property. why not like that la. i really damn like cause good opportunity and can increase my visbility. I OFFER 106million!

LOL!!!!!!!!!!! 睁着眼睛说瞎话 .com

FIRST TIME I HEAR!!!! LMFAO!!!! AT LEAST GIVE TILL VALUATION/PREMIUM or DISCOUNT 10% MAX! 吃白 logic

NO $0.50 NAV as OFFER NO POINT ACCEPTING! IFA SHOULD NOT AGREE TO THIS 蓝腿 OFFER TOO!
Meanwhile in US, The JAPANESE FIRMS offering more than 2X valuation to M& A BIOFIRMS LOL

#BIRDTALK-KINGLOWBALLOFFER #HANKYPANKYSRGandCEOACCEPTANCE

taken from : https://www.theedgesingapore.com/courts-asia-gets-205-cents-share-offer-tokyo-listed-nojima

Courts Asia gets 20.5 cents per share offer from Tokyo-listed Nojima

By:

PC Lee

18/01/19, 07:40 am

SINGAPORE (Jan 18): Courts Asia, the regional purveyor of furniture and household and IT appliances, has received a 20.5 cents voluntary conditional cash offer from Nojima Asia Pacific for all its issued and outstanding ordinary shares.

The offer price represents an approximately 34.9% premium above the closing price of 15.2 cents on the last trading date of Wednesday and an approximately 23.3% premium above the volume weighted average price (VWAP) per share over the six-month period prior to and including the last trading date.

As of Friday, Courts Asia has an issued and fully paid up share capital of $267.3 million, comprising 517.5 million shares with 42.5 million treasury shares. The offer values Courts Asia at stake $106 million.

Nojima Asia Pacific is the offer vehicle of sole shareholder Nojima Corp, a Tokyo-listed electrical appliance retail chain mainly dealing with the sale of consumer digital appliances, in Japan. It also has presence in Cambodia, where it specialises in digital appliances.

Nojima has a market capitalisation of $1.4 billion and revenues of $6.1 billion.

The offeror has been contemplating the entry into the consumer appliance retail market in Southeast Asia, where market growth is expected. With the acquisition of the Courts Asia, Nojima expects to gain a strong foothold in Southeast Asia.

The offeror also believes Courts Asia and its own business are complementary and there are potential synergies that can be created, adds PricewaterhouseCoopers Corporate Finance who drew up the offer document.

In addition, the trading volume of shares in Courts Asia has been generally low, with an average daily trading volume of approximately 208,346 shares during the 12-month period.

The offeror has received an undertaking from Singapore Retail Group, the 73.8% Courts Asia shareholder, to tender all of its 382 million shares in acceptance of the offer and not to accept or permit the acceptance of any competing offer.

sheerluck ( Date: 18-Jan-2019 22:22) Posted:

Last FY when Courts still has accounting profit, they didn' t declare any dividend which they usually do. For the last two quarters, Courts registered negative accounting profit plus they only declare dividend, that is if they do, on their Q4 (31-Mar). So no reason to expect them to do so. Also Courts has over $60mil in cash but over $230mil in debt. The offeror takes over not just that cash but also the debts.

Lastly, dont worry about SRG lugi. When they listed Courts, they sold 118 mil share @ 77cts pocketing $91 mil. Now they are selling 382 mil shares at 20.5. They stand to pocket another $78 mil.

Courts last reported NAV of $193mil or 37cts per shares.

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18-Jan-2019 22:22

Courts Asia / COURTS ASIA- NAV 44.5 cents . P/E : 10

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18-Jan-2019 13:20

Falcon Energy / FALCON ENERGY - UNDERVALUED WINNER TOP STOCK PICK

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Major dilution. Same path as Ezion......

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18-Jan-2019 09:54

Courts Asia / COURTS ASIA- NAV 44.5 cents . P/E : 10

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They are and they will always be.

fundamentalhero ( Date: 18-Jan-2019 09:50) Posted:

THE AUTHORITIES AND SGX IS BLIND TO THIS STUFF??!??!? AGAIN AND AGAIN?

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18-Jan-2019 09:36

Courts Asia / COURTS ASIA- NAV 44.5 cents . P/E : 10

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This is a second time Courts pull this stunt. List high delist low. Courts is a household name here and is quite reputable but the equity investors behind it is really a retail-investors-money-sucker. Shame on them.

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14-Dec-2018 14:36

Asian Pay TV Tr / Asian Pay Tv Tr

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I think the possibility of a below 10cts is high.

sheerluck ( Date: 16-Nov-2018 15:48) Posted:

On the first day of the plunge, the low is 15cts. Now the weighted average price for the pass 3 day was ard 16.7cts which after xD will normally dropped by the distribution amount. So likely to be ard 15cts. So 15cts will be a fighting line. But I see more likely it will go below 15cts.

Since listed APTT lowest yield is about 9% and that was when it still " appeared" rosy. But more recently, its yield has been more ard 13%. The trend is yield has been increasing graudally while distribution as been decreasing gradually as well. So for yield to be increasing price must drop more than the distribution.

At 15cts, a yearly distribution of 1.2cts will be give yield of 8%. This is below the lowest yield of 9%. If it maintain the more recently yield of 13%, then APTT can go down to 9.2cts. I think it is hard for people to accept a yield of 8% or below even more so when mgmt just throw bomb like that. This makes APTT even more riskier to hold and a higher yield is need to compensate the much higher added risk. I will not be surprise if market now demand a yield to 15-20% for APTT after this damaging action.

For now, it is a playing ground for traders. We will see how the price settle after xD.

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13-Dec-2018 11:04

Asian Pay TV Tr / Asian Pay Tv Tr

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APTT has never been not supported by dividend payout but what happend to long-term holders? Many started investing in APTT thinking about 8-9% dividend yield at various point since its listing thinking where to find such good deal only to find that those dividend payout cannot cover their depreciation of their capital eventually.

It is just a matter of time for anyone who started investing long term in APTT now to find the same further down the road.

cowabunga ( Date: 13-Dec-2018 10:58) Posted:

As long as APTT is supported by Dividend payouts, short tits will die pain pain

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YuuZoo shareholders call for immediate SGM in light of shares being suspended for 10 months

taken from : https://www.theedgesingapore.com/courts-asia-gets-205-cents-share-offer-tokyo-listed-nojima Courts Asia gets 20.5 cents per share offer from Tokyo-listed Nojima

taken from : https://www.theedgesingapore.com/courts-asia-gets-205-cents-share-offer-tokyo-listed-nojima

Courts Asia gets 20.5 cents per share offer from Tokyo-listed Nojima