ShareJunction - Member Posts

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Is this the tip of the Iceberg (no reference to the famous Noble SS)? Maybe tmr short seller punch another knockout blow .....

Qanghoo ( Date: 13-May-2019 01:10) Posted:

So, no neeed for review by PWC? In fact, I' d think that PWC also kena blinded by this great story of independence, etc. What a great wayang.

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So, no neeed for review by PWC? In fact, I' d think that PWC also kena blinded by this great story of independence, etc. What a great wayang.

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Tmr is bil day !!!

Berani ( Date: 12-May-2019 20:18) Posted:

today mother day leh...

all ppl need to go celebrate mother' s day.

need to wait till come back only write announcement.

destinykraze ( Date: 12-May-2019 19:40) Posted:

I agree, should give them benefit of doubts. Just wait for their answer. But the time taken is quite long, so I certainly hope they can give a good answer if not, it is going to make things worse

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U already stated what it is below. Only if people pay more attention .....

stockpicker ( Date: 12-May-2019 16:43) Posted:

Google GAAR China, please

Superkilat ( Date: 12-May-2019 13:54) Posted:

What is GAAR?

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They need four days to do some magic, perhaps do the first DNA transfusion ever to turn the bil into someone else .....

pool100 ( Date: 12-May-2019 16:36) Posted:

Previous day' s naked shorts are not covered the following day. they' re covered off-market by SGX buy-ins.

Also, any strong opening prices are further opportunities to add short positions.

Once more shorts have been loaded, Bonitas and VV will send in a rebuttal to BW' s rebuttals and send the prices tanking again.

This is a typical short selling cycle and BW can' t blame anyone but themselves.

After all, if they have nothing to hide, they won' t need 4 days to answer a few straight-forward questions. They must have something to hide and are scrambling to fabricate something now.

My long term view of BW is that it will go back to 20 cents.

Shifu8888 ( Date: 10-May-2019 22:31) Posted:

Out of 26m shares transacted, 8 millions are short sold. Hence, it is important they answer properly. If answers properly these naked short sellers will have to cover big time pain pain when open. No joke. These naked short sellers need to be taught a lesson. GAP up +0.50, 8m shares means $4m. Getting more interesting now.

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I think it highly unthinkable that they wld ever want to contemplate a merger with SIA.

john_ric ( Date: 12-May-2019 08:15) Posted:

will be an idiotic decision to merge. how to merge if madland can flip flop even signed legally bined contracts.

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Not bil what is there to explain? More likely fact is they are pushed into a corner they probably never expected. The more likely scenario is whatever they try to explain the short seller wld probably have sometime to hit them on short n swift. Let' s see how things develop tmr morning.

Shifu8888 ( Date: 12-May-2019 10:21) Posted:

If BIL- need to explain why not disclose
If not BIL- need to explain the independence
Got it? This is not a straight-forward question.
Two short-sellers.
Anyway, they have $150m to mount a massive defence and buy back. But I prefer to see the two ladies using own money to buy up.

runaway ( Date: 12-May-2019 09:12) Posted:

是不是妹夫这种事不能瞒天过海。

其实答案很简单，是或不是。

有这么难回答 meh?

回答是或不是都要负责任。

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They' ve been paiting a picture of themselves as proper, rule-complying coy which had become a victim of a defamation plot. Then answering the regulator' s qn shd be easy as ABC. Why need to take 4-5 days?

like2learn ( Date: 10-May-2019 22:16) Posted:

in the end anti-climax .... mon also dunno can resume trading or not ... sigh ....

JarBinx ( Date: 10-May-2019 22:10) Posted:

They wanna enjoy the weekend.. 1:40am announcement too shag for the

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These few days, some signs of caving in. Let' s hope it retreats to 32 so good time to pick.

Goldfinger ( Date: 10-May-2019 21:50) Posted:

Perhaps it will breach 32cents again

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Right. If privatise must use own $$$, not $$$ from coy.

bicycle ( Date: 10-May-2019 19:42) Posted:

There are some issues with privatisation deal.
1. they cant use company money to privatise. D2 need to leverage on their personal assets to get financing to get it done, which is tough in current scenario as their share cant be pledged
2. they can do share-buy back though, up to 55mil share. That will cost company $63mil at current price.
3. D2 own about 40%, if they reach max share buy-back, can mop up another 10%, that leaves about 50% public free float.
4. at $1 GO, PE is about 8x. That means D2 pay you 8x eps to take it private. They need to have high confidence the company can earn back the money within next 8 yrs. In MLM biz, its kind of risky on their part.
5. After privatisation, its unlikely they can list in HK for next 5 yrs because HKSE will probably reject its application

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Prpoerty developers who sell properties developed by them to family members, these have to be disclosed. Guocoland' s joint purchase of Pacific Mansion with Hong Leong Holdings has to be discolsed as an ' interested' person transaction. So in the case of the main customer of BWI, the main customer is clearly an ' interested' person and is therefore disclosable.

bayduck ( Date: 10-May-2019 17:22) Posted:

I think they should. I mean it&rsquo s not even that hard to disclose the info right. I remember reading annual reports where the company voluntarily disclosed that some in-laws or cousins are working in the company as a lowly ranked staff. To me, when it comes to corporate governance, it always better to err on side of caution.

michaeltan ( Date: 10-May-2019 17:14) Posted:

I agreed. as far as the integrity issue is concern, a good gorvernance practice is to disclose it.
Now, you have more that 50 franchisees and do you need to make announcement to the public shareholders any of management relatives working with the franchisees

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The Company confirms that the Primary Import Agent, a company incorporated in China, is independent and not related to the Group.

I am dead sure that if this bil thing is true, they are in for trouble with the regulators.

Qanghoo ( Date: 10-May-2019 16:58) Posted:

I am well aware of what has already been stated.

michaeltan ( Date: 10-May-2019 16:44) Posted:

You read the announcement properly. They have not mentioned about their relationship but merely stated clearly that the Primerly Import Agent is an independent third party (Changsa).
The Company confirms that the Primary Import Agent, a company incorporated in China, is independent and not related to the Group. None of the Group, the Directors, the substantial shareholders of the Company or their associates have had any direct or indirect shareholding interests, directorship or management role in the Primary Import Agent. As part of the initial scope of the Review, PwC will review the independence of the Primary Import Agent.
As long as the sales is geneine and strictly follow the company sales policies without any favours. In fact in many big organization, it is perfectly ok in doing business as long as you declare and follow company code of conduct.

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I am well aware of what has already been stated.

michaeltan ( Date: 10-May-2019 16:44) Posted:

You read the announcement properly. They have not mentioned about their relationship but merely stated clearly that the Primerly Import Agent is an independent third party (Changsa).
The Company confirms that the Primary Import Agent, a company incorporated in China, is independent and not related to the Group. None of the Group, the Directors, the substantial shareholders of the Company or their associates have had any direct or indirect shareholding interests, directorship or management role in the Primary Import Agent. As part of the initial scope of the Review, PwC will review the independence of the Primary Import Agent.
As long as the sales is geneine and strictly follow the company sales policies without any favours. In fact in many big organization, it is perfectly ok in doing business as long as you declare and follow company code of conduct.

Qanghoo ( Date: 10-May-2019 16:32) Posted:

If this brother in law this is true, then it was a deliberate attempt to not discluse that the main customer is a related party. It' s a very serious thing. So, if it comes to light that this is deliberately hidden, can it be possible that the the actual cash position be also qnable

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They are not. There is clearly a relationship n not independent if this bil thing is true. Let' s see how they answer.

bayduck ( Date: 10-May-2019 16:49) Posted:

They are probably in compliance with the letter of law (since I don' t think BIL is considered related), but not the spirit of law. If a company has integrity, they would understand that the purpose for the law is to ensure fair disclosure of relationships that may potentially create conflicts of interest.

Therefore, even if BIL doesn' t fall under the gamut of the law, the relationship should have been disclosed. I don' t follow BW closely, but I think VW is basically attacking them for not disclosing the relationship.

michaeltan ( Date: 10-May-2019 16:44) Posted:

You read the announcement properly. They have not mentioned about their relationship but merely stated clearly that the Primerly Import Agent is an independent third party (Changsa).
The Company confirms that the Primary Import Agent, a company incorporated in China, is independent and not related to the Group. None of the Group, the Directors, the substantial shareholders of the Company or their associates have had any direct or indirect shareholding interests, directorship or management role in the Primary Import Agent. As part of the initial scope of the Review, PwC will review the independence of the Primary Import Agent.
As long as the sales is geneine and strictly follow the company sales policies without any favours. In fact in many big organization, it is perfectly ok in doing business as long as you declare and follow company code of conduct.

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U may be right. Which was why I used the word ' qnable' . Actually, my other thought is that the shortists cld be disgruntled insiders with good insight of the coy n its workings, n they' ve been plotting this for some time. Just my thought ....

bayduck ( Date: 10-May-2019 16:35) Posted:

Questionable, but not entirely fake. It' s still a fact that they company has paid out dividends, so the company in all likelihood have made cash profits.

I think if Bonitas' claims are correct (which may not be), it' s more likely a case of BW earning $1, but reporting $2, and then paying out 80cents of dividends. In this way, there' s actually cash, just not that much.

Qanghoo ( Date: 10-May-2019 16:32) Posted:

If this brother in law this is true, then it was a deliberate attempt to not discluse that the main customer is a related party. It' s a very serious thing. So, if it comes to light that this is deliberately hidden, can it be possible that the the actual cash position be also qnable

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Why the CEO has to go to jail just bcos it' s not net cash?

bernardc ( Date: 10-May-2019 16:11) Posted:

That's good..net cash..
If not the CEO go to jail

Shifu8888 ( Date: 10-May-2019 16:09) Posted:

Assuming Koh Kim Chuan is BIL of Dora, if The company is in the midst of disclosing this. Or perhaps they had already disclosed to the Board but not shareholders as there has no transaction yet. Therefore, this may be a grey infringement but nothin malicious. Suspension is good. It is important to dig all the worms if any. Let the dust settle. And the sky will be clear.

NB. This company is net cash position and not Hyflux or Ezion. Hence do not compare them.

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If this brother in law this is true, then it was a deliberate attempt to not discluse that the main customer is a related party. It' s a very serious thing. So, if it comes to light that this is deliberately hidden, can it be possible that the the actual cash position be also qnable?

bayduck ( Date: 10-May-2019 16:27) Posted:

Just because it' s net cash, doesn' t mean it' s 100% safe. I just took 10 seconds to google net-cash & SGX fraud, then Eratat came up, which has share price at net cash levels before the suspension.

Pretty sure there are many other instances of net cash companies that got into trouble. Not suggesting that BW will be one, just saying that net-cash alone is not 100% guarantee you are safe. Anyway, Bonitas has never argued that the balance sheet is weak, instead Bonitas is alleging that profits are overstated, which is plausible especially if your key customer is a related party.

In any case, good luck to all participants, whether long or short.

Shifu8888 ( Date: 10-May-2019 16:09) Posted:

Assuming Koh Kim Chuan is BIL of Dora, if The company is in the midst of disclosing this. Or perhaps they had already disclosed to the Board but not shareholders as there has no transaction yet. Therefore, this may be a grey infringement but nothin malicious. Suspension is good. It is important to dig all the worms if any. Let the dust settle. And the sky will be clear.

NB. This company is net cash position and not Hyflux or Ezion. Hence do not compare them.

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How to answer when kena pushed to corner? Probably the end liao. Suspended indefinitely more likely.

JarBinx ( Date: 10-May-2019 15:32) Posted:

Wtf? 4 simple questions take so long to answer meh... how long did Noble/Midas take to respond last time?

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20% drop? Ie, sti to 2700? I bet it won' t go that low. Probably not even < 3k.

limthomas26 ( Date: 10-May-2019 09:05) Posted:

Nothing is confirmed untill 12 pm midnight today.

If there is no deal between China and US with the 25% tax tariff kick in, then dow and Asian share will drop by at lease 20% over the next few weeks as predicted by some specialists.

Do trade with care and good luck.

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Is Hyflux situation similar?

Progressive ( Date: 10-May-2019 13:44) Posted:

Another case of hyflux???