| Latest Forum Topics / Renaissance United Last:0.001 -- |
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Neglected, Illiquid, Undervalue, Recovery counter
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Lucky03
Elite |
16-Dec-2013 09:49
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x 0 Alert Admin |
I thought someone pointed out in earlier threads that IPCO has transferred its Blumont holdings from Sun Spirit Group to itself ?
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Octavia
Supreme |
16-Dec-2013 09:48
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Reported 2QFY14 loss of $114.7m on operating revenue of $8m, arising from fair value loss of $83.7m and disposal loss of $29.5m pertaining to its trading exposure to Blumont (9.7%) and Innopac (7.9%). Consequently, NAV plunged to 2.5¢ from 8.5¢ a year ago. | ||||
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guoyanyunyan
Supreme |
16-Dec-2013 09:35
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x 0
x 0 Alert Admin |
...sell at $0.017 more than buy at $0.016... | ||||
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nqing87
Supreme |
16-Dec-2013 09:34
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x 0
x 0 Alert Admin |
isint sun spirit grp NAV mainly come from blumont holdings? with the blumont crash, the NAV still got 40mil?
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Jackpot2010
Master |
16-Dec-2013 09:27
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x 0
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para 3 & 4 smell fishy. '3. Why did it sell a 70% stake in Sun Spirit Group for peanuts? As mentioned in the announcement, Sun Spirit Group Ltd holds a significant portion of IPCO International's trading portfolio. Sun Spirit Group Ltd's net asset value (NAV) was S$39.9 mln on April 30 and S$43.9 mln on July 31 (pages 2 & 4 of December 4 announcement). IPCO International says it arrived at the consideration of S$875,000 for a 70% stake based on a net value of S$1.25 mln of Sun Spirit Group's current portfolio of quoted securities on December 3. Apparently, IPCO International didn't take the NAV of Sun Spirit Group into account while arriving at the consideration. Based on the NAV on July 31, a 70% stake in Sun Spirit Group was worth S$30.7 mln. That's about 35 times more than what Nelson Fernandez paid for the stake. It seems IPCO International gave away a valuable subsidiary for peanuts. 4. Why didn't IPCO announce the agreement on October 28? In its December 4 announcement, IPCO International says a non-binding memorandum of understanding (MoU) was signed with Mr Fernandez five weeks earlier, on October 28. A quick look at SGX's website shows nothing in this regard was announced at the time. IPCO International would have been bound to announce the non-binding MoU on October 28 as the entire deal constitutes a 'discloseable transaction' under SGX-ST listing rules." |
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freeme
Elite |
16-Dec-2013 08:20
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15/12/2013 ? IPCO International Ltd is caught in a legal battle following the crash on October 4.
The US-based broking firm Interactive Brokers, which lost US$68 mln in the crash, is suing a subsidiary of IPCO International. Interactive Brokers is also pursuing arbitration through the American Arbitration Association to recover the losses. Recently, The Edge reported the broker obtained interim court orders to freeze the assets of Neo Kim Hock (the former Chairman of Blumont Group Ltd), Peter Chen Hing Woon (LionGold's business and corporate development Director), Tan Boon Keat (who appears to be an associate of Dato' John Soh Chee Wen), Quah Su-Ling (the CEO of IPCO International), Lee Chai Huat (who emerged as a shareholder of Merlin Diamonds Ltd just before Innopac Holdings Ltd's takeover offer), Kuan Ah Ming, Neptune Capital Group Ltd (an associate company of Neo Kim Hock) and Sun Spirit Group Ltd (a wholly-owned subsidiary of IPCO International). Apparently, IPCO International is directly impacted by the court's orders against its wholly-owned subsidiary Sun Spirit Group Ltd. While investors are still waiting for IPCO International's response to the lawsuit(s), its announcement on December 4 would have taken them by surprise: IPCO International sold a 70% stake in Sun Spirit Group Ltd to Belvedere Inc for S$875,000. Belvedere Inc ? a company incorporated in the British Virgin Islands ? is wholly-owned by Mr Nelson Fernandez. That would sound familiar to those who have been following Investor Central's coverage of the network of SGX-listed companies. Nelson Fernandez bought significant stake in Joseph Gutnick's Acadian Mining Corp just before LionGold Corp Ltd launched a takeover bid for it (refer Investor Central's earlier story). In 2011, LionGold Corp also announced acquisition of Belvedere Assets Inc ? a company incorporated in the Marshall Islands ? which was wholly owned by Nelson Fernandez. Later in that year, LionGold Corp also announced plans to buy Abundant Minerals Pte Ltd for US$16 mln from Nelson Fernandez. However, LionGold terminated its plans to buy both the companies in subsequent years. Clearly, Mr Fernandez is no stranger to the network. Investor Central. We keep your investments honest. 1. Can IPCO sell a 70% stake in Sun Spirit Group Ltd despite the court's order freezing its assets? While the court's order means Sun Spirit Group Ltd cannot sell its assets, we still wonder if IPCO can lawfully dispose a majority stake in the wholly-owned subsidiary. And who would buy it, given the apparently difficult time it is facing. 2. Why would Mr Fernandez buy a majority stake in a company with frozen assets? Given the circumstances, an unrelated person would be unlikely to buy a subsidiary from IPCO International. That makes us wonder if Mr Nelson Fernandez is unrelated to the directors and management of IPCO International. 3. Why did it sell a 70% stake in Sun Spirit Group for peanuts? As mentioned in the announcement, Sun Spirit Group Ltd holds a significant portion of IPCO International's trading portfolio. Sun Spirit Group Ltd's net asset value (NAV) was S$39.9 mln on April 30 and S$43.9 mln on July 31 (pages 2 & 4 of December 4 announcement). IPCO International says it arrived at the consideration of S$875,000 for a 70% stake based on a net value of S$1.25 mln of Sun Spirit Group's current portfolio of quoted securities on December 3. Apparently, IPCO International didn't take the NAV of Sun Spirit Group into account while arriving at the consideration. Based on the NAV on July 31, a 70% stake in Sun Spirit Group was worth S$30.7 mln. That's about 35 times more than what Nelson Fernandez paid for the stake. It seems IPCO International gave away a valuable subsidiary for peanuts. 4. Why didn't IPCO announce the agreement on October 28? In its December 4 announcement, IPCO International says a non-binding memorandum of understanding (MoU) was signed with Mr Fernandez five weeks earlier, on October 28. A quick look at SGX's website shows nothing in this regard was announced at the time. IPCO International would have been bound to announce the non-binding MoU on October 28 as the entire deal constitutes a 'discloseable transaction' under SGX-ST listing rules. We have no way of knowing if the company back-dated the MoU, but it's tempting to think so. It would also have meant it did not need to account for the fair value loss due to the crash on October 4 in its Q2 earnings report. Past emails to Mr Fernandez to seek clarification for our reports have gone unanswered. |
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Bigmama
Elite |
16-Dec-2013 07:48
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The bear for penny stocks has already begun.... Most or all will not reach the previous high made this year........ Except for new penny stocks.
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Lucky03
Elite |
15-Dec-2013 22:46
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Ireland on Sunday formally exits its three-year bailout programme, becoming the first eurozone nation to do so, but authorities warned of further austerity to ensure economic recovery.
PHOTOS Shoppers walk past the Bank of Ireland in Dublin. (AFP/Peter Muhly) ENLARGECAPTION DUBLIN: Ireland on Sunday formally exits its three-year bailout programme, becoming the first eurozone nation to do so, but authorities warned of further austerity to ensure economic recovery. Dublin turned to the International Monetary Fund and European Union in November 2010 for an 85-billion-euro ($115-billion) rescue package after a banking crash and one of history's worst housing bubbles. After painful belt-tightening Ireland is now returning unaided to the international lending markets -- while eurozone strugglers Greece, Portugal and Cyprus remain locked into the bailout process. "It's an important moment for Ireland and for our people," Prime Minister Enda Kenny told the Irish Times newspaper in an interview published on Friday. "Our credibility is being restored internationally and our name is in good standing." Kenny will deliver a state of the nation-type address on Irish television later on Sunday. It is only the second time he has done so since coming to power in a general election called shortly after Ireland entered the bailout. The end of the bailout means Dublin will now have greater control over economic decision-making after three years of stringent oversight by the EU, IMF and the European Central Bank -- the so-called troika of lenders. The troika insisted on tax rises, structural reforms and the sale of state assets in exchange for the bailout, and assessed Ireland's progress every three months. Ireland has returned to growth, unemployment is falling and the banking sector has been reduced to a more appropriate scale to match the size of the economy but analysts agree the banks remain a risk. The IMF approved the 12th and last review of Ireland's progress on Friday, allowing a final $890 million payout. "The suffering isn't over" To mark the end of the bailout programme, the IMF's managing director Christine Lagarde praised Ireland's "steadfast policy implementation". But Lagarde warned of "significant economic challenges" ahead. "Unemployment is too high, public debt sustainability remains fragile, and heavy private sector debts and banks' slow progress in resolving nonperforming loans weigh on domestic demand," Christine Lagarde said in a statement. Later this week, Dublin will publish a medium-term economic strategy outlining its post-bailout policies. "This isn't the end of the road. We must continue with the same types of policies as the deficit is too high," finance minister Michael Noonan warned. As in Greece, Portugal and Cyprus, high unemployment levels are one of the major risks to economic recovery in Ireland. Irish unemployment is falling but remained at a high level of 12.8 per cent at the end of the third quarter, a drop from 13.6 per cent over three months. "It's a combination of focusing in on fixing the things that were broken in our competitiveness, offering and driving the transition into exporting sectors," jobs minister Richard Bruton told AFP. "I think it's showing that effort is delivering well but there's still a long way to go." But advocacy groups warn that the most vulnerable in society will still suffer from the austerity measures that will remain in place despite the end of the bailout. "There is a need for sensitivity. The suffering isn't over," John Dolan, chief executive of the Disability Federation of Ireland, told AFP. "Without doubt, the financial crisis years have had a devastating consequence on people and will continue to do so for a number of years to come because we're going to have further cuts in the next budget," he added. Anna Doyle, 42, and her husband Ambrose from Ashford in County Wicklow, south of Dublin, both lost their jobs in June 2011 and have been searching for work ever since. "It's been really stressful and totally demoralising," Anna told AFP. "Put the politicians in my house for a week and they'll see a different Ireland completely.They're not running down to Tesco at half past six at night for the reduced-to-clear to be reduced again so you can actually decide what you'll have for dinner." She added: "Out of all the jobs I applied for I've only ever got two replies and my husband has not received one single reply in all that time." - AFP/ec |
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terencee
Master |
15-Dec-2013 22:41
Yells: "I don't entertain trolls." |
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Bull year is ending. Bear year cfm coming. The drop wont be just 2 weeks only. There wont be a recovery so soon. Look out euro crisis and the bonds done by Goldman sac. Economy isn't really recovering. Its just trying to prolong the dying of the bull and pushing the bear further back. The longer bear stays away, the harder the market will get hit.
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Bigmama
Elite |
15-Dec-2013 22:39
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x 0
x 0 Alert Admin |
2 mths is not a bear. That is a correction.
This bear minimum 1 year. I guess easily 1.5 years.
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Bigmama
Elite |
15-Dec-2013 22:36
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x 0
x 0 Alert Admin |
Although I don't wish it to happen but He is having another ipco accident tomorrow.
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drbull
Member |
15-Dec-2013 22:25
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DO YOU KNOW THAT EDWARD WAS INVOLVED IN A BAD ACCIDENT ON DECEMBER 6TH WHEN HIS GREEN LAMBORGHINI WAS COMPLETELY BURNT TOGETHER WITH 2 OTHER LAMBORGHINIS ALONG THE NORTH -SOUTH HIGHWAY IN MALAYSIA? LET US GIVE HIM A BREAK. HOPE THE PENNIES WILL COME BACK AGAIN.
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Rosesyrup
Master |
15-Dec-2013 22:22
Yells: "Get your own opinion, don't follow blindly." |
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x 1 Alert Admin |
Ok shall see in six months time. If any bear appears, my take is it will end within 2 months. Just to share my personal economy forecast:
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Bigmama
Elite |
15-Dec-2013 21:36
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Mark my words and one year later I will prove to you I am no BS like iso.
Bull will end within 6 months. A long bear winter is coming.
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Bigmama
Elite |
15-Dec-2013 21:13
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x 0
x 0 Alert Admin |
It also appear to me that you may not have seen or experience a bear cycle.
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Rosesyrup
Master |
15-Dec-2013 21:12
Yells: "Get your own opinion, don't follow blindly." |
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x 0
x 0 Alert Admin |
Erm, actually I am bearish aganist ISKANDAR project, not specifically aganist Albedo. As for IPCO, I am bullish on all energy relevant counters as my forecast shown economy to recover in 2014. In fact around 50% of my portfolio is in energy counters. IPCO only takes up 10% of my port. Shall give my portfolio some time to prove its worthiness.
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Bigmama
Elite |
15-Dec-2013 21:04
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x 0
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Lol. I know someone just like you. Either super bullish or super bearish. You have so many reason against albedo to be bearish.
What is the reason for such a bullish view on ipco?
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guoyanyunyan
Supreme |
15-Dec-2013 20:41
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x 0
x 0 Alert Admin |
...trading esp volatile counters without exit rule is unwise... | ||||
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Rosesyrup
Master |
15-Dec-2013 20:28
Yells: "Get your own opinion, don't follow blindly." |
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x 0
x 0 Alert Admin |
Lol....yeap.....6.2cents to be exact Wait a bit? Give it a year. Haha, I am investor not day trader. Don't mind holding so long as the return is good.
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Bigmama
Elite |
15-Dec-2013 20:23
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x 0
x 0 Alert Admin |
Rose, still bullish on ipco? Don't think can reach your 6.4 cents target.
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