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MM2 Asia [1B0.si]
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niteowl68
Elite |
16-Jul-2021 15:26
Yells: "God Bleess You" |
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Agree.. no point risking our hard earned monies.. investors must learn from other examples.. like the Water Co Hy...x.. once creditors start knocking, too late to run road.. if still want to punt, then be extremely nimble and alert, don' t get stuck in a meeting.. & cannot throw when too late.. Dyodd
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eric998
Supreme |
16-Jul-2021 14:39
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CEO will defintely try to do damge control.. the worry is you just need one creditor to initiate then the whole situation will be jialat.. retailers looking into investing better think twice.. hard-earn money once it face creditors chasing after them for money.. it will go into suspension.. wont buy for now.. even if go up also wont feel wasted.. there are other counters to play... | ||||
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niteowl68
Elite |
16-Jul-2021 14:27
Yells: "God Bleess You" |
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https://links.sgx.com/1.0.0/corporate-announcements/4A1S5PGMUTJCY1NS/7cc168d58e6f0b2531dc5adaa5e8c4821ca85e4d503d570edfd6da78def89e4b See disposal of 60m and 85m details in sgx link above..
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tongphlp
Supreme |
16-Jul-2021 14:07
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WHAT!
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niteowl68
Elite |
16-Jul-2021 14:06
Yells: "God Bleess You" |
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See Sgx announcements on 11 June, the CEO had disposed of 60M and 85M via two married deals.. Unverified rumour that sale was to meet margin calls?? So now definitely no more bullets!! If one were to refer to their results and Financial Statements, more loans are due end of this year. How to meet.. maybe another rights issue??? Am staying sidelined as sold all my holdings at a small profit because there' s no clarity going forward. UTMOST CAUTION needed! DYODD!
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Longtermer
Elite |
16-Jul-2021 13:12
Yells: "A disciplined investor is a wealthy investor" |
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SGX needs to do their job. From their quick response, mm2 mgtm is very confident and as they have been talking with potential investor/s. Just wait for their plan to be rolled out. If dropped more, it is time to scoop imo. Cheers
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papayaface
Supreme |
16-Jul-2021 11:47
Yells: "This is the best time to enter....when everythings uncertain" |
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They probably done so already and have no more bullets. Now is to wait for the contra dust to settle. Good luck
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ozone2002
Supreme |
16-Jul-2021 11:40
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MM2 directors should walk the talk instil confidence in investors by increasing their stake |
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ozone2002
Supreme |
16-Jul-2021 11:29
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Last:0.068  -0.003lots of retailer selling at 6.8c married deal done at 6.9c for 1mil shares gd luck dyodd |
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Joelton
Supreme |
16-Jul-2021 09:40
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mm2 Asia sees no need to suspend trading in reply to SGX ' going concern' query
REPLYING to a Singapore Exchange (SGX) query, entertainment group mm2 Asia said it is of the opinion that there is no need to suspend trading of its shares pursuant to Listing Rule 1303(3), in a clarification announcement on Thursday night.
The rule provides for the suspension of trading when an issuer is unable to continue as a going concern, or unable to demonstrate to SGX and its shareholders that it is able to do so.
SGX' s query was in reference to mm2 Asia' s July 13 announcement that its independent auditor had noted a material uncertainty " that may cast significant doubt" on the mainboard-listed firm' s ability to continue as a going concern, in its report on mm2 Asia' s audited financial statements for the year ended March 31, 2021.
SGX asked mm2 Asia to disclose its board' s opinion as to whether trading in its shares should be suspended, and its board' s confirmation " as to whether sufficient information has been disclosed to enable trading of the company' s shares to continue in an orderly manner, and the bases for its views" .
In its reply, mm2 Asia said that it is aware of the requirement, noting that circumstances specified under Listing Rule 1303(3) include: when an application is filed to place the issuer or significant subsidiary under judicial management when an application is filed for the liquidation of the issuer or significant subsidiary, and the amount of the debt alleged is significant or when the issuer is unable to reasonably assess its financial position and inform the market accordingly.
mm2 Asia confirmed that neither the company nor any of the subsidiaries are planning or have filed with a court to place the company under judicial management nor has mm2 Asia received any notification from creditors pertaining to liquidation.
It added that the company is able to reasonably assess its financial position to-date.
" The board further confirms that all available information in addressing the issue of a going concern have been disclosed in the company' s announcements dated 13 July 2021 and 15 July 2021, and the information (is) sufficient to enable trading of the company' s shares to continue in an orderly manner," said mm2 Asia.
In view of the above, its board is of the opinion that there is no need to suspend trading of its shares pursuant to Listing Rule 1303(3), it said.
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newtraderwang
Member |
15-Jul-2021 22:07
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anyone know why they making losses, but share price never drop much? thanks
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Stocky901
Supreme |
15-Jul-2021 21:35
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Very powerful director. 👍 Sgx kenna slapped hard.. 🤕 🤕 | ||||
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piscesmonkey
Supreme |
15-Jul-2021 21:04
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mm2 Asia sees no need to suspend trading in reply to SGX ' going concern' queryhttp://www.businesstimes.com.sg/consumer/mm2-asia-sees-no-need-to-suspend-trading-in-reply-to-sgx-going-concern-query |
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Stocky901
Supreme |
15-Jul-2021 20:19
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Will they issue rights to raise funds?
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lp2000
Elite |
15-Jul-2021 17:32
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This makes sense. It is definitely a difficult period for this sector (look at the recent ktv corona too...) and I guess many businesses particularly in this industry had to strech a lot to survive, but luckly there is light coming up soon. I would not risk contra on this as it may take a bit longer to rebounce, but on long term I think it will recover. Let' s see what news the agm brings as well. Would they do a placement to bring some money in the business to cover the minimum running costs during this reduced income times?
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ozone2002
Supreme |
15-Jul-2021 16:48
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B4 auditor unqualified announcement, price was 8.1c director clarified statement price is 7.1c gd luck dyodd
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mrwise
Supreme |
15-Jul-2021 12:30
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Time to buy again. | ||||
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ozone2002
Supreme |
15-Jul-2021 12:03
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Last:0.072 -
Thank the auditor for allowing retailers to buy at lower prices Trading below NAV Gd luck dyodd
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PhillipTan
Supreme |
15-Jul-2021 09:42
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mm2 Asia directors dismiss ' going concern' fears amid share price diveThere are " no issues and/or concern" with mm2 Asia' s ability to operate as a going concern despite an auditor on Tuesday highlighting a material uncertainty in that regard.This was the opinion expressed by the board of directors of the mainboard-listed entertainment group in a regulatory filing in the early hours of Thursday, in response to the company' s shares tumbling on Wednesday. mm2 Asia shares closed 11.1 per cent or 0.9 Singapore cent lower at 7.2 cents on Wednesday, with 142.2 million shares changing hands. In its statement, mm2' s directors said they wished to highlight that the audit opinion issued by Nexia TS Public Accounting Corporation remains " not modified or qualified" , and that the financial statements were drawn up in proper order. " The directors, based on transparency and good corporate governance, have disclosed the implications of the Covid-19 pandemic and the management actions and plans to address the issue," they said. " The auditors concurred with the going concern assumptions and the appropriateness of the going concern basis of preparation of financial statements used by management." In comments published in the company' s annual report filed Thursday morning, mm2 founder and executive chairman Melvin Ang noted that the past year has been a " challenging" one for both the group and the entertainment industry as a whole, remarking that " Covid-19 has sparked massive disruptions in several of our operational segments" . " Nevertheless, the underlying fundamentals of our business remain resilient, as we continue to work towards cementing our position as a leading media and content company," he added. The group will be holding its annual general meeting on July 30. |
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Joelton
Supreme |
15-Jul-2021 09:30
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mm2 Asia down 11.11% after auditor notes material uncertainty
SHARES of entertainment group mm2 Asia dived 11.11 per cent on Wednesday after the group on Tuesday said its independent auditor noted a material uncertainty regarding the group' s ability to continue as a going concern.
The counter hit an intraday low of 6.5 Singapore cents, down 19.7 per cent or 1.6 cents as at 9.17am, and was one of the most actively traded by volume when the market opened.
mm2 Asia shares eventually closed 11.11 per cent or 0.9 Singapore cent lower at 7.2 Singapore cents on Wednesday, with 142.2 million shares changing hands.
The material uncertainty over the group' s ability to continue as a going concern was in view of the latest financial year' s net loss and its liabilities exceeding assets, the mainboardlisted firm said in a bourse filing.
The observation is part of Nexia TS Public Accounting Corporation' s unmodified audit opinion in its report on the group' s audited financial statements for the year ended March 31, 2021. The auditor' s opinion remains unqualified.
In its report, the auditor drew attention to the group' s net loss of S$99.5 million, compared to its net profit of S$6.3 million the year before, as well as its current liabilities exceeding current assets by S$119.5 million.
These conditions " indicate that a material uncertainty exists that may cast significant doubt on the group' s ability to continue as a going concern" , said the auditor.
mm2 Asia said its financial statements have been prepared on a going concern basis as the group and company will be able to meet its liabilities " as when they fall due" .
The group also noted that it is on the road of recovery from the pandemic, as its segmental businesses generated 73 per cent of total revenue in the second half ended March 31, 2021, compared with 27 per cent in the first half ended Sept 30, 2020.
Subsidiary mm Connect also plans to seek an initial public offering in the financial year ending March 31, 2022 - which will be a potential source of funding available in the coming 12 months.
Through mm Connect, mm2 Asia owns eight cinemas in Singapore under the Cathay brand, and 14 cinemas in Malaysia under the Cathay Cineplexes Malaysia, Mega Cinemas and Lotus Fivestar brands. The subsidiary also owns a film distribution business and an online streaming business.
Moreover, the group is negotiating with a financial institution to refinance up to S$123 million of its existing borrowings and obtain a new credit facility amounting to S$25 million for working capital purposes.
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