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Nico Steel
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Tob231
Elite |
04-Aug-2023 00:18
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pity the shareholders for being taken for a ride by the management. heard from some investors they have raised the matter to the authority sias and so forth. 1,400 shareholders are involved according to sias funny lei, company shareholders' equity stated on financial statement is usd16m+. why no exit offer??? i' m newbie ... you mean all the shareholders willing to be taken advantage by the management and said " kay sera sera" Singapore-listed companies&rsquo codes of conduct least effective among global peers: LRN report
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Tob231
Elite |
03-Aug-2023 21:16
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madboysg, what are you planning to do about it ?
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Tob231
Elite |
03-Aug-2023 21:10
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hmmm ...this counter nav is not negative usd 0.003 what is going to happen after 7 aug ? |
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Thi654321ABCDEF
Master |
03-Aug-2023 15:54
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SGX , DONOT BUY PENNY STOCKS WITH NEGATIVE NAV .
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Tob231
Elite |
03-Aug-2023 14:04
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what about nico steel ... heard shareholders unhappy how many are affected ?
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Joelton
Supreme |
25-Jul-2023 09:36
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Nico Steel to delist on Aug 7
Nico Steel has received questions from the Securities Investors Association (Singapore) in June about its plans to delist.
NICO Steel will delist from the Singapore Exchange (SGX) on Aug 7, the company said on Monday (Jul 24).
At an extraordinary general meeting in June, shareholders of the metals supplier approved of the delisting even without an exit offer.
For the six months ended Feb 28, 2023, Nico Steel posted a loss of US$149 million mainly due to market disruption, supply chain disruptions arising from Covid-19 and inflationary pressures.
The company had in June received questions from the Securities Investors Association (Singapore), or Sias, about its plans to delist.
David Gerald, president and chief executive of Sias, asked if Nico Steel&rsquo s independent directors considered a sale and leaseback of the group&rsquo s Loyang property to monetise its assets. This would put the company &ldquo in a position to make an exit offer which would not significantly and adversely affect the company&rsquo s operations&rdquo .
The company responded that the sale of the property, which it considers a key operating asset, would &ldquo significantly and adversely affect the company&rsquo s operational and financial position, and would materially prejudice its going concern status&rdquo .
It added that while it had statutory reserves, this amount would not be sufficient to make a fair and reasonable exit offer.
Nico Steel was first placed on SGX&rsquo s watch list in September 2016 for posting three straight years of pre-tax losses and failing to maintain a market cap of at least S$40 million.
It had until September 2020 to exit the financial watch list, after the SGX gave it a one-year extension to do so.
However, it failed to meet the necessary criteria, and received a notification of delisting in October 2020. The company has been suspended since November 2020.
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stevenongtalk
Member |
25-Jul-2023 08:15
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well say.poor people hard earn $,that why must away do your homework. MOSQUITO stock
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ysh2006
Supreme |
25-Jul-2023 07:13
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No money to give exit offer delisting on 7 Aug 23 . | ||||
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Nippon72
Veteran |
02-Jul-2023 09:11
Yells: "Dude, is ALWAYS Time in the market than Timing the market! " |
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Dun waste time on this or have any heartache, write off and move on to other counters. I have long written off this when it was suspended years ago. The saving grace is I did not hold many shares, take it as a lesson learned. Unless there is fraud or crime involved, else there is little Sias or SGX can do. We can only vote with our feet and walked off when we sense something is not right before is suspended. Now I will only buy into shares where owners put their money in, local banks, or an amount I am prepared to write-off for those I felt have potential but looks dodgy or yet to be proven. I have put calculated bets in IFAST, YZJFH or First Reits. |
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dyingcat
Veteran |
01-Jul-2023 20:06
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Who could give approval? Obviously the company itself and its major stakeholders. The rich gets richer by sucking blood of the poor. Sadly to say, most minor stakeholders didn't bother to veto. now our hard earned $ went to the drain. | ||||
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Joelton
Supreme |
01-Jul-2023 13:19
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Nico Steel receives shareholder approval to delist without exit offer
AT ITS extraordinary general meeting on Friday (Jun 30), Nico Steel received approval from its shareholders to delist without an exit offer.
Votes representing 2.1 billion shares, or 72.9 per cent of the total number of shares that voted, were in favour for the company&rsquo s move to delist without an exit offer.
This comes a day after David Gerald, president and chief executive of Securities Investors Association (Singapore), or Sias, said that the investor rights advocate had been approached by concerned shareholders as the company had yet to address questions about its plans to delist.
Among other questions, Gerald asked if the company&rsquo s independent directors (IDs) had considered a sale and leaseback of the group&rsquo s Loyang property to monetise its assets and put the company &ldquo in a position to make an exit offer which would not significantly and adversely affect the company&rsquo s operations&rdquo .
The company later responded that the sale of the property, which it considers a key operating asset, would &ldquo significantly and adversely affect the company&rsquo s operational and financial position, and would materially prejudice its going concern status&rdquo .
It also said that while it has statutory reserves, this amount would not be sufficient to make a fair and reasonable exit offer.
Furthermore, the company&rsquo s IDs did not consider a voluntary winding-up resolution as &ldquo the group is a bona fide going concern&rdquo .
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Joelton
Supreme |
30-Jun-2023 10:47
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Nico Steel yet to address questions over plans to delist without an exit offer: Sias
&ldquo Shareholders have the right to ask and understand the actions taken by the board and the company regarding the provision of an exit offer,&rdquo says Sias president and chief executive David Gerald
AHEAD of an extraordinary general meeting (EGM) on Friday (Jun 30) for shareholders to vote on Nico Steel&rsquo s proposal to delist without an exit offer, the Securities Investors Association (Singapore), or Sias, said that it has &ldquo yet to receive a reply&rdquo to questions raised on behalf of shareholders.
In a letter to the chairman and board of Nico Steel on Thursday, Sias president and chief executive David Gerald said that the investor rights advocate had been approached by &ldquo some concerned shareholders&rdquo .
On Jun 23, Sias sent questions to Nico Steel about their annual report.
Among other things, Sias asked about efforts that Nico Steel&rsquo s independent directors (IDs) took to prepare the company to make an exit offer, after receiving the notification of delisting by the Singapore Exchange (SGX).
Sias asked if the IDs had considered a sale and leaseback of the group&rsquo s Loyang property, to monetise its assets and put the company &ldquo in a position to make an exit offer which would not significantly and adversely affect the company&rsquo s operations&rdquo .
Nico Steel&rsquo s board had disclosed that the group&rsquo s net tangible assets stood at US$16.7 million as at November 2021 and US$16.1 million as at February 2023, noted Sias.
It added that the group was in a net cash position, with cash and cash equivalents of as high as US$5 million in February 2019.
Given that a voluntary winding-up resolution is an option available to shareholders, Sias also asked whether the IDs had considered putting that resolution to a vote at the EGM.
&ldquo Shareholders have the right to ask and understand the actions taken by the board and the company regarding the provision of an exit offer,&rdquo Gerald said in the letter. &ldquo It is crucial to know why such measures were not pursued, leading to the proposed delisting without an exit offer.&rdquo
He pointed out that &ldquo about 1,400 shareholders will be negatively affected&rdquo .
Gerald noted: &ldquo Sias and your shareholders hope that the board and the management will address these questions during the EGM and subsequently publish their responses on SGXNet for the benefit of all shareholders.&rdquo
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GroundedMan
Member |
21-Jun-2023 08:39
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Ya man... Then maybe he just pretend pretend no funds while he and family lives in luxury. Maybe already have interested buyer for his patent in China. We never know. All these sounds like a fraud. Trying his luck to delist without offer
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madboysg
Member |
19-Jun-2023 21:54
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If we all agreed on the delete without exit offer, the CEO might just work on a few years, pick up his business, and re-do the listing in SGX again. By that time another fortune for him again. |
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Khaleesi
Member |
18-Jun-2023 21:16
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If dun give me money and delist might as well suspend it forever, wait for a strong company to pick it up for trading listing again we no need weak company in sgx
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madboysg
Member |
18-Jun-2023 20:38
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I have done my part voted against delete without exit office. We should get all the shareholders together and vote aginst it. |
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happyharvest
Elite |
18-Jun-2023 00:06
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https://conveneagm.com/sg/nicosteel-registration/#/agm/ME01?nextUrl=%2Fagm%2FME02
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Khaleesi
Member |
17-Jun-2023 10:36
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Even 100 dollars for 100 lots also dun give bloody hell money sucker
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GroundedMan
Member |
17-Jun-2023 08:39
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Agree!!! They're damn shameless. It's not like the company is worthless and have no value. So how should we proceed? Never register or take part in AGM/EGM before 😔
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dyingcat
Veteran |
15-Jun-2023 15:23
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The Fxxxing management is calling EGM to delist Nico without exit offer. Stakeholders, pls register for EGM and veto against it. This is the last chance before we lose all our investment in the damn share. | ||||
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