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shadow Veteran	24-Mar-2017 19:02        shadow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good insight ! Is those people who  are sincere in running a business will succeed....Tansri profiles and his years of hard work is definitely something... Sad to say  many companies listed these days are out for a quick killing and then let  their business died slowly &   nobody cares. I hope Tansri will manage to turn the tide around for NC again in the future. When you invest in the co , u invest & trust  in the people behind it !   Goodfaith      ( Date: 24-Mar-2017 18:39) Posted: Happen to work in Sarawak for some project last few month gave me some insight into Tansri ' s effort to save this ship. NoRiskNoGain      ( Date: 24-Mar-2017 17:47) Posted: Wow u are so confident on NC ah?? I think u might have loaded up on my shorts 😉
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Goodfaith Member	24-Mar-2017 18:39        Goodfaith About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Happen to work in Sarawak for some project last few month gave me some insight into Tansri ' s effort to save this ship. NoRiskNoGain      ( Date: 24-Mar-2017 17:47) Posted: Wow u are so confident on NC ah?? I think u might have loaded up on my shorts 😉 Goodfaith      ( Date: 24-Mar-2017 14:43) Posted: LOAD UP A LOT THIS THREE DAY
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shadow Veteran	24-Mar-2017 17:58        shadow About Contact  Quote this Post!
x 0   x 0  Alert Admin	SGX-ST Query 1 Please provide the Board&rsquo s confirmation as to:- (i) whether the Group can continue as a going concern and the bases for such opinion and (ii) whether sufficient information has been disclosed by the Company to enable trading to continue in an orderly manner. Company&rsquo s Response (i) The Group can continue as a going concern as the Group is in active and continuous discussions with its major lenders and other stakeholders. The Group is confident that it can restructure its existing commitments and continue as a going concern. The Group has engaged a financial advisor. The Directors have also considered the feasibility and effectiveness of the existing measures as announced in the announcement released on 17 March 2017 and are satisfied that the Group can continue as a going concern. (ii) The ongoing discussions with the major lenders and other stakeholders are of a sensitive nature and on-going. The Company will make the necessary announcements when there are further developments. At present, to the best of the Company&rsquo s knowledge and belief, there is nothing that the Directors are aware of that causes the Directors to believe that sufficient information has not been disclosed to the public to enable trading to continue in an orderly manner. BY ORDER OF THE BOARD NAM CHEONG LIMITED Tan Sri Datuk Tiong Su Kouk Executive Chairman 24 March 2017
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shadow Veteran	24-Mar-2017 17:56        shadow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Loaded up abit also ..       Goodfaith      ( Date: 24-Mar-2017 14:43) Posted: LOAD UP A LOT THIS THREE DAY
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RedEye1811 Master	24-Mar-2017 17:48        RedEye1811 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Or perhaps someone takes it private and we will never know.......hey, just thinking of all options...huge doubt happen but just adding to your list... sheerluck      ( Date: 24-Mar-2017 17:37) Posted: Unfortunatey, the questions are no different from what others will ask and the answer are no different from what we can expect of a mgmt.   So still a question mark of either: - a suden death like Swiber - a gradudal death like EZRA - or maybe, and a big maybe, a successful capital and funding reorg giving it the necessary lifeline to tahan for another 2-3 years. ahhuat08      ( Date: 24-Mar-2017 17:34) Posted: This is the first time i see sgx issuing query to company questioning their ability to continue as a goin concern. Pls click the link: http://infopub.sgx.com/FileOpen/NCL%20-%20reply%20to%20SGX%20query_final.ashx?App=Announcement& FileID=444576
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NextEvolution Elite	24-Mar-2017 17:47        NextEvolution About Contact  Quote this Post!
x 0   x 0  Alert Admin	Nam Cheong is doing real business in a tough environment and in dire straits. There are tens of Micky-mouse S-Cheats yet no such query. And all those ABL related companies, some with zero revenue for months also no query Really First Class ahhuat08      ( Date: 24-Mar-2017 17:40) Posted: Agreed, they are all model answers, but i find it strange when Ezra was facing a " goin concern" issue, sgx lets it run its course and din raise any query, thats the distinct difference here. sheerluck      ( Date: 24-Mar-2017 17:37) Posted: Unfortunatey, the questions are no different from what others will ask and the answer are no different from what we can expect of a mgmt.   So still a question mark of either: - a suden death like Swiber - a gradudal death like EZRA - or maybe, and a big maybe, a successful capital and funding reorg giving it the necessary lifeline to tahan for another 2-3 years.
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NoRiskNoGain Veteran	24-Mar-2017 17:47        NoRiskNoGain About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wow u are so confident on NC ah?? I think u might have loaded up on my shorts 😉 Goodfaith      ( Date: 24-Mar-2017 14:43) Posted: LOAD UP A LOT THIS THREE DAY
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ahhuat08 Elite	24-Mar-2017 17:40        ahhuat08 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Agreed, they are all model answers, but i find it strange when Ezra was facing a " goin concern" issue, sgx lets it run its course and din raise any query, thats the distinct difference here. sheerluck      ( Date: 24-Mar-2017 17:37) Posted: Unfortunatey, the questions are no different from what others will ask and the answer are no different from what we can expect of a mgmt.   So still a question mark of either: - a suden death like Swiber - a gradudal death like EZRA - or maybe, and a big maybe, a successful capital and funding reorg giving it the necessary lifeline to tahan for another 2-3 years. ahhuat08      ( Date: 24-Mar-2017 17:34) Posted: This is the first time i see sgx issuing query to company questioning their ability to continue as a goin concern. Pls click the link: http://infopub.sgx.com/FileOpen/NCL%20-%20reply%20to%20SGX%20query_final.ashx?App=Announcement& FileID=444576
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sheerluck Supreme	24-Mar-2017 17:37        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	Unfortunatey, the questions are no different from what others will ask and the answer are no different from what we can expect of a mgmt.   So still a question mark of either: - a suden death like Swiber - a gradudal death like EZRA - or maybe, and a big maybe, a successful capital and funding reorg giving it the necessary lifeline to tahan for another 2-3 years. ahhuat08      ( Date: 24-Mar-2017 17:34) Posted: This is the first time i see sgx issuing query to company questioning their ability to continue as a goin concern. Pls click the link: http://infopub.sgx.com/FileOpen/NCL%20-%20reply%20to%20SGX%20query_final.ashx?App=Announcement& FileID=444576
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ahhuat08 Elite	24-Mar-2017 17:34        ahhuat08 About Contact  Quote this Post!
x 0   x 0  Alert Admin	This is the first time i see sgx issuing query to company questioning their ability to continue as a goin concern. Pls click the link: http://infopub.sgx.com/FileOpen/NCL%20-%20reply%20to%20SGX%20query_final.ashx?App=Announcement& FileID=444576
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Goodfaith Member	24-Mar-2017 14:43        Goodfaith About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	LOAD UP A LOT THIS THREE DAY
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EmmGru Veteran	24-Mar-2017 13:35        EmmGru About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes as things are, NC cannot service debts anyway. So dead horse heal like live horse first, survive as long as possible can hope for more OPEC production cuts and pray oil inventory levels rebalance. Some of the oil price drop due to hedge funds unwinding long positions... so oil px drop so abrupt.   If market situation improve the speculative px moves easily could swing oil px back up recover some. Survive longer, the asset sales possibly more orderly get better price... etc etc. At least we can keep monitoring their announcements see if moving on right track. sheerluck      ( Date: 24-Mar-2017 12:05) Posted: Fire sale of asset most likely ended up with price much below cost of construction.   Like that will not be able to service their huge debts. No choice.   Raise siome fund for working capital (like paying themselves the same or even better renumeration package) first then later start negotiation with note, bond, toilet paper holders and banks. EmmGru      ( Date: 24-Mar-2017 03:16) Posted: Raise RM100m not enough.  NC need many pronged approach to save themselves, also have to reduce rate of cash burn, maybe fire sale assets, re-negotiate terms of loan etc etc.   If they can find an investor, by itself is good news becos new investor will do due diligence and must have found value. If NC can recover without entering JM or file Ch 11, it will be the first troubled O& G Co to be able to do so.
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ahhuat08 Elite	24-Mar-2017 12:19        ahhuat08 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Very insightful writeups, thanks for the input. sheerluck      ( Date: 24-Mar-2017 01:44) Posted: Let put some numbers in to get some perspective. AT HKD0.50, that about SGD9.1cts.   With current share price of 2.8cts, this will not work.   Who will subscribe if they issue new shares at 9.1cts now? Ok so knock it down 5 times and then it will be 1.8cts.   Hooray, now par value is below current market price.    Pass the criterion.   Some more got quite a bit of buffer.   Price can drop to 1.8cts and they can still try to issue new shares at 1.8cts. (hint hint something here already hor!) One of the resolutions for the coming AGM is the renewal of share issue.   I think they can issue up to 50% of existing fully paid-up shares of new shares so that is about up to 1.05billion shares. Now assume market very kind and share price stay around 3cts (sgd hor!), then NC can raised about a maximum of RM100mil.   If market hantam Nam Cheong, and price dropped to 1.8cts, then NC can raised about RM60mil.   If market really wants to kill NC and drop the price below 1.8cts then NC can raise a white flag instead.   So assuming the optimistic scenario.   RM100mil enough? NC really bad at timing.   Missed the window right after OPEC production cut deal.   Now US shale is causing mayhem to oil price again and it seen to be getting worse.   EmmGru      ( Date: 24-Mar-2017 00:27) Posted: :) happen to be reading up on share consol and capital reorg of HK co recently due to Noble' s share consol haha. Think this is still +ve news provided Co already has investor in the pipeline (for pte placement).   Want to raise money from retailers don' t think realistic given poor sentiment. As long as Co can raise enough operating funds and able to pay interest, expect any bank will be willing to sit and talk. They are already in a bad situation and cannot expect to get out scot free. And don' t think any bank wants to be first to pull the plug, they still need to do business in the market when crisis is over and aside from having to protect their loan credit quality, they have to balance against gaining bad reputation of not supporting when Co needs it.
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sheerluck Supreme	24-Mar-2017 12:05        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	Fire sale of asset most likely ended up with price much below cost of construction.   Like that will not be able to service their huge debts. No choice.   Raise siome fund for working capital (like paying themselves the same or even better renumeration package) first then later start negotiation with note, bond, toilet paper holders and banks. EmmGru      ( Date: 24-Mar-2017 03:16) Posted: Raise RM100m not enough.  NC need many pronged approach to save themselves, also have to reduce rate of cash burn, maybe fire sale assets, re-negotiate terms of loan etc etc.   If they can find an investor, by itself is good news becos new investor will do due diligence and must have found value. If NC can recover without entering JM or file Ch 11, it will be the first troubled O& G Co to be able to do so.   sheerluck      ( Date: 24-Mar-2017 01:44) Posted: Let put some numbers in to get some perspective. AT HKD0.50, that about SGD9.1cts.   With current share price of 2.8cts, this will not work.   Who will subscribe if they issue new shares at 9.1cts now? Ok so knock it down 5 times and then it will be 1.8cts.   Hooray, now par value is below current market price.    Pass the criterion.   Some more got quite a bit of buffer.   Price can drop to 1.8cts and they can still try to issue new shares at 1.8cts. (hint hint something here already hor!) One of the resolutions for the coming AGM is the renewal of share issue.   I think they can issue up to 50% of existing fully paid-up shares of new shares so that is about up to 1.05billion shares. Now assume market very kind and share price stay around 3cts (sgd hor!), then NC can raised about a maximum of RM100mil.   If market hantam Nam Cheong, and price dropped to 1.8cts, then NC can raised about RM60mil.   If market really wants to kill NC and drop the price below 1.8cts then NC can raise a white flag instead.   So assuming the optimistic scenario.   RM100mil enough? NC really bad at timing.   Missed the window right after OPEC production cut deal.   Now US shale is causing mayhem to oil price again and it seen to be getting worse.
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EmmGru Veteran	24-Mar-2017 03:16        EmmGru About Contact  Quote this Post!
x 0   x 0  Alert Admin	Raise RM100m not enough.  NC need many pronged approach to save themselves, also have to reduce rate of cash burn, maybe fire sale assets, re-negotiate terms of loan etc etc.   If they can find an investor, by itself is good news becos new investor will do due diligence and must have found value. If NC can recover without entering JM or file Ch 11, it will be the first troubled O& G Co to be able to do so.   sheerluck      ( Date: 24-Mar-2017 01:44) Posted: Let put some numbers in to get some perspective. AT HKD0.50, that about SGD9.1cts.   With current share price of 2.8cts, this will not work.   Who will subscribe if they issue new shares at 9.1cts now? Ok so knock it down 5 times and then it will be 1.8cts.   Hooray, now par value is below current market price.    Pass the criterion.   Some more got quite a bit of buffer.   Price can drop to 1.8cts and they can still try to issue new shares at 1.8cts. (hint hint something here already hor!) One of the resolutions for the coming AGM is the renewal of share issue.   I think they can issue up to 50% of existing fully paid-up shares of new shares so that is about up to 1.05billion shares. Now assume market very kind and share price stay around 3cts (sgd hor!), then NC can raised about a maximum of RM100mil.   If market hantam Nam Cheong, and price dropped to 1.8cts, then NC can raised about RM60mil.   If market really wants to kill NC and drop the price below 1.8cts then NC can raise a white flag instead.   So assuming the optimistic scenario.   RM100mil enough? NC really bad at timing.   Missed the window right after OPEC production cut deal.   Now US shale is causing mayhem to oil price again and it seen to be getting worse.   EmmGru      ( Date: 24-Mar-2017 00:27) Posted: :) happen to be reading up on share consol and capital reorg of HK co recently due to Noble' s share consol haha. Think this is still +ve news provided Co already has investor in the pipeline (for pte placement).   Want to raise money from retailers don' t think realistic given poor sentiment. As long as Co can raise enough operating funds and able to pay interest, expect any bank will be willing to sit and talk. They are already in a bad situation and cannot expect to get out scot free. And don' t think any bank wants to be first to pull the plug, they still need to do business in the market when crisis is over and aside from having to protect their loan credit quality, they have to balance against gaining bad reputation of not supporting when Co needs it.
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sheerluck Supreme	24-Mar-2017 01:44        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 1   x 0  Alert Admin	Let put some numbers in to get some perspective. AT HKD0.50, that about SGD9.1cts.   With current share price of 2.8cts, this will not work.   Who will subscribe if they issue new shares at 9.1cts now? Ok so knock it down 5 times and then it will be 1.8cts.   Hooray, now par value is below current market price.    Pass the criterion.   Some more got quite a bit of buffer.   Price can drop to 1.8cts and they can still try to issue new shares at 1.8cts. (hint hint something here already hor!) One of the resolutions for the coming AGM is the renewal of share issue.   I think they can issue up to 50% of existing fully paid-up shares of new shares so that is about up to 1.05billion shares. Now assume market very kind and share price stay around 3cts (sgd hor!), then NC can raised about a maximum of RM100mil.   If market hantam Nam Cheong, and price dropped to 1.8cts, then NC can raised about RM60mil.   If market really wants to kill NC and drop the price below 1.8cts then NC can raise a white flag instead.   So assuming the optimistic scenario.   RM100mil enough? NC really bad at timing.   Missed the window right after OPEC production cut deal.   Now US shale is causing mayhem to oil price again and it seen to be getting worse.   EmmGru      ( Date: 24-Mar-2017 00:27) Posted: :) happen to be reading up on share consol and capital reorg of HK co recently due to Noble' s share consol haha. Think this is still +ve news provided Co already has investor in the pipeline (for pte placement).   Want to raise money from retailers don' t think realistic given poor sentiment. As long as Co can raise enough operating funds and able to pay interest, expect any bank will be willing to sit and talk. They are already in a bad situation and cannot expect to get out scot free. And don' t think any bank wants to be first to pull the plug, they still need to do business in the market when crisis is over and aside from having to protect their loan credit quality, they have to balance against gaining bad reputation of not supporting when Co needs it. sheerluck      ( Date: 23-Mar-2017 23:20) Posted: Well done.   I thought no one will realise this.   The next step is to guestimate what is the maximum they are likely to raise.   Just need to guess how many new shares and price.   Then see if that is enough to tide them over the tsunami.   I doubt so.
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EmmGru Veteran	24-Mar-2017 00:27        EmmGru About Contact  Quote this Post!
x 0   x 0  Alert Admin	:) happen to be reading up on share consol and capital reorg of HK co recently due to Noble' s share consol haha. Think this is still +ve news provided Co already has investor in the pipeline (for pte placement).   Want to raise money from retailers don' t think realistic given poor sentiment. As long as Co can raise enough operating funds and able to pay interest, expect any bank will be willing to sit and talk. They are already in a bad situation and cannot expect to get out scot free. And don' t think any bank wants to be first to pull the plug, they still need to do business in the market when crisis is over and aside from having to protect their loan credit quality, they have to balance against gaining bad reputation of not supporting when Co needs it. sheerluck      ( Date: 23-Mar-2017 23:20) Posted: Well done.   I thought no one will realise this.   The next step is to guestimate what is the maximum they are likely to raise.   Just need to guess how many new shares and price.   Then see if that is enough to tide them over the tsunami.   I doubt so. EmmGru      ( Date: 23-Mar-2017 22:58) Posted: It could be a precurser to future new equity issue - Bermuda co not allowed to issue shares below par value.   So they reducing par value now .... to allow them to issue shares in future. Quote  During the three (3)-month period prior to the Latest Practicable Date, the Shares have been trading between approximately S$0.052 and approximately S$0.068 with a volume weighted average price of approximately S$0.059, which is below the existing par value per Share of HK$0.50. The concept of par value is applicable to the Company as it is a company incorporated in Bermuda. Under the laws of Bermuda, shares of a Bermuda company may not be issued for an amount less than the par value of the shares. The Proposed Capital Reorganisation will provide the Company with greater flexibility to issue new Shares in the future should fund raising opportunities or requirements arise and facilitate corporate actions which may require the issuance of new Shares. Unquote
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sheerluck Supreme	23-Mar-2017 23:20        sheerluck About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Work for your money first then let your money work for you"
x 0   x 0  Alert Admin	Well done.   I thought no one will realise this.   The next step is to guestimate what is the maximum they are likely to raise.   Just need to guess how many new shares and price.   Then see if that is enough to tide them over the tsunami.   I doubt so. EmmGru      ( Date: 23-Mar-2017 22:58) Posted: It could be a precurser to future new equity issue - Bermuda co not allowed to issue shares below par value.   So they reducing par value now .... to allow them to issue shares in future. Quote  During the three (3)-month period prior to the Latest Practicable Date, the Shares have been trading between approximately S$0.052 and approximately S$0.068 with a volume weighted average price of approximately S$0.059, which is below the existing par value per Share of HK$0.50. The concept of par value is applicable to the Company as it is a company incorporated in Bermuda. Under the laws of Bermuda, shares of a Bermuda company may not be issued for an amount less than the par value of the shares. The Proposed Capital Reorganisation will provide the Company with greater flexibility to issue new Shares in the future should fund raising opportunities or requirements arise and facilitate corporate actions which may require the issuance of new Shares. Unquote shadow      ( Date: 23-Mar-2017 09:32) Posted: SGM ? proposed capital reduction - capital reorganisation - any significant? Anyone care to share their views?
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EmmGru Veteran	23-Mar-2017 22:58        EmmGru About Contact  Quote this Post!
x 0   x 0  Alert Admin	It could be a precurser to future new equity issue - Bermuda co not allowed to issue shares below par value.   So they reducing par value now .... to allow them to issue shares in future. Quote  During the three (3)-month period prior to the Latest Practicable Date, the Shares have been trading between approximately S$0.052 and approximately S$0.068 with a volume weighted average price of approximately S$0.059, which is below the existing par value per Share of HK$0.50. The concept of par value is applicable to the Company as it is a company incorporated in Bermuda. Under the laws of Bermuda, shares of a Bermuda company may not be issued for an amount less than the par value of the shares. The Proposed Capital Reorganisation will provide the Company with greater flexibility to issue new Shares in the future should fund raising opportunities or requirements arise and facilitate corporate actions which may require the issuance of new Shares. Unquote shadow      ( Date: 23-Mar-2017 09:32) Posted: SGM ? proposed capital reduction - capital reorganisation - any significant? Anyone care to share their views? laksaman57      ( Date: 23-Mar-2017 09:09) Posted: http://infopub.sgx.com/FileOpen/NCL_SGM_Circular%20Capital%20Reorganisation.ashx?App=Announcement& FileID=444324
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Alvin2042 Master	23-Mar-2017 17:52        Alvin2042 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Haha, that is no change to cash flow or anything.....the only difference is that in the Balance Sheet, you will see the losses written off against the reduction in capital. Just accounting purpose. shadow      ( Date: 23-Mar-2017 09:32) Posted: SGM ? proposed capital reduction - capital reorganisation - any significant? Anyone care to share their views? laksaman57      ( Date: 23-Mar-2017 09:09) Posted: http://infopub.sgx.com/FileOpen/NCL_SGM_Circular%20Capital%20Reorganisation.ashx?App=Announcement& FileID=444324
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