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Is Swissco a good buy?
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Joelton
Supreme |
15-Jan-2021 09:35
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Swissco in new agreement to transfer Main Board status to new company on the Catalist Board
The proposed transfer of its listing status on the Main Board of SGX-ST to Tech Onshore MEP-Prefabricators on the Catalist Board will not take place as agreed on Nov 28, 2019, say the judicial managers of Swissco Holdings.
This is due to Tech Onshore MEP-Prefabricators not being able to complete the proposed transaction by the previously agreed timelines.
Both parties have thus, mutually agreed to terminate the agreement, which was signed on Jan 31, 2020.
Separately, Swissco has entered into a memorandum of understanding (MOU) with INITIA Group and its owner, Luke Sang Wook Yi.
The MOU is in relation to the proposed corporate restructuring involving Swissco and the INITIA Group.
Tardis Capital has been appointed as the corporate advisor to Sang and INITIA, and introducer in relation to the new proposed transaction.
As at Jan 14, the current structure for the new proposed transaction is a transfer of Swissco&rsquo s listing status on the Main Board to INITIA Group on the Catalist Board.
INITIA Group is involved in providing hair salon, food and beverages and related services under the brands Walking on Sunshine, Leekaja and Cote & Minam in Singapore and Malaysia.
The MOU is not legally binding.
The new proposed transaction, if effected, will result in the delisting of Swissco and the listing of INITIA Group or a new Singapore company directly or indirectly holding the latter.
In connection with the new proposed transaction, Swissco will hand the issuance of shares in the new company to its shareholders and creditors subject to the settlement of an agreed portion of the debts it owes.
The total number of consideration shares held by Swissco&rsquo s shareholders and creditors would represent some $3.25 million in value of the enlarged share capital of the new listco, or INITIA Group.
This is provided that the remaining shares in the new company will be held by Sang or other existing shareholders of Swissco.
Both parties have agreed to negotiate exclusively for a period of 45 days.
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granto
Master |
15-Nov-2016 14:07
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Another one bites the dust... Swissco follows Swiber in seeking judicial management: http://splash247.com/swissco-follows-swiber-seeking-judicial-management/ |
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polarinda
Master |
10-Nov-2016 17:44
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so now what? shares all gone? |
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granto
Master |
10-Nov-2016 15:39
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Problems stack up for endangered Swissco |
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yNotcool
Member |
28-Oct-2016 18:59
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After hiding for sometime, the directors decided come out to buy back 1m notes to shut the bond holders up. lol | ||||
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Opportunist88
Member |
26-Oct-2016 12:41
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The CEO (TFG) and his board has again, yet to come up with any concrete plans to address the note holders issues after monday' s 2nd round of informal meetings...Once again TFG is no where to be seen...hmmmmm... honestly, as a CEO & with the huge paychecks that he is getting, he should at least have the decency to come out to face the note holders & the issues at hand head on, instead of constantly hiding behind the scene... |
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granto
Master |
25-Oct-2016 15:06
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Swissco rescue plan outlined: http://splash247.com/swissco-rescue-plan-outlined/ |
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Newlearner
Veteran |
21-Oct-2016 23:14
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I have a small postion bought during the Oil counters rally.... if only they can claim back those US$30+m... and support from banks and notes holders... totally no news of support from controlling Tan family... | ||||
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kerier
Veteran |
19-Oct-2016 18:10
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will need some more time. the charters need to be above breakeven point since they don' t have cashflow. selling vessels also need time, but the deposits will come in first to tide them out.
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moron101
Supreme |
19-Oct-2016 13:36
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Should resume trading soon?
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granto
Master |
19-Oct-2016 07:49
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Swissco finalises restructuring proposal: http://splash247.com/swissco-finalises-restructuring-proposal/ |
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kerier
Veteran |
12-Oct-2016 11:59
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essentially all of their rigs aren' t generating cashflow and they only have $1.2m cash on hand..... " Bondholders were reportedly presented with a grim scenario of a company that has $147.5m in debt maturing between now and 2020, has just $1.2m in cash, and a monthly cash burn of $1.5m. Of its fleet of seven drilling rigs four were idle, while three rigs it owns 50 -50 with Ezion were onhire but the charterer was failing to make payments. The company was unable to present a concrete plan for restructuring and management blamed the &ldquo Swiber effect&rdquo ."
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granto
Master |
12-Oct-2016 11:48
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Swissco says it can survive, despite inability to pay noteholders: http://splash247.com/swissco-says-can-survive-despite-inability-pay-noteholders/ |
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johnnywalker
Senior |
12-Oct-2016 11:28
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This year OPEC sabotage all the oil and gas companies. Many had to close shop!
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Observers
Elite |
12-Oct-2016 10:49
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I think suspension is better. Not like Linc Energy last time, when the company out of money, the stock was naked shorted all the way down by bond holders who covered by converting their bonds to shares AFTER the stock was suspended. Those not in the know, retaliers, all left holding Linc Energy shares that are now worthless according to the JM who took over management role.
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kerier
Veteran |
12-Oct-2016 10:27
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They should sell their share of rigs to the JV partner to raise cash. | ||||
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Lepin888
Veteran |
12-Oct-2016 10:13
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Another swiber... | ||||
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MarcLim
Veteran |
12-Oct-2016 10:05
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Cannot edit one after post. I mean don' t know how long it need to be out of suspended! Can only wait
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MarcLim
Veteran |
12-Oct-2016 10:02
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Don' t know if it will be still around. Bad management to come to this state. Oil price getting higher to $60 and above after Nov/Dec. Things will be different if their idle 4rigs are drilling. 🤔
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polarinda
Master |
12-Oct-2016 09:43
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7k stuck here | ||||
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