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Mary Chia proposes debt conversion and issue of 96 mil conversion shares of $2 mil
Mary Chia Holdings has entered into a debt capitalisation agreement (DCA) with Ho Yow Ping (Wendy Ho), Suki Sushi Planhouse Deco, and Su Jun Ming for the proposed debt conversion and issue of 95,956,468 shares at a price of 2.1 cents per conversion share.
As at the date of the agreement, on Dec 18, the total amounts owed to the creditors is at $$2.8 million.
Ho is the executive chairman, CEO and executive chairman of Mary Chia, while Su is the executive director and chief financial officer of the group.
Both Ho and Su had extended loans to Mary Chia for working capital purposes, where $2.1 million from Ho&rsquo s loan and some $0.3 million from Su&rsquo s loan remains outstanding and unpaid as at Dec 18.
The conversion price of 2.1 cents per share is at a 8.7% discount of the weighted average price of the company&rsquo s shares on Dec 17 of 2.3 cents.
The price was arrived at after considering the group&rsquo s prevailing market conditions, financial performance and recent share price.
The conversion shares represent 41.33% of the existing share capital of the company, and 29.24% of the company&rsquo s enlarged share base.
The proposed issuance of conversion shares constitutes an interested person transaction.
Mary Chia&rsquo s subsidiary to liquidate celebrity hair salon VS Monsoon
A SUBSIDIARY of Mary Chia Holdings : 5OX 0%, along with its joint-venture partner, will be liquidating four joint-venture companies under the Monsoon Hairdressing group, which includes well-known celebrity hair salon VS Monsoon.
The creditors&rsquo voluntary liquidation of Monsoon Hairdressing group was initiated by its co-owners &ndash Vintage Studio and M2 group &ndash over Monsoon&rsquo s inability to continue regular business operations due to its liabilities, said the Catalist-listed beauty and wellness company on Monday (Oct 30) in a bourse filing.
Due to Monsoon&rsquo s &ldquo persistent inability to meet its financial obligations in a timely manner&rdquo , M2 group, the wholly-owned subsidiary of Mary Chia Holdings, has decided against allocating further capital to the business to safeguard its own financial stability.
The filing said: &ldquo In light of this situation, the joint-venture companies, burdened by their liabilities, cannot continue their business operations the sole director of the joint-venture companies has decided that the entities be placed into provisional liquidation, pending their eventual liquidation.&rdquo
Wong Joo Wan and Tina Phan Mei Ting of Alternative Advisors were on Monday appointed as joint and several provisional liquidators for Monsoon Hairdressing group.
An extraordinary general meeting and a creditors&rsquo meeting of M2 group will be convened on or before Nov 29, 2023 to vote on resolutions regarding the move by the owners to voluntarily liquidate Monsoon Hairdressing group, and to confirm the appointment of Wong and Phan as joint and several liquidators.
M2 Group had, back in October 2000, bought an 80-per-cent stake in the five companies under the Monsoon Hairdressing group for about S$3 million from Monsoon&rsquo s founder and celebrity hair stylist, Addy Lee.
In February this year, under a joint-venture partnership, M2 Group sold half of its shares &ndash but only in four of the five companies under the Monsoon label &ndash to Vintage Studios, a hair-salon services provider. This was done to improve the performance of the four companies under Monsoon Hairdressing, &ldquo given Vintage&rsquo s vast experience and expertise, as well as industry know-how&rdquo .
In May this year, M2 bought the remaining 20 per cent of Monsoon from its vice-president, Siew Chin Juin.
Aiya their SSH Ms Grace How run road (sell) millions of shares last few months now than reported to Sgx ,supposed how come company don't know ?
chinton86 ( Date: 29-Jul-2022 23:01) Posted:
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What news ?....their renovation contractors want it to pay owed money ....
taxiuncle ( Date: 17-Feb-2022 10:40) Posted:
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I bought back at 3c... This time round dunno what news already. SHould be something either about their financial statement issues OR something real good (Recently out of the blue, they hold an EGM to reward directors with a PSP)
Halt Again.
MakeChanges ( Date: 17-Feb-2022 07:42) Posted:
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Feel so so good about this and today it Cheong
Lol
Enjoy 😉
Lol
Enjoy 😉
LowLow12 ( Date: 15-Feb-2022 08:53) Posted:
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Can see from the counter movement that there are abit of accumulation at the current price.
This counter jialat sia...at this price,seems like there are no winners.
Wow...hopes is good news here...
TRADING HALT !!
Feel good about this
Can buy and rto it
Cheap and easy to rto
Can buy and rto it
Cheap and easy to rto
taxiuncle ( Date: 02-Nov-2021 22:27) Posted:
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Anu hope of delist?
Mary Chia Holdings enters non-binding deal to acquire stake in telemedicine player
Mary Chia Holdings has entered a non-binding memorandum of understanding (MOU) to acquire an around 5 percent stake in telemedicine player Mobile-Health Network Solutions (MHNS), the Singapore-based skincare and weight-loss retailer said in a filing to SGX Thursday.Cayman Islands-registered MHNS holds the MaNaDr brand via a subsidiary, the filing said.
Mary Chia said MHNS' s main business is telemedicine, conducted via subsidiaries, offering teleconsulting, sale of medicine and healthcare products within an online healthcare platform, which currently has a pool of around 600 clinics and around 1,000 general practitioners and specialists in Singapore.
" It is envisaged that the company and MHNS will explore synergistic business opportunities available to improve the prospects and provide new revenue streams for both companies," Mary Chia Holdings said in the statement.
The MOU will be the basis for preparing a definitive agreement, but there is no assurance or certainty a deal will be completed, the filing said.
Everyday no volume...pray to delist better
Tradeview - Retail Investors Are Not Lambs To Slaughter, They Have Families Too
For many years, our local stock market had subdued retail investors participation. There are many reason why but mainly it has to do with the past financial crises. Whilst writing my book, I did substantial research sifting through past news reports and academic papers. For every cycle between 1987, 1997/98, 2008/09 and 2020, the stock market rally was always precipitated by influx of retail investors pushing it to new highs. However, they are always the last to leave ending up the biggest loser when the market collapse or selloff. This will then cause a period where retail investors participation dwindles to record low before normalising.
This is why brokerage houses or investment bank often focus on institutions / large funds as their key clients. This means they will get good insights from analysts, access to corporate management which help them invest better. Retail investors on the other hand will always be disadvantaged. This caused a vacuum and who fills the void? Fake Gurus
Retail investors influx in 2020 reach levels unseen since the 1993 bull run. Similarly, fake gurus started propping up everywhere. Countless Facebook & Youtube Ads of Fake Gurus flooded my social media. No matter how many times I hide or report ads, just like cockroach, they will find a way to come back. Now imagine, with many new retail investors, this makes them easy target for the Fake Gurus.
Especially in a time of pandemic, where people are locked up at home, businesses are closed, income reduced, job loss, even boredom kicks in. Many invest in stocks hoping to pass time or simply to make ends meet. When those Fake Gurus keep appearing in your screen, showing you his expensive watch, car, house dressed in suit, you start wondering, maybe you should try investing too. With no knowledge in the stock market, your only reliance is the Fake Guru and his " philosophy" . You dont even know whether what he is teaching you is real because the Fake Guru gets celebrity endorsements and pictures with VIPs. When you ask question, they brush you off. You end up blindly following.
Sadly, these bunch of flamboyant and ostentatious people are indeed Fake Gurus who know NOTHING about investments, risk management or valuation. They only know simple theories. Needless to say, tragedy strikes when the market is no longer in a bull run like in 2020. These Fake Gurus had no idea about macroeconomics hence they would not know the intricacies of global landscape, politics or social issues which would necessitate retail investors to conserve cash entering 2021. They would also would not know cashflow importance and missed out Serba Dinamik' s glaring issue. As of today, KLCI is at 1531 which is 9% down from 2020' s peak which is close to a 10% correction.
Why am I writing this? After the FM988 live call suicide incident, I felt very empathetic towards the caller' s predicament. What I didn' t know was there are in fact so many victims like him out there who have paid RM 15k per person to these bunch of Fake Gurus and lost almost everything they invested in the stock market.
Retail investors are crucial towards the healthy development and vibrancy of Malaysia' s stock market. The fact that their record participation in 2020 have filled the void by foreign funds who have been selling our Malaysia stocks for the past 13 consecutive quarters shows how precious they are. If our retail investors are burnt by your actions and never to return to the market, it would lead to a huge void in future just like the Singapore Penny Stock Scandal in 2013.
So, I would like to put this on record, to those Fake Gurus, if you still have conscience and a heart, REFUND every single sen to these poor people. After that, close down your website, social media accounts and do not ever promote yourself as a GURU again. It is not their fault that they are misled by intentional and systemic misrepresentation. They are not lambs for you to slaughter. They have family too.
Full article source : www.tradeview.my
Tikam some here.....
Now u can buy back again.....
chinton86 ( Date: 25-Aug-2017 16:20) Posted:
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Mary Chia' s independent auditor flags material uncertainty, though opinion is unmodified
CATALIST-LISTED Mary Chia Holdings said on Monday that its independent auditor has included in its report a material uncertainty related to the company' s ability to continue as a going concern - though the auditor' s opinion is not modified in respect of this.
In a Singapore Exchange filing, the beauty and wellness company said that its directors are of the view that it is appropriate for the group' s audited financial statements to be prepared and presented on a going-concern basis.
In its report on Mary Chia' s audited financial statements for the year ended March 31, independent auditor Foo Kon Tan LLP drew attention to a note in the financial statements, regarding the firm' s losses and liabilities.
The group recorded a S$9.633 million loss and a S$9.628 million total comprehensive loss for the year, with net operating cash outflows of S$1.3 million. As at March 31, the group' s current liabilities exceeded its current assets by S$8.22 million, and it had a S$11 million deficit in equity.
The company' s current liabilities exceeded its current assets by S$2.47 million, with a deficit in equity of S$2.46 million.
The auditor wrote: " These factors indicate the existence of a material uncertainty which may cast significant doubt on the group' s ability to continue as going concern. Our opinion is not modified in respect of this matter."
On Monday, Mary Chia said its directors were of the view that the group can continue as a going concern, as it " continues to be prudent with its cash flow planning and to take active measures to streamline its business and reduce costs" , and " continues to be focused on new sales initiative via social media platforms to drive revenue with lower upfront costs" .
It added that controlling shareholder Suki Sushi has given an undertaking to provide financial support to the group for the 12 months following the date of the independent auditor' s report, to operate without any curtailment of operations.
The director and the former director have also provided an undertaking not to demand repayment of the unsecured and non-interest bearing amounts of S$1.494 million and S$2.118 million due from the group respectively, within the next 36 months from March 31, 2017 or until the cash flows of the group permits, whichever is later.
Mary Chia is also actively exploring potential corporate fund-raising exercises.
The company said in its SGX filing: " Further, the Board is of the opinion that sufficient information has been disclosed for trading of the company' s securities to continue in an orderly manner and confirmed that all material disclosures have been provided for trading of the company' s shares to continue."
Mary Chia changes Catalist sponsor ' for commercial reasons'
THU, APR 23, 2020 - 7:50 PM
CATALIST-LISTED Mary Chia Holdings announced on Thursday night that SAC Capital Private Limited will be its new continuingsponsor from this Saturday.
The last day of sponsorship of the current continuing sponsor, PrimePartners Corporate Finance (PPCF), will be Friday. " The change of continuing sponsor is due to commercial reasons," said Mary Chia Holdings.
In line with Catalist rules, PPCF has confirmed that as at the date of the announcement and based on information made available to it, it is not aware of any non-compliance with the Catalist rules by Mary Chia Holdings that has not been brought to the attention of SAC Capital.
PPCF has also made itself available for discussion with SAC Capital, as required by the Catalist Rules.
" PPCF has for more than 10 years provided guidance, counsel and sponsorship services to the company, for which the Board is grateful and would like to put on record its thanks to PPCF," said Mary Chia Holdings.
Shares in the company closed unchanged at 9.5 Singapore cents on Thursday before the news.
https://www.businesstimes.com.sg/companies-markets/mary-chia-changes-catalist-sponsor-for-commercial-reasons