Enporis Greenz (formerly known as Seksun)

Re: Enporis Greenz (formerly known as Seksun)

Postby blid2def » Thu Oct 23, 2008 6:39 pm

Here's the excerpt from an earlier document (the one where they declared the cancellation of the deal with the Chinese diapers company - I'm actually pretty okay with the cancellation 'cos I'm not sure I like the business in the first place):

http://info.sgx.com/webcorannc.nsf/ef3b ... enDocument

Under Rule 1018(1) of the SGX-ST Listing Manual, the SGX-ST may suspend the trading of an issuer's shares, and if the assets of an issuer consist wholly or substantially of cash or short dated securities, its securities will normally be suspended from trading.

The suspension will remain in force until the issuer has a business which is able to satisfy the SGX-ST’s requirements for a new listing, and all relevant information has been announced. The SGX-ST may cancel the listing of an issuer if the issuer is unable to meet the requirements for a new listing within 12 months of the suspension of its securities.

In this regard, the SGX-ST has, on 1 February 2008, approved the Company’s request for the trading of the Company’s
shares to continue after completion of the sale of substantially all of its business and assets, subject to the following conditions:

(a) the Company providing monthly valuation of its assets and utilisation of cash, and quarterly updates of milestones in obtaining a new business to the market via SGXNET (Rule 1018(1)(b) of the SGX-ST Listing Manual);
and
(b) the Company meeting the requirements for a new listing within 12 months from the time it became a cash company (Rule 1018(2) of the SGX-ST Listing Manual). (the “SGX-ST Approval”)

The Board will continue to pursue proposals for the acquisition of other viable businesses for the purposes of complying with the SGX-ST Approval and Rule 1018 of the SGX-ST Listing Manual.


I'm not sure exactly what date the SGX reckons is the time Seksun/Enporis Greenz became a cash company, but I'll assume it's Feb 08, to be in-line of when the approval was given. That gives about 4 months left for a RTO to occur. So assuming nothing happens, the counter is suspended (not sure what SGX's rules are for mandatory delisting - otherwise the counter stuckist down there until next century?).

If, as suspected, David Loh picked up the 2m that Credit Suisse let go (I think transacted between 15 - 20 Oct), as well as the bulk of the 7m shares today, that'd leave him with about 26% today. Credit Suisse's stake is now 4.86%, which is ~18m shares. Sweep them = mandatory offer? Of course, these are just my guesses. I do have a rich imagination, as shown in other threads. :D :D :D

Vested, in a no-cost way, thanks to Seksun's generous distribution. :D
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Re: Enporis Greenz (formerly known as Seksun)

Postby blid2def » Thu Oct 23, 2008 6:42 pm

HengHeng wrote:sounds spooky .. but i think at 3.5cent worth buying abit to keep.


I know what you mean. Free lunch, but nobody's around to pick up. Why leh? Either got untold stories, or because the counter is submarine, people didn't see. Dunno lah, speculative - like buy 4D lah. :D

BTW, 0.035 not our price - that one like Warren Buffet then can get. We can only get normal price like 0.04... haha.
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Re: Enporis Greenz (formerly known as Seksun)

Postby HengHeng » Thu Oct 23, 2008 6:48 pm

ok .. i spend 10k tml go buy abit keep .. test test.
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Re: Enporis Greenz (formerly known as Seksun)

Postby kennynah » Thu Oct 23, 2008 6:57 pm

somehow...i am not enticed at all on such companies.... metal stamping.... got big time future meh ?
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Re: Enporis Greenz (formerly known as Seksun)

Postby blid2def » Thu Oct 23, 2008 7:09 pm

kennynah wrote:somehow...i am not enticed at all on such companies.... metal stamping.... got big time future meh ?


Eh, you need to follow the story lah. It was a metal-stamping company (back then known as Seksun). Then sold off assets to someone, distributed majority of the takings to shareholders, so left empty shell, sitting on cash. There was a takeover offer by a Chinese company (some diaper manufacturer), but that one didn't work out because mgmt couldn't be assured of the buyer's ability / commitments (something like that) so cancelled that one (all legal costs paid by the buyer).

The other stuff about David Loh is this: the chap is/was an UOB Kay Hian broker, and is a co-founder of a private property developer with his cousin (Han Seng Juan). They hit the news last year or year before as they surprised people by beating some of the bigger developers for a piece of land at the Kovan area (now Kovan Residences).

As for metal-stamping, yeah, not attractive industry I guess, but it's interesting how many metal parts there are in just a "simple gadget". I've opened up hard disks before and you can see the number of metal parts, dampeners, etc. required. Quite interesting to see the parts required, in all numbers, shapes, sizes and weights.
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Re: Enporis Greenz (formerly known as Seksun)

Postby kennynah » Thu Oct 23, 2008 7:13 pm

i guess u r right...i didnt follow the story...becos i couldnt care less ...hahaha....

metal stamping company annie ho tan, wont sell away in the first place...
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Re: Enporis Greenz (formerly known as Seksun)

Postby blid2def » Thu Oct 23, 2008 7:17 pm

The business sell away liao, so pai tan, pai tan lor, not my porbem. :D
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Re: Enporis Greenz (formerly known as Seksun)

Postby kennynah » Thu Oct 23, 2008 7:22 pm

so now...they sit on cash and a piece of land in kovan....annie kwan si bo?
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Re: Enporis Greenz (formerly known as Seksun)

Postby blid2def » Thu Oct 23, 2008 8:03 pm

Mm si. They sit on cash, empty shell. The land I bought liao.
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Re: Enporis Greenz (formerly known as Seksun)

Postby HengHeng » Thu Oct 23, 2008 8:20 pm

hmm buy abit like To-to .. win good .. dun win .. lose also not pain kind of investment.
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