Memory Devices

Memory Devices

Postby millionairemind » Tue Nov 04, 2008 9:46 pm

Memory Devices warns of Q3 losses
By ANGELA TAN

Memory Devices Limited on Tuesday warned that it expects to incur losses for 3Q 2008 due to further worsening of the weak business conditions of the solid state memory market.


This is for the three months ended September 30, 2008.
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Re: Memory Devices

Postby millionairemind » Tue Mar 23, 2010 8:00 am

As a percentage of total companies listed, I think SGX holds the top honor of having the most crap and fraudulent companies... :mrgreen: :mrgreen:

Published March 23, 2010

SGX orders Memory Devices to delist by April 16

Bourse rejects application for trading resumption, six-month extension


By TEH SHI NING

MEMORY Devices is the latest of several companies to face a compulsory delisting.

The troubled tech firm has been ordered by the Singapore Exchange (SGX) to delist by April 16, and its joint provisional liquidators (PLs) said yesterday that the firm is currently in no position to propose a cash exit offer.

Its application for trading resumption and a six-month time extension - to finalise agreements relating to a corporate restructuring and creditors' settlement plan - was rejected by SGX. 'Based on the current stage of due diligence conducted, there is much uncertainty as to whether the reverse takeover can in fact be accomplished,' SGX said in a letter to the PLs last Tuesday. The PLs announced last month that talks were underway with an unidentified white knight to stage a reverse takeover of the troubled tech firm.

In yesterday's statement, the PLs said that they are now 'considering the options available to the company' and will provide further updates in due course.

Memory Devices' shares have been suspended since last February, after creditor banks in Hong Kong applied to wind up the firm for not repaying debt. It was then hit with a slew of resignations from five directors, including all three independent directors and its chief financial officer.

Now that its time extension appeal has been rejected, Memory Devices is in a situation not unlike the one that China Printing & Dyeing was in before SGX allowed it to delist without making an exit offer earlier this month. Minority shareholders at Memory Devices could thus find themselves stuck with shares in a debt-ridden private company.

Jurong Tech, on the other hand, recently managed to ward off an impending delisting after SGX granted a time extension for the company to submit a proposal detailing plans for a new business via a reverse takeover, and prove that its shares can resume trading.

Earlier this month, SGX issued delisting notifications to six more companies on its watch-list: ASA Group, Chinasing Investment, Chuan Soon Huat Industrial Group, Fastech Synergy, General Magnetics and Ionics EMS. Ionics has proposed a voluntary delisting with its parent company making a cash offer of 1.5 cents to minority shareholders.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Memory Devices

Postby Musicwhiz » Tue Mar 23, 2010 8:55 am

millionairemind wrote:As a percentage of total companies listed, I think SGX holds the top honor of having the most crap and fraudulent companies... :mrgreen: :mrgreen:



That bad? I don't keep up with other bourses, but this is terrible news for SGX! :o
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