Dayen Environmental

[helios]

IE Singapore featured this Co. and its Dayen AquaBlu UV photo-reactor for water disinfection ... & targeting China market.

Recently, Dayen was cited due to its IE grant for this technology ... claimed to improve 30mm to 900mm diameter with 1.5 efficiency?

[millionairemind]

Published February 13, 2009

Dayen cancels another fund-raising bid

By JAMIE LEE

DAYEN Environmental, which in September last year terminated a proposed $50 million issue of convertible notes, has now aborted another fund-raising attempt.

The water-treatment company said on Wednesday that it has cancelled its proposed one-for-one rights issue of warrants to raise net proceeds of about $1.84 million.

The plan, which was proposed also in September last year, was to issue up to 205 million warrants at one cent apiece, with each warrant carrying the right to subscribe for one new share at an exercise price of 12 cents per share.

'In view of the prevailing market conditions and upon a review of the terms and timing of the warrants issue, the board of directors has decided not to proceed with the warrants issue. The directors may seek alternative fund-raising avenues and will make further announcements as and when appropriate,' Dayen said in its Wednesday announcement.

In September last year, Dayen terminated plans to issue $50 million worth of convertible notes after it failed to get a waiver from the Singapore Exchange (SGX) on a rule limiting the number of new shares it could introduce from conversion of notes.

Earlier, Dayen also failed in its attempt to diversify into the coal mining and energy business. In December 2007, Dayen entered into a mining rights agreement with Indonesia's PT Modal Investasi Mineral (MIM) but plans hit a roadblock when MIM's parent, PT ATPK Resources TBk, later said MIM was unable to perform its obligations under the agreement.

Dayen was recently queried by SGX after it said that it had sold a subsidiary based in Shenyang for $2.39 million on Jan 31, 2009, some nine months after the actual disposal on April 8, 2008.

On Feb 3, Dayen said in a reply to SGX queries that it was unable to finalise the agreement with the seller, Aton Water, due to changes in management during the year and its marred diversification into coal mining that resulted from 'complications' with the MIM agreement.

The disposal came after Dayen abandoned plans to build, operate and transfer (BOT) a sewerage treatment plant in Shenyang. The Shenyang unit was set up for the BOT project.

Dayen also announced yesterday that its managing director, Darren Tan Poon Guan, has left 'to pursue other interests'. Mr Tan did not seek re-election as a director.

Dayen widened its net loss for its first quarter ended Dec 31 to $2.59 million from a loss of $491,000 a year ago. This was due to a $2.21 million impairment charge from a revaluation of its PT ATPK shares to 'reflect its current market value'.

[helios]

saw them in the Singapore Water Week, busy raising $$$ ...

[winston]

Not vested.

INTERVIEW-Dayen expects to be profitable, win contracts in 2010

SINGAPORE, Jan 13 (Reuters) - Singapore's Dayen Environmental expects to be profitable in 2010, after posting losses for the past four years, and is aiming to win S$300 million of water contracts in Singapore and the region this year.

CEO Alan Yau said in an interview the firm has bid for over S$300 million of contracts and is also studying a S$300-S$500 million project in China, as it sticks to its core business of engineering and servicing water and waste water plants.

"The company has gone through a rough patch over the past two years and what we've done is to refocus our strategy," Yau told Reuters on Wednesday. "For Dayen now, we will only be doing water and nothing else." The firm posted a loss of S$5.5 million in its financial year ending September 2009. The firm reviewed its business and internal controls last year after being reprimanded by the stock exchange regulator for a lapse in governance and transparency.


Source: Reuters

[Coolkiller]

will this counter plunge on monday??

[Musicwhiz]

will this counter plunge on monday??

One of its top executives (John Lim) is being investigated by the CAD. This is not a very good sign, IMHO.

[kennynah]

Just my common sense tells me to be weary of a company that's consistently raising money thru issuances of warrants/rights. A company should be making money if it is to be credible n not asking for money.
Think about it simply; your friend seeks $10K from u selling u a business idea which you initially agree to. A while later, he goes on asking yet another $10k and then another $10k, n all the while not making a penny from the original concept. Would u give more $ to him?

[kennynah]

MW, I knew of a John Lim from before. Do u hv his past credentials? Was this guy ever in the travel business?

[helios]

Lee is the group's former deputy chairman and executive director ... i can't imagine that he is under investigations ...

[winston]

One is talking about a Lim. One is talking about a Lee.

Lee = Lim ?