Gosh! Digiland is still having a rights issue of 0.1 cents/share! And 20 billion shares will be issued. Simply amazing!
(Not Vested)
I believe this is the same company that announced three consecutive years of losses today. In their SGX announcement they stated a market cap of S$ 20.4 Million. If Digiland had made the announcement yesterday the market cap would have been S$ 10.2 Million......... thats because the share price doubled today .......... erm .......... from erm...... S$ 0.001 to S$ 0.002. I believe Digiland may win the prize for the first company listed on the SGX to actually have a share price of S$ 0.001 AND which then has a "rebound".
I am told there is nothing wrong or non-permitted in what Digiland is doing here with its 20 Billion Share 0.1 SCent Rights Issue. But does it heighten the reputation of Singapore's SGX? I am in the camp that it does SGX's reputation no good whatsoever.
Eh, anyone vested in this ah? From wikipedia:
Quote:Companies are only listed on the Singapore Exchange if they do well. If their average daily market capitalisation is less than $40 million over the last 120 market days, then it is placed on a watch-list, and if it does not improve within two years it is delisted from the Singapore Exchange.
Then I went to SGX website to look:
Quote:Entry date on watch list: 5 December 2011
Then one more quarter they force to delist?
Looks like hopeless already...time running out.
Digiland as a company together with its management is a terrible disgrace for incompetence and destroying shareholders' invested capital and wealth. As a stock counter, Digiland is a terrible disgrace to SGX as a custodian/protector of investors' well-being against dubious companies and management who milk listed companies' capital and resources.
I have 200 lots from close to 10 years ago when I started investing as a constant reminder of what-not-to-do. That's the only real value Digiland had given me.
One comment on the company share price, in other forum, was "the share price will not go lower, than its 0.1 cent". It was a "hot" stock previously.
(21-09-2013, 05:25 PM)CityFarmer Wrote: [ -> ]One comment on the company share price, in other forum, was "the share price will not go lower, than its 0.1 cent". It was a "hot" stock previously.
Granted technically this counter will not go lower, as 0.1-cent (or $0.001) is the lowest possible quoted price under the current SGX pricing regime/system, it doesn't mean at all that Digiland is a fair and low-risk buy at 0.1-cent, for what you get in terms of real intrinsic value is almost certainly less than 0.1-cent! The fact that its latest (as at 30Jun13) NAV/share at 0.066-cent (or $0.00066) is pointing starkly towards and exactly that!....
http://infopub.sgx.com/FileOpen/FullYear...eID=254723
(21-09-2013, 05:25 PM)CityFarmer Wrote: [ -> ]One comment on the company share price, in other forum, was "the share price will not go lower, than its 0.1 cent". It was a "hot" stock previously.
While the price listed on SGX will not go lower than 0.1cent, it is possible for digiland to issue 1 right for every 2 hares @0.1 cent to "bring down the price".
(21-09-2013, 07:10 PM)CY09 Wrote: [ -> ] (21-09-2013, 05:25 PM)CityFarmer Wrote: [ -> ]One comment on the company share price, in other forum, was "the share price will not go lower, than its 0.1 cent". It was a "hot" stock previously.
While the price listed on SGX will not go lower than 0.1cent, it is possible for digiland to issue 1 right for every 2 hares @0.1 cent to "bring down the price".
Fully agree. I am not advocating it is worth a bet. I am just relying the speculators' view from other forum.
In fact, one of my friends bought it and regretting now, even he was pre-warned.