BT today: Penny stock probe: don't keep market guessing by Sivanithy
I agree with Sivanithy that it does not make sense for SGX to deliberately take any action which could hurt liquidity, confidence and ultimately its own bottomline.
I also think the question raised by Sivanithy should be answer by SGX/MAS sooner the better.
Sivanithy asked:
Is it good enough for regulators to step in and send the strongest possible cautionary signal to the market by designating stocks and suspending trading, tell everyone that ther's a lack of transparency, follow this up with an announcement that there is an official probe, then stand back and leave everyone in the dark indefinitely?
<vested in Asiasons>
Latest update on Blumont, for those interested...
Blumont cancels $48 mil proposed acquisition of Hudson Minerals
Singapore’s Blumont Group, which suffered a sudden implosion in its share price in October, has canceled its proposed acquisition of Hudson Minerals Holdings, which has interests in an Indonesian iron ore exploration company.
In a statement to the Singapore bourse on Wednesday, Blumont said it had terminated its agreement dated Dec. 21, 2012, in relation to the proposed acquisition with immediate effect. The deal could have been worth up to $48 million.
...
http://www.theedgesingapore.com/the-dail...erals.html
Not good news to penny stocks , especially the one(s) still being manipulated . Good luck to penny lovers.
News update on the investigation, not only on Blumont, but on the trio...
Probe launched into possible trading irregularities in Asiasons, Blumont, LionGold shares
SINGAPORE — The Commercial Affairs Department (CAD) has begun an investigation into possible breaches of the Securities and Futures Act arising from suspected trading irregularities in the shares of Asiasons Capital, Blumont Group and LionGold Corp.
Today’s (April 2) announcement comes after the shares of all three companies experienced extreme volatility in October last year.
The three stocks were suspended by the Singapore Exchange on Oct 4 after sharp declines in their stock prices erased S$8.6 billion in market value over three days. They were later allowed to resume trading as “designated securities”, implying that there could have been manipulation or excessive speculation.
The CAD is working jointly with the Monetary Authority of Singapore (MAS) in the investigation.
http://www.todayonline.com/business/prob...old-shares
They used this ''good news'' to offload to those who bet on this acquisition .
If indeed there is further wrong doings, there should be more involved that should be arrested
(08-04-2014, 07:23 PM)cfa Wrote: [ -> ]They used this ''good news'' to offload to those who bet on this acquisition .
I bet there are a new bunch of people who got trapped and a bunch of existing investors/speculators who got trapped again.
Some people turned millionaire when their businesses get listed but instead of repaying shareholders who invested in them by running their businesses even better, they just devised any means to get more of their money into their own pocket. They are already living a more comfortable life than most people. Still they want more. Greed really knows no boundary.
Hope CAD can bring justice to any wrongdoings.
interesting.........
If u piece the story.....
the angmo wants to acquire shares....
then the right issue at 5 cents which the 'insiders' did not subscribe......($42.67m net proceeds)
then the cash from the right issue used for acquisitions....(money flows out into.....????)
angmo said does not want to acquire now.....(I bet the cash from right issue are used up)