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(25-09-2013, 09:27 AM)smallcaps Wrote: [ -> ]
(24-09-2013, 11:21 AM)sgd Wrote: [ -> ]Please don't buy it. Big Grin

current assets alone is around 16cts a share, but share trading at 5 cts 70% discount to current assets. I don't see What is not conservative abt this investment.

I think it depends on the probabilities that one assigns to the current assets, or maybe call it writedown factor. That way, then can make more meaningful comparisons with other net net companies. For singapore companies, probably can find discounts of around 30 to 40% discount to net net.

More net net in HK. E.g. CDL's City E-solutions. Let me tell you first,
then wont be paying the cash out OR liquidating their M&C shares.

Anyway, even more in HK if you count investment properties as current assets (like what Third Ave practices)
Will the recent profit warning puts a dent in the company high cash pile and low PE? Always expect unexpected in stocks investment, in particular S-chip?
Based on current preliminary assessment, the Group expects to register a significant loss before tax of up to approximately RMB550 million for 2QFY2015.

The Audit Committee (“AC”) noted that the agreed upon procedures (“AUP”) report had stated the following (see the announcement on Update On Independent Review Into The Losses Suffered By The Group released via SGXNET to SGX-ST on 18 September 2015):
a. although Bohai Bank in Jinan City had in their written bank confirmation received by post, confirmed that the Group's bank balance as at 30 June 2015 was RMB 335 million (which was in the form of pledged time deposits), Bohai Bank's confirmation did not indicate whether there were any banking facilities granted to the Group and whether the Group had used any banking facilities by 30 June 2015;
b. on the other hand, Management had advised that the RMB 335 million in time deposits in Bohai Bank had been pledged for banking facilities of an equivalent amount, and such arrangement was made for the Group to apply for letters of credit, when necessary, for the purpose of overseas procurement of soybeans. However, the banking facilities were not utilised as the Group had suspended the importation of soybeans;
c. as a result, during the course of the AUP, there was a proposal to conduct a second visit to Bohai Bank to further seek clarification from Bohai Bank regarding the banking facilities, and also to obtain the bank statements from the bank on the spot, which was not achieved during the first visit to Bohai Bank due to a lack of sufficient authorisation documents required by the bank. However, Management took the view that a second visit to Bohai Bank was not necessary as the banking facilities were not utilised because the Group had suspended the importation of soybeans.
Although Management had advised that the Group’s borrowings and debt securities were “NIL” as at 30 September 2015, the AC noted that there has not been sufficient independent verification to confirm that the Group did not utilise the banking facilities (of up to RMB 335 million) granted by Bohai Bank against the RMB 335 million in pledged time deposits at the said bank. The AC will direct the external auditors to pay special attention to this Bohai bank account during the year-end audit.

Placees (number of placement shares)
Christine Mak (14,310,513 shares)
Ip Ka Kit (7,705,660 shares) 
Collectively (22,016,173 shares)

Proposed Placement of  22,016,173 New Ordinary Shares in the Capital of United Food Holdings Limited

United Food Holdings Limited wishes to announce that the Company had on 16 January 2017 entered into a placement agreement  with each of Christine Mak and Ip Ka Kit pursuant to which the Company proposes to issue up to an aggregate of 22,016,173 new ordinary shares in the capital of the Company at a placement price of S$0.038 per Placement Share.

The Placement Price represents a premium of approximately 35.71% to the volume weighted average price of S$0.028 (approximately HK$0.152) for the trades done on the Official List of the Singapore Exchange Securities Trading Limited for the full market day on 13 January 2017, the market day immediately preceding the day on which the Placement Agreements were both signed.  

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