(03-01-2014, 09:25 PM)Greenrookie Wrote: [ -> ] (03-01-2014, 09:19 PM)CityFarmer Wrote: [ -> ]Further update on the claim. It seems the claim is "accurate", which was appraised by professional accounting firm.
http://infopub.sgx.com/FileOpen/20140103...eID=269779
Why do I keep getting the feeling that instead of contesting aggressively or trying to solve the problem, foreland is more comfortable allowing the compensation to take place?
Yes, I do have a similar feel...
(not vested)
Seems like the contract has such big loopholes that all downstream customers' revenue whether it can be realised or not somehow ended up being guaranteed by Foreland. That is really generous of Foreland for its customers but is really bad for business.
Whether it is an pure oversight or not it definitely sounded bad for investors of Foreland and it may be badly hit when the market next open.
http://infopub.sgx.com/FileOpen/2013Q4Fi...eID=277149
Foreland Full Year Results is an interesting read. It took an impairment loss of 219M for its factory considering the difficult environment it is in. I am interested to see the valuation report it will present in 4 weeks time of the valuer's assessment of their new factory's value.
And not to forget the upcoming 290RMB compensation its customers is claiming against it. This is a whole new level of S-Chips ingenuity. Who needs for the CEO to run away with cash, when there are other avenues.
When it was at 3c , i told my fr, but she said it is already to o low to cut. Nw i think it is even lower.
Sorry, i forgot to add that i think we should just give s-chip a miss, irrespective how good the fundamental appear. Look at Erata. Wonder which counter next? But it is still one preference. Good luck.
In view of such termination (as set out in part (1) above), Fulian Knitting shall
compensate Jiangxi Longdu for all economic losses sustained by Jiangxi Longdu and
that the compensation amount shall be based upon that as set out in the appraisal
report issued by Fujian Huatie (the “Appraisal Report”). As set out in the appraisal
report, the compensation amount is valued at RMB275,284,800 (the “Compensation
Amount”).
The majority of the Board of Directors with the exception of the Independent Director, Mr Lim
Siang Kai, is of the view that the settlement is in the best interest of the Company and the
Group.
UPDATES ON THE CLAIM BY THE CUSTOMER
http://infopub.sgx.com/FileOpen/Announce...eID=295579
A new example for the rest of s-chips to get money out.
wonder what SGX will do.
In the end they still pay and the delay give another excuse for a further interest penalty of RMB 7.7mil. ID gave up. Really bad.
Can SGX actually do anything? Think not.