An article from The Edge on Viz Branz. Enjoy!
(Not Vested)
Under current uncertain market conditions, it comes as a surprise to me that there is an usually large volume of transactions for Viz Branz today... It is good to know from the buying interest that some party/parties do find that the underlying business of this company is sufficiently attractive to invest in.
in the AR, page 65, under the company PPE table.
"The carrying amount of certain leasehold buildings of the Group’s subsidiaries that remained temporarily idle during the financial year ended 30 June 2011 was $5,558,000."
What does this mean? From the group PPE changes, between FY2010 - 2011, S$6,390,000 has been transferred from asset under construction to leasehold buildings and improvement. (Since there was not any disclosure before, the amount could be insignificant.) Apparently, most ($5,558,000) is not utilized. wonder what it was intended for (the construction started between 2007 and 2008). What's the management's plan for it?
http://info.sgx.com/webcoranncatth.nsf/V...E000A317B/$file/Settlement.pdf?openelement
Quote:1. The parties have entered into a settlement agreement in relation to the Suit on a without admission
of liability basis.
2. The terms of the settlement agreement are confidential, save that pursuant to the settlement, CBB
shall transfer to CKP or his nominee 53,258,361 shares in the capital of the Company (each a "Share")
("Transfer") within 5 business days of the date of receipt of the Securities Industry Council's ("SIC")
written decision on CKP's application for an exemption from making a general offer which may result
under the Singapore Code on Takeovers and Mergers ("Code") due to the Transfer.
3. CBB currently owns approximately 50.15% of the entire issued and paid up Shares (excluding treasury
Shares), and subsequent to the Transfer, shall hold approximately 35.20% of the entire issued and
paid up Shares (excluding treasury Shares).
Chim... now the father has the upper hand???
It is good that this unnecessary doubt on the company is finally settled, presumably amicably. Upon the transfer of the shares involved, senior Chng will emerge as the largest shareholder with 38.13% in Viz Branz, and junior Chng with 35.2%.