GNB - Suspension of Trading G NEPTUNE BERHAD The above Company has failed to submit its annual report for the financial period ended 30 June 2017 ("2017 AR") to Bursa Malaysia Securities Berhad ("Bursa Securities") for public release within the stipulated timeframe i.e. 31 October 2017 pursuant to Rule 9.23(1) of Bursa Securities' Ace Market Listing Requirements ("LR"). Pursuant to Rule 9.28(5) of the LR, if a listed issuer fails to issue the outstanding financial statements within 5 market days after the expiry of the relevant timeframe as stated in Rule 9.23 of the LR ("Relevant Timeframe") (the last day of the 5 market days is referred to as "Suspension Deadline"), in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend the trading in the securities of such listed issuer. The suspension shall be effected on the next market day after the Suspension Deadline. In view of the above, and in the event that the Company is unable to submit the 2017 AR on or before 7 November 2017, the trading in the above Company's shares will be suspended with effect from 9.00 a.m., Wednesday, 8 November 2017 until further notice. Pursuant to Rule 9.28 (6) of the LR, if a listed issuer fails to issue the outstanding financial statements within 6 months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take, delisting procedures shall be commenced against such listed issuer.
ACE Market-listed Guidance Note 3 (GN3) company G Neptune Bhd has cancelled its plan for a private placement exercise to raise some RM3 million to support its working capital.
G Neptune said it will not proceed with the exercise announced three years ago, and is looking into formulating a plan to regularise its financial condition.
G Neptune said this came after the company slipped into GN3 status, after it triggered ACE Market Listing Requirement GN3 Paragraph 2.1(a) and (b).
Those that are interested in this company need to be careful when buying its share. The company has stop operation and has not recorded any revenue since FY18 and is not expected to do so anytime soon. A GN3 company is similar to PN17 just that GN3 is given to listed company in the Ace market while PN17 to companies in the Main Market.
The potential delisting of Perisai next month shows the risk of investing in a PN17/ GN3 companies. G Neptune currently has a negative equity of RM3.5mil. For it to come out of the GN3 status it needs to first raised equity capital (via right issues most probably) and then find another business to invest in (after paying it creditors off course). This would mean current investors would also need to be prepare to fork in additional capital for the said regulation plan (which has yet to be shared by management).
If you are looking to diversify your portfolio outside of G Neptune (due to going concern uncertainties) I would recommend you to look at MBMR.
MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.5x PE (based on target FY18 PATAMI of RM145mil. 9m PATAMI is already RM106mil). PB is low at only 0.6x BV. 4Q18 results is expected to be higher than 3Q18 and last year's 4Q17.
For FY19 growth will be driven by the still high demand of new Myvi and the newly launched SUV and also the new Alza in 2H19.
Please go through the analyst reports (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) and do your own analysis before making any decisions. Most analysts have a TP of above RM3 for the company with Hong Leong being the lowest at RM3.13 and Maybank the highest at RM4.50.
Luen Heng old company lah...our family use to buy liquor from them in Petaling Street. They are the largest alcohol distributor in Msia. Octopus Group is the largest liquor and wine distributor in Singapore. It is so good to see a Malaysian company buying over a large Singaporean company making GNB a regional player in the liquor and spirit distribution business. Based on my analysis of the negative shareholder funds of GNB, it looks like the deal can be done without a capital reduction for existing shareholder. Octopus Group turnover over SGD 1 bil a year I heard
G NEPTUNE BERHAD AUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING
CONCERN AUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN STATEMENT OF MATERIAL UNCERTAINTY RELATED TO GOING CONCERN OF THE GROUP AND THE COMPANY IN RESPECT OF G NEPTUNE BERHAD STATUTORY FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2019
22/10/2019
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Posted by Steven156 > 2017-11-01 22:47 | Report Abuse
肯定交得出的