private placement and free warrant exercises completed. so, now is the time to see how can frankie tan to turnaround the co within 6 mths. Also, whether he is going to inject his private co into gocean?
the quarterly result will be announce next week. It is expected to be in red again maybe. But hopefully the losses can further reducing as compared with last qtr. if really can turnaround , then should be the good surprise. It is look like someone is accumulating the share at 14 to15 cents level. The warrant good support at 7 cents . Any technical view to advise in this counter.
the 1st qtr result loss 0.59 million. The losses was reduced as compared with the last corresponding period. The concern is the cash flow. All proceed from private placement left only RM1 million in august. The director willing continue to support the company with personal fund? or any bank willing to lend the money? it is no easy to obtain bank borrowing as palm oil industry looks difficult during this critical period. The only hope is frankie tan to inject his private co to rescue the co.
gocean or go2ocean...sawit now oversupply ady., price lower. Not in a good business..do not update their webiste since 2012 perhaps even providing ICT business..Bad manners, chow and go huat other counter...
My observation, this counter best buy is 0.13 then hold for one month... when up to 0.19 sell...then when down to 0.13 buy again... It's has been few cycles on this trend... Possible easy to make Monet tho!!
KUALA LUMPUR: Green Ocean Corp Bhd managing director Datuk Frankie Tan See Meng (pix) expects the company, which has been in the red in the last six financial years, to return to the black under his watch, drawing on his expertise of running privately-owned Sawit Raya Sdn Bhd over a few decades.
"You just look at my (company) Sawit Raya, you'll know how (I run a firm) … of course I come in, I've the confidence to turn it (around)," he told reporters after the company's AGM here yesterday.
Filings with the Companies Commission of Malaysia show that Sawit Raya registered a net profit of RM11.15 million for the financial year ended June 30, 2014, a jump of 63.92% compared with RM6.80 million in the previous corresponding period. Tan is founder and director of Sawit Raya, which is in the palm oil trading and refinery activities.
He said however that he has no intention of of embarking on a reverse takeover exercise to inject Sawit Raya into Green Ocean or listing Sawit Raya.
Tan who has been on the board of Green Ocean since October 30, 2013, became MD just two months later. In February this year he forwarded a cash advance of RM7 million at an interest rate of 8% to Green Ocean. In July he acquired a 15.8% stake in the company via a private placement.
Tan however insists that his role in the company is to play a supporting role at the initial stage, when it is cash strapped.
"Green Ocean has its own customers, (but) it doesn't have materials because Green Ocean doesn't have working capital, (so) I have to back it up (and) start it up, then let the company be independent," he said, but declined to commit if he was in it for the long haul.
Ace Market-listed Green Ocean registered a net loss of RM5.52 million for the financial year ended March 31, 2014, mainly due to impairment adjustment made for the fractionation plant and the low production of palm kernel crushing which didn't generate sufficient revenue to cover the fixed manufacturing costs.
For the first quarter ended June 30, its net loss narrowed to RM591,000 from RM1.33 million in the previous corresponding period.
Green Ocean is mainly involved in palm kernel crushing, refining of palm oil, palm kernel oil and production of premium health balanced cooking oil.
When asked if there will be more changes in Green Ocean's boardroom, its CFO Francis Yong said "no confirmation" for the time being.
In July, Green Ocean received shareholders' approval for a share placement representing 30% of the company's issued and paid-up share capital, coupled with the issuance of up to 65.84 million free warrants on the basis of one free warrant for every four ordinary shares held.
It was expected to raise up to RM6.7 million via the placement exercise while the full conversion of warrants into shares would amounted to RM22.39 million.
Green Ocean's share price closed 0.5 sen lower at 18.5 sen yesterday
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Ameera
2,921 posts
Posted by Ameera > 2014-08-10 19:43 | Report Abuse
Hope IF could as you stated:):).....tomorrow with free warrants, let's see if any movement....