The Board of SILK Holdings Berhad ("SHB" or "the Company") wishes to announace that its external auditors, KPMG PLT have issued a statement of "Material Uncertainty Related to Going Concern" in respect of the Financial Statements for the financial year ended 31 December 2016.
Please refer to the attached for the further information.
On behalf of the Board of Directors of SHB, Affin Hwang Investment Bank Berhad and Astramina Advisory Sdn Bhd wish to announce that PNB has notified SHB that PNB is satisfied with the results of the Due Diligence Inquiry.
In addition, SHB has, through a letter dated 27 April 2017, been notified by UKAS that the GoM is agreeable to the change in the shareholding structure of SILK arising from the sale and transfer by SHB of the Shares to PNB or its nominee.
Hence, the SPA has become unconditional today pursuant to the fulfilment of all Conditions Precedent.
Let me share some facts & figure here, then you guys decide whether it is a good investment or not:-
1) The PNB offer is not only RM380mil as many newspaper announce. The actual purchase is RM380mil + RM20mil. If you refer to the Circular to Shareholder dated 6 March 2017, paragraph 2.3.2, it mentioned that PND will pay an additional RM20mil to SILK Holding within 6 month from the date of completion.
2) Yesterday the auditor has raise their opinion on going concern of the company. But this worries can be immediately mitigate once SILK received the RM380mil + RM20mil. So no more going concern issue to be worried.
3) The estimated gain from this sale proposal is RM365mil, which turn out to be EPS of 54sen.
4) The NTA will be increase from 16sen to 70sen.
Beside that, please note that Jasa Merin is one of the biggest OSV Support provider in Malaysia, and it has the youngest fleet compare to other.
Bad. 1. They are delaying dividend payment.- now need time to apply approval from bursa 2. With dividend reinvestment plan, they still to keep as much cash as possible - meaning might be having cash flow problem.. They try to keep the cash by luring you with sweets (cheaper shares. Not unusual ) - something like private placement. Summary : suspect finance or tight cash flow. Sell. wakaka
@sheep .. cash flow problem? are u serius? hows that possible, they sold the hway to settle their cash flow problem.. the DRP not a cash call, so i dont think its detrimental
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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....
TMMC
348 posts
Posted by TMMC > 2017-04-27 16:16 | Report Abuse
Hi Albukhary ...it seems we have similar taste of stocks :pppp
0.80 !!!!!!