Just a comment on today's action as the stock returns to reality. I put transactions in a spreadsheet when BIG SALE occured. I sorted them by size. Turns out there were only 700k orders of 100k or less. 35 million was in big orders of 500k. So it should tell you that there was not much investor buying. Big boys sorted it between themselves.
The US, UK and France are among several countries urging their citizens to leave Lebanon as heightened tensions in the region spark fears of a widening Middle East conflict
TEL AVIV — Israel is bracing for a potential multiday attack by Iran and its ally Hezbollah following the assassination of two senior militant leaders last week, an Israeli official told NBC News.
The official said Israel fears waves of missiles and drones could be fired over several days in response to the killing of Hamas political leader Ismail Haniyeh and Hezbollah commander Fuad Shukr.
“They’ll just try to wear us out,” the official said.
Well, about 1/3 of shares is owned by one director through SAR ventures. Not sure if that is the Syndicate controlling the price (spike in July), but I think they support the price to guarantee plan to issue right shares and warrants is viable.
PRACTICE NOTE 17 / GUIDANCE NOTE 3 : REGULARISATION PLAN ALAM MARITIM RESOURCES BERHAD Announcement details
Type: Announcement Subject: PRACTICE NOTE 17 / GUIDANCE NOTE 3 REGULARISATION PLAN Description: ALAM MARITIM RESOURCES BERHAD ("AMRB" OR THE "COMPANY") PROPOSED REGULARISATION
Reference is made to the earlier announcement dated 26 July 2024 in relation to the Proposed Regularisation Plan (“Requisite Announcement”). Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Requisite Announcement.
On behalf of the Board of Directors of AMRB, Interpac wishes to announce that the application in relation to the Proposed Regularisation Plan had been submitted to Bursa Securities on 16 August 2024.
Oil jumps over $3 a barrel as Middle East conflict stokes supply worry By Georgina Mccartney October 4, 2024 3:14 AM GMT+8 Reuter
HOUSTON, Oct 3 (Reuters) - Oil prices surged on Thursday as concerns mounted that a widening regional conflict in the Middle East could disrupt global crude flows. Brent crude futures settled up $3.72, or 5.03%, at $77.62 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled up $3.61, or 5.15%, to $73.71. Brent futures reached an intraday high of $77.89 per barrel, while WTI futures peaked at $73.97 per barrel, both hitting one-month highs.
Yes, traditionally, this company makes a small gain of about 1 sen (MYR 0.01) once a year on the rumour that something may happen. And when nothing much happens, it goes back to the range. I am glad I exited. But will consider jumping in again, in the spring of 2025.
Good financial report. However, Alam price is driven by the distress situation, not earnings. The disclaimer of opinion is still there on page 8/16. No chance to get out of PN17. I do NOT expect much of upward movement in price tomorrow. _____________________________________________________________ AUDITORS' REPORT ON PRECEDING ANNUAL FINANCIAL STATEMENTS TheGroupandtheCompanyhavenotappliedinadvancethefollowingaccountingstandard(s)and/orinterpretation(s)(includingtheconsequentialamendments,ifany)thathavebeenissuedbytheMalaysianAccountingStandardsBoard(“MASB”)butarenotyeteffectiveforthecurrentfinancialyear:- TheauditorsdidnotexpressanopiniononthefinancialstatementsoftheGroupandoftheCompanyforthefinancialyearended30June2024.BecauseofthesignificanceofthemattersdescribedintheBasisforDisclaimerofOpinionsectionofthereport,theauditorshavenotbeenabletoobtainsufficientappropriate audit evidence to provide basis for an audit opinion on the financial statements.
To be fair, the company promissed to address the issue with the auditors in a statement made 3 days ago. It is important, so I provide it. _____________________________________
ALAM MARITIM RESOURCES BHD ("ALAM" OR THE "COMPANY") DISCLAIMER OF OPINION ON THE AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 3O JUNE 2024 Reference is made to the announcement dated 30 October 2024 and 21 November 2024 in relation to the scheme of arrangement proceedings filed by both AMRB and Alam Maritim (M) Sdn Bhd (“AMSB”).
Pursuant to Paragraph 9.19(37) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors of ALAM wishes to further announce that the Company has initiated steps to improve its record-keeping processes and is currently working to resolve this issue by providing the information and documents that are required by the external auditors in order to enable the external auditors to satisfy themselves on the truth and fairness of the financial statements prepared by the directors.
I wonder why they didn’t asked for extension period for submitting the annual report/audited account instead of submitting those on time with qualified opinion from the external auditor.
They are doing special audit which is expected to complete in December 2024. Will bursa consider the upliftment once the report is ready and all accounting compliance are meet, or bursa will wait for another round of quarterly announcement by end of February?
Wow, Superb good news for Alam ! Finally, the 3rd QR just released yesterday ! Alam's revenue increased from to 134,154,000(Previous QR) to 194,223,000 (+60,069,000) (+44.8 %) it's Profit/(loss) for the period was increased from 4,855,000(Previous QR) to 10,740,000(+5,885,000) (+121.2 %)
Alam was making six consecutives quarter profits since 31-8-2023 1)31-8-2023 QR for 30Jun2023(2ndQR2023) Positive QR Profits of +17.5 million ringgit 2)30-11-2023 QR for 30Sep2023(3rdQR2023) Positive QR Profits of +2.7 million ringgit 3)28-2-2024 QR for 31Dec2023(4thQR2023) Positive QR Profits of +2.6 million ringgit 4)31-5-2024 QR for 31Mar2024(1stQR2024) Positive QR Profits of +18.5 million ringgit 5)29-8-2024 QR for 30Jun2024(2ndQR2024) Positive QR Profits of +4.9 million ringgit 6)28-11-2024 QR for 30Sep2024(3rdQR2024) Positive QR Profits of +10.7 million ringgit
There is NO chance to get out of PN17. They must first implement a Regularisation Plan which involves rights isses, EGM, courts to approve, etc. And only AFTER implemented, 2 Quarter Profits. This will be YEARS! And as you see up, reports are not certified by auditors, so cannot be considered for anything.
“Robert Waters There is NO chance to get out of PN17. They must first implement a Regularisation Plan which involves rights isses, EGM, courts to approve, etc. And only AFTER implemented, 2 Quarter Profits. This will be YEARS! And as you see up, reports are not certified by auditors, so cannot be considered for anything.“
The only thing holding them right now is the issue highlighted in auditor report. If they manage to clear this with special audit which is expected to complete by December, nothing more stopping them from bursa to approve their regulation plan.
To exit pn17, the company doesn’t have to strictly follow the reg plan. As long as the company turn to net asset and green PNL, bursa will eventually remove them from PN17. Look at epicon, they hardly execute the reg plan but now no longer a pn17 company.
Thank you for making a point. I own a few PN17 companies. Read a few plans. Got a few press articles about Schemes of Arrangements. Never heard of company just being released because of going green. They need to remove triggering events. It is now concern about ability to go on (as a going concern about MATERIAL UNCERTAINITY). Not just availability of records. But I did my research months ago, forgot details about Alam.
I checked my old research. Alam triggered multiple PN17 criteria. Two disclaimers from auditors, equity loss and default on debt payment. All of them have to be resolved. That is not just a matter of 'going green.' Paper profit do not address the triggers. So it sure will take a few years if all things go right.
Look at the 6 consecutively qtrs profits,it means alam is on the right track to recovery.Althought it will takes time to get rid of PN17,but chances are bright.
Well, as I told you, PN17 has not much to do with 6 consecutive reports of good earnings. It is about the two disclaimers from auditors, equity loss and default on debt payment. All of them have to be resolved. For example: if auditors issue disclaimer about poor records at Alam, good earnings are NOT supported by records and cannot be used to exit PN17. Issue of records must be addressed.
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: Carlo Rino Group Berhad, a leading fashion retailer of women’s handbags, footwear, and accessories, aims to list on the ACE Market!
MQ Trader 1771 views | 5 d ago
0:17
New IPO: A homegrown air fragrance company, Vanzo Holdings Berhad aims to list on the Ace Market!
MQ Trader 1570 views | 5 d ago
0:17
New IPO: Winstar Capital Berhad, a specialist in the extrusion of aluminium profiles and fabrication of aluminium ladders aims to list on the ACE Market!
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....
Pandu1
1,080 posts
Posted by Pandu1 > 2024-07-30 09:08 | Report Abuse
Now 163mill bid @ 3.5 sen n 37.6mill ask @ 4 sen.