Do not dare to reveal the latest shareholdings as at 29-03-2019 so change financial year from 01-01-2018 - 31-12-2018 to 01-01-2018 - 30-06-2019. Annual report for 2018 would not be issued today to reflect the latest shareholdings as at 29-03-2019.
this company has serious corporate government issues.the top management can easily settle the debt by selling a small part of the land but they insist on issuing the private placement .
Somebody with deep pocket should just take it private as at this price market cap less than 100m versus net asset of more than 500m????
Wonder how the BOD handled the 250k debt resulting in PN17. Most companies would try their utmost to avoid PN17, but somehow you feel that the BOD is happy to allow it to slip into PN17.
their total debt is close to 30mil. company cannot carry this anymore as no more income generation where their plant has completely been shut down 6 months ago
Changes in Director's Interest (Section 219 of CA 2016) SEACERA GROUP BERHAD
Information Compiled By KLSE
Particulars of Director Name ENCIK ZULKARNIN BIN ARIFFIN Descriptions(Class) Ordinary shares Details of changes No Date of change No of securities Type of transaction Nature of Interest 1 19/04/2019 34,700 Disposed Indirect Interest Name of registered holder Synergy Platform Sdn Bhd Description of "Others" Type of Transaction Consideration (if any) 2 19/04/2019 200,000 Disposed Indirect Interest Name of registered holder Kenanga Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Synergy Platform Sdn Bhd Description of "Others" Type of Transaction Consideration (if any)
Circumstances by reason of which change has occurred Disposal of shares by Synergy Platform Sdn Bhd and Kenanga Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Synergy Platform Sdn Bhd via open market Nature of interest Indirect Interest Total no of securities after change Direct (units) 0 Direct (%) 0.000 Indirect/deemed interest (units) 0 Indirect/deemed interest (%) 0.000 Date of notice 19/04/2019 Date notice received by Listed Issuer 19/04/2019
New BODs will take over very soon since the business is still viable. Furthermore, the short term borrowings dropped from RM 67 M to RM 21 M and the trade payables also dropped from from RM 87 M to RM 68 M.
Drama Minggu Ini - Seacera - SalvadorDali Author: Tan KW | Publish date: Sun, 28 Apr 2019, 3:39 PM
Points To Consider:
- Net current assets of Seacera was RM838m, largely backed by its 501 acres of land in Semenyih. - Current management and CEO proposed to do a jv on that land with Duta Skyline (OCR) - Datuk William Tan is the single largest shareholder with a 16.4% block and has pledged to inject RM30m into the company to resolve the company's cash flow. Tan basically was against the jv. - Seacera just defaulted on an RM25,451 payment for its Ambank Islamic loan, putting it into PN17. - Tan also mentioned that if he manages to take over the company he will declare a 10 sen special dividend after minor asset sales.
Commentary:
- Obviously Tan has other plans to develop the 501 acres, apparently with strong China involvement (Country Garden). So who is to say which jv is better? The CEO has the right to call the shots here. - However, the CEO and present management totally ignore their largest shareholder's pledge to inject RM30m. How to justify the "silly" missed payment of just RM253,451? Cutting the leg to get rid of an itch!!! - Should the SC step in? In this instance, there appears that there may be a case that the CEO may not have been acting in the company's best interest. On that note, the board of directors should have a lot to answer as well. - This is an interesting situation where the shareholdings are splintered and no one really has effective control. What are the rights of the largest shareholder then?
I wonder whether this is the first time where a PLC whose board members have hardly any shares has placed all its shareholders under siege by their illogical actions thus far.
Why are they in a hurry to JV on the land? It hardly brings in any cash to alleviate its cashflow problem???
I wonder why Bursa approved the BOD's application to change the financial year end to 30 June thus allowing the BOD to possibly delay revealing the Annual Report 2018 and to possibly postpone the AGM beyond June 2019?
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....
InvestsucessTrader
4,761 posts
Posted by InvestsucessTrader > 2019-04-30 08:48 | Report Abuse
Trade at your own peril, when 2 persons fighting, it is better to stay away or you may get hurts.