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 OILCORP BERHAD (3697), been holding it for quite some times

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TSsjz
post Jul 23 2009, 09:02 PM, updated 17y ago

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i don't think they can survive any longer.
they got no cash at all, this is due to the large amount of receivables (some more audited amount) that might not be existed at all.
at most of the circumstances, their cash might already ended up in someone's personal account.(you know what i mean)
Currently, there are having 2 wind up petitions filed against their main subsidiary to involve themselves in O&G sector- OIL FAB S/B and both of them only involve small amount yet they unable to pay those company that filed the petition.
More petition are expected to be filed.
And few newly awarded contract from Hess Cari Gali S/B had also been canceled, so basically, they don't have much income, except from D'Tiara Tiara Beach Resort.

And in addition, they already been declared as default in payment, and the RM45m had been due, so that need to settle the RM47.4m back to EON Bank within 14 days, else legal action will be taken (Most probably another wind up petition but this time the action is taken against OILCORP.)


This post has been edited by sjz: Nov 12 2009, 03:41 PM
edwin32us
post Jul 23 2009, 09:05 PM

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Daniel have many of this oilcrap sweat.gif
TSsjz
post Jul 23 2009, 09:07 PM

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oilcrap?? smile.gif this company isn't good?
i found out that their fundamental is quite healthy and also their counter's volume not bad also

This post has been edited by sjz: Jul 23 2009, 09:08 PM
yang yang
post Jul 23 2009, 09:20 PM

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wanna buy few lots wan, finally end up with some SCOMI and TGOFF rclxub.gif
TSsjz
post Jul 23 2009, 09:26 PM

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haha..
so what price you bought SCOMI?
i was a bit too late to enter during 0.615 then missed the boat.
OILCORP boat seems moving at a slower rate cool2.gif cool2.gif

This post has been edited by sjz: Jul 23 2009, 09:27 PM
XPad
post Jul 23 2009, 09:35 PM

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QUOTE(sjz @ Jul 23 2009, 09:07 PM)
oilcrap?? smile.gif this company isn't good?
i found out that their fundamental is quite healthy and also their counter's volume not bad also
*
I read somewhere sometime back that there were some problems with their audit reports which involved a change of auditors. Wonder if they were trying to manipulate their accounts with some creative accounting to make them look good!??
yang yang
post Jul 23 2009, 09:38 PM

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QUOTE(sjz @ Jul 23 2009, 09:26 PM)
haha..
so what price you bought SCOMI?
i was a bit too late to enter during 0.615 then missed the boat.
OILCORP boat seems moving at a slower rate cool2.gif  cool2.gif
*
tongue.gif ha ha me stuck at 0.69.
THIS stock want to FLY can fly very HIGH... ohmy.gif
TSsjz
post Jul 23 2009, 09:42 PM

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QUOTE(XPad @ Jul 23 2009, 09:35 PM)
I read somewhere sometime back that there were some problems with their audit reports which involved a change of auditors. Wonder if they were trying to manipulate their accounts with some creative accounting to make them look good!??
*
i noticed that too, their counter were suspended from 20 May 2008 to 10 December 2008 because they delayed in the submission of audited account for financial year ended December 2007.
maybe they are trying to do something 'creative'. tongue.gif
but after all i still feel that their company's fundamental and sector involved to be promising.
i heard that their Tiara Bay Resort generate a lot of profit every year smile.gif
yang yang
post Jul 23 2009, 09:47 PM

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No worries for this stock. Fundamentally at this price is still consider OK lah...
Hope some fund manager or their treasure department can jack up the price
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TSsjz
post Jul 23 2009, 09:50 PM

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haha..
i hope the same thing too, once it reached 0.56 during bull rallies last month tongue.gif
XPad
post Jul 23 2009, 09:54 PM

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QUOTE(sjz @ Jul 23 2009, 09:42 PM)
i noticed that too, their counter were suspended from 20 May 2008 to 10 December 2008 because they delayed in the submission of audited account for financial year ended December 2007.
maybe they are trying to do something 'creative'. tongue.gif
but after all i still feel that their company's fundamental and sector involved to be promising.
i heard that their Tiara Bay Resort generate a lot of profit every year smile.gif
*
Tiara BR seems to be doing well with the amount of promos they're doing. Popped by there last year. Bit pricey if you don't buy their packages at the MATTA Fair! Anyway, oil-related companies would have a good future as oil prices are set to go higher in the coming years. Important to check Oil-Corp's current valuation (P/E ratio) and price charts. Sound management is another important factor. If their fundamentals look ok, you would be on to something good! smile.gif Good luck!
pogimoon
post Jul 24 2009, 07:16 AM

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QUOTE(XPad @ Jul 23 2009, 09:35 PM)
I read somewhere sometime back that there were some problems with their audit reports which involved a change of auditors. Wonder if they were trying to manipulate their accounts with some creative accounting to make them look good!??
*
i agree this happen sometime back in 2007 . this counter is actually trading at 1.30. n then come this so call financial irregularity. then this stock drop like nobody business. so u think this stock worth holding?
IGax2000
post Jul 24 2009, 08:45 AM

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The pe is 96++, something abnomal..not a good pick!!
TSsjz
post Aug 7 2009, 12:13 AM

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any latest update on this counter? smile.gif
the price seems to be quite stable these days
David_Brent
post Sep 21 2009, 02:07 PM

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How good is this?

The Company wishes to announce that the Company has failed to meet its interest payment of RM1,643,806.85 due and payable on 17 September 2009 (“Interest Payment Date”) in respect of the Facility Agreement dated 9 September 2005 between EON Bank Berhad (“Lender”), CAPONE Berhad (“Issuer”) and OILCORP (“Borrower”) under a Primary Collateralised Loan Obligation (“CLO”) Transaction.

a) The date of the default is 17 September 2009.

b) The Company did not have sufficient funds to settle the interest payment due as the receipt of certain large receivables had been delayed from our clients.

c) The Company has on 15 September 2009 written to Malaysian Trustees Berhad (“Trustee”) to seek indulgence of time of up to one (1) month from the Interest Payment Date to remedy this matter.

d) Pursuant to Clause 12.1(a) of the Facility Agreement, it is an Event of Default when Oilcorp fails to pay the interest on the Interest Payment Date. However, the Lender and/or Trustee have yet to declare Oilcorp to be in default under the Facility Agreement. If such a notice has been served to Oilcorp to declare the default, then the CLO is to be immediately due and payable together with accrued interest thereon and any other amounts then payable under this Facility Agreement.

e) Such a default will have an impact on the business, financial and operational aspects of Oilcorp. However, Oilcorp expects to remedy this Interest Payment within the indulgence period if granted and is pursuing the payment of receivables in paragraph (b) above.

f) The action available to the Lenders against the Company is to issue legal proceedings.

g) The event of default is not in respect of payments under a debenture.

h) The company is taking legal advice as to whether such a default will constitute an event of default under any other agreements for indebtedness and will be make an announcement once that advice has been received.

i) This default applies directly to the Company and not in respect of a subsidiary or associated company.

j) As the circumstances present today, the Directors are unable to form an opinion that the Company will be able to meet its debts as they fall due and accordingly the Company is not solvent as defined by PN1 Paragraph 3.1(j) .

This announcement is dated 18 September 2009.

Something fishy going on here. Difficult to believe they can go belly up over such a small amount of money.... hmm.gif

Added on September 21, 2009, 2:08 pm
QUOTE(IGax2000 @ Jul 24 2009, 08:45 AM)
The pe is 96++, something abnomal..not a good pick!!
*
The understatement of the century! laugh.gif

This post has been edited by David_Brent: Sep 21 2009, 02:08 PM
mynewuser
post Sep 22 2009, 07:41 AM

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No wonder the director dump their share like no tomolo.
SUSKinitos
post Sep 22 2009, 09:28 AM

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Humans has memories, stock does not have memory.

Last time this stock is 58 cents, now only 30 cents very cheap already
die die also must buy, it will rise back to 58 cents.
cherroy
post Sep 22 2009, 10:34 AM

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QUOTE(Kinitos @ Sep 22 2009, 09:28 AM)
Humans has memories, stock does not have memory.

Last time this stock is 58 cents, now only 30 cents very cheap already
die die also must buy, it will rise back to 58 cents.
*
Briefly
The company was surrounded by accounting issue previously, now default 1 million interest payment (which relative speaking a small sum) for a company that has asset in balance sheet of 900+ million with 400+ million receivables.

Some more directors are constantly disposing their stake lately until cease become substantial shareholders, as well as resignation of indepedent directors.

The default could make the company being classified as PN17 company, which if there is no resolving on the issue, it could mean being delisted. By then it is not die die must buy, but all the money in the stock die. smile.gif

Don't mean this stock has no future or got future. But this is serious stuff already (default in payment). Must do proper your own due diligence before investing,
David_Brent
post Sep 22 2009, 01:54 PM

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QUOTE(cherroy @ Sep 22 2009, 10:34 AM)
Briefly
The company was surrounded by accounting issue previously, now default 1 million interest payment (which relative speaking a small sum) for a company that has asset in balance sheet of 900+ million with 400+ million receivables.

Some more directors are constantly disposing their stake lately until cease become substantial shareholders, as well as resignation of indepedent directors.

The default could make the company being classified as PN17 company, which if there is no resolving on the issue, it could mean being delisted. By then it is not die die must buy, but all the money in the stock die.  smile.gif

Don't mean this stock has no future or got future. But this is serious stuff already (default in payment). Must do proper your own due diligence before investing,
*
Just wonder how a company this size can default on such a (relatively) small amount of money. Seems like they can't collect their receivables as well. Now wondering if these receivables really exist at all.... hmm.gif
skiddtrader
post Sep 22 2009, 08:06 PM

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QUOTE(David_Brent @ Sep 22 2009, 01:54 PM)
Now wondering if these receivables really exist at all.... hmm.gif
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Wah really good question! Another Transmile or Megan?
TSsjz
post Sep 23 2009, 08:35 AM

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but certain of their business did quite well, for example their Tiara Beach Resort in Port Dickson under D' Tiara which is a subsidiary of them.
cherroy
post Sep 23 2009, 10:42 AM

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QUOTE(sjz @ Sep 23 2009, 08:35 AM)
but certain of their business did quite well, for example their Tiara Beach Resort in Port Dickson under D' Tiara which is a subsidiary of them.
*
Resort busines from its segmented business analysis from its 2008 report, showed it is not doing well, it made losses for the company.

So how can it do well? rclxub.gif

Also its principal activities is in O&G construction or construction related, Resort business just part of it only.
David_Brent
post Sep 23 2009, 10:48 AM

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A big mystery is where these receivables are.... hmm.gif
TSsjz
post Sep 23 2009, 11:07 AM

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become the most active counter for today.
seems that got large B-Q to buy at current price
SUSKinitos
post Sep 23 2009, 02:00 PM

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No worries, the auditors said the receivables are true and fair amount.
TSsjz
post Sep 23 2009, 02:19 PM

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can show us the report about the auditor's report? smile.gif
i will be very glad if those receivables were actually there, invest more than 30k there.
means that the current situation is due to delayed receivables as they stated in the annoucement?
SUSKinitos
post Sep 23 2009, 02:44 PM

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Oilcorp fired the old auditors, new auditors very blur blur

The latest Annual Report 2008 was 8 months ago, everything change now.

Paid some newspapers to write good recomendation for OilCorp, then sell your shares
David_Brent
post Sep 23 2009, 02:48 PM

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QUOTE(Kinitos @ Sep 23 2009, 02:00 PM)
No worries, the auditors said the receivables are true and fair amount.
*
laugh.gif laugh.gif laugh.gif

Added on September 23, 2009, 2:50 pm
QUOTE(Kinitos @ Sep 23 2009, 02:44 PM)
Oilcorp fired the old auditors, new auditors very blur blur

The latest Annual Report 2008 was 8 months ago, everything change now.

Paid some newspapers to write good recomendation for OilCorp, then sell your shares
*
I'd like to know why two directors resigned last week as well...... hmm.gif

This post has been edited by David_Brent: Sep 23 2009, 02:50 PM
mynewuser
post Sep 23 2009, 04:53 PM

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They must use the company money to invest in OILCORP. But who know, price not moving much.
satellitegadget
post Sep 23 2009, 05:39 PM

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looking at the huge buying queue i think sudnt b a problem jumping back to 0.3++ in short term,

"interest payment is due"...mayb its the same old tactic to collect shares at low price...
David_Brent
post Sep 23 2009, 07:22 PM

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They are now officially PN17...disgraceful!
skylands
post Sep 23 2009, 08:53 PM

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wow i just read the news ... hmmmmm .. thought of can buy and play this share..

This post has been edited by skylands: Sep 23 2009, 08:54 PM
kongps82
post Sep 23 2009, 09:30 PM

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What will usually happen to company listed as PN17? Any difference from normal shares?
cherroy
post Sep 23 2009, 11:44 PM

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QUOTE(kongps82 @ Sep 23 2009, 09:30 PM)
What will usually happen to company listed as PN17? Any difference from normal shares?
*
No different, except it will be delisted by KLSE if there is nothing to rectify the situation by the company.
TSsjz
post Sep 24 2009, 12:55 AM

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they have 1 year to come out with a regularization plan or clear their debts
zamans98
post Sep 24 2009, 01:07 AM

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OILCORP and SAAG almost the same price now.
smartly
post Sep 24 2009, 09:23 AM

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better avoid this counter, no point betting a PN17 counter anymore.
bluecoat
post Sep 24 2009, 09:40 AM

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cant believe, today morning time already drop again for 0.06.

will it drop again ?
eason47
post Sep 24 2009, 10:56 AM

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wow...
drop again...
dunno whether there's anyone want to takeover the company... blink.gif
zamans98
post Sep 24 2009, 10:59 AM

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Looks like Game is OVER.

May buy for fun @ 15c
smokey
post Sep 24 2009, 02:32 PM

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wat will happen to our money if delisted ar?
cherroy
post Sep 24 2009, 02:40 PM

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QUOTE(smokey @ Sep 24 2009, 02:32 PM)
wat will happen to our money if delisted ar?
*
moneyflies.gif
Eng Hua
post Sep 24 2009, 02:58 PM

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QUOTE(sjz @ Sep 23 2009, 08:35 AM)
but certain of their business did quite well, for example their Tiara Beach Resort in Port Dickson under D' Tiara which is a subsidiary of them.
*
QUOTE(sjz @ Sep 23 2009, 02:19 PM)
can show us the report about the auditor's report? smile.gif
i will be very glad if those receivables were actually there, invest more than 30k there.
means that the current situation is due to delayed receivables as they stated in the annoucement?
*
Seems like you are putting a lot with this counter, still holding it? So you buy it because of the Tiara Beach Resort only?
smartly
post Sep 24 2009, 03:37 PM

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QUOTE(cherroy @ Sep 24 2009, 02:40 PM)
moneyflies.gif
*
bye.gif tongue.gif
Intrigue
post Sep 24 2009, 05:33 PM

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omfg.. i had couple of lots..
David_Brent
post Sep 24 2009, 07:08 PM

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QUOTE(flydragon @ Sep 24 2009, 06:46 PM)
I feel sorry for those who bought this counter....
This is my 1st time to see a such huge drop.....
This is the risk in share trading.
*
I'm going to start a support group for OILCRAP shareholders so we can all meet and swap war stories and cry on each others' shoulders... laugh.gif

....and plot our revenge...... brows.gif
mazda626
post Sep 24 2009, 07:14 PM

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They need good debts collectors.............. hmm.gif ?
Vinct
post Sep 24 2009, 08:10 PM

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According to remisier, do not own this stock... this is the advice given to those who want to buy cheap.
As many PN companies all die in the end. cry.gif
skylands
post Sep 24 2009, 08:19 PM

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QUOTE(flydragon @ Sep 24 2009, 06:46 PM)
I feel sorry for those who bought this counter....
This is my 1st time to see a such huge drop.....
This is the risk in share trading.
*
this is not huge enough if compare with TRANMIL biggrin.gif icon_idea.gif icon_idea.gif
David_Brent
post Sep 24 2009, 09:08 PM

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QUOTE(mazda626 @ Sep 24 2009, 07:14 PM)
They need good debts collectors.............. hmm.gif ?
*
Yeah...send a few Ah Long enforcers round to collect the RM400 million receivables..... brows.gif
skylands
post Sep 24 2009, 11:03 PM

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but i think there is a point will stop dropping and a small bounce back.. and continue to fall again ? feel like taking the risk ..
cherroy
post Sep 24 2009, 11:55 PM

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QUOTE(skylands @ Sep 24 2009, 08:19 PM)
this is not huge enough if compare with TRANMIL biggrin.gif  icon_idea.gif  icon_idea.gif
*
The degree of fall is similar, Transmile from 15 to 2.xx. Oilcorp previous years high was around 2.50, now less than 0.20.

QUOTE(skylands @ Sep 24 2009, 11:03 PM)
but i think there is a point will stop dropping and a small bounce back.. and continue to fall again ? feel like taking the risk ..
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The risk is not about share price alone, the main risk is they no longer listed, game over.

This is the primary risk why the stocks are sold down after being classified as PN17.

So invest bet on this stock, means one is betting the company will get out of PN17, as simple as that. Whether the company will or will not, is up to anyone guess.
skylands
post Sep 25 2009, 12:00 AM

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QUOTE(cherroy @ Sep 24 2009, 11:55 PM)
The degree of fall is similar, Transmile from 15 to 2.xx. Oilcorp previous years high was around 2.50, now less than 0.20.

*
but tranmil was just few days thing .. oilcorp from 2.5 high (so long ago ) to now 0.2, abit more like slowly die..
cherroy
post Sep 25 2009, 12:13 AM

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QUOTE(skylands @ Sep 25 2009, 12:00 AM)
but tranmil was just few days thing .. oilcorp from 2.5 high (so long ago ) to now 0.2,  abit more like slowly die..
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In actual fact, slow die is more painful, because you don't cut loss in those slow die situation. But for quick dive/die situation like Transmile, at least people will scare and cut loss.

In slow die situation, today drop 1 cent, so you have the hope tomorrow up 1 cent back, but everyday keep on hoping like than after a year, 2.00 gone without much notice.


David_Brent
post Sep 25 2009, 12:38 AM

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QUOTE(cherroy @ Sep 25 2009, 12:13 AM)
In actual fact, slow die is more painful, because you don't cut loss in those slow die situation. But for quick dive/die situation like Transmile, at least people will scare and cut loss.

In slow die situation, today drop 1 cent, so you have the hope tomorrow up 1 cent back, but everyday keep on hoping like than after a year, 2.00 gone without much notice.
*
True....very true...... mega_shok.gif
TSsjz
post Sep 25 2009, 01:03 AM

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QUOTE(David_Brent @ Sep 24 2009, 07:08 PM)
I'm going to start a support group for OILCRAP shareholders so we can all meet and swap war stories and cry on each others' shoulders... laugh.gif

....and plot our revenge...... brows.gif
*
pls include me.
really don't know what to do now, all earnings in stock trading for so long gone within days!!

i buy their share based on recommendation by a friend and speculation that their subsidiary OILFAB that receive quite a numbers of millions ringgit projects lately and their Tiara Beach Resort doing quite well.
now paper loss around 13k. cry.gif cry.gif cry.gif
ABP 0.405
should sell them earlier. doh.gif
anyone holding this counter pls share your info here..
don't believe a company with NTA around RM1.1x will ended up like this
actually the company shouldn't be in problem if they are able to collect the 400 million receivables (mainly on O&G sector)...
now it's impossible to stop loss anymore, will wait until the price rises back, maybe years after when the company out of PN17 or if lucky, they got their receivables on time.

This post has been edited by sjz: Sep 25 2009, 01:11 AM
Eng Hua
post Sep 25 2009, 03:14 AM

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QUOTE(sjz @ Sep 25 2009, 01:03 AM)
pls include me.
really don't know what to do now, all earnings in stock trading for so long gone within days!!

i buy their share based on recommendation by a friend and speculation that their subsidiary OILFAB that receive quite a numbers of millions ringgit projects lately and their Tiara Beach Resort doing quite well.
now paper loss around 13k.  cry.gif  cry.gif  cry.gif
ABP 0.405
should sell them earlier. doh.gif
anyone holding this counter pls share your info here..
don't believe a company with NTA around RM1.1x will ended up like this
actually the company shouldn't be in problem if they are able to collect the 400 million receivables (mainly on O&G sector)...
now it's impossible to stop loss anymore, will wait until the price rises back, maybe years after when the company out of PN17 or if lucky, they got their receivables on time.
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Since PN17 means this company going to get delisted and money will gone beautifully.

Normally when we invest we tend to set cut loss at 10-20% depend ability to take risk. Since you mention u invest 30k, paper loss 13k, meaning you still have 17k.

You now have few choices, either cut it off take back your 17k or hold it for it to get out. So you facing a risk which it might go delisted anytime which means your 30k burn in share market and you might be someone outside that telling people, " I don't trust share market anymore".

So for me, i think i got a few suggestions for you, for my own oppinions, sell it.
1) Invest with mutual fund, start accumulating your bullet again, wait for next 5 years and the economy cycle back and we might face some crisis again and whack those blue chips company with all your bullet. Try to learn as much as possible about the market, know both fundamental, technical. You will be reborn and again and with a lot of bullets, you will win the war again 5 years later.

2)Cash all out also, but whack them all in blue chips, since everyone talking about market recovery, our local market and regional markets has been rally been march, overall, global market is doing very well for the YTD perfomance. My personally believe this bull can sustain until year end, looking back at history, a recession->recovery market can really sustain for a long time. Blue chips always the best choice, but you need to have a lot bullets.

3)Hoping it to rebounce, 97's crisis make the street full of bloods, because no one want to cut loss. Hoping the counters to rebounce. Make the wise decision, you still can fight if you still keep the bullets, you will lost everything if you just want to bet.

In the end, just my opinions, no offense smile.gif
zamans98
post Sep 25 2009, 09:16 AM

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16.5 cts, coming to 15c today. Wow, Deja-Vu of TIME
eason47
post Sep 25 2009, 09:28 AM

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Price drop again...to 17cents...opps...just drop to 16.5cents... blink.gif
better let go now...loss less better than get nothing in the end...

it's very hard to see a comback for a PN17 companies...

400million receivables?how true is that...?
no one knows...as previous forumer said...the auditor might be abit blur blur 1... tongue.gif
so my advice...dun hold too much hope on the share...
better sell while u still can...

This post has been edited by eason47: Sep 25 2009, 09:30 AM
aurora97
post Sep 25 2009, 09:37 AM

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QUOTE(eason47 @ Sep 25 2009, 09:28 AM)
Price drop again...to 17cents...opps...just drop to 16.5cents... blink.gif
better let go now...loss less better than get nothing in the end...

it's very hard to see a comback for a PN17 companies...

400million receivables?how true is that...?
no one knows...as previous forumer said...the auditor might be abit blur blur 1... tongue.gif
so my advice...dun hold too much hope on the share...
better sell while u still can...
*
any sos abt the 400m receivables?

it looks kind of like the same figure of the 400m principal loan given by Lenders to Oilcorp..

Oilcorp merely defaulted on the intrest payment...

from news i have seen so far merely say "Large Receivables" due to Oilcorp but nothing more.
skylands
post Sep 25 2009, 09:45 AM

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anyone know from the pass record, how many PN17 company can come out from the list at last ?
eason47
post Sep 25 2009, 10:10 AM

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QUOTE(aurora97 @ Sep 25 2009, 09:37 AM)
any sos abt the 400m receivables?

it looks kind of like the same figure of the 400m principal loan given by Lenders to Oilcorp..

Oilcorp merely defaulted on the intrest payment...

from news i have seen so far merely say "Large Receivables" due to Oilcorp but nothing more.
*
HUH? blink.gif
400m receivables looks like same figure of the 400m principal loan?really?
then that's mean after add with the debts to creditors...
their debts will be more than 400m?!
which mean even they manage to collect all their receivables...still it can't cover the payables?
aurora97
post Sep 25 2009, 10:13 AM

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QUOTE(eason47 @ Sep 25 2009, 10:10 AM)
HUH? blink.gif
400m receivables looks like same figure of the 400m principal loan?really?
then that's mean after add with the debts to creditors...
their debts will be more than 400m?!
which mean even they manage to collect all their receivables...still it can't cover the payables?
*
wait i think we are both confused somewhere, let me find the article...

but pertaining to the 400m receivables u r referring to, I don't know where u obtained the source thats why i am asking.
David_Brent
post Sep 25 2009, 10:22 AM

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What concerns me now is that some evidence of actual fraud may be uncovered. hmm.gif
smartly
post Sep 25 2009, 10:26 AM

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Holland stock already, why catch some more ??
Like dumping money to salt water sea...
eason47
post Sep 25 2009, 10:46 AM

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QUOTE(aurora97 @ Sep 25 2009, 10:13 AM)
wait i think we are both confused somewhere, let me find the article...

but pertaining to the 400m receivables u r referring to, I don't know where u obtained the source thats why i am asking.
*
I just checked back...
previously on page 3...forumer David Brent mentioned about the receivables of 400m tongue.gif


QUOTE(David_Brent @ Sep 25 2009, 10:22 AM)
What concerns me now is that some evidence of actual fraud may be uncovered. hmm.gif
*
possible...
coz auditors are rush to finish their work in short time and won't ever really looks into too details things... yawn.gif


SUSKinitos
post Sep 25 2009, 11:08 AM

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Maybe not as bad as you guys thinks. Looks like someone buying up today as the market panic.

In short protect your capital unless you know where is the floor.
smartly
post Sep 25 2009, 11:17 AM

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Another approach, swap Oilcorp with Compugate.
You get double of your volume and if Oilcorp dip further to 5c you swap back to oilcorp to make the different.
If Compugate rally u tend to recover twice faster than oilcorp as holdings is double.

Just a crack thought for consideration....if feel not safe, don't follow.
Raub
post Sep 25 2009, 11:48 AM

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Same like DCIB, NSCOM.... will drop until 0.06 then terminated...
Now, the price is 0.17 and in short time can up to 0.190..this just a "show" to attrack the small investor who think wan to earn small money and fast money.. please save your bullet ..

Today closed price will 0.160 - 0.170
Then Monday , will start at 0.160 --- > 0.140 -----> 0.160....
The big shareholder just attrack small investor to hell lah...they will earn a lot in this moment...
z21j
post Sep 25 2009, 12:52 PM

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QUOTE(flydragon @ Sep 25 2009, 12:28 PM)
what happen to the shareholder if the companies delisted?
Will they still enjoy profits?

2. What happen to the NTA if delisted?

3. Delisted doesnt mean Bankrupt, rite?
*
#3. Yea... Doesnt mean bankrupt but u can say bye bye to ur money invested...



This post has been edited by z21j: Sep 25 2009, 12:55 PM
smartly
post Sep 25 2009, 01:33 PM

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what happen to the shareholder if the companies delisted? You still remain as shareholder & still legally own your shares in the company (should you choose not to sell them). However, delisting is generally regarded as the first step toward potential bankruptcy.
Will they still enjoy profits? Still, if the company still in operation & generating profit. tongue.gif

2. What happen to the NTA if delisted? Nothing change, could be revalued lower or in -ve zone.
3. Delisted doesnt mean Bankrupt, rite? Yes, refer to last part of question 1.


Getting delisted from a stock exchange isn't a bad thing. Going private consolidates ownership in a company and can actually put the company in a better financial situation than it once was in. example MAXIS.........BUT......More often than not, when a company gets delisted, it's a result of bad things, not good ones. example OILCORP. tongue.gif

This post has been edited by smartly: Sep 25 2009, 01:34 PM
cherroy
post Sep 25 2009, 01:58 PM

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smartly,
You will confuse the forumer only by saying delisting doesn't mean a bad thing. biggrin.gif

Just to make clear to the forumer
Delisting got 2 type,
1. Voluntary due to privatisation, (nothing bad)
2. Being forced by KLSE, violation of listing requirement (generally because of financial issue)

Now it is about 2.

The basic way company management or major shareholders can protect minority shareholders benefit (in 2) is to let the company stay afloat aka listing.

If they cannot do it, how can a minority stakeholder benefit can be protected under a private company?

Delisting doesn't must mean bankrupt (but generally under 2, means company doesn't in good shape in the first place), it means share cannot be traded at the exchange, so you have no way to sell your shares totally. So still concern about NTA, company profit?
smartly
post Sep 25 2009, 02:30 PM

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QUOTE(cherroy @ Sep 25 2009, 01:58 PM)
smartly,
You will confuse the forumer only by saying delisting doesn't mean a bad thing.  biggrin.gif

Just to make clear to the forumer
Delisting got 2 type,
1. Voluntary due to privatisation, (nothing bad)
2. Being forced by KLSE, violation of listing requirement (generally because of financial issue)

Now it is about 2.

The basic way company management or major shareholders can protect minority shareholders benefit (in 2) is to let the company stay afloat aka listing.

If they cannot do it, how can a minority stakeholder benefit can be protected under a private company?

Delisting doesn't must mean bankrupt (but generally under 2, means company doesn't in good shape in the first place), it means share cannot be traded at the exchange, so you have no way to sell your shares totally. So still concern about NTA, company profit?
*
biggrin.gif Thanks for substantiate the explaination.
hot13max
post Sep 25 2009, 02:39 PM

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http://biz.thestar.com.my/news/story.asp?f...58&sec=business

do you think it will delist by these few days ? I just invested 100 lot.. lol... sad.gif
aurora97
post Sep 25 2009, 02:44 PM

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To add on,

1st Hurdle

Actually the most important part determining whether a company will be delisted or otherwise, is the issuance of the First Announcement.

Within 3 mths OilCorp will have to submit a Regularisation Plan informing Bursa whether any significant change to biz plan and policy direction and so on...

If the Reg Plan is rejected by Bursa (and all other factors being considered i.e. 5 days appeal and bla bla), OilCorp will be delisted.

***
2nd Hurdle

If oilCorp survives the 1st Hurdle, OilCorp will issue Monthly Announcement pertaining to the progress of its Reg Plan. If i am not mistaken the 1st mthly announcement should be made 1st Oct 2009.

***

3rd Hurdle

the finalized Reg Plan will have to be submitted to Bursa within 12 mths of the first announcement.. the Announcement will be known as a Requisite Announcement, this announcement will lay out the details of the Reg Plan.

IF AND ONLY if rejected by Bursa (and taking in consideration all other factors... appeal bla bla bla), OilCorp will be delisted.

****

Added on September 25, 2009, 2:48 pmException?

Worse case scenario.
If the Lenders decide to pull the plug and trigger the event of default, immediate payment of interest +principal.

This post has been edited by aurora97: Sep 25 2009, 02:48 PM
panasonic88
post Sep 25 2009, 03:29 PM

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some readings by blogger
http://whereiszemoola.blogspot.com/2009/09...-down-once.html
aed_ee
post Sep 25 2009, 04:04 PM

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better not put your hard earned money at stake!

put it at other counters which have better financial position
Intrigue
post Sep 25 2009, 04:16 PM

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i shall consider this as a BURN... it has been so many years i've been holding off this share.
claricecmw
post Sep 25 2009, 04:24 PM

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QUOTE(sjz @ Sep 25 2009, 01:03 AM)
pls include me.
really don't know what to do now, all earnings in stock trading for so long gone within days!!

i buy their share based on recommendation by a friend and speculation that their subsidiary OILFAB that receive quite a numbers of millions ringgit projects lately and their Tiara Beach Resort doing quite well.
now paper loss around 13k.  cry.gif  cry.gif  cry.gif
ABP 0.405
should sell them earlier. doh.gif
anyone holding this counter pls share your info here..
don't believe a company with NTA around RM1.1x will ended up like this
actually the company shouldn't be in problem if they are able to collect the 400 million receivables (mainly on O&G sector)...
now it's impossible to stop loss anymore, will wait until the price rises back, maybe years after when the company out of PN17 or if lucky, they got their receivables on time.
*
I really feel sorry for u.... sad.gif
ProComplex
post Sep 25 2009, 05:29 PM

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QUOTE(skylands @ Sep 25 2009, 09:45 AM)
anyone know from the pass record, how many PN17 company can come out from the list at last ?
*
Better to cut loss and switch to counter with better prospects and try to make back there. Under the main market rules, to emerge from PN17 is a long process and even after a company is able to emerge from PN17, the rules applied are more stringent going forward ie Bursa has another set of rules for companies which were previously PN17.

Futhermore, the lender on which Oilcorp defaulted, namely Capone is a CLO which has many other plc's in the basket. If an event of event is called, the other companies in the basket may also be affected depending on the terms of the CLO agreement inter se the companies involved.
Raub
post Sep 25 2009, 05:41 PM

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QUOTE(skylands @ Sep 25 2009, 09:45 AM)
anyone know from the pass record, how many PN17 company can come out from the list at last ?
*
Talam....long time no die yet
coffeelover1975
post Sep 25 2009, 06:31 PM

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QUOTE(skylands @ Sep 25 2009, 09:45 AM)
anyone know from the pass record, how many PN17 company can come out from the list at last ?
*
some PN17 companies that I heard of which came out from the black hole in this 2 years :

Sinora Industries
Tanco
Pan Malaysia Industries
Antah (now restructured to Huaan)
Time Engineering

correct me if I am wrong
aed_ee
post Sep 25 2009, 07:11 PM

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QUOTE(Raub @ Sep 25 2009, 05:41 PM)
Talam....long time no die yet
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talam is not out from PN17 yet ...
pete999
post Sep 25 2009, 08:06 PM

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dangerous counter.... 164m interest payment on loan deferred..... BUT its definitely attractive price now for sure, if they can consolidate all their debts problem. laugh.gif
epalbee3
post Sep 25 2009, 10:01 PM

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but their directors all want to dispose the shares..
see the info sections.
htt
post Sep 25 2009, 10:07 PM

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QUOTE(Raub @ Sep 25 2009, 05:41 PM)
Talam....long time no die yet
*
Talam in the midst of out of PN17 tongue.gif
mazda626
post Sep 25 2009, 10:07 PM

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That y we call it investment, if u make then good, if not then that the fees to learn lor....patience is virtue... nod.gif
kongps82
post Sep 25 2009, 10:39 PM

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Basically, we can't predict what will happen to this counter unless u have inside info. No risk no gain, obviously the higher the risk, the higher return you got.
cherroy
post Sep 26 2009, 12:18 AM

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QUOTE(kongps82 @ Sep 25 2009, 10:39 PM)
No risk no gain, obviously the higher the risk, the higher return you got.
*
Frankly speaking, from experience, the higher the risk, a lot of time turn out to be higher loss, not higher return.

It is true about investing, higher risk, higher potential gain. But it is more like a gamble right now instead of investing.

In investing, at least you know what your risk is, what you are facing with.

But in this issue, it is totally in unknown territory.


alenac
post Sep 26 2009, 12:18 AM

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U guys buying oilcorp, the writing was on the wall since last year when they booted out the previous auditors. Many of public listed companies want to indulged in creative accounting to hide their weaknesses. Oilcorp is one of them. Well with this PN17 label, its one foot down the grave.

Again Guys please dun look at NTA as basis of investing. NTA for property & plantation are more solid than NTA for an oil related company or Air transport company like transmile or oilcorp. Look at prime earnings and next look at volume of transactions.

This post has been edited by alenac: Sep 26 2009, 12:23 AM
David_Brent
post Sep 26 2009, 01:22 AM

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QUOTE(alenac @ Sep 26 2009, 12:18 AM)
U guys buying oilcorp, the writing was on the wall since last year when they booted out the previous auditors. Many of public listed companies want to indulged in creative accounting to hide their weaknesses. Oilcorp is one of them. Well with this PN17 label, its one foot down the grave.

Again Guys please dun look at NTA as basis of investing. NTA for property & plantation are more solid than NTA for an oil related company or Air transport company like transmile or oilcorp. Look at prime earnings and next  look at volume of transactions.
*
Do you think I should sell my shares? hmm.gif
alenac
post Sep 26 2009, 09:40 AM

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well. in the first place I won't touch it. But if u have bought, u must be a gambler. A gambler is a risk taker. High risk high reward and off course high losses too. Can we change a gambler's habit, I would say not possible.

This post has been edited by alenac: Sep 26 2009, 09:41 AM
SUSKinitos
post Sep 26 2009, 10:00 AM

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Malaysian Assurance Alliance has 4 of its professionally managed Fund invested in this company totalling more than 6 million shares as of 31Dec2008.

<< Is there any dispute in their ongoing projects inline with the expectation of the customers. Receivables likely to be regular work in progress money held back. If jobs are not done accordingly to standard how can the company expect to collect any money? Receivables is then just an accounting provision. >>
cherroy
post Sep 26 2009, 02:10 PM

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QUOTE(Kinitos @ Sep 26 2009, 10:00 AM)
<< Is there any dispute in their ongoing projects inline with the expectation of the customers. Receivables likely to be regular work in progress money held back. If jobs are not done accordingly to standard how can the company expect to collect any money? Receivables is then just an accounting provision. >>
*
If it is the case, auditor should not let it to register in revenue and receivable previously.


simplesmile
post Sep 26 2009, 04:58 PM

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Only an insider will know if it's worth investing into this company.
David_Brent
post Sep 26 2009, 05:33 PM

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QUOTE(cherroy @ Sep 26 2009, 02:10 PM)
If it is the case, auditor should not let it to register in revenue and receivable previously.
*
I suspect that we will eventually find out that the auditors have a lot of explaining to do... hmm.gif
panasonic88
post Sep 26 2009, 09:29 PM

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QUOTE(David_Brent @ Sep 26 2009, 01:22 AM)
Do you think I should sell my shares? hmm.gif
*
just my humble opinion

yes, sell it and get back some money, put in bluechips / dividend play, soon or later it would cover back your loss.
claricecmw
post Sep 26 2009, 11:09 PM

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QUOTE(David_Brent @ Sep 26 2009, 05:33 PM)
I suspect that we will eventually find out that the auditors have a lot of explaining to do... hmm.gif
*
David, how many units u have with Oilcorp?
Intrigue
post Sep 27 2009, 08:46 AM

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QUOTE(panasonic88 @ Sep 26 2009, 09:29 PM)
just my humble opinion

yes, sell it and get back some money, put in bluechips / dividend play, soon or later it would cover back your loss.
*
will it be total hopeless case? I think i should queue up my shares tomorrow morning
SUSKinitos
post Sep 27 2009, 10:00 AM

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QUOTE(cherroy @ Sep 26 2009, 02:10 PM)
If it is the case, auditor should not let it to register in revenue and receivable previously.
*
<< I'am just imagining a possible senario,
Oilcorp has issued billings against their projects, if they got the money, the numbers will add up in the cash & bank balances, otherwise its will be dumped into receivables until collected.

OR even worst senario their largest creditors has gone bust. >>

Added on September 27, 2009, 10:02 am
QUOTE(David_Brent @ Sep 26 2009, 05:33 PM)
I suspect that we will eventually find out that the auditors have a lot of explaining to do... hmm.gif
*
Auditors are paid for expressing an opinion on the accounts and nothing else.

Has any shareholders manage to drag any auditors to court over similar cases like Tranmil, Megan Media?

Added on September 27, 2009, 10:03 am
QUOTE(panasonic88 @ Sep 26 2009, 09:29 PM)
just my humble opinion

yes, sell it and get back some money, put in bluechips / dividend play, soon or later it would cover back your loss.
*
Everyone knows that if they want to play this game, they first must have capital.
Once they loss all their capital they out of the game.


This post has been edited by Kinitos: Sep 27 2009, 10:03 AM
cherroy
post Sep 27 2009, 11:18 PM

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QUOTE(Kinitos @ Sep 27 2009, 10:00 AM)
Auditors are paid for expressing an opinion on the accounts and nothing else.

*
Auditor scope is more than that.

They are the one responsible to check and verify whatever account stated is correct and true, that's why they are called 'audit' which based on documentation submitter by the company.

Otherwise, any company can just simple issue invoice and register as sales to jack up profit or simply create account out of nothing.

Auditor has the right to boot up dubious amount within the account, if they suspicious about it.

But auditor has no real-time pr real involvement in any company business operation, they only can audit within their scope that is based on documentation of the company and general industry practice.
David_Brent
post Sep 27 2009, 11:37 PM

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QUOTE(Intrigue @ Sep 27 2009, 08:46 AM)
will it be total hopeless case? I think i should queue up my shares tomorrow morning
*
I am keeping some of my shares.
No way am I going to miss the chance to attend the EGM/AGM and tell the directors to their faces what my opinion of them is....

....complete with rotten eggs, tomatoes etc..... laugh.gif

Added on September 27, 2009, 11:39 pm
QUOTE(cherroy @ Sep 27 2009, 11:18 PM)
Auditor scope is more than that.

They are the one responsible to check and verify whatever account stated is correct and true, that's why they are called 'audit' which based on documentation submitter by the company.

Otherwise, any company can just simple issue invoice and register as sales to jack up profit or simply create account out of nothing.

Auditor has the right to boot up dubious amount within the account, if they suspicious about it.

But auditor has no real-time pr real involvement in any company business operation, they only can audit within their scope that is based on documentation of the company and general industry practice.
*
So we can assume the RM400++ million receivables are really there? hmm.gif
The more I trawl through their accounts, the more suspicious I become of the auditors' competency...
The last two (unaudited) quarterly reports really do stretch the imagination to the max nod.gif

This post has been edited by David_Brent: Sep 27 2009, 11:39 PM
aurora97
post Sep 28 2009, 09:35 AM

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Oilcorp holds talks with lenders, expects to stay operational

More News, No Action yet... yawn.gif

Oilcorp’s PN17 dilemma

Another Article -slightly more interesting

This post has been edited by aurora97: Sep 28 2009, 09:38 AM
David_Brent
post Sep 28 2009, 11:09 AM

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QUOTE(aurora97 @ Sep 28 2009, 09:35 AM)
Oilcorp holds talks with lenders, expects to stay operational

More News, No Action yet...  yawn.gif

Oilcorp’s PN17 dilemma

Another Article -slightly more interesting
*
Many thanks. The second article is very good. Key word: TRANSPARENCY.
We've seen precious little transparency from Sunny Ng and his mates on the board.
cherroy
post Sep 28 2009, 12:59 PM

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QUOTE(David_Brent @ Sep 27 2009, 11:37 PM)
So we can assume the RM400++ million receivables are really there? hmm.gif
The more I trawl through their accounts, the more suspicious I become of the auditors' competency...
The last two (unaudited) quarterly reports really do stretch the imagination to the max nod.gif
*
Not related, Transmile acocunt was audited as well, which 'blown up' recevables get through auditor eye.

Not means Oilcorp would be similar, just we cannot said or guarantee that anything get through audit path, must be there, as said before, auditor audit based on paper/documentation, they don't know the details how company business operation.

But if revenue yearly is around 70-80 million, receviables 400+ million means your company average let people/customers owed you company for 4 years time, before collecting the payment?

That's one of important question.
alenac
post Sep 28 2009, 06:27 PM

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"That's one of important question. " If what u said about 70 to 80 mill revenue and balance of receivables is 400 mills. Well wholesales cheats is going on under the watchful eyes of SC then. Oilcorp should be investigated 2 years ago. By now its too late. Another Megan Media in the making and culprits are long gone.


The article by RITA BENOY BUSHON on the need for oilcorp to be transparent echoed on a macro perspective what need to be disclosed by most public listed companies. But sadly this is not so today. Most companies just disclosed the required minimum of SC and KLSE requirements. Yet with the adoption of new worldwide Accounting standards after the Enron, debacle, cases of company failures due to mismanagement and thefts were still cropping up. In the case of Oilcorp, a simple disclosure requirement which in fact would be imposed to all public listed company would have alerted the authorities and shareholders, is the requirement to aged its receivables and report every quarterly and annually in each company's report the amount of debts, segregated between trade and non trade and aged based on % would be suffice to provide the public with and idea of how efficient its management of cashflow. The current cashflow statement is just not sufficient to provide a realiable analysis.

This post has been edited by alenac: Sep 28 2009, 06:57 PM
David_Brent
post Sep 28 2009, 06:34 PM

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QUOTE(alenac @ Sep 28 2009, 06:27 PM)
"That's one of important question. " If what u said about 70 to 80 mill revenue and balance of receivables is 400 mills. Well wholesales cheats is going on under the watchful eyes of SC then. Oilcorp should be investigated 2 years ago. By now its too late. Another Megan Media in the making and  culprits are long gone.
*
Not necessarily. Sunny Ng is still there and we know where he lives..... brows.gif
alenac
post Sep 28 2009, 07:32 PM

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David, what are u gonna to do with Sunny? Bash him up or otherwise. There are laws in the country. Even the transmile culprits are still to be punished severely and many lightly fined and almost all got away with it. As u know also the institutions in this country are not clean and money will buy them out.

Prevention is better than cure. Caveat emptor mann.
David_Brent
post Sep 28 2009, 10:35 PM

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QUOTE(alenac @ Sep 28 2009, 07:32 PM)
David, what are u gonna to do with Sunny? Bash him up or otherwise. There are laws in the country. Even the transmile culprits are still to be punished severely and many lightly fined and almost all got away with it. As u know also the institutions in this country are not clean and money will buy them out.

Prevention is better than cure. Caveat emptor mann.
*
Nothing is further from my mind and I'm quite well aware of how things work - thanks.
TSsjz
post Sep 29 2009, 12:05 AM

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QUOTE(cherroy @ Sep 28 2009, 12:59 PM)
Not related, Transmile acocunt was audited as well, which 'blown up' recevables get through auditor eye.

Not means Oilcorp would be similar, just we cannot said or guarantee that anything get through audit path, must be there, as said before, auditor audit based on paper/documentation, they don't know the details how company business operation.

But if revenue yearly is around 70-80 million, receviables 400+ million means your company average let people/customers owed you company for 4 years time, before collecting the payment?

That's one of important question.
*
As at Dec 31, 2008, the group’s receivables stood at RM474.98mil (audited), of which about RM130.34mil was due from Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd.

i think their problem now is they can't receive part of the receivables (130.34mil) from 2 corporation Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd so now they are proposed subscription of 2,211,166 new convertible preferred stocks of US$0.0001 each in Renewable Fuel Corp (RFC) at a proposed issue price of US$10 per preferred stock.

"This will be be satisfied by conversion of the aggregate debts of about RM80mil, owed by RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh."
David_Brent
post Sep 29 2009, 02:02 AM

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QUOTE(sjz @ Sep 29 2009, 12:05 AM)
As at Dec 31, 2008, the group’s receivables stood at RM474.98mil (audited), of which about RM130.34mil was due from Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd.

i think their problem now is they can't receive part of the receivables (130.34mil) from 2 corporation Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd so now they are proposed subscription of 2,211,166 new convertible preferred stocks of US$0.0001 each in Renewable Fuel Corp (RFC) at a proposed issue price of US$10 per preferred stock.

"This will be be satisfied by conversion of the aggregate debts of about RM80mil, owed by RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh."
*
We'll see.

This post has been edited by David_Brent: Sep 29 2009, 02:31 AM
ProComplex
post Sep 30 2009, 01:03 AM

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QUOTE(sjz @ Sep 29 2009, 12:05 AM)
As at Dec 31, 2008, the group’s receivables stood at RM474.98mil (audited), of which about RM130.34mil was due from Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd.

i think their problem now is they can't receive part of the receivables (130.34mil) from 2 corporation Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd so now they are proposed subscription of 2,211,166 new convertible preferred stocks of US$0.0001 each in Renewable Fuel Corp (RFC) at a proposed issue price of US$10 per preferred stock.

"This will be be satisfied by conversion of the aggregate debts of about RM80mil, owed by RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh."
*
Capitalisation of debts will not improve cashflow at all. Generally, this will only shift the amount from Amount Owing by Subsidiaries to Investment in Subsidiaries. Therefore, this will not improve the company's cash position.

Generally, this can be considered a defensive move to hopefully avoid the auditors forcing the company to write off the receivables of RM130.34 million.

This post has been edited by ProComplex: Sep 30 2009, 01:08 AM
cherroy
post Sep 30 2009, 11:20 AM

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The company facing cashflow problem, any solution must be able to raise cash one.
alenac
post Sep 30 2009, 06:38 PM

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RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh if not mistaken are in biodiesel production. Just think with the current price of palmoil can they pay? Its holland, I presumed. Any shares for debts are not gonna to lift it out of PN17.

Oh yeah, another interesting thing is the company is in deepsea fishing. If oilcorp is in high value added business, how the heck does it come about to go into deepsea fishing also. The business model is unsound. The fact is a fisherman can't be a millionaire but a middle man can.

I would say the management lack focus years ago.

This post has been edited by alenac: Sep 30 2009, 06:45 PM
jarrychong
post Sep 30 2009, 07:33 PM

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conclusion buy this share will vomit blood...
despite suffer huge loss i sold it for peace of mind..
David_Brent
post Sep 30 2009, 07:41 PM

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QUOTE(alenac @ Sep 30 2009, 06:38 PM)
RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh if not mistaken are in biodiesel production. Just think with the current price of palmoil can they pay? Its holland, I presumed. Any shares for debts are not gonna to lift it out of PN17.

Oh yeah, another interesting thing is the company is in deepsea fishing. If oilcorp is in high value added business, how the heck does it come about to go into deepsea fishing also. The business model is unsound. The fact is a fisherman can't be a millionaire but a middle man can.

I would say the management lack focus years ago.
*
Totally agree. The management is unbelievably incompetent - no focus, no strategy and no transparency.
Not surprising when you check out their backgrounds... hmm.gif
alenac
post Sep 30 2009, 09:02 PM

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Another bad news Sunny is getting out of the sinking ship. If the captain is getting out, how will the crew feel? Check in the shareholders register showed Sunny has been unloading his shares since 20 july 2009 till todate, from 28 mill shareholding till balance of 8mill. No 9 guns salute baby! The writing was on the wall, he has no confidence in the company and he has the news much earlier of the impending categorisation lah.

Sayonara baby!, from past experience in other companies, a new management team will take over soon or the "demolition team" salvaging the last of its assets and trying ways thru various representations to SC to stop the delisting and heck they may even pull in "ex IGPs" and all other crooked muscles.


3697 OILCORP OILCORP BHD
Changes in Director's Interest (S135)

Particulars of Director 37

Name : NG HUAT TIAN
NRIC/Passport No./Company No. :
Nationality/Country of Incorporation :

Address:
7, JALAN SS 2/16, 47300 PETALING JAYA, SELANGOR

Descriptions (Class and Nominal Value):
ORDINARY SHARES OF RM1.00 EACH


Name and Address of Registered Holder:



Details of Changes

Date of Notice : 28/09/2009

Transactions:
No. Date Transaction Type No of Shares Price (RM)
1. 25/09/2009 Disposed 2,200,000 -


Circumstances by reason of which change has occurred:
DISPOSED OF SHARES

Nature of Interest:
DIRECT

Consideration:



No of Shares Held After Changes:
Direct : 8,714,320 shares (3.9700%)
Indirect/Deemed Interest : 0 shares (0.0000%)
Total : 8,714,320 shares

This post has been edited by alenac: Sep 30 2009, 09:35 PM
David_Brent
post Sep 30 2009, 09:53 PM

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QUOTE(alenac @ Sep 30 2009, 09:02 PM)
Another bad news Sunny is getting out of the sinking ship. If the captain is getting out, how will the crew feel? Check in the shareholders register showed Sunny has been unloading his shares since 20 july 2009 till todate, from 28 mill shareholding till balance of 8mill. No 9 guns salute baby! The writing was on the wall, he has no confidence in the company and he has the news much earlier of the impending categorisation lah.

Sayonara baby!, from past experience in other companies, a new management team will take over soon or the "demolition team" salvaging the last of its assets and trying ways thru various representations to SC to stop the delisting and heck they may even pull in "ex IGPs" and all other crooked muscles.
3697    OILCORP    OILCORP BHD 
Changes in Director's Interest (S135) 

Particulars of Director 37 

Name : NG HUAT TIAN
NRIC/Passport No./Company No. : 
Nationality/Country of Incorporation : 

Address:
7, JALAN SS 2/16, 47300 PETALING JAYA, SELANGOR

Descriptions (Class and Nominal Value):
ORDINARY SHARES OF RM1.00 EACH


Name and Address of Registered Holder:



Details of Changes

Date of Notice : 28/09/2009

Transactions:
No. Date Transaction Type No of Shares Price (RM)
1. 25/09/2009 Disposed 2,200,000 -


Circumstances by reason of which change has occurred: 
DISPOSED OF SHARES

Nature of Interest:
DIRECT

Consideration:



No of Shares Held After Changes:
Direct : 8,714,320 shares (3.9700%) 
Indirect/Deemed Interest : 0 shares (0.0000%) 
Total : 8,714,320 shares
*
Yup. That figures.
Sunny and his bro cashed out most of their holdings a long time ago.

No face
No respect
No shame

Leave someone else to clean up the mess he left behind... hmm.gif
zamans98
post Sep 30 2009, 10:13 PM

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Means GAME over for OILCRAP? Any increase is subject to GORENG activity only.
David_Brent
post Sep 30 2009, 10:25 PM

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QUOTE(zamans98 @ Sep 30 2009, 10:13 PM)
Means GAME over for OILCRAP? Any increase is subject to GORENG activity only.
*
Yup. Game over for OILCRAP but I wonder if we might find out later that Sunny shows up as a major player in OILFAB - which is the company that just got the two contracts recently hmm.gif
Intrigue
post Oct 1 2009, 07:31 AM

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i'm selling mine off after market opens.. Loss around 1.8K for 2 lots

Added on October 1, 2009, 9:10 amjust sold mine at 0.165 for 2 lots sad.gif

This post has been edited by Intrigue: Oct 1 2009, 09:10 AM
eason47
post Oct 1 2009, 01:28 PM

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QUOTE(David_Brent @ Sep 30 2009, 10:25 PM)
Yup. Game over for OILCRAP but I wonder if we might find out later that Sunny shows up as a major player in OILFAB - which is the company that just got the two contracts recently hmm.gif
*
confirm game over lar...
really?2 contracts recently?
do u know when the contracts\projects going to end?

i wonder who will want to take over this company... cool2.gif

QUOTE(Intrigue @ Oct 1 2009, 07:31 AM)
i'm selling mine off after market opens.. Loss around 1.8K for 2 lots

Added on October 1, 2009, 9:10 amjust sold mine at 0.165 for 2 lots sad.gif
*
nvm ler...it's a gambling...
now u loss 1.8k...if u dun let go...u might hav loss even more...
reeve-826
post Oct 1 2009, 04:53 PM

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If a company in list PN17,it will get how long time still alive before it delist???Is how many month??
aurora97
post Oct 1 2009, 05:40 PM

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QUOTE(reeve-826 @ Oct 1 2009, 04:53 PM)
If a company in list PN17,it will get how long time still alive before it delist???Is how many month??
*
Topic Specific: PN 17 (Main), GN 3 (Ace) -, Listing Requirements Bursa Securities.

http://forum.lowyat.net/topic/1172812

To answer all your PN 17 worries.
claricecmw
post Oct 1 2009, 06:47 PM

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QUOTE(Intrigue @ Oct 1 2009, 07:31 AM)
i'm selling mine off after market opens.. Loss around 1.8K for 2 lots

Added on October 1, 2009, 9:10 amjust sold mine at 0.165 for 2 lots sad.gif
*
Pat pat. Don't be so sad k. Use the money to invest in other better counters to gain back. flex.gif
kongps82
post Oct 8 2009, 10:46 PM

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This counter seems to be dying soon as debtors seems to be chasing money from them through the court already.
flight
post Oct 9 2009, 07:41 AM

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The directors have been throwing their shares for half a year... Why do ppl still want to buy?


So many red flags for this company, it's hardly any wonder why so many people got burned.
smartly
post Oct 12 2009, 10:39 AM

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OilCorp holland liao... drifting lower.
persie
post Oct 12 2009, 11:30 AM

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YOU ALL CAN PLAY THE GAME FOR NEAR TERM WITH THIS MISLEADING COUNTER SINCE THE SUSPENDING LETTER IS NOT RECEIVED BY THE COMPANY.
GOOD LUCK !!!!!
rosdi1
post Oct 12 2009, 05:16 PM

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PN17
delayed financial reporting to bursa
Today it drop further 2 sen or 13.8%
what more hope do you have
cfmah
post Oct 12 2009, 05:58 PM

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QUOTE(rosdi1 @ Oct 12 2009, 05:16 PM)
PN17
delayed financial reporting to bursa
Today it drop further 2 sen or 13.8%
what more hope do you have
*
but the stock price is very low, if there is still hope for this company, should get the share in low price, risky but also an opportunity.

what do u think ?
jusTinMM
post Oct 12 2009, 06:13 PM

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QUOTE(cfmah @ Oct 12 2009, 05:58 PM)
but the stock price is very low, if there is still hope for this company, should get the share in low price, risky but also an opportunity.

what do u think ?
*
high risk high return brows.gif
smartly
post Oct 12 2009, 06:25 PM

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QUOTE(cfmah @ Oct 12 2009, 05:58 PM)
but the stock price is very low, if there is still hope for this company, should get the share in low price, risky but also an opportunity.

what do u think ?
*
your perception is wrong, can't judge a share by it share price.
you think is low, it can go lower. Why harping around a counter that is already in trouble ?
future is in suspect, money most probably at stake.
cheap in price does not mean is a good buy.
high risk high gain ?? only scare that is high risk low gain where upside is limited but low side is eminent.
i for one will not touch for now.
IGax2000
post Oct 12 2009, 07:35 PM

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put ur hard earn money on this oilcrap? think twice...
rosdi1
post Oct 12 2009, 07:55 PM

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QUOTE(jusTinMM @ Oct 12 2009, 06:13 PM)
high risk high return  brows.gif
*
" You think some angles are going to parachute in from heaven like what happen to MISC before
Looking at the list of the major share holders I don't think it is going to happen here"

This post has been edited by rosdi1: Oct 12 2009, 08:13 PM


Attached thumbnail(s)
Attached Image
alenac
post Oct 12 2009, 09:15 PM

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Those list are old ones by now they would have very few shares left. The holders now are normally minorities. These minorities should gang up to at least 15% to appoint a new management.


Those who want to get in as pure gambling should wait untill it reaches 1 sen. Any half sen increase would be profit.

This post has been edited by alenac: Oct 12 2009, 09:17 PM
cherroy
post Oct 12 2009, 11:27 PM

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QUOTE(cfmah @ Oct 12 2009, 05:58 PM)
but the stock price is very low, if there is still hope for this company, should get the share in low price, risky but also an opportunity.

what do u think ?
*
QUOTE(jusTinMM @ Oct 12 2009, 06:13 PM)
high risk high return  brows.gif
*
Wrong perception, no offence, the lower the share price goes, the higher the risk is.

Because if company is not in serious trouble, share price won't drop to a few cent in the first place.

Yes, you may gain high in term of % if there is turn around. But risk wise is pretty high.

High risk got 2 outcome high return or high loss. Not necessary high return.

The major risk is delisting now.
alenac
post Oct 12 2009, 11:31 PM

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That's what gambling is all about, punt at the greatest risk and greatest return with as low a capital as possible.
aed_ee
post Oct 13 2009, 10:09 AM

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this counter sure masuk long kang already


will buy when it drop till < RM0.1
zamans98
post Oct 13 2009, 11:14 AM

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Jatuh longkang and revive back. 13c now

COMPUGT also uppp wooot!
shah279
post Oct 13 2009, 02:52 PM

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All substantial shareholder dispose their share. Everyone can try to be trapped.
rosdi1
post Oct 13 2009, 11:34 PM

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QUOTE(zamans98 @ Oct 13 2009, 11:14 AM)
Jatuh longkang and revive back. 13c now

COMPUGT also uppp wooot!
*
There is a term they call dead cat rebound
Even a dead cat if it fall from high enough it will still rebound

"sorry I don't know may be the rebound is for real"

This post has been edited by rosdi1: Oct 13 2009, 11:36 PM
TSsjz
post Oct 30 2009, 11:54 PM

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another opposite ''rally'' on Monday..
run for your life
hongheng7
post Oct 31 2009, 03:05 PM

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Anyone got friend or himself are work in this company?
Any latest new?
Can hold it to wait for upliftment of PN17 status?
TSsjz
post Nov 1 2009, 01:42 AM

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i don't think they can survive any longer.
they got no cash at all, this is due to the large amount of receivables (some more audited amount) that might not be existed at all.
at most of the circumstances, their cash might already ended up in someone's personal account.(you know what i mean)
Currently, there are having 2 wind up petitions filed against their main subsidiary to involve themselves in O&G sector- OIL FAB S/B and both of them only involve small amount yet they unable to pay those company that filed the petition.
More petition are expected to be filed.
And few newly awarded contract from Hess Cari Gali S/B had also been canceled, so basically, they don't have much income, except from D'Tiara Tiara Beach Resort.

And in addition, they already been declared as default in payment, and the RM45m had been due, so that need to settle the RM47.4m back to EON Bank within 14 days, else legal action will be taken (Most probably another wind up petition but this time the action is taken against OILCORP.)

Except to sell the price free fall to below 0.10 NEXT MONDAY!!
run for your life as you have the ability to do so.
reference: the latest announcement made as attached below, on around 7pm after market closing, i am certain that the market will react against this announcement negatively

» Click to show Spoiler - click again to hide... «


This post has been edited by sjz: Nov 1 2009, 01:50 AM
z21j
post Nov 3 2009, 02:36 PM

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shud i conclude that the increasement (oilcorp) is subject to "temporary" performance....?
cherroy
post Nov 3 2009, 11:55 PM

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Please do a favour, no name calling, or personal confrontation issue.

We welcome any posts regarding stock discussion be it criticism or praise, but no on personal front issue.

Thank you for the cooperation.
nujikabane
post Nov 4 2009, 02:42 AM

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I think it's game over for this counter. All the red flags are up, and the writings on the wall says that it's over.

The price may rebound a bit, but it going downhill after that is imminent.
MakanTidurSaham
post Nov 4 2009, 05:11 AM

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QUOTE(cherroy @ Oct 12 2009, 11:27 PM)
Wrong perception, no offence, the lower the share price goes, the higher the risk is.

Because if company is not in serious trouble, share price won't drop to a few cent in the first place.

Yes, you may gain high in term of % if there is turn around. But risk wise is pretty high.

High risk got 2 outcome high return or high loss. Not necessary high return.

The major risk is delisting now.
*
I cannot believe this crap, lowyat admin taking sides on stock picks, deleting my comment about sjz being wrong on his call to sell oilcorp at 0.10. mad.gif

I'm calling the police, to lodge a report of conspiracy to cheat viewers on this stock market forum whistling.gif


cherroy
post Nov 4 2009, 10:43 AM

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QUOTE(MakanTidurSaham @ Nov 4 2009, 05:11 AM)
I cannot believe this crap, lowyat admin taking sides on stock picks, deleting my comment about sjz being wrong on his call to sell oilcorp at 0.10.  mad.gif

I'm calling the police, to lodge a report of conspiracy to cheat viewers on this stock market forum  whistling.gif
*
It is not about taking sides which way. It is nothing wrong to comment the others wrong call.

Anyone can point out others' mistake, wrong decision/comment etc issue, nothing wrong with it or talk good about the stock whatever it is individual view, we always welcome.

But do not call other 'loser' or whatever that lead to personal confrontation issue. We are here is to talk about stock, not about individual.

Thank you for the cooperation. smile.gif
MakanTidurSaham
post Nov 4 2009, 10:57 AM

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QUOTE(cherroy @ Nov 4 2009, 10:43 AM)
It is not about taking sides which way. It is nothing wrong to comment the others wrong call.

Anyone can point out others' mistake, wrong decision/comment etc issue, nothing wrong with it or talk good about the stock whatever it is individual view, we always welcome.

But do not call other 'loser' or whatever that lead to personal confrontation issue. We are here is to talk about stock, not about individual.

Thank you for the cooperation.  smile.gif
*
Bullshit, have you read what they've been calling me for the past 2 weeks?

Why nobody delete their comments?

It's obvious that you and lowyat.net have been siding with all these crooks wandering around this forum.

It is disgusting of you deleting comments that against the interest of you and the rest of your cronies, make me sick!! vmad.gif

Do it again, I'm going to get my police report and lawyers ready. I'll make this issue so big that the regulators will shut you down completely. whistling.gif




TSsjz
post Nov 4 2009, 11:37 AM

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QUOTE(MakanTidurSaham @ Nov 4 2009, 10:57 AM)
Bullshit, have you read what they've been calling me for the past 2 weeks?

Why nobody delete their comments?

It's obvious that you and lowyat.net have been siding with all these crooks wandering around this forum.

It is disgusting of you deleting comments that against the interest of you and the rest of your cronies, make me sick!!  vmad.gif

Do it again, I'm going to get my police report and lawyers ready. I'll make this issue so big that the regulators will shut you down completely.  whistling.gif
*
your post has been reported to this sub-forum's admin and se7en which is this site's founder once again.
btw, i will close this topic once again since there is flaming going on, i had reported your post and awaiting admin's futher action

This post has been edited by sjz: Nov 4 2009, 11:46 AM
cherroy
post Nov 4 2009, 12:03 PM

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QUOTE(MakanTidurSaham @ Nov 4 2009, 10:57 AM)
Bullshit, have you read what they've been calling me for the past 2 weeks?

Why nobody delete their comments?

It's obvious that you and lowyat.net have been siding with all these crooks wandering around this forum.

It is disgusting of you deleting comments that against the interest of you and the rest of your cronies, make me sick!!  vmad.gif

Do it again, I'm going to get my police report and lawyers ready. I'll make this issue so big that the regulators will shut you down completely.  whistling.gif
*
Please do a favour by report the post (as mentioned), admin and relevant party (mod or staff) will act accordingly.

Admin acts based on report made and it is impossible to go through every post.
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