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OILCORP BERHAD (3697), been holding it for quite some times
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ProComplex
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 Sep 25 2009, 05:29 PM
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Getting Started
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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. |
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ProComplex
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Sep 30 2009, 01:03 AM
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Getting Started
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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 |
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