8% more and limit down, anyone want to sell better do it now or hold your breath.

they should have announced it yesterday about the PN17, so at least OilCorp can take the full hit and recover faster.

Instead they announced it 6.16pm ... *sigh*

close 1 21.5 profit taken, wait one

Well, it gives major shareholders 1 day to dispose their shares.

30 mins make 4 pts profit (-1 pt for fees)

price below $1 ( $0.99) limit down is $0.30 not 30%

M2U system shows lower limit is 0.005.

haha 0.005 is the lowest price .. if really touch it , i dont mind betting on it ..

It should be interesting to see T+3 on Oilcorp (next monday).

Oops i was treating it as though it was a main board cter, pai seh.

If really hits 30c limit down, i think more or less same price with a 5* hotel char kuey teow.

^$%$#@#$%
region red, but klci still green. the manipulation is so obvious.

Can you anyone explain Hubline recently announced rights issue?

1 rights + 1 warranty for every 2 ordinary shares.

How it works?

close all 21, now wait and see

On this PN17 thingy: does anyone know how it works?
Is it the company that declares itself in PN17 (like Chapter 11 in the States) or is it Bursa Malaysia that forces/declares the company in PN17?

no time to play, have onsite work now.

Bursa

It is good move to have PN17 which last time doesn't have, the purpose is have listed company which is only in financially healthy position.

PN 17 only means the company is Insolvent (not enough liquid cash)
PN 17 entails loads of restrictions like monthly reporting, regularisation plan/proposal and close monitoring by Bursa, failing the conditions set out in the announcement... OilCorp may end up being booted from the Exchange.

Chap 11 is similar to our winding up/bankruptcy actions

****

NEW UPdate - looks like bad news.

Interest default has changed to default on loan - this means the Lenders have (or at least going to) deployed their weapons of massive destruction, all other creditors will start knocking on OilCorps door very soon.

that is if talking fails to coax the Lenders into extending its grace period...

Oilcorp slumps 23pc, extends slide

OILCORP Bhd, an oil and gas engineering services provider, slumped 23 per cent to 20.5 sen, extending yesterday’s 16 per cent slide.

The stock is headed for the sharpest drop since December 10.

The company, which defaulted on a loan, said it will appoint a principal adviser shortly as it continues talks with its lenders.

It does not have a formal plan at present to address its financial condition, it said in a statement. - Bloomberg

SOS hitem pucat

This post has been edited by aurora97: Sep 24 2009, 10:26 AM

Looks like a fire-sale then....
Actually, bits of the wreckage may be of interest to other players - at knock-down prices....

hand itchy .. wanna bet on it ?

Generally,PN17 companies are those in financial distress,here are some of the criteria for a main board company to be classified as PN17(GN4 in the case of ACE market):

~company defaulted on loans/interest due,

~shareholders equity less than 25 % of the paid up capital,

~audited account qualified by the auditors as to the company ability to carry on as a going concern or auditor does not express an opinion on the true and fairness of the audited account,

~company has no core business.



I am writing without referring to the rules,I stand to be corrected.

This post has been edited by lklatmy: Sep 24 2009, 10:34 AM