Home
Login Register
Annica   

Annica Revival

 Post Reply 1-20 of 99
 
SmallSmall
    05-Jun-2026 16:48  
Contact    Quote!
Rights Trading on Monday 8th June 2026.
 
 
Volmax
    05-Jun-2026 15:56  
Contact    Quote!

Hopefully ShareJunction Admin Can Transfer This Thread To The New " AnnicaHoldings" Thread, So Previous Discussion And Vital Information Are Not Lost.

smiley
 
 
Volmax
    05-Jun-2026 15:40  
Contact    Quote!

The Old Shares Under Annica Was Consolidated From 150:1 And Old Name " Annica" Was  Delisted To Avoid Confusion And Error Trade.

Newly Consolidated Shares Are Now Traded Under The New Name " AnnicaHoldings" , But Current ShareJunction Did Not Create A New " AnnicaHoldings" Thread For Discussion, Only " AnnicaHoldingsR" For The Rights Discussion.

Btw From My Observation,There Might Be A Last Minute Buy-Up Before The Nil-Paid Rights Starts Trading On Monday.

smiley
 


ysh2006      ( Date: 05-Jun-2026 13:47) Posted:

Is this share dlisted or not why a red cap there?

Volmax      ( Date: 05-Jun-2026 10:34) Posted:


Nil Paid Rights Trading From 8 - 16 June 2026.

Annica Likely To Announce Forming Joint Venture Or Sign Some MOU During The Upcoming Asia Pacific Green Hydrogen 2026 (APGH) Conference And Exhibition Next Week From 9 To 11 June.
 
smiley
 


 

 
ysh2006
    05-Jun-2026 13:47  
Contact    Quote!
Is this share dlisted or not why a red cap there?

Volmax      ( Date: 05-Jun-2026 10:34) Posted:


Nil Paid Rights Trading From 8 - 16 June 2026.

Annica Likely To Announce Forming Joint Venture Or Sign Some MOU During The Upcoming Asia Pacific Green Hydrogen 2026 (APGH) Conference And Exhibition Next Week From 9 To 11 June.
 
smiley
 

 
 
Volmax
    05-Jun-2026 10:34  
Contact    Quote!

Nil Paid Rights Trading From 8 - 16 June 2026.

Annica Likely To Announce Forming Joint Venture Or Sign Some MOU During The Upcoming Asia Pacific Green Hydrogen 2026 (APGH) Conference And Exhibition Next Week From 9 To 11 June.
 
smiley
 
 
 
Volmax
    05-Jun-2026 09:23  
Contact    Quote!

SGX Catalist-Listed Annica Lodges Offer Information Statement for Rights Issue to Raise Up To S$5.23 Million in Net Proceeds

Singapore, 5 June 2026
&ndash Annica Holdings Limited has lodged its Offer Information Statement with the Singapore Exchange Securities Trading Limited in connection with its renounceable non-underwritten rights issue to raise up to S$5.23 million in net proceeds.

Under the Rights Issue, Annica will issue up to 168,455,346 new ordinary shares in the capital of the Company at an issue price of S$0.034 per Rights Share, on the basis of six Rights Shares for every five existing shares held by entitled shareholders as at 5.00 p.m. on 3 June 2026.

Annica has been actively developing its renewable energy segment since 2016, focusing on green hydrogen, hybrid microgrids, solar-hydrogen solutions, and off-grid electrification projects across Southeast Asia. The Group continues to advance a pipeline of decentralised energy and rural electrification initiatives in the region, including projects in Malaysia and Indonesia.

The net proceeds from the Rights Issue will be utilised for project development and working capital requirements for the Group&rsquo s renewable energy segment, general corporate and working capital purposes, investor relations and market development initiatives, as well as the reduction of indebtedness through the set-off of subscription monies payable by the Undertaking Shareholders.

Entitled shareholders will receive a provisional allotment of nil-paid rights representing their entitlement to subscribe for the Rights Shares. Trading of the nil-paid rights will commence on 8 June 2026 at 9.00 am and end on 16 June 2026 at 5.00 pm.

Entitled shareholders should note that the last date and time for acceptance of and payment for the Rights Shares, and applications for excess Rights Shares, is 22 June 2026 at 5.30 p.m. for applications submitted through CDP or the Share Registrar, and 9.30 p.m. for Electronic Applications via an ATM of the Participating Bank. Shareholders should refer to the OIS and the accompanying application forms for detailed information on the procedures and deadlines relating to the Rights Issue.

The Rights Issue is supported by irrevocable undertakings from Ms Sandra Liz Hon Ai Ling, Mr Lim In Chong, Mr Mohamed Shafeii bin Abdul Gaffoor and Tan Sri Dato&rsquo Seri Zulkefli Bin Ahmad Makinudin, who collectively hold 30,408,243 Shares representing 21.66% of the existing issued and paid-up share capital of the Company. The Undertaking Shareholders have undertaken to subscribe for their respective pro rata entitlements under the Rights Issue, totalling 36,489,889 Rights Shares, with the corresponding subscription monies to be satisfied through the setoff of amounts owing by the Company to the respective Undertaking Shareholders.

Ms Sandra Liz Hon Ai Ling, Executive Director and Chief Executive Officer of Annica, said: &ldquo This Rights Issue represents an important step in strengthening Annica&rsquo s capital base and financial flexibility. The proceeds will support our renewable energy business across Southeast Asia, where we see good opportunities in hydrogen-based decentralised electrification and off-grid solutions, while also providing additional working capital and strengthening our balance sheet. We appreciate the continued support of our shareholders and look forward to updating the market on our progress.&rdquo


smiley
 

 
Volmax
    03-Jun-2026 08:57  
Contact    Quote!

SGX Catalist-Listed Annica and Scottish Hydrogen Systems Integrator Logan Energy to Participate in Asia Pacific Green Hydrogen Conference & Exhibition 2026

Singapore, 3 June 2026  - Annica Holdings Limited wishes to announce that its renewable energy subsidiary, H2 Energy Sdn Bhd, together with its strategic partner, Logan Energy Limited of Scotland, will participate in the Asia Pacific Green Hydrogen Conference & Exhibition 2026, to be held from 9 to 11 June 2026 in Kuching, Sarawak, Malaysia.

The region' s flagship green hydrogen event, APGH 2026, will gather more than 800 delegates and over 90 speakers for expert presentations, exhibitions and technical site visits. The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, Premier of Sarawak, will be Guest of Honour.

As part of the conference programme, Logan Energy will participate in the Green Energy Insights panel discussions, while H2 Energy and Logan Energy will jointly present a technical session titled " Green Hydrogen in Action: Powering Communities, Mobility and Energy Security"  

The presentation will showcase H2 Energy' s experience operating a solar-hydrogen power system at the Long Loyang Rural Health Clinic in Sarawak, Malaysia, as well as practical hydrogen applications currently being developed and deployed across the Asia Pacific region, including community microgrids, hydrogen-enabled energy storage, mobility solutions and resilient energy infrastructure.

The presentation will also discuss future opportunities in rural electrification, energy security, hydrogen mobility and long-duration energy storage applications across Malaysia and ASEAN.

H2 Energy and Logan Energy intend to jointly pursue opportunities in green hydrogen production, rural electrification, hydrogen mobility, industrial decarbonisation, technology transfer and local manufacturing. 

Logan Energy& rsquo s Deputy Chair, Dr Zhang Yuxuan, will also participate in the panel discussion titled " Green Energy: Integrating Solar and Biomass for Sustainable Energy Supply" . The session is expected to draw insights from Logan Energy' s European track record in hydrogen production, refuelling and fuel cell integration, and how these capabilities may be applied to support Sarawak' s emerging hydrogen ecosystem.

Ms Sandra Liz Hon Ai Ling, Executive Director and Chief Executive Officer of Annica, said: " The world is entering a new era where energy security is becoming just as important as sustainability. Recent geopolitical tensions and supply chain disruptions have reinforced the need for resilient, decentralised and locally produced energy solutions. Our collaboration with Logan Energy brings together practical experience from both Asia and Europe. The APGH 2026 provides an important platform to share lessons learned and demonstrate how green hydrogen can support communities, transportation systems and critical infrastructure."

Dr Zhang Yuxuan, Deputy Chair of Logan Energy, said: " We are seeing a strong and growing pipeline of hydrogen opportunities across East Malaysia, and Sarawak in particular stands out as one of the  most compelling markets in the region given its renewable resource base, supportive policy framework and clear ambition to become a regional clean energy hub."
   

smiley
 
 
SmallSmall
    29-May-2026 17:06  
Contact    Quote!
Next week push up?
 
 
Volmax
    29-May-2026 13:04  
Contact    Quote!

From My Observation, This " Lone Wolf" Like To Do Last 15 Minutes Buy-Up!

If It Happen Today, Then Next Week Maybe Got Show!
 
  • Last Cum-Rights Trading Date: 29 May 2026 up to 5:00 p.m.
  • Ex-Rights Trading Date: 2 June 2026 starting at 9:00 a.m.
  • Rights Issue Record Date: 3 June 2026 at 5:00 p.m. 
 
Estimated Nil-Paid Rights Trading Window
 
Following SGX standard listing rules, nil-paid rights trading (" nil-paid rights" or " RE" ) typically commences three to four market days after the Record Date, concurrent with the electronic dispatch of the Offer Information Statement (OIS). Based on the June 3 Record Date, trading is expected to start around 8 June 2026 or 9 June 2026, pending the final execution announcement from the Board.  Once active, the trading window for nil-paid rights on the SGX Catalist board is short, typically lasting only 7 to 10 calendar days.

The absolute best period for a company to announce good news during a rights issue is just before or during the nil-paid rights trading window (expected to be around 8 June 2026 to 16 June 2026).

Releasing positive news during this narrow window maximizes shareholder participation, drives up the value of the rights, and ensures the capital raising exercise succeeds.


Chronological Strategy: 3 Optimal Windows to Announce Good News
 
1. Just Before Rights Trading Starts (Estimated: 4 June &ndash 5 June 2026)
 
  • The Goal: Prime the market and build massive anticipation.
  • The Impact: Announcing a major contract, corporate restructuring, or earnings turnaround right after the Record Date ensures the primary stock price spikes. This directly forces the theoretical value of the nil-paid rights higher before they even debut on the SGX Catalist board.

2. During the Peak Nil-Paid Rights Trading Window (Estimated: 8 June &ndash 16 June 2026)
 
  • The Goal: Provide liquidity and exit options for non-subscribing shareholders.
  • The Impact: If shareholders choose not to subscribe to the new shares, they must sell their rights on the open market. Good news during this exact window creates high buying demand for these " nil-paid rights." It prevents the rights' value from collapsing to zero, creating a win-win for both sellers and buyers.

3. Right Before the Final Subscription Deadline (Estimated: Late June 2026)
 
  • The Goal: Force undecided shareholders to commit capital.
  • The Impact: Many retail investors procrastinate until the final days of the Offer Information Statement (OIS) subscription window. A well-timed announcement here creates a sense of FOMO (Fear Of Missing Out), ensuring a high take-up rate and reducing the burden on the underwriting syndicate. (Though This Time Round Is Non-Underwrtitten)


Because the rights issue is non-underwritten, the stakes are much higher for the company. There is no investment bank or underwriting syndicate acting as a safety net to purchase the leftover unsubscribed shares.


The Best Strategy:

Releasing news smack in the middle of the nil-paid rights trading window is critical. Because the issue is non-underwritten, the company relies entirely on " Undertaking Shareholders" (like CEO Sandra Liz Hon Ai Ling) and retail momentum to achieve the minimum subscription target. Good news during active trading pushes the rights value above zero, incentivizing open-market buyers to swoop in, buy the rights, and fund the company.

Otherwise, The Entire Rights Issue Might Flop And Become Another Laughing Stocks In SGX History!

Not A Buy Call And DYODD As Always!
 
smiley
 
 
 
SmallSmall
    29-May-2026 11:35  
Contact    Quote!
Today' s buy and sell evenly matched.
Watching for possible plays after Ex-rights because the float is small and downside is limited.
Also those hold till ex may make a lot of $ if the stock goes up above $0.034 as they would have the nil paid rights :)

 
 

 
Volmax
    29-May-2026 00:23  
Contact    Quote!

SGX Minimum Transaction Price Is 0.1 Cent, Never 0.15 Cents.

Dun Read Too Much Into AI, I'd Corrected Them So Often!

And Dun Openly Slander A Public Figure, Unless You Are Ready For Legal Actions!

🙂
 
 
k2kingkong
    28-May-2026 22:27  
Contact    Quote!

My conversation with AI,  please dyodd if investing.   

Annica Holdings (SGX: JFQ, formerly 5AL)



Annica Holdings Limited is an investment holding company listed on SGX Catalist that supplies oilfield equipment and related products across Southeast Asia (Brunei, Myanmar, Malaysia, Indonesia, Thailand, Singapore, Vietnam). The company has been struggling financially &mdash it has negative equity, declining earnings, and a market cap under US$10 million.

The Share Consolidation & Price Drop Explained

What Actually Happened



You mentioned the price dropped from 15 cents to 3.6 cents &mdash but this requires clarification on the units:

Table

 

Pre-Consolidation


Post-Consolidation


Stock Code


5AL


JFQ


Share Price


~S$0.0015 (0.15 cents) per share


~S$0.033&ndash 0.036 (3.3&ndash 3.6 cents) per share


Shares Outstanding


~21 billion


~140.4 million


The 150-to-1 consolidation became effective on 20 May 2026.

The Math



If the pre-consolidation price was 0.15 cents (S$0.0015):


  • Theoretical post-consolidation price = 0.0015 × 150 = S$0.225 (22.5 cents)


  • Actual post-consolidation price = ~S$0.033&ndash 0.036 (3.3&ndash 3.6 cents)


So the share price didn' t simply " drop from 15 cents to 3.6 cents" &mdash rather, it collapsed from a theoretical 22.5 cents to ~3.6 cents, representing an ~84% decline in value relative to the consolidation-adjusted price.

Why the Massive Drop?

1. Massive Dilution from Rights Issue



The key driver is the renounceable non-underwritten rights issue that accompanies the consolidation:


  • Basis: 6 rights shares for every 5 consolidated shares held


  • Issue price: S$0.006 per rights share (0.6 cents)


This is heavily dilutive. At full subscription, the issued shares would balloon from ~140 million consolidated shares to over 1 billion shares &mdash a more than 7x increase in share count.

The theoretical ex-rights price (TERP) would be dragged down significantly toward the rights issue price of S$0.006.

2. Company' s Weak Financial Position



  • Negative equity of ~S$299k


  • Consistent losses


  • The rights issue is needed to raise ~S$5.1 million (at maximum subscription) just for working capital and to stay afloat

3. Market Reaction to Desperation



Share consolidations of this extreme magnitude (150:1) are typically seen as distress signals. Combined with a deeply discounted rights issue, the market priced in:


  • Severe dilution


  • Ongoing financial distress


  • Limited confidence in the company' s turnaround

4. Historical Price Context



Before the consolidation was announced, the share price had already been trading at extremely low levels (fractions of a cent). The consolidation was an attempt to lift the nominal price to meet exchange requirements and improve market perception, but the accompanying rights issue undermined that goal.

Summary



The apparent " drop from 15 cents to 3.6 cents" is actually a two-step repricing:


  1. Consolidation adjustment: 0.15 cents × 150 = 22.5 cents (theoretical)


  2. Market reality: Shares traded down to ~3.6 cents post-consolidation


This ~84% collapse reflects the market pricing in massive dilution from the 6-for-5 rights issue at S$0.006, the company' s precarious financial condition, and investor skepticism about the restructuring plan. The rights issue is essentially a lifeline to keep the company solvent &mdash but at a steep cost to existing shareholders who don' t participate.

 

Based on the official SGX announcements and annual reports, here' s why Sandra Hon, as the main shareholder and CEO, agreed to the share consolidation:

1. She Has a Direct Financial Stake in Keeping the Company Alive



Sandra Hon is not just a shareholder &mdash she is the largest creditor to the company. As of the December 2025 rights issue announcement:


  • She held 2.14 billion pre-consolidation shares (~10.2% of issued capital)


  • She had provided interest-free, unsecured cash advances to the company totaling significant sums


  • The company owed her money &mdash and the rights issue was structured so her subscription would be paid by set-off against those loans, not in cash


Specifically, under the rights issue:


  • Her subscription amount of S$565,023 would be fully set off against the S$803,365 the company owed her


  • She would pay zero cash but still receive her entitlement of 94.17 million rights shares


In short: agreeing to the consolidation was the price of getting her loans repaid (indirectly) via the rights issue mechanism.

2. The Company Was in Severe Financial Distress



The consolidation and rights issue were not optional luxuries &mdash they were survival measures:


  • The company had negative equity (~S$299k) and was technically insolvent


  • It needed the rights issue to raise ~S$5.1 million (at maximum subscription) just for working capital and to meet ongoing obligations


  • Without the consolidation, the share count was absurdly high (~21 billion shares), making any meaningful capital raise structurally impossible


If the company were delisted or wound up, Hon' s shareholding would be worthless and her loans might never be recovered. The consolidation was a necessary precondition to make the rights issue viable.

3. The Consolidation Was a Prerequisite for the Rights Issue



The rights issue could only proceed after the consolidation was completed. The board explicitly stated:
" The Rights Issue will be undertaken only after the completion of the Proposed Share Consolidation."


Hon had already provided an irrevocable undertaking to vote in favor of the consolidation and rights issue resolutions, and to subscribe for her full entitlement. She couldn' t get the rights issue (and her loan set-off) without first approving the consolidation.

4. She Could Potentially Emerge with Controlling Interest



Under the " minimum subscription scenario" (where other shareholders don' t participate), Hon' s stake would rise dramatically:


  • Her shareholding could cross the 30% threshold, triggering a mandatory takeover obligation under Singapore' s Code on Take-overs and Mergers


  • The company needed to seek a " whitewash waiver" from the Securities Industry Council and shareholder approval for this potential change in control


This suggests Hon saw a path to consolidating control of the company at minimal cash cost to herself.

5. She Had Already Done This Before (Debt Conversion in 2024)



In July 2024, Hon participated in a debt conversion where:


  • S$1.1 million of her loans to the company were converted into 1.05 billion shares at S$0.00105 per share


  • Even after this conversion, S$149,758 still remained owing to her


This established a pattern: Hon has repeatedly injected capital (via loans) into the company, then converted those loans into equity. The 2026 consolidation + rights issue is essentially the next phase of this strategy &mdash using the rights issue to clear more of her debt while increasing her ownership.

Summary



Sandra Hon agreed to the consolidation because:

Table



Reason


Explanation


Loan recovery


The rights issue allowed her to recover S$565k+ of loans owed to her via set-off


Company survival


Without consolidation + rights issue, the company would likely fail, wiping out her stake and remaining loans


Structural necessity


The rights issue (her loan recovery mechanism) was conditional on consolidation first


Control opportunity


Under low subscription, she could cross 30% ownership and gain control


Sunk cost fallacy / commitment


Having already lent millions and converted debt to equity in 2024, she was deeply committed to the company' s survival


The consolidation destroyed the share price on paper, but for Hon, it was the necessary gateway to a recapitalization that served her interests as both the largest shareholder and the largest creditor.

 

To be honest, I think the new energy pivot is a long shot &mdash not impossible, but the odds are heavily stacked against it. Here' s my assessment based on the facts:

What the Pivot Actually Is



Annica' s renewable energy platform, H2 Energy, focuses on:


  • Solar-hydrogen hybrid systems (the H2E System) for off-grid rural electrification


  • A pilot project at Long Loyang Clinic in Sarawak &mdash the first in Malaysia to run on a hybrid solar-hydrogen system, operational since August 2022


  • MoUs with international partners (Logan Energy, Best Integrated Engineering, Powerzone, Infiniergy-Cowin) covering segments of the hydrogen value chain

The Good News (Why It Could Work)

1. Real, Working Pilot



The Long Loyang Clinic project is not vaporware &mdash it' s been running since 2022, powering a clinic serving 2,000 people with 24/7 clean energy. It displaces diesel generators and avoids ~2 tonnes of CO2 annually. The system has also been sold for deployment in Brunei, with negotiations for power purchase agreements with Sarawak' s Ministry of Health.

2. Policy Tailwinds



Sarawak is aggressively pushing its Hydrogen Economy Roadmap (SHER). The state premier has explicitly cited Long Loyang as a model. Malaysia' s federal government is also backing green hydrogen with the HETR (Hydrogen Economy and Technology Roadmap). ASEAN-wide, governments are accelerating energy transition frameworks.

3. Awards and Recognition



H2 Energy won the Steward Leadership 25 (SL25) award through Temasek Trust, and has received recognition at international conferences. This validates the concept at least at a pilot/demo level.

4. Market Size



The Southeast Asia hydrogen generation market is ~USD 8.94 billion in 2025, and green hydrogen specifically is projected to grow at ~30% CAGR globally. Rural electrification remains a real need &mdash Sarawak still has off-grid communities.

The Bad News (Why It Probably Won' t)

1. Financially Insignificant So Far



In FY2025, the renewable segment contributed just 2% of total revenue &mdash approximately S$227,000 out of S$10.2 million. That' s " maiden revenue" after nearly a decade of investment in this space (the pivot started in 2016). The core oil & gas equipment business still contributes 98% of revenue and is declining (-19% YoY).

2. The Company Is Financially Broken



  • FY2025 loss: S$3.5 million


  • Negative equity / capital deficiency at the company level


  • Net assets of only ~S$1.3 million (down from S$2.1 million)


  • The rights issue is raising ~S$5 million just to survive &mdash not to aggressively fund growth

3. Hydrogen Economics Are Brutal



According to IRENA and academic research, green hydrogen won' t be economically competitive in ASEAN for domestic applications until after 2030. Before then, grey and blue hydrogen dominate. Annica' s solar-hydrogen system is even more niche &mdash it' s competing against:


  • Grid extension (getting cheaper as governments invest)


  • Standalone solar + battery storage (far simpler, lower maintenance)


  • Diesel generators (still cheapest upfront for remote sites)


  • Mini-hydro and other established off-grid solutions

4. Massive Competition



The hydrogen space in ASEAN is already crowded with giants:


  • Linde, Air Liquide, Air Products, Engie dominate industrial hydrogen


  • PETRONAS (via Lestari H2GaaS) is investing heavily in Sarawak


  • Fortescue is partnering with Malaysian government entities


  • PLN in Indonesia operates 22 green hydrogen plants


Annica is a micro-cap with ~S$7 million revenue and negative equity. It can' t compete on scale, R& D, or capital.

5. The Pivot Has Been " Coming" Since 2016



Annica announced its diversification into renewable energy, recycling, and green technology back in September 2016. It' s now 2026. After 10 years:


  • Only one operational pilot project (Long Loyang)


  • Only S$227k in renewable revenue


  • The company is still primarily an oilfield equipment trader


  • It needed a 150:1 share consolidation and a dilutive rights issue just to stay afloat


This is not the trajectory of a successful pivot. It' s the trajectory of a company that talks about transformation but never achieves it.

6. The Technology Is Over-Engineered for the Need



A solar-hydrogen hybrid system is elegant but unnecessarily complex for rural clinics. A solar + battery system would achieve the same 24/7 power at lower cost, lower maintenance, and with proven technology. Hydrogen adds electrolyzers, fuel cells, hydrogen storage, and water management &mdash all points of failure. The selling point (clean water as a byproduct) is nice, but not enough to justify the premium.

My Honest Verdict

Table



Factor


Assessment


Concept validity


Technically sound, but over-engineered


Market need


Real, but better served by simpler solutions


Execution track record


Poor &mdash 10 years, S$227k revenue


Financial capacity


Insufficient &mdash barely surviving


Competitive position


Weak vs. state-backed and global players


Policy support


Strong, but benefits larger players more


Will it work? Probably not as a business that saves Annica. The renewable segment might continue to generate small, pilot-scale revenue and win awards, but it' s unlikely to become a meaningful profit center. The company lacks the capital, scale, and execution track record to compete in the hydrogen space.

What would need to change for it to work?


  1. A major strategic investor with deep pockets (not just Sandra Hon' s loan conversions)


  2. A pivot to simpler, cheaper technology (solar + battery) that can scale faster


  3. Securing long-term government contracts with actual revenue commitments


  4. The core oil & gas business stabilizing to provide cash flow for the transition


Without these, the " new energy pivot" looks more like a survival narrative to keep investors interested while the core business deteriorates &mdash not a genuine transformation.

 

Based on the data I' ve gathered and analyzed, here' s my honest assessment of whether Sandra Hon created value for investors:

The Short Answer: No. She destroyed significant value.



The numbers tell a devastating story. Let me walk you through the evidence.

1. Share Price: A 99%+ Collapse

Table



Period


Share Price (Pre-Consolidation)


What Happened


2012


~S$0.025 (2.5 cents)


Rights issue at S$0.015


2013


~S$0.015 (1.5 cents)


Post-rights issue


2016 (Jan)


~S$0.001 (0.1 cent)


Sandra Hon appointed CEO


2017


S$0.001


AGM presentation confirms price


2018&ndash 2024


S$0.001


Stuck at 0.1 cent for ~8 years


2025


~S$0.0015 (0.15 cents)


Slight uptick before consolidation


2026 (May)


~S$0.00022*


Post-consolidation equivalent


*S$0.033 post-consolidation ÷ 150 = S$0.00022 pre-consolidation equivalent

From S$0.025 (2012) to S$0.00022 (2026) = a 99.1% decline. Even adjusting for the 2013 rights issue, investors who held since 2012 have lost virtually everything.

2. Financial Performance Under Her Watch (2016&ndash 2025)

Cumulative Losses



Since Sandra Hon took over in January 2016, the company has been consistently unprofitable:

Table



Year


Net Income/Loss (S$M)


2016


-S$7.67M


2017


-S$4.37M


2019


-S$0.46M


2020


-S$1.14M


2021


-S$1.10M


2022


-S$1.55M


2023


-S$1.24M


2024


-S$3.19M


2025


-S$3.50M (estimated)


Total cumulative losses under her tenure: ~S$24+ million. The only " profitable" year was FY2024 with S$0.19M &mdash and that was entirely due to a S$2.0M bad debt recovery, not operational performance. Without that one-off, FY2024 would have been another loss.

Equity Erosion

Table



Year


Shareholders' Equity (S$M)


2016


S$4.49M


2019


S$4.38M


2020


S$3.22M


2021


S$2.01M


2022


S$0.58M


2023


-S$0.49M (negative!)


2024


S$2.12M (debt conversion artificial boost)


2025


S$1.25M


The company went from positive equity to negative equity in 2023. The 2024 " improvement" was purely from converting director loans to equity &mdash not from creating value.

3. Revenue: No Growth, Just Volatility

Table



Year


Revenue (S$M)


2012


S$16.96M


2013


S$10.20M


2019


S$9.08M


2020


S$10.91M


2021


S$7.66M


2022


S$14.99M


2023


S$16.05M


2024


S$12.63M


2025


S$7.33M


Revenue in 2025 (S$7.33M) is lower than 2019 (S$9.08M) and less than half of 2012 (S$16.96M). The " energy transition" pivot she championed since 2016 contributes just 2% of revenue (S$227K in FY2025). The core oil & gas equipment business is declining.

4. Dividends: Zero. Ever.



The company has never paid a dividend &mdash not before her tenure, not during it.

5. Shareholder Dilution: Extreme



Under Sandra Hon' s leadership, the share count exploded:


  • 2012: ~656M shares


  • 2013: ~1.31B shares (1-for-1 rights issue)


  • 2016: ~12.14B shares (massive issuance)


  • 2018: 1.53B share awards granted (Sandra got 1.09B herself)


  • 2024: 2.29B debt conversion shares issued


  • 2025: ~21B shares outstanding


  • 2026: 150:1 consolidation reduces to ~140M shares


She has repeatedly enriched herself at shareholders' expense:


  • December 2018: Awarded herself 1.09 billion shares under the Performance Share Plan &mdash in excess of 5% of all available shares


  • July 2024: Converted S$1.1M of her loans into 1.05B shares at S$0.00105


  • September 2024: Another debt conversion at S$0.00105 per share


  • May 2026: Rights issue where her subscription is paid by set-off against loans owed to her &mdash she pays zero cash but gets 94M+ shares


Her personal stake has grown from nothing to 2.14B shares (~10.2% pre-consolidation), all while the share price collapsed.

6. Her Compensation vs. Performance

Table



Year


CEO Compensation


Company Performance


FY2024


S$280,128


Net loss of S$3.19M


FY2023


~S$280,000


Net loss of S$1.24M


She has collected ~S$2.5M+ in salary/benefits over her tenure while the company burned cash and the share price went to zero.

7. The " New Energy" Pivot: 10 Years, S$227K Revenue



She announced the diversification into renewable energy in September 2016. After nearly 10 years:


  • One operational pilot project (Long Loyang Clinic)


  • S$227K revenue from renewables in FY2025 (2% of total)


  • S$1.04M impairment on waste tyre pyrolysis equipment in FY2024


This is not value creation. It' s a narrative to justify continued fundraising.

Summary: Did She Create Value?

Table



Metric


Before Hon (2012&ndash 2015)


Under Hon (2016&ndash 2025)


Share price trend


Declining


Collapsed to zero


Profitability


Mixed


Consistently loss-making


Equity


Positive


Negative at times


Revenue


S$10&ndash 17M


S$7&ndash 16M (volatile, no growth)


Dividends


Zero


Zero


Strategic vision


Oil & gas equipment


" Energy transition" (2% revenue)


Shareholder returns


Poor


Catastrophic


The verdict is clear: Sandra Hon has not created value for investors. She has presided over a decade of losses, massive dilution, equity erosion, and a share price that went from fractions of a cent to effectively zero. The 150:1 consolidation and subsequent 84% collapse is the final chapter of value destruction.

The only value she has created is for herself &mdash through salary, share awards, debt conversions, and loan set-offs that increased her ownership stake while everyone else' s was diluted into oblivion.

 
 
 
Volmax
    28-May-2026 17:17  
Contact    Quote!

Tightly Controlled....

No Leeway!

Just Play Along The Boys!

indecision
 
 
 
SmallSmall
    28-May-2026 16:50  
Contact    Quote!
Tomorrow last cum date for right issue 6 for 5 at $0.034.
Academic ex-date since it is trading below the right issue price.

Still waiting for the sparks to ignite ..... limited down side anyway
 
 
Volmax
    28-May-2026 16:01  
Contact    Quote!

Machiam Ai Lai Ai Lai Liao!

Watching It....

smiley
 
 

 
Volmax
    28-May-2026 09:01  
Contact    Quote!

Bro, You Should Be Experience Enough To Know Those Are Not Genuine Trade, As I' d Explained In My Earlier Post. No Sane Investor Will Sell A 1,000,000 Shares At 34 And Realized A S$116,000 Loss, Not To Mention Ten Of Millions Of Shares.

Likely Some Big Shark Doing A Left Right Hand To Lure The Shortists And Kan Cheong Spiders In The Collection Phase, Before Pumping It In Tandem With Good News!

Maybe The Sharks Think The Same As I Do, For That Is What I Will Do If I Got The Financial Power And Means To Do It, Though It' s Illegel.

smiley


SmallSmall      ( Date: 27-May-2026 21:48) Posted:

I do agree the float is very small after the 150 to 1 consolidation and one particular brokerage seems to have a block of shares to clear.
Risk vs return : I do believe the returns at this level far outweighs the risks.

Volmax      ( Date: 27-May-2026 13:52) Posted:


Following the completion of its 150-to-1 share consolidation on May 20, 2026, Annica Holdings Limited has an issued share capital of 140,379,454 consolidated shares.

In Fact I Hope For A Failed Rights Issues So The Consolidated Shares Remained Low, With Minimum Increment In New Issued Shares!

Once A String Of Good News Is Released, Share Price Can Flip Two Three Times!

smiley
 


 
 
SmallSmall
    27-May-2026 21:48  
Contact    Quote!
I do agree the float is very small after the 150 to 1 consolidation and one particular brokerage seems to have a block of shares to clear.
Risk vs return : I do believe the returns at this level far outweighs the risks.

Volmax      ( Date: 27-May-2026 13:52) Posted:


Following the completion of its 150-to-1 share consolidation on May 20, 2026, Annica Holdings Limited has an issued share capital of 140,379,454 consolidated shares.

In Fact I Hope For A Failed Rights Issues So The Consolidated Shares Remained Low, With Minimum Increment In New Issued Shares!

Once A String Of Good News Is Released, Share Price Can Flip Two Three Times!

smiley
 

 
 
Volmax
    27-May-2026 13:52  
Contact    Quote!

Following the completion of its 150-to-1 share consolidation on May 20, 2026, Annica Holdings Limited has an issued share capital of 140,379,454 consolidated shares.

In Fact I Hope For A Failed Rights Issues So The Consolidated Shares Remained Low, With Minimum Increment In New Issued Shares!

Once A String Of Good News Is Released, Share Price Can Flip Two Three Times!

smiley
 
 
 
Newbie85
    26-May-2026 16:55  
Contact    Quote!
Just bought annicaaaaaaa
 
 
SmallSmall
    26-May-2026 16:03  
Contact    Quote!
Oops...1.4 mil just filled at $0.034 (buying in)

SmallSmall      ( Date: 26-May-2026 16:01) Posted:

Buying in by SGX now @$0.034  1,563,3002
Upp 2  ticks everyt 20 min in no takers

SmallSmall      ( Date: 26-May-2026 15:23) Posted:

AnnicaHoldings 1,563,334 
SGX buying-in


 
Important: Please read our Terms and Conditions and Privacy Policy .