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Boldtek Holdings expects net loss and net liability for FY2023
Construction services and property development company Boldtek Holdings 5VI 0.00% 5VI says it expects to report a net loss and net liability position for the FY2023 ended June 30.
Boldtek says the losses were mainly due to its key subsidiary Logistics Construction being in the early stages of restructuring and having been granted a moratorium for a period of three months.
After conducting a review of Logistics Construction&rsquo s financial affairs in respect of restructuring, provisions were made on contract assets which had received final payments, were long outstanding or slow in payments, and for the reversal of contract assets to reflect lower amounts certified. In addition, the subsidiary has also seen fewer ongoing projects.
On Nov 19, Boldtek announced it had filed an application under Section 91 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) for Logistics Construction to be placed under judicial management.
That same day, the company announced that it had entered into a non-binding term sheet with Malaysian businessman Ee Chin Keong to divest Logistics Construction.
Separately, Boldtek announced the sale of properties in its ordinary course of business on April 21 for which losses are expected to be recognised.
Aside from Logistics Construction, which depends on further developments after filing for judicial management and the finalisation of its divestment agreement, Boldtek says it is able to continue operations through its wholly-owned subsidiary Boldtek Projects, which continues to operate and generate cash flows from ongoing operations.
Proceeds from the company&rsquo s sale of its Malaysia properties are also able to be utilised for operational engagement, says Boldtek.
Boldtek to divest wholly-owned subsidiary to Malaysian businessman
Boldtek has entered into a non-binding term sheet with Ee Chin Keong to divest its wholly-owned subsidiary, Logistics Construction on Nov 16.
Ee is a businessman from Malaysia who is construction and material handling equipment industry. His businesses are mainly involved in steel fabrication engineering works, mechanical and electrical engineering works, custom-made overhead crane, gantry crane, goods hoist, scissor lifter, service and maintenance of lifting equipment.
According to Boldtek, Ee is interested in investing in a Singapore-based construction company with a construction license that is able to bid for large scale projects.
&ldquo From Mr Ee&rsquo s perspective, this is a relevant business vertical along the value chain and would allow him to diversify his portfolio of businesses into a different region with lower risk in South-east Asia. [Logistics Construction] fits this profile,&rdquo says Boldtek via its statement issued on Nov 19.
Logistics Construction has been granted a moratorium under Section 64 of the Insolvency Restructuring and Dissolution Act 2018 but that expired on Nov 14.
Ee is said to be aware that Logistics Construction is present insolvent. He intends to restructure its liabilities following the proposed divestment with his group of nominees and investors (the purchaser group).
The consideration to be paid for Logistics Construction will be a &ldquo fair&rdquo number to be agreed between Boldtek and the purchaser group.
The completion of the divestment is subject to the completion of several conditions including the satisfactory result of financial and legal due diligence, the agreement on the terms of a restructuring plan, the obtaining of relevant corporate approvals and regulatory approvals.
After the divestment is completed, the purchaser group will provide a $1 million loan facility to be drawn down as and when required by Logistics Construction. The amount will be used as working capital to continue ongoing projects for the purpose of realising Logistics Construction&rsquo s existing contract assets.
The purchaser group also understands that with the benefit of the loan facility, about $3 million in value of Logistics Construction&rsquo s contract asset can be realised within a time period of up to two years. The proceeds from the realisation from the existing contract assets, up to a maximum value of $3 million, shall be set aside and deposited in a trust account and held for the benefit of the trade creditors.
At the end of up to two years after the first drawdown of the $1 million facility, or upon the proceeds in the trust account being more than $3 million, the proceeds in the trust account will be distributed to the trade creditors on pro-rated basis. Any amount in excess of $3 million shall be disbursed in such manner determined by the purchaser group.
In a separate statement, Boldtek announced that Logistics Construction has filed an application under Section 91 of the Insolvency, Restructuring and Dissolution Act 2018 to be placed under judicial management.
RECEIPT OF CLAIMS
The Board of Directors (the &ldquo Board&rdquo ) of Boldtek Holdings Limited (the &ldquo Company&rdquo and together with its subsidiaries (the &ldquo Group&rdquo ) wishes to inform that its wholly-owned subsidiary, Logistics Construction Pte. Ltd. (the &ldquo Subsidiary&rdquo ), has received claims (the &ldquo Claims&rdquo ) from several trade creditors amounting to an aggregate of approximately S$4.3 million. The Subsidiary intends to contest or is in the midst of contesting an aggregate claims sum of approximately S$3.7 million (the &ldquo Contested Claims&rdquo ) (page 1)
In light of the claims aggregating approximately $4.3 million, they account for approximately 15.5% of the Group&rsquo s last audited net tangible assets, which is for the financial year ended 30 June 2022. As the Company has made provisions for the full amount payable and considers that no further provision is required. Accordingly, the Company does not consider there to be any material impact on its overall financial performance for the financial year ended 30 June 2023 (page 2 )
https://links.sgx.com/1.0.0/corporate-announcements/UAAITV57I77PPQG2/1ff7b3f4a9ae84e6e77c455cf2fc9a62af761ad9dbece0753e403120e706cab3
The Board of Directors (the &ldquo Board&rdquo ) of Boldtek Holdings Limited (the &ldquo Company&rdquo and together with its subsidiaries (the &ldquo Group&rdquo ) wishes to inform that its wholly-owned subsidiary, Logistics Construction Pte. Ltd. (the &ldquo Subsidiary&rdquo ), has received claims (the &ldquo Claims&rdquo ) from several trade creditors amounting to an aggregate of approximately S$4.3 million. The Subsidiary intends to contest or is in the midst of contesting an aggregate claims sum of approximately S$3.7 million (the &ldquo Contested Claims&rdquo ) (page 1)
In light of the claims aggregating approximately $4.3 million, they account for approximately 15.5% of the Group&rsquo s last audited net tangible assets, which is for the financial year ended 30 June 2022. As the Company has made provisions for the full amount payable and considers that no further provision is required. Accordingly, the Company does not consider there to be any material impact on its overall financial performance for the financial year ended 30 June 2023 (page 2 )
https://links.sgx.com/1.0.0/corporate-announcements/UAAITV57I77PPQG2/1ff7b3f4a9ae84e6e77c455cf2fc9a62af761ad9dbece0753e403120e706cab3
some good news coming...relisting soon?
idwish ( Date: 05-Apr-2023 14:48) Posted:
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How long will this fellow continued to be suspended?
Withdrawal no case. Soon back from suspension.
but result will be poor. Good is contract orders and can profits again
but result will be poor. Good is contract orders and can profits again
Everyday ( Date: 17-Feb-2023 09:44) Posted:
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NOTICE OF DISCONTINUANCE/WITHDRAWAL
The Board wishes to further update that pursuant to the Settlement Agreement, the Group had on 31 January 2023 received a Notice of Discontinuance/Withdrawal from the lawyers acting for the Claimant, stating that the Claimant has discontinued any action against LCPL.
https://links.sgx.com/1.0.0/corporate-announcements/PAL7GDE5401X5P1F/c0b2bfb41815495f1d536692d29513291a7716f8f5719fdc7692468193cdfff3
The Board wishes to further update that pursuant to the Settlement Agreement, the Group had on 31 January 2023 received a Notice of Discontinuance/Withdrawal from the lawyers acting for the Claimant, stating that the Claimant has discontinued any action against LCPL.
https://links.sgx.com/1.0.0/corporate-announcements/PAL7GDE5401X5P1F/c0b2bfb41815495f1d536692d29513291a7716f8f5719fdc7692468193cdfff3
Response to Questions from Securities Association (Singapore)
Part of the Co answer to Quest 1 :
In relation to the claim announced by the Company on 14 January 2023, the Company has clarified in a subsequent announcement on 16 January 2023 that the claim is unlikely to have a material impact on the operations and/or financial position of the Group as (i) the value of the claim is equal to approximately 3.03% of the Group' s latest audited net tangible assets FY2022 (ii) the amount of the claim has already been accrued for in the audited financial statements of the Group for FY2022 and (iii) the claim relates to work done in relation to an already completed term contract. In addition, as disclosed on 26 January 2023, the Company has since entered into a settlement agreement with the claimant.
What are outstanding matters that need to be resolved before the company can submit an application for a resumption of trading?
Company' s response
As disclosed by the Company in its announcement dated 14 January 2023, the Company had only received a complete set of the workings from its independent auditors on the afternoon of 13 January 2023. Given that the Company was required to issue its annual report and despatch the notice of general meeting on or before 14 January 2023, the Company did not have sufficient to review and consider the independent auditors' working relating to their qualified opinion. With the assistance of the audit committee, the Company continues to engage with its independent auditors and review the workings of the independent auditors and will provide an update to shareholders in due course
Read Full details (Q & A) :
https://links.sgx.com/1.0.0/corporate-announcements/EZUIDNWMSED6VUM7/a8f119c55700a4441186c7b390fcfa033037b1448be44a15026b21b13614b6fa
Part of the Co answer to Quest 1 :
In relation to the claim announced by the Company on 14 January 2023, the Company has clarified in a subsequent announcement on 16 January 2023 that the claim is unlikely to have a material impact on the operations and/or financial position of the Group as (i) the value of the claim is equal to approximately 3.03% of the Group' s latest audited net tangible assets FY2022 (ii) the amount of the claim has already been accrued for in the audited financial statements of the Group for FY2022 and (iii) the claim relates to work done in relation to an already completed term contract. In addition, as disclosed on 26 January 2023, the Company has since entered into a settlement agreement with the claimant.
What are outstanding matters that need to be resolved before the company can submit an application for a resumption of trading?
Company' s response
As disclosed by the Company in its announcement dated 14 January 2023, the Company had only received a complete set of the workings from its independent auditors on the afternoon of 13 January 2023. Given that the Company was required to issue its annual report and despatch the notice of general meeting on or before 14 January 2023, the Company did not have sufficient to review and consider the independent auditors' working relating to their qualified opinion. With the assistance of the audit committee, the Company continues to engage with its independent auditors and review the workings of the independent auditors and will provide an update to shareholders in due course
Read Full details (Q & A) :
https://links.sgx.com/1.0.0/corporate-announcements/EZUIDNWMSED6VUM7/a8f119c55700a4441186c7b390fcfa033037b1448be44a15026b21b13614b6fa
wow..love the superb news - settlement of suits n big awards of contracts.Everyday ( Date: 26-Jan-2023 20:15) Posted:
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AWARD OF CONSTRUCTION CONTRACTS WORTH IN $119.1 MILLION IN AGGREGATE
https://links.sgx.com/1.0.0/corporate-announcements/AR2WQLUVI5ZVQ6K9/32f7f833b4cfe26595acd46e3627b5ee217ce047d47205aa45ccd6f004721612
https://links.sgx.com/1.0.0/corporate-announcements/AR2WQLUVI5ZVQ6K9/32f7f833b4cfe26595acd46e3627b5ee217ce047d47205aa45ccd6f004721612
long way to go............
Everyday ( Date: 16-Jan-2023 21:42) Posted:
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REQUEST FOR SUSPENSION
https://links.sgx.com/1.0.0/corporate-announcements/SUZ0A0W42YRK4ZF8/297a42441d89f4c21919d17a6ffb004f341e877ebdf8b7e7d75059578062b4b2
https://links.sgx.com/1.0.0/corporate-announcements/SUZ0A0W42YRK4ZF8/297a42441d89f4c21919d17a6ffb004f341e877ebdf8b7e7d75059578062b4b2
Again....the standard reply to SGX.....hope some investigations should be carried out immed
Another one ....should get the authority to investigate if there are any wrongdoings or hidding information to the investors...by the management team!
BB count contra selling day......buying hereTodaySgCny ( Date: 20-Dec-2022 10:35) Posted:
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T+4.Hope BB come .No Cheers
ACQUISITION OF 51% OF THE TOTAL ISSUED AND PAID-UP SHARE CAPITAL OF M + LBMC57 PTE. LTD.
RATIONALE FOR THE ACQUISITION
The Acquisition presents an opportunity for the Group to venture into general contracting business whilst further expanding and maximizing existing revenue stream from its general building and construction business. The Board believes that the Acquisition will also allow the Group to leverage on the business networks and resources of Metrocon, in other such business as the Group may agree from time to time. The Board also believes that it will enhance the long-term interests of the Group and enhance shareholders&rsquo value.
Full details at Sgx Corporate Announcements:
https://links.sgx.com/1.0.0/corporate-announcements/QC4IO7Z4N6U5UMKJ/d2cc92470b493099bcef2c28e833acc60fb9e43f79139a850efa11594c8ba2d7
RATIONALE FOR THE ACQUISITION
The Acquisition presents an opportunity for the Group to venture into general contracting business whilst further expanding and maximizing existing revenue stream from its general building and construction business. The Board believes that the Acquisition will also allow the Group to leverage on the business networks and resources of Metrocon, in other such business as the Group may agree from time to time. The Board also believes that it will enhance the long-term interests of the Group and enhance shareholders&rsquo value.
Full details at Sgx Corporate Announcements:
https://links.sgx.com/1.0.0/corporate-announcements/QC4IO7Z4N6U5UMKJ/d2cc92470b493099bcef2c28e833acc60fb9e43f79139a850efa11594c8ba2d7
Haha... outsider horse
tankoksee ( Date: 04-Oct-2022 13:18) Posted:
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results coming out soon...
should be decent...
should be decent...
tankoksee ( Date: 12-Sep-2022 14:09) Posted:
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shorties...BB later buy to 60easywin ( Date: 12-Sep-2022 13:44) Posted:
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