CNA   

CNA

is there any chance to get back some kopi money after liquidation? :(
any one track liquidation process overed?

teeth53      ( Date: 02-May-2019 23:10) Posted: MAINBOARD-LISTED CNA Group, which could be headed for liquidation, has been asked to delist after languishing for four years on the Singapore Exchange' s financial watch-list. The building mgt Coy must give bourse operator a reasonable exit offer for shareholders, judicial manager Deloitte & Touche said in a filing on Thursday evening. CNA was put on the watch-list for companies with pre-tax losses for three straight years in March 2015, and originally had until March 3, 2017 to meet the criteria for removal. The coy asked for and received two extensions of that deadline - until July 15, 2018 - and later withdrew its application for a third extension.

 

MAINBOARD-LISTED CNA Group, which could be headed for liquidation, has been asked to delist after languishing for four years on the Singapore Exchange' s financial watch-list.

The building mgt Coy must give bourse operator a reasonable exit offer for shareholders, judicial manager Deloitte & Touche said in a filing on Thursday evening.

CNA was put on the watch-list for companies with pre-tax losses for three straight years in March 2015, and originally had until March 3, 2017 to meet the criteria for removal.

The coy asked for and received two extensions of that deadline - until July 15, 2018 - and later withdrew its application for a third extension.

 

delist liao

Leaner      ( Date: 20-Jul-2017 01:21) Posted: Good news. If the proposed transfer of listing status is successful, shareholders may recover some kopi money instead of zero.

 

sell sell sell!!! this hopeless liao

 

Good news. If the proposed transfer of listing status is successful, shareholders may recover some kopi money instead of zero.

 

IMPLEMENTATION AGREEMENT FOR PROPOSED TRANSFER OF LISTING STATUS

1. INTRODUCTION

1.1 The judicial managers of the Company (&ldquo Judicial Managers&rdquo ) wish to announce that the Company had entered into an Implementation Agreement (the &ldquo Agreement&rdquo ) with four (4) investors (collectively the &ldquo Investors&rdquo and each an &ldquo Investor&rdquo ) and Treasure Capital Group Pte. Ltd. (the &ldquo Facilitator&rdquo , together with the Investors and the Company, the &ldquo Parties&rdquo ) on 13 July 2017. The Investors comprise Mr. Lee Chee Fui, Mr. Liew Chie Chung, Mr. Bong Siak Kee and Mr. Lye Siang Long. 1.2 The Agreement sets out the terms for the proposed transfer of the Company&rsquo s listing status (the &ldquo Transfer&rdquo ) to a listing entity to be incorporated (&ldquo Listing Entity&rdquo ) by way of a scheme of arrangement (&ldquo Scheme&rdquo ), the terms of which are elaborated further below. 1.3 The Company is presently under judicial management and its shares (&ldquo Shares&rdquo ) are suspended from trading. One of the Company&rsquo s major intangible assets is its listing status. The Transfer, if successful, seeks to provide some recovery to shareholders (&ldquo Shareholders&rdquo ) and creditors of the Company (&ldquo Creditors&rdquo ). 

More ...  http://infopub.sgx.com/FileOpen/CNA%20-%20IA_140717.ashx?App=Announcement& FileID=461508

 

TERMINATION OF IMPLEMENTATION AGREEMENT

Reference is made to the announcement made by the Company on 9 May 2016 (the &ldquo Announcement&rdquo ) in relation to the proposed transfer of its listing status to SCR International Holdings Pte. Ltd. or its related corporation by way of a scheme of arrangement (the &ldquo Proposed Transfer&rdquo ).

Unless defined otherwise, all capitalised terms used but not defined in this announcement shall have the meanings ascribed to them in the Announcement.

The Judicial Managers wish to announce that the Parties have, following discussions, mutually agreed to discontinue the collaboration to implement the Proposed Transfer after taking into account, among other reasons, that it is unlikely that the conditions precedent stated in the Agreement are capable of being satisfied within the intended timeline. In connection therewith, the Parties have entered into a termination and settlement agreement which provides for inter alia a mutual release and discharge of their respective obligations, responsibilities and undertakings in respect of or under the Agreement with effect from 3 December 2016.

The Judicial Managers are presently considering other suitable proposals which seeks to achieve one or more of the purposes of judicial management, and will provide updates on material developments as and when appropriate. Submitted by the Judicial Managers

For and On Behalf of the Company

Tam Chee Chong

Andrew Grimmett

Deloitte & Touche LLP 15 December 2016

Source: http://infopub.sgx.com/FileOpen/TerminationofIA_151216.ashx?App=Announcement& FileID=433140

Gone case for resumption of listing and soon will be delisted. Don' t expect the JMs could find a white knight during such bad times.

 

 

What happen to this hot fav of punter? So long bo news?

 

Listing status value how much in SG ? ...last time Wisoffice Wilmar RTO and Mr P. LIM Fried the shell coy up high high...

darocupcake      ( Date: 10-May-2016 14:18) Posted: This stock bye bye alread Barcalo      ( Date: 10-May-2016 14:09) Posted: CNA supporters, new announcement. Resume trading soon....???

 

This stock bye bye alread

Barcalo      ( Date: 10-May-2016 14:09) Posted: CNA supporters, new announcement. Resume trading soon....???

 

CNA supporters, new announcement.
Resume trading soon....???

 

CNA GROUP LTD.  (UNDER JUDICIAL MANAGEMENT)

STATEMENT OF PROPOSALS AND CREDITORS&rsquo MEETING

The Company refers to its announcement made on 24 November 2015.     

The First Meeting of Creditors (&ldquo Creditors&rsquo Meeting) is scheduled to be held at 3.00 pm on 15 January 2016 at RELC International Hotel, Auditorium Level 1, 30 Orange Grove Road, Singapore 258352.     

The purpose of this meeting is to consider the Judicial Managers&rsquo Statement of Proposals for the Company in accordance with section 227N of the Companies Act.

Notice of the Creditors&rsquo Meeting was gazetted and advertised, and together with the Statement of Proposals, was sent to all creditors of the Company on 30 December 2015.    Pursuant to section 227M(2) of the Companies Act, members of the Company who wish to receive a copy of the Statement of Proposals should write to the Judicial Managers at c/o Deloitte & Touche LLP, 6 Shenton Way, OUE Down town 2, #33-00, Singapore 068809.     

The Judicial Managers will provide further updates on material developments as and when appropriate.

 

And make it their subsidiary with only SGD$1.5m...LOL.

teeth53      ( Date: 21-Jul-2015 23:24) Posted: Whether is new or old Board, No directors fee n see how they were to fight on. It just take few miilion to takeover. Mitsubishi don't hav few million dollar business partner meh?. Plenty - right. teeth53      ( Date: 21-Jul-2015 22:44) Posted: Oni agree. Only if Board of Director do not take in Directors fees and CEO just pay only one dollar

 

See even J.M. (mgr) oso chak liao bee. Is Mitsubishi writing off their 5% investment???.

teeth53      ( Date: 21-Jul-2015 23:19) Posted: "new group gives better hope"...? A black crow is always black, don't hope, nothing is even worst off after agreed upon by both parties. guiren      ( Date: 16-Jul-2015 17:32) Posted: How to support them ? We paid them salary and the share prices like " shit " ,, may be new group gives better hope ,,

 

Whao. Oni SGD$1.5m can close shop.

teeth53      ( Date: 21-Jul-2015 23:24) Posted: Whether is new or old Board, No directors fee n see how they were to fight on. It just take few miilion to takeover. Mitsubishi don't hav few million dollar business partner meh?. Plenty - right. teeth53      ( Date: 21-Jul-2015 22:44) Posted: Oni agree. Only if Board of Director do not take in Directors fees and CEO just pay only one dollar

 

Judicial management apparently is a bad idea as it is more like raising money to pay the creditors then close shop. The latest two announcements are on selling the Singapore business to the ex-Chairman for a peanut $300k and Vietnam business to Vietnamese for $200k and will receive $1m pay back by the Vietnam subsidiary totalled $1.5m to pay creditors and of course JM fee. Without business in hand, company will become a shell. Be prepared to write off your investment in CNA.

 

Someone going to buy over CNA?

 

After their court hearing in Sept and their EGM ...

 

any one has idea when this stock will be lifted?

 

Oops, I mean so last min .....

Leaner      ( Date: 05-Aug-2015 00:54) Posted: So late min decision by JM, will cause company to lose deposit for venue booking and postage. KNS. Anyway during this time, many are away, postponement may be advantageous to new camp.