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Surprise its not suspended ?
Spackman Entertainment Group
Spackman Entertainment Group said Thursday its independent auditors have issued a qualified opinion on the 2021 financial statements amid a review of the Spackman Media Group Ltd. (SMGL) deals.
In total, Spackman Entertainment Group acquired 6.47 million SMGL shares at US$3 each over 2017-2018, and in August 2020, the company announced it entered a non-binding memorandum of understanding (MOU) to dispose all of its SMGL shares to its substantial shareholder Spackman Equities Group (SQG) at a ?significantly lower? price, the auditors? statement said.
The auditors said that raised concerns on whether the acquisitions and proposed divestment were on normal commercial terms and in the interest of the South Korean drama-maker and its shareholders. SGX RegCo has required a review by the company?s audit and risk management committee before a deal can proceed, the auditors noted.
Spackman Entertainment Group
Spackman Entertainment Group said Thursday its independent auditors have issued a qualified opinion on the 2021 financial statements amid a review of the Spackman Media Group Ltd. (SMGL) deals.
In total, Spackman Entertainment Group acquired 6.47 million SMGL shares at US$3 each over 2017-2018, and in August 2020, the company announced it entered a non-binding memorandum of understanding (MOU) to dispose all of its SMGL shares to its substantial shareholder Spackman Equities Group (SQG) at a ?significantly lower? price, the auditors? statement said.
The auditors said that raised concerns on whether the acquisitions and proposed divestment were on normal commercial terms and in the interest of the South Korean drama-maker and its shareholders. SGX RegCo has required a review by the company?s audit and risk management committee before a deal can proceed, the auditors noted.
Heard latest the founders family into cleaning business.. should be gd business given the success of recent listing of cleaners ?
Hopefully can clean up the skeleton.. lol
Hopefully can clean up the skeleton.. lol
https://www.scmp.com/economy/china-economy/article/3164822/south-korean-dramas-and-films-ride-wave-international-success
This likely Pump & dump stock.. maybe synicates operating.. the low volume and liquidity is a tell tale sign of controlled stock..
More questions await the release of compliance report.
Avoid this n dyodd..
More questions await the release of compliance report.
Avoid this n dyodd..
In the past, all those Box Office hits raking in $$ millions in takings... end of day, insignificant sume went to the company..
More so now as it divested its main film producing unit.
Unless, the Co disclosed whether the box office will contribute significantly not the general word postively.. i.e any one cent contribution is positively...
Be very careful with these announcements. To-date, the Co has not release the independent reviewers' findings on the status of SMGL.
More so now as it divested its main film producing unit.
Unless, the Co disclosed whether the box office will contribute significantly not the general word postively.. i.e any one cent contribution is positively...
Be very careful with these announcements. To-date, the Co has not release the independent reviewers' findings on the status of SMGL.
bishalnb ( Date: 17-Dec-2021 15:42) Posted:
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but selling looks persistent 
ttbanthony ( Date: 03-Dec-2021 18:21) Posted:
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http://spackmanfilings.com/seg/20121213_NOTHING%20SERIOUS,%20Starring%20Son%20Suk-Ku%20Of%20Spackman%20Media%20Group,%20Makes%20A%20Strong%20Comeback%20As%20%231%20At%20The%20Weekend%20Box%20Office%20In%20Korea.pdf
NEWS RELEASE NOTHING SERIOUS, STARRING SON SUK-KU OF SPACKMAN MEDIA GROUP, MAKES A STRONG COMEBACK AS #1 AT THE WEEKEND BOX OFFICE IN KOREA ? NOTHING SERIOUS, headlined by Son Suk-ku of Spackman Media Group, recaptured the top spot at the Korean box office over the weekend since its debut on 24 November 2021 ? Represented by SBD Entertainment, a wholly-owned subsidiary of Spackman Media Group, Son Suk-ku also stars in original content, UNFRAMED PROJECT released exclusively on Watcha on 8 December 2021 ? Son Suk-ku shall also headline alongside Ma Dong-seok in upcoming sequel film, THE OUTLAWS 2 Singapore, 13 December 2021 ? Spackman Entertainment Group Limited (the ?Group?), one of Korea?s leading entertainment production groups, wishes to announce that Son Suk-ku represented by SBD Entertainment Inc. (" SBD Entertainment" ), a wholly-owned subsidiary of the Group' s associated company, Spackman Media Group Limited (" Spackman Media Group" ), stars in romance comedy film, NOTHING SERIOUS, which ranked #1 at the weekend box office in Korea. Since its debut on 24 November 2021, the film rose as a dark horse and recaptured its top spot. The film made a solid comeback, consecutively clinching the top position last Friday, Saturday and Sunday at the Korean box office. Word-of-mouth marketing and promotion catapulted the success and popularity of the film in Korea, following its theatrical release. NOTHING SERIOUS is directed by Jeong Ga-young and distributed by CJ ENM Corp. In the film, Son Suk-ku takes the role of Woo-ri, an ordinary magazine columnist who writes a sex column. Through a dating app, he meets a start-up entrepreneur Ja-young, played by Jun Jong-seo. Represented by SBD Entertainment, a wholly-owned subsidiary of Spackman Media Group, Son Suk-ku also stars in original content, UNFRAMED PROJECT, which was released exclusively on Watcha on 8 December 2021. Son Suk-ku shall headline alongside Ma Dong-seok in THE OUTLAWS 2, a sequel to the 2017 box office hit THE OUTLAWS. THE OUTLAWS 2, also directed by Kang Yoon-sung of the first sequel, had completed filming. Son Suk-ku takes on the role of extreme villain Kang Hae-sang in the film where he confronts Detective Ma Suk-do, played by Ma Dong-seok.
https://www.koreanfilm.or.kr/eng/news/boxOffice_Daily.jsp?mode=BOXOFFICE_DAILY& startYMD=20211207& endYMD=20211213& searchFrom=Dec-07-2021& searchTo=Dec-13-2021& category=ALL& country=K
NEWS RELEASE NOTHING SERIOUS, STARRING SON SUK-KU OF SPACKMAN MEDIA GROUP, MAKES A STRONG COMEBACK AS #1 AT THE WEEKEND BOX OFFICE IN KOREA ? NOTHING SERIOUS, headlined by Son Suk-ku of Spackman Media Group, recaptured the top spot at the Korean box office over the weekend since its debut on 24 November 2021 ? Represented by SBD Entertainment, a wholly-owned subsidiary of Spackman Media Group, Son Suk-ku also stars in original content, UNFRAMED PROJECT released exclusively on Watcha on 8 December 2021 ? Son Suk-ku shall also headline alongside Ma Dong-seok in upcoming sequel film, THE OUTLAWS 2 Singapore, 13 December 2021 ? Spackman Entertainment Group Limited (the ?Group?), one of Korea?s leading entertainment production groups, wishes to announce that Son Suk-ku represented by SBD Entertainment Inc. (" SBD Entertainment" ), a wholly-owned subsidiary of the Group' s associated company, Spackman Media Group Limited (" Spackman Media Group" ), stars in romance comedy film, NOTHING SERIOUS, which ranked #1 at the weekend box office in Korea. Since its debut on 24 November 2021, the film rose as a dark horse and recaptured its top spot. The film made a solid comeback, consecutively clinching the top position last Friday, Saturday and Sunday at the Korean box office. Word-of-mouth marketing and promotion catapulted the success and popularity of the film in Korea, following its theatrical release. NOTHING SERIOUS is directed by Jeong Ga-young and distributed by CJ ENM Corp. In the film, Son Suk-ku takes the role of Woo-ri, an ordinary magazine columnist who writes a sex column. Through a dating app, he meets a start-up entrepreneur Ja-young, played by Jun Jong-seo. Represented by SBD Entertainment, a wholly-owned subsidiary of Spackman Media Group, Son Suk-ku also stars in original content, UNFRAMED PROJECT, which was released exclusively on Watcha on 8 December 2021. Son Suk-ku shall headline alongside Ma Dong-seok in THE OUTLAWS 2, a sequel to the 2017 box office hit THE OUTLAWS. THE OUTLAWS 2, also directed by Kang Yoon-sung of the first sequel, had completed filming. Son Suk-ku takes on the role of extreme villain Kang Hae-sang in the film where he confronts Detective Ma Suk-do, played by Ma Dong-seok.
https://www.koreanfilm.or.kr/eng/news/boxOffice_Daily.jsp?mode=BOXOFFICE_DAILY& startYMD=20211207& endYMD=20211213& searchFrom=Dec-07-2021& searchTo=Dec-13-2021& category=ALL& country=K
Can be patient or not?
sklong138 ( Date: 03-Dec-2021 18:19) Posted:
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Bro
Any reason why on 2 million shares traded @0.004 say around $8,000 today with such a good news?
ttbanthony ( Date: 02-Dec-2021 20:15) Posted:
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Yea not really interested most of them sianz
sgmystique ( Date: 03-Dec-2021 12:06) Posted:
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Seems like the market has completely ignored the announcement yesterday. Is it that the market does not believe the $19.9 million that should be coming in is real...
ttbanthony ( Date: 02-Dec-2021 20:15) Posted:
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Disposal completed
sgmystique ( Date: 02-Dec-2021 23:35) Posted:
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Depends on when they receive the $19.9 million and the market price when they start buying back....
y2jchris ( Date: 02-Dec-2021 22:55) Posted:
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1.2m buy back?
@ what price
@ what price
ttbanthony ( Date: 02-Dec-2021 20:15) Posted:
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sure chiong tomorrow! huat!
ttbanthony ( Date: 02-Dec-2021 20:15) Posted:
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Don say I did not chio.
I rarely promote
This one should fly soon.
They set aside 6% of the disposal proceeds of $19.9m to do buyback. Or 200,000,000 shares at the price now.
Book value per share after disposal is $0.02.
Can Tikam some tmr.
I rarely promote
This one should fly soon.
They set aside 6% of the disposal proceeds of $19.9m to do buyback. Or 200,000,000 shares at the price now.
Book value per share after disposal is $0.02.
Can Tikam some tmr.
Jiak lat. Killing the goose that lays golden eggs. From past history, it' s not surprising anyway. Company desperately needs money. Otherwise another right issue/ placement will be on the cards. Good luck
SGX queries Spackman on planned disposal of Zip Cinema
THE Singapore Exchange (SGX) has shot a list of queries to Spackman Entertainment Group $ Spackman: 40E 0% regarding the company' s plan to sell its entire Zip Cinema business for about 18 billion won (S$20.6 million).
Among other things, SGX asked the company on Friday evening about its consideration and rationale for the proposed sale, and whether this was in the best interest of the company and its shareholders.
SGX noted that Spackman' s FY2020 annual report released on April 15 had said that Zip Cinema has achieved " notable critical and box office success" , in that its films had rung up good ticket sales, and the business had achieved commercial success, even amid the on-going Covid-19 pandemic.
Production of films had also constituted half the group' s FY2020 revenue, said SGX.
Spackman argued that the proposed disposal provides the company with the opportunity to expand its content production for Over-The-Top (OTT) platforms, which have gained popularity in the film and drama sector, with consumers growing more accustomed to online viewing and social distancing.
OTT platforms are media services offered directly to viewers via Internet.
The transaction' s consideration is also higher than the group' s current market capitalisation of S$7.6 million, said Spackman. The disposal will furnish the company to funds to diversify into the US Hollywood film sector, which is potentially more profitable than Korean films because Western films have a wider, international audience base, said the company.
The company had previously said it is expected to net a disposal gain of US$8.9 million and an excess of net proceeds over the book value of about US$8.3 million from the disposal.
SGX asked about Spackman' s experience in the US film market, and about the role the company would have in US Hollywood projects.
Spackman replied that the production of US films is similar in business model, except it is more flexible in terms of structure, which will provide the company with the opportunity to leverage its capability of delivering quality films on a competitive budget.
The company added that it will secure the opportunity to participate in US Hollywood films through the development, co-production and financing of these projects. It also said that the gain from the proposed disposal would put it in an improved financial position and furnish the liquidity to focus more on its OTT business and the US Hollywood film sector.
SGX asked whether the company intends to continue producing films. To this, Spackman said it will continue to produce films and dramas through its subsidiaries Studio Take, Simplex Films and Greenlight.
SGX raised queries on how Kakao Entertainment Corp, a subsidiary of South Korea-listed Internet company Kakao Corp and the buyer of Zip Cinema, was introduced to the company.
The company said Kakao Entertainment approached Zip Korea directly on the negotiations, as Zip Korea was expanding its content production business.
SGX also asked Spackman about the safeguards for the net proceeds of about 18 billion won that it will pocket from the disposal. The group said it has a cash-management policy in place for the net proceeds, and that it would disclose significant utilisation and reallocation of the uses of the proceeds where applicable.
In the same announcement, SGX noted that Spackman had entered into a sale-and-purchase agreement (SPA) with a prospective buyer of a Zip Korea-owned office building in Paju-si, South Korea the bourse also pressed for information on the counter-party of the SPA.
Spackman simply said the potential buyer is a publishing company that is unrelated to the company and its board of directors. It said the expected property disposal is expected to be completed between mid-November and end of the year.
SGX queries Spackman on planned disposal of Zip Cinema
THE Singapore Exchange (SGX) has shot a list of queries to Spackman Entertainment Group $ Spackman: 40E 0% regarding the company' s plan to sell its entire Zip Cinema business for about 18 billion won (S$20.6 million).
Among other things, SGX asked the company on Friday evening about its consideration and rationale for the proposed sale, and whether this was in the best interest of the company and its shareholders.
SGX noted that Spackman' s FY2020 annual report released on April 15 had said that Zip Cinema has achieved " notable critical and box office success" , in that its films had rung up good ticket sales, and the business had achieved commercial success, even amid the on-going Covid-19 pandemic. Production of films had also constituted half the group' s FY2020 revenue, said SGX.
Spackman argued that the proposed disposal provides the company with the opportunity to expand its content production for Over-The-Top (OTT) platforms, which have gained popularity in the film and drama sector, with consumers growing more accustomed to online viewing and social distancing.
OTT platforms are media services offered directly to viewers via Internet.
The transaction' s consideration is also higher than the group' s current market capitalisation of S$7.6 million, said Spackman. The disposal will furnish the company to funds to diversify into the US Hollywood film sector, which is potentially more profitable than Korean films because Western films have a wider, international audience base, said the company.
The company had previously said it is expected to net a disposal gain of US$8.9 million and an excess of net proceeds over the book value of about US$8.3 million from the disposal.
SGX asked about Spackman' s experience in the US film market, and about the role the company would have in US Hollywood projects.
Spackman replied that the production of US films is similar in business model, except it is more flexible in terms of structure, which will provide the company with the opportunity to leverage its capability of delivering quality films on a competitive budget.
The company added that it will secure the opportunity to participate in US Hollywood films through the development, co-production and financing of these projects. It also said that the gain from the proposed disposal would put it in an improved financial position and furnish the liquidity to focus more on its OTT business and the US Hollywood film sector.
SGX asked whether the company intends to continue producing films. To this, Spackman said it will continue to produce films and dramas through its subsidiaries Studio Take, Simplex Films and Greenlight.
SGX raised queries on how Kakao Entertainment Corp, a subsidiary of South Korea-listed Internet company Kakao Corp and the buyer of Zip Cinema, was introduced to the company.
The company said Kakao Entertainment approached Zip Korea directly on the negotiations, as Zip Korea was expanding its content production business.
SGX also asked Spackman about the safeguards for the net proceeds of about 18 billion won that it will pocket from the disposal. The group said it has a cash-management policy in place for the net proceeds, and that it would disclose significant utilisation and reallocation of the uses of the proceeds where applicable.
In the same announcement, SGX noted that Spackman had entered into a sale-and-purchase agreement (SPA) with a prospective buyer of a Zip Korea-owned office building in Paju-si, South Korea the bourse also pressed for information on the counter-party of the SPA.
Spackman simply said the potential buyer is a publishing company that is unrelated to the company and its board of directors. It said the expected property disposal is expected to be completed between mid-November and end of the year.
Shares of Spackman ended Friday unchanged at 0.5 Singapore cent.
Spackman shares in play on news of sale of Zip Cinema
SHARES of Spackman Entertainment rose as much as 50 per cent on Wednesday after the group announced it was selling Zip Cinema for S$19.8 million to South Korea' s Kakao Corp.
As at 9.04 am, Singapore time, the counter had risen 0.2 Singapore cent or 50 per cent to 0.6 cent after some 35.9 million shares changed hands, making it the top-traded by volume at the market open.
The stock pulled back slightly to finish the first half of the trading day at 0.5 cent.
In the second half of the trading day, Spackman shares sank to 0.4 cent at 2.46pm, before rising again to 0.5 cent. The stock closed the day unchanged at 0.4 cent.
No married deals were recorded throughout the day, ShareInvestor data showed.
Based on Spackman' s share performance over the last 52 weeks, prices have ranged from 0.4 cent to 0.8 cent with the average volume traded being 2.6 million shares.
The group on Tuesday evening announced the proposed sale of its entire Zip Cinema business to Kakao Entertainment, a subsidiary of South Korea-listed Internet company Kakao Corp, for S$19.8 million or about 18 billion won in cash.
The production house is also known as Zip Korea. It was disclosed as a major asset of Spackman when the group in July 2020 announced it signed a non-binding letter of intent to sell the business to an unnamed potential buyer - then described only as a content-production company listed in South Korea.
In its latest regulatory filing on Tuesday, Spackman said the sale will be subject to shareholder approval at an extraordinary general meeting (EGM) to be announced in due course.
According to a valuation report by independent valuer Echon Accounting Corporation, Morison KSi Korea, Zip Korea has been valued at between 15.1 billion and 17.7 billion won. This report will be set out in the circular to shareholders at the upcoming EGM.
Based on the group' s financial statements for FY2020, Zip Korea' s net tangible asset (NTA) value as at end-2020 is US$6.6 million and its book value stood at US$7.3 million. This would allow Spackman to net a disposal gain of US$8.9 million and an excess of net proceeds over the book value of about US$8.3 million.
Assuming the disposal had been completed on Dec 31, 2020, this would have resulted in a FY2020 NTA per share of 1.7 US cents instead of 1.2 US cents. Loss per share for the financial year would have been 0.708 US cent instead of 1.205 US cents had the transaction been completed on Jan 1, 2020.
Citing uncertainty in the entertainment sector brought on by the Covid-19 pandemic, Spackman said it expects the proposed disposal to result in higher group NTA, reduce loss per share, and enhance the group' s current ratio and liquidity.
The group added that proceeds from the sale of Zip Cinema will provide it with working capital for business diversification and expansion into other businesses.
It is particularly interested in co-producing and financing US films, which it believes to be potentially more profitable than Korean films due to a wider international audience base. The group said its pipeline of US Hollywood projects include four potential new films, which will be announced once definitive agreements have been signed.
Spackman is also intending to use the sale proceeds to expand its over-the-top business, as well as explore further investment or acquisition opportunities complementing its business strategy of focusing on US films.
It said its production of US film projects will create opportunities for Korean artistes in its associated company Spackman Media Group Limited to participate in " top-quality content production and collaborate with international brands for advertisements and endorsements" .