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Spackman jumps 50% in early trade on cinema divestment news
Shares of Spackman Entertainment rose 50 per cent amid heavy trading on Wednesday morning, after the group announced it was selling Zip Cinema for S$19.8 million to South Korea' s Kakao Corp.As at 9.04am on Wednesday, 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. It later eased to 0.5 cent, up 25 per cent or 0.1 cent, by 9.40am.
No married deals were recorded in early trade, according to ShareInvestor data.
Based on Spackman' s share performance over the last 52 weeks, prices have ranged from 0.4 to 0.8 cent with the average volume traded being 2.6 million shares.
The group on Tuesday evening said it expects its proposed disposal to result in higher group net tangible asset, reduce loss per share, and enhance the group' s current ratio and liquidity.
It intends to use proceeds from the sale of Zip Cinema for business diversification and expansion into other businesses, particularly in the area of co-producing and financing US films, which it believes to be potentially more profitable than Korean films due to a wider international audience base.
SY...I did many rounds alrd...Now can Q at 4 for SY :))
TheMatrix ( Date: 15-Sep-2021 09:31) Posted:
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change name to scamman company limited..better...more triller koean dramas..
Better bet on Shen Yao than this.... If u want to keep so long.
makdatok ( Date: 15-Sep-2021 09:17) Posted:
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Bought at 5..Ready to keep for 6 to 12 months or more if doesnt move..If moves,then WALLA!!
Korean drama maker Spackman enters deal to sell Zip Korea to Kakao Entertainment for around S$20M
Spackman Entertainment Group has entered a deal to sell Zip Cinema Co., also known as Zip Korea, to Kakao Entertainment, a subsidiary of South Korean internet company Kakao Corp., for around 18.0 billion South Korean won, or around S$19.80 million, in cash, the Singapore-listed maker of South Korean dramas said in a filing to SGX Tuesday." Against the backdrop of uncertainty of the entertainment sector brought about by the Covid-19 pandemic, particularly in relation to the theatrical film industry, the board is of the view that the proposed disposal is in the best interests of the company and shareholder," Spackman said in the statement.
The deal will result in an increase in net tangible assets and reduce the company' s loss per share, Spackman said, noting the consideration is more than its current market capitalization of S$7.61 million. On a pro forma basis, if the deal had been completed at the beginning of 2020, the net tangible assets would rise to US$32.17 million from US$22.56 million without the transaction, Spackman estimated.
" The proposed disposal will provide the group with working capital for business diversification and to expand into other businesses, in particular, co-producing and financing U.S. films which are potentially more profitable than Korean films due to a wider international audience base," Spackman said. " The group' s pipeline of U.S. Hollywood projects include four potential new films, which will be announced once definitive agreements have been signed for these projects."
Spackman said producing U.S. films will offer the Korean artists represented by its associated company Spackman Media Group Ltd. (SMGL) more opportunities to participate in content production and to collaborate with international brands for advertising and endorsements.
SMGL plans to seek potential strategic partnerships between Korean and Chinese content producers and artists via a deal between state-owned television groups China Central Television (CCTV) and South Korean public broadcaster KBS, the filing said.
Zip Korea is a South Korean film production label, which has originated and produced commercially successful theatrical films in the country, Spackman said. The shares in Zip Korea are held by Spackman subsidiaries Zip Cinema (HK) and Spackman Equities, which is a wholly owned subsidiary of Zip Cinema (HK), the filing said.
The deal will require the approval of Spackman' s shareholders at an extraordinary general meeting, the filing said.
Part of the purchase price, around 2 billion won in total, will be withheld until the office building owned by Zip Korea in Paju-si is changed to a knowledge asset center and a deal to sell the office building is reached with a prospective buyer, Spackman said.
Among the conditions for the deal, Yoo Jin Lee, also known as Eugene Lee, currently the chief producer and executive director at Spackman, will resign from her Zip Korea roles, including representative director, and insurance policies in which she is named as the insured will be terminated, the filing said.
The block & review seems like ages ago last year.. wonder if the review is still on going as seems like no further news & updates ? Seems like no action SGX Regco.. no use of powers vested to force independent director or board to come clean.. ? The resignation of cfo might be 1st step to bail out.. hmmm .. wonder why cfo left since she in core team right from start of ipo process !
traderapple ( Date: 18-Aug-2021 22:24) Posted:
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The regulatory arm of the Singapore Exchange (SGX RegCo) is blocking a proposed divestment by Spackman Entertainment Group (SEG), pending a review of certain past acquisitions.
The directive, which came via a Notice of Compliance on Thursday night, requires SEG to conduct a review of its previous dealings to assess if they were on normal commercial terms or if they were prejudicial to the interests of minority shareholders.
Shocking analyst price target for Spackman Entertainment: http://fumacrom.com/1n7L7
SGX RegCo blocks Spackman Entertainment' s proposed divestment: http://fumacrom.com/1n7QQ
SGX reported cfo resign.. start of exodus ? Jumping ship ?
Any further updates on this on board & independence or conflict of interest ?
https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=131421&currpage=T
Any further updates on this on board & independence or conflict of interest ?
https://legalref.judiciary.hk/lrs/common/ju/ju_frame.jsp?DIS=131421&currpage=T
Very quiet lately.
wonder if these 2 new films will generate any interest
Rising Korean Star Wi Ha-joon Of MSteam, Wholly-Owned By Spackman Entertainment Group&rsquo s Associated Company, Spackman Media Group, Stars In Korean Crime Thriller Film, MIDNIGHT, To Be Screened On Korean Theatres And Online On 30 June 2021
Son Suk-ku Of SBD Entertainment, Wholly-Owned By Spackman Entertainment Group&rsquo s Associated Company, Spackman Media Group, Stars In Upcoming Sequel Film, THE OUTLAWS 2
June 18, 2021
wonder if these 2 new films will generate any interest
Rising Korean Star Wi Ha-joon Of MSteam, Wholly-Owned By Spackman Entertainment Group&rsquo s Associated Company, Spackman Media Group, Stars In Korean Crime Thriller Film, MIDNIGHT, To Be Screened On Korean Theatres And Online On 30 June 2021
Son Suk-ku Of SBD Entertainment, Wholly-Owned By Spackman Entertainment Group&rsquo s Associated Company, Spackman Media Group, Stars In Upcoming Sequel Film, THE OUTLAWS 2
June 18, 2021
Spackman Media Group
The Group and its 43.88% associated company, SMGL, have been exploring collaboration with and discussing potential equity investment from certain potential strategic investors regarding transactions that may or may not involve the sale of a portion of the shares of SMGL owned by the Company. The Group shall keep shareholders updated of material developments in any of such discussions, as and when appropriate.
if you look at their past announcements, there are many box office hits either the main actor/actress under spackman media subsidiary talen co.
Or even under the co' s own production.
The income from such hits are either neligible or not in proportion to the revenues generated.
This film -Crash Landing on You - is doing very well on streaming. Where is the income flowing to the compay?
So if you just look at the names, you would be misled as results show otherwise.
DYODD
Or even under the co' s own production.
The income from such hits are either neligible or not in proportion to the revenues generated.
This film -Crash Landing on You - is doing very well on streaming. Where is the income flowing to the compay?
So if you just look at the names, you would be misled as results show otherwise.
DYODD
bobby90 ( Date: 26-Mar-2021 11:39) Posted:
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pump and dumb my fren..
y2jchris ( Date: 26-Mar-2021 11:35) Posted:
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bro is pump and dump in short
y2jchris ( Date: 26-Mar-2021 11:35) Posted:
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whats p& d bro?
look@bright ( Date: 26-Mar-2021 11:30) Posted:
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another P& D
y2jchris ( Date: 26-Mar-2021 10:46) Posted:
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wow.
People buying up.
this lame stock made me lose 4k. it is really wth
People buying up.
this lame stock made me lose 4k. it is really wth
tangoanna ( Date: 18-Mar-2021 20:11) Posted:
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DANGERous!
Starship ( Date: 18-Mar-2021 17:42) Posted:
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SPACKMAN ENTERTAINMENT: WARRANT OF ARREST FOR CHARLES SPACKMAN
Mak Yuen Teen | Mar 11, 2021
Here is the latest update on the founder and former executive chairman of Spackman Entertainment, Mr Charles Spackman.
A warrant of arrest has been issued for him in the BVI Court on March 3, 2021.
Meanwhile, I am looking forward to the outcome of the independent review for Spackman Entertainment.
It&rsquo s also interesting to ask about the due diligence that was done for the listing of Spackman Entertainment since the start of the long-drawn saga involving Mr Spackman predates its listing and was public information.
Wrrant Document on this page:
https://governanceforstakeholders.com/2021/03/11/spackman-entertainment-warrant-of-arrest-for-charles-spackman/
Mak Yuen Teen | Mar 11, 2021
Here is the latest update on the founder and former executive chairman of Spackman Entertainment, Mr Charles Spackman.
A warrant of arrest has been issued for him in the BVI Court on March 3, 2021.
Meanwhile, I am looking forward to the outcome of the independent review for Spackman Entertainment.
It&rsquo s also interesting to ask about the due diligence that was done for the listing of Spackman Entertainment since the start of the long-drawn saga involving Mr Spackman predates its listing and was public information.
Wrrant Document on this page:
https://governanceforstakeholders.com/2021/03/11/spackman-entertainment-warrant-of-arrest-for-charles-spackman/
so many of the crooks in this SGX. The relevant authority are toothless! SGrean suay to have this kind of regulators letting them swindle our own citizens.