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Just bought a bit of Heatec. Think the main upside here is to delist this company from SGX. Ever since the plunge from 30cts 5 years ago it has been a very illiquid counter. Past few days volume did return as someone was selling big. Insiders also started buying yesterday. At 3cts, don' t think it is much of a risk, considering a conservative NTA of 10-12cts if intangibles are stripped out and certain trade receivables are discounted. Will put this stock in the freezer and take it out to sell when price recovers above 10cts...
this kind of counter so illiquid...
can sent u to heaven ... also can sent u to hell
Vafirish ( Date: 29-May-2014 21:36) Posted:
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50% rise in a day....... Anyone knows why?
DISPOSAL OF CHARIOT ENVIROBOTIC WATERJET MACHINE AND MANUAL WATERJET MACHINES AND ITS ACCESSORIES
The Board of Directors (the ?Board? or the ?Directors?) of Heatec Jietong Holdings Ltd. (the ?Company? and together with its subsidiaries, the ?Group?) wishes to announce that the Company?s 72.5% owned indirect subsidiary, Heatec Chariot Envirobotics Pte Ltd (?HCE?) had on 5 January 2014 entered into a sale and purchase agreement with an independent third party (the ?Buyer?) to dispose HCE?s three (3) envirobotic waterjet machines and four (4) manual waterjet machines and its accessories (the ?Equipment and Spares?) for an aggregate cash consideration of US$2,055,680 (equivalent to approximately S$2,587,073 based on the Company?s corporate average exchange rate of US$1.00 to S$1.2585 as at the date of this announcement) (the ?Consideration?) (the ?Disposal?).
Rationale
Due to underperformance of the blasting business, the Group intends to discontinue its blasting business and therefore dispose the Equipment and Spares.
Consideration for the Disposal
The Consideration was arrived at pursuant to arm?s length negotiations between HCE and the Buyer on a willing-buyer willing-seller basis, taking into account, inter alia, the net book value of the Equipment and Spares. The Buyer purchased the Equipment and Spares with full knowledge and notice in all respect of the actual state and condition of the Equipment and Spares and took the same on ?as is where is? basis. HCE does not warrant implicitly or expressly the condition of any of the Equipment and Spares subject to the Disposal.
Financial Effects
The Disposal is not expected to have a material impact on the net tangible assets per share of the Group.
The Group will be recognising a one-off gain of approximately S$1.170 million from the Disposal. The net capital gain realised from the Disposal is expected to have a positive impact on the consolidated earnings per share (?EPS?) of the Group for the financial year ending 31 December 2013.
The following unaudited pro-forma financial effects on the consolidated EPS of the Group have been prepared based on the unaudited consolidated financial statements of the Group for the financial period ended 30 June 2013, and assuming that the Disposal had been completed on 1 January 2013. The pro-forma financial effects on the consolidated EPS of the Group from the Disposal are for illustration purposes only and do not reflect the actual financial results of the Company after the Disposal.
Before the Disposal
After the Disposal
Profit attributable to
Shareholders (S$?000)
4,088
5,258
Number of issued and paid-up ordinary shares (?000)
121,187
121,187
EPS (Singapore cents)
3.37
4.33
Interests of Directors and Substantial Shareholders
None of the Directors of the Company, and to the best of the Directors? knowledge, none of the substantial shareholders of the Company, has any interest, direct or indirect (other than through their shareholdings in the Company) in the Disposal.
The Board of Directors (the ?Board? or the ?Directors?) of Heatec Jietong Holdings Ltd. (the ?Company? and together with its subsidiaries, the ?Group?) wishes to announce that the Company?s 72.5% owned indirect subsidiary, Heatec Chariot Envirobotics Pte Ltd (?HCE?) had on 5 January 2014 entered into a sale and purchase agreement with an independent third party (the ?Buyer?) to dispose HCE?s three (3) envirobotic waterjet machines and four (4) manual waterjet machines and its accessories (the ?Equipment and Spares?) for an aggregate cash consideration of US$2,055,680 (equivalent to approximately S$2,587,073 based on the Company?s corporate average exchange rate of US$1.00 to S$1.2585 as at the date of this announcement) (the ?Consideration?) (the ?Disposal?).
Rationale
Due to underperformance of the blasting business, the Group intends to discontinue its blasting business and therefore dispose the Equipment and Spares.
Consideration for the Disposal
The Consideration was arrived at pursuant to arm?s length negotiations between HCE and the Buyer on a willing-buyer willing-seller basis, taking into account, inter alia, the net book value of the Equipment and Spares. The Buyer purchased the Equipment and Spares with full knowledge and notice in all respect of the actual state and condition of the Equipment and Spares and took the same on ?as is where is? basis. HCE does not warrant implicitly or expressly the condition of any of the Equipment and Spares subject to the Disposal.
Financial Effects
The Disposal is not expected to have a material impact on the net tangible assets per share of the Group.
The Group will be recognising a one-off gain of approximately S$1.170 million from the Disposal. The net capital gain realised from the Disposal is expected to have a positive impact on the consolidated earnings per share (?EPS?) of the Group for the financial year ending 31 December 2013.
The following unaudited pro-forma financial effects on the consolidated EPS of the Group have been prepared based on the unaudited consolidated financial statements of the Group for the financial period ended 30 June 2013, and assuming that the Disposal had been completed on 1 January 2013. The pro-forma financial effects on the consolidated EPS of the Group from the Disposal are for illustration purposes only and do not reflect the actual financial results of the Company after the Disposal.
Before the Disposal
After the Disposal
Profit attributable to
Shareholders (S$?000)
4,088
5,258
Number of issued and paid-up ordinary shares (?000)
121,187
121,187
EPS (Singapore cents)
3.37
4.33
Interests of Directors and Substantial Shareholders
None of the Directors of the Company, and to the best of the Directors? knowledge, none of the substantial shareholders of the Company, has any interest, direct or indirect (other than through their shareholdings in the Company) in the Disposal.