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Hardly got legal action. Midas case is outright misconduct/fraud. Ezion case is completely incapable/shortsighted management. cheers.
Stocky901 ( Date: 10-Feb-2022 19:26) Posted:
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Will there be any legal action like the midas case?
TraderBen ( Date: 10-Feb-2022 17:38) Posted:
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Even if they beg, don' t think the bigger one would rescue them, the question is where the value is or what is the synergy that can be fostered. Sometimes doesn' t mean educated will have good business acumen, it' s the solid company that can stand the test of time better. Just look at Malaysian peers, even once its potential buyer Yinson Holdings can operate well till now, not to mention a few other smaller peers like Coastal Contracts (COASTAL) which successfully turnaround and bag record contracts and business. Whilst over in SGX, most of the oil-related company cannot survive, Ezion, Kris, Ezra, many more you name it. One word: weak.
honesty ( Date: 10-Feb-2022 09:19) Posted:
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the directors already drained the company' s finances before letting go.. lousy set of management.. same like kris energy.. anyone suffered the same losses in these 2 companies like me?? or am i the only one?
Analysis ( Date: 10-Feb-2022 10:06) Posted:
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The longer they drag in order to prolong their monthly handsome paycheck from almost empty coffer
mgmt so call educated yet poor foresight, no business acumen, could have gone to beg other oil and gas to consider merging or consolidation since their clientelle base could be good since oil has been rising. stupid right not to ride on this oil boom!
TraderBen ( Date: 10-Feb-2022 09:13) Posted:
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provided they have the ability to do so.. dam it.. sheet company..
That' s very sad case. I thought exit offer is a requirement
flyliam ( Date: 10-Feb-2022 08:48) Posted:
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empty shell liao... no more money to distribute to shareholders
MakeChanges ( Date: 10-Feb-2022 07:38) Posted:
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No exit offer for shareholders?
WINDING UP OF THE COMPANY
As stated in the Previous Announcements, the Company filed an application in HC/CWU
21/2022 for the Company to be placed into liquidation (the ' Winding Up Application' ).
Further to the Previous Announcements, the Company would like to update its shareholders
that the Court has fixed a hearing of the Winding Up Application on 18 February 2022 at
10:00am.
Any creditor or contributory of the Company who wishes to have a copy of the Winding Up
Application may request for a copy of each of the Winding Up Application and the affidavit
supporting the Winding Up Application on payment of the regulated charge.
Any person who intends to appear on the hearing of the Winding Up Application must serve on
or send by post to the Company' s solicitors, DREW & NAPIER LLC of 10 Collyer Quay #10-01
Ocean Financial Centre, Singapore 049315, notice in writing of his intention to do so by the
close of business on 14 February 2022.
UPDATE
The Board wishes to provide further details to its stakeholders in relation to the Winding Up
Application.
The Company has been attempting to revitalise and restructure the Group since 2017. In
summary, the Company has:
a. undertaken extensive refinancing exercises in 2017 and 2018
b. attempted to pursue a scheme of arrangement in between 2018 to 2020 to de-leverage its
balance sheet and recapitalise the Group and grow its market share in the liftboat business
by way of an investment by a strategic investor, Yinson Eden Pte. Ltd. and
c. sourced for multiple potential investors to implement a restructuring plan in order to
recapitalise the Group and/or realise the Company&rsquo s listing status, in consultation with the
Company&rsquo s major creditors.
Despite the Company&rsquo s efforts, the Company faced difficulties in procuring investment
proposals from the potential investors that were able to garner the support of its major creditors.
Accordingly, the Company was not able to proceed with its restructuring and/or re-capitalisation
without the support from its secured creditors. Given the Company&rsquo s current financial position,
the key operating subsidiaries of the Company are no longer able to remain operationally viable
as a going concern without the receipt of working capital.
Assessing the situation of the Company, after considering the views of its advisors, RSM
Corporate Advisory Pte Ltd and its secured creditors, the Company is of the view that (a) the
Company is unable to pay its debts and is cash flow insolvent, (b) a liquidation of the Company
is in the best interests of its creditors as it is the most time-efficient and cost-effective manner
to realise the value from the remaining assets of the Company and the liquidation ensures an
orderly winding down of the affairs of the Company under the control of the Court-appointed
liquidators.
Accordingly, the Board filed the Winding Up Application.
The Board wishes to thank the Company&rsquo s stakeholders for their patience and support
throughout the years.
FURTHER ANNOUNCEMENTS
The Company will make the necessary announcements as and when there are further
developments on the above including any orders of the High Court and the outcome of the
Winding Up Application.
As stated in the Previous Announcements, the Company filed an application in HC/CWU
21/2022 for the Company to be placed into liquidation (the ' Winding Up Application' ).
Further to the Previous Announcements, the Company would like to update its shareholders
that the Court has fixed a hearing of the Winding Up Application on 18 February 2022 at
10:00am.
Any creditor or contributory of the Company who wishes to have a copy of the Winding Up
Application may request for a copy of each of the Winding Up Application and the affidavit
supporting the Winding Up Application on payment of the regulated charge.
Any person who intends to appear on the hearing of the Winding Up Application must serve on
or send by post to the Company' s solicitors, DREW & NAPIER LLC of 10 Collyer Quay #10-01
Ocean Financial Centre, Singapore 049315, notice in writing of his intention to do so by the
close of business on 14 February 2022.
UPDATE
The Board wishes to provide further details to its stakeholders in relation to the Winding Up
Application.
The Company has been attempting to revitalise and restructure the Group since 2017. In
summary, the Company has:
a. undertaken extensive refinancing exercises in 2017 and 2018
balance sheet and recapitalise the Group and grow its market share in the liftboat business
by way of an investment by a strategic investor, Yinson Eden Pte. Ltd. and
c. sourced for multiple potential investors to implement a restructuring plan in order to
recapitalise the Group and/or realise the Company&rsquo s listing status, in consultation with the
Company&rsquo s major creditors.
Despite the Company&rsquo s efforts, the Company faced difficulties in procuring investment
proposals from the potential investors that were able to garner the support of its major creditors.
Accordingly, the Company was not able to proceed with its restructuring and/or re-capitalisation
without the support from its secured creditors. Given the Company&rsquo s current financial position,
the key operating subsidiaries of the Company are no longer able to remain operationally viable
as a going concern without the receipt of working capital.
Assessing the situation of the Company, after considering the views of its advisors, RSM
Corporate Advisory Pte Ltd and its secured creditors, the Company is of the view that (a) the
Company is unable to pay its debts and is cash flow insolvent, (b) a liquidation of the Company
is in the best interests of its creditors as it is the most time-efficient and cost-effective manner
to realise the value from the remaining assets of the Company and the liquidation ensures an
orderly winding down of the affairs of the Company under the control of the Court-appointed
liquidators.
Accordingly, the Board filed the Winding Up Application.
The Board wishes to thank the Company&rsquo s stakeholders for their patience and support
throughout the years.
FURTHER ANNOUNCEMENTS
The Company will make the necessary announcements as and when there are further
developments on the above including any orders of the High Court and the outcome of the
Winding Up Application.
Ezion enters into contract for charter, disposal of vessel
A unit of troubled liftboat operator Ezion Holdings has entered into a 24-month bareboat charter, with an obligation to purchase (BBC), to dispose of a vessel to buyer April Pearl.
April Pearl - a subsidiary of JUB Pacific - will eventually purchase the liftboat, Teras Conquest 1, for a minimum consideration of US$11.35 million and a maximum consideration of US$11.5 million, minus the deposit, monthly payments and any amounts payable and paid by April Pearl.
Singapore-incorporated JUB Pacific is a liftboat operator with a focus on the renewable space, primarily in Asia' s wind farm sector.
Based on the minimum and maximum consideration, the gain estimated from the disposal is about US$3.77 million and US$3.84 million respectively, after transaction costs.
The net loss generated by the vessel for the six-month period ended June 30, 2021 is around US$1.41 million.
Ezion said in a filing to the Singapore Exchange: " The consideration received from the disposal will be utilised to reduce its outstanding liabilities via the partial repayment of its loans. The mortgage over the vessel will be discharged, pursuant to the disposal."
Assuming that the disposal had been effected on Jan 1, 2020, the basic loss per share and diluted loss per share of the group for the year ended Dec, 31 2020 will decrease from a loss per share of 13.55 US cents to 13.45 US cents and 13.45 US cents, based on the minimum and the maximum consideration respectively.
The BBC was executed by Caterpillar Financial Services Asia as attorney-in-fact of Ezion' s subsidiary, in line with powers of attorney granted to Caterpillar as mortgagee under certain financing agreements relating to the vessel.
Karma is in progress.
Trade with awareness and DYODD
Trade with awareness and DYODD
Dun waste time on this, write it off and move on to other counters. IF and is really IF there are crumbs left, is an added bonus.
Vested but forgotten & written it off long ago.
Vested but forgotten & written it off long ago.
Hopeless management indeed. All talk, no action.
Hopeless management should return their salaries backdated from the day it got suspended? 😡 😡
kt3152 ( Date: 29-Jan-2022 18:32) Posted:
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No hope. Not even enough to pay creditors...
teeth53 ( Date: 29-Jan-2022 16:33) Posted:
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Sure cannot get a cent huh...I think...:(
guards80 ( Date: 23-Feb-2020 19:16) Posted:
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Ezion Holdings files winding up application
BELEAGUERED liftboat operator Ezion Holdings has filed a winding up application for the company to be placed into liquidation.
In a filing to the Singapore Exchange on Friday (Jan 28), the company said that despite its efforts to restructure the group and search for an investor to recapitalise the firm, it has run into difficulties procuring investment proposals from the potential investors that are able to garner the support of its major creditors.
Amid challenging market conditions and the company' s current financial position, Ezion said its key operating subsidiaries are no longer able to remain operationally viable as a going concern without receiving working capital.
Ezion said it will make the necessary announcements as and when there are further developments, including the hearing date or any orders of the High Court.
RIP 🌋
Trade with closure and DYODD
Trade with closure and DYODD