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If you think the NAV is arguable but it is not fraud, don't think it will fall under SGX/MAS purview. Maybe more of the auditors/acra pasar. But auditors already issued disclaimer of opinion over going concern assumption, ie discrepancies in estimated fair value of vessels with income projected over~20years vs estimated saleable value in a liquidation. Mgmt also provided extra info during engagement for EGM. So no one could be easily blamed for the positive NTA.
All your complaints will be for naught. Better luck at cutting loss next time when buying trickier names. It is not like this stock is hit by one sharp spike downwards from 0.300. So actually plenty of chance to cut loss if you have hold it from the good old days.
dyingcat ( Date: 16-Apr-2017 11:40) Posted:
In this case, its nav is actually negative, but in its annual report 2016, it was stated worth abt 10 cents. We voted for the winding up proposal, on the hope we would be able to recover some, based on the nav.
mailaileh ( Date: 16-Apr-2017 00:32) Posted:
http://rickmers.listedcompany.com/newsroom/20161031_134356_B1ZU_7IOGKIOA6MJ9K9RL.2.pdf
Secured lenders lose 50-65%, MTN to lose all, Unitholders to lose all. I am not too sure what type of protection are you looking for, but this boat has sailed.
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I spoke to a young MAS chap during one of my my singing sessions, who takes charge to replying " grievances" of retail investors. His role is like a police officer at police station but they will have some standard responses to tell you that your greviance has " no case" even if you complaint to the Finance Minister or Securities Industry Council. His primary job is convince you that what happened is " purely a commercial decision" , not within their purview.
Haha, don' t believe? You try
You must understand that he will still be getting his high pay no matter he unearth one or ten " failures to act in good faiths" annually.
dyingcat ( Date: 16-Apr-2017 14:22) Posted:
Yeah, SGX knows all kinds of scams are happening and retail investors lose millions of hard earned money. MAS knows too. What have they done to prevent these happening? Only issue std queries, trade with caution, but still allow them to list. Sad. We don't have a 带 头 大 哥 to express our extreme disappointment n unhappiness with SGX & MAS.
HazardKoh ( Date: 16-Apr-2017 12:30) Posted:
This is what happened to S-chip. MANY s-chips and even some local ones have inflated NTA and MANY investors are conned but seems that life goes on and it is still happening ... Insider trading also another OBVIOUS violation but still happening so frequently and nothing has been done. U will see very frequently share price jump or sink BEFORE release of good or bad news. So obvious there are insider trading but so far, nothing really has been done.. The ultimate loser are the small investors but hey dun think sgx cares
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Yeah, SGX knows all kinds of scams are happening and retail investors lose millions of hard earned money. MAS knows too. What have they done to prevent these happening? Only issue std queries, trade with caution, but still allow them to list. Sad. We don't have a 带 头 大 哥 to express our extreme disappointment n unhappiness with SGX & MAS.
HazardKoh ( Date: 16-Apr-2017 12:30) Posted:
This is what happened to S-chip. MANY s-chips and even some local ones have inflated NTA and MANY investors are conned but seems that life goes on and it is still happening ... Insider trading also another OBVIOUS violation but still happening so frequently and nothing has been done. U will see very frequently share price jump or sink BEFORE release of good or bad news. So obvious there are insider trading but so far, nothing really has been done.. The ultimate loser are the small investors but hey dun think sgx cares
dyingcat ( Date: 16-Apr-2017 11:40) Posted:
| In this case, its nav is actually negative, but in its annual report 2016, it was stated worth abt 10 cents. We voted for the winding up proposal, on the hope we would be able to recover some, based on the nav |
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This is what happened to S-chip. MANY s-chips and even some local ones have inflated NTA and MANY investors are conned but seems that life goes on and it is still happening ... Insider trading also another
OBVIOUS violation but still happening so frequently and nothing has been done. U will see very frequently share price jump or sink BEFORE release of good or bad news. So obvious there are insider trading but so far, nothing really has been done.. The ultimate loser are the small investors but hey dun think sgx cares
dyingcat ( Date: 16-Apr-2017 11:40) Posted:
In this case, its nav is actually negative, but in its annual report 2016, it was stated worth abt 10 cents. We voted for the winding up proposal, on the hope we would be able to recover some, based on the nav.
mailaileh ( Date: 16-Apr-2017 00:32) Posted:
http://rickmers.listedcompany.com/newsroom/20161031_134356_B1ZU_7IOGKIOA6MJ9K9RL.2.pdf
Secured lenders lose 50-65%, MTN to lose all, Unitholders to lose all. I am not too sure what type of protection are you looking for, but this boat has sailed.
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But in the end we were conned. Will SGX or MAS take action against the management? I doubt so, coz we keep quiet. Similar to Swiber, Swissco, EZRA n many more.
dyingcat ( Date: 16-Apr-2017 11:40) Posted:
In this case, its nav is actually negative, but in its annual report 2016, it was stated worth abt 10 cents. We voted for the winding up proposal, on the hope we would be able to recover some, based on the nav.
mailaileh ( Date: 16-Apr-2017 00:32) Posted:
http://rickmers.listedcompany.com/newsroom/20161031_134356_B1ZU_7IOGKIOA6MJ9K9RL.2.pdf
Secured lenders lose 50-65%, MTN to lose all, Unitholders to lose all. I am not too sure what type of protection are you looking for, but this boat has sailed.
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In this case, its nav is actually negative, but in its annual report 2016, it was stated worth abt 10 cents. We voted for the winding up proposal, on the hope we would be able to recover some, based on the nav.
mailaileh ( Date: 16-Apr-2017 00:32) Posted:
http://rickmers.listedcompany.com/newsroom/20161031_134356_B1ZU_7IOGKIOA6MJ9K9RL.2.pdf
Secured lenders lose 50-65%, MTN to lose all, Unitholders to lose all. I am not too sure what type of protection are you looking for, but this boat has sailed.
dyingcat ( Date: 15-Apr-2017 22:24) Posted:
| In the EGM last Nov, if the management made clear the consequence of liquidation, would we be stupid to vote 'for' to allow winding up? SGX didn't play its role to protect the interests of retail investors. If we still keep quiet and don't make formal petition to MAS, we'll continue suffering big loss due to share manipulating, or overstated net assets. |
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This boat had sunk.
http://rickmers.listedcompany.com/newsroom/20161031_134356_B1ZU_7IOGKIOA6MJ9K9RL.2.pdf
Secured lenders lose 50-65%, MTN to lose all, Unitholders to lose all. I am not too sure what type of protection are you looking for, but this boat has sailed.
dyingcat ( Date: 15-Apr-2017 22:24) Posted:
| In the EGM last Nov, if the management made clear the consequence of liquidation, would we be stupid to vote 'for' to allow winding up? SGX didn't play its role to protect the interests of retail investors. If we still keep quiet and don't make formal petition to MAS, we'll continue suffering big loss due to share manipulating, or overstated net assets. |
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In the EGM last Nov, if the management made clear the consequence of liquidation, would we be stupid to vote 'for' to allow winding up? SGX didn't play its role to protect the interests of retail investors. If we still keep quiet and don't make formal petition to MAS, we'll continue suffering big loss due to share manipulating, or overstated net assets.
Beware of those who keep on recommending a counter with ulterior motive. There is another forummer by the name ISOLATOR who keeps on recommending Asiason, Blumont, Liongold and many other pennies on an obvious down trend. Look at the prices now.
There is this guy who actively promoted Rickmers and he is very active still.
http://www.sharejunction.com/sharejunction/listMessage.htm?topicId=15401& msgbdName=Insider Info/Tips& topicTitle=RICKMERS MARITIME - OVERSOLD WITH 20% YIELD
HazardKoh ( Date: 13-Apr-2017 21:49) Posted:
enjoylife77 ( Date: 13-Apr-2017 21:33) Posted:
Many retailers including retiree were lured by the flashy advertisement by HSBC guiding 7%+ dividend yield at both ST and BT few years ago.
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enjoylife77 ( Date: 13-Apr-2017 21:33) Posted:
Many retailers including retiree were lured by the flashy advertisement by HSBC guiding 7%+ dividend yield at both ST and BT few years ago.
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Many retailers including retiree were lured by the flashy advertisement by HSBC guiding 7%+ dividend yield at both ST and BT few years ago.
SIAS is a toothless tiger and they really cannot do much. Don' t waste your time with them.
dyingcat ( Date: 13-Apr-2017 07:20) Posted:
| When unitholders voted to liquidate the trust at EGM last October, were they told they would end up getting nothing back? Can any SIAS member here complain to SIAS? |
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It shows that event if a counter/company has a strong parent, when anything goes wrong, the strong parent would not hesitate to sacrifies the small shareholders..
Happening in sgx many times
MarcPh ( Date: 13-Apr-2017 15:19) Posted:
Hi, the Rickmers Group did not go bust. They are the trustee manager, it' s the Rickmers Maritime Trust that went bust. Rickmers controls just about 36% of the Trust' s based on last annual report.
NextEvolution ( Date: 13-Apr-2017 10:04) Posted:
| A sad story of a more than 150 years old company biting dust and what we are facing now is not even a depression or recession but just a sectorial challenge |
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Lesson learned is to avoid counters with multiple class of debt. This put ordinary shareholders at an disadvantage.
Hi, the Rickmers Group did not go bust. They are the trustee manager, it' s the Rickmers Maritime Trust that went bust. Rickmers controls just about 36% of the Trust' s based on last annual report.
NextEvolution ( Date: 13-Apr-2017 10:04) Posted:
| A sad story of a more than 150 years old company biting dust and what we are facing now is not even a depression or recession but just a sectorial challenge |
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Bond holder got smart this time unlike Ezra bond holder got kosong while Ezra 'escaped' to US
A sad story of a more than 150 years old company biting dust and what we are facing now is not even a depression or recession but just a sectorial challenge
This will also be the spate of Ezra, Swissco and Swiber eventually. Bond holders get kosong and also share holders nothing at all.
