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Dear Shareholders,
Thank you for your support towards the Company.
We released our Q3FY2022 Results Announcement on 11 November 2022. The general operating environment continues to be highly competitive and further exacerbated by the sharp increases in construction material prices and tight labour supply. Margins of projects secured prior to the COVID pandemic have been adversely impacted. Notwithstanding, we see that infrastructural projects that had been delayed by the COVID pandemic are recommencing and there would be further opportunities in the market over the next few years. The Company would need to put itself in a position to secure these projects.
As you would be aware, the Company is undertaking ongoing negotiations which the Company hopes to advance with (i) a potential refinancing party (the ?Refinancing?) or (ii) a potential strategic investor (the ?Investment?). These negotiations and the underlying transactions are mutually exclusive.
The Company has been exploring these options as the construction industry continues to compete in a highly competitive operating environment where costs have been kept high by increased energy and construction material prices, and exacerbated by a tight labour supply. The intention of undertaking either the Refinancing or the Investment is to ensure that the Company is able to have sufficient funds to service its borrowings and is able to continue as a going concern.
Given the ongoing talks with potential financier and potential investor, we have temporarily suspended the trading of Yongnam Holding Limited?s shares.
With the current dynamic situation that the Company is in, a trading suspension would avoid any irregular movement in share price and prevent any irregular trading activities that may result from the leakage of any information which the Company has no control over. A trading suspension would also provide market certainty and avoid market confusion as the Company continues its focus on concluding the negotiations for the Refinancing or the Investment, with a view to strengthen the Group?s balance sheet, improve the cash flow position of the Group and preserve value for its stakeholders.
We seek your understanding and time as the Company strives to reach a conclusion with all parties concerned.
We will keep you posted of the developments. Thank you.
Yours faithfully
For and on behalf of the Board of Directors of
YONGNAM HOLDINGS LIMITED
Seow Soon Yong Chief Executive Officer
Thank you for your support towards the Company.
We released our Q3FY2022 Results Announcement on 11 November 2022. The general operating environment continues to be highly competitive and further exacerbated by the sharp increases in construction material prices and tight labour supply. Margins of projects secured prior to the COVID pandemic have been adversely impacted. Notwithstanding, we see that infrastructural projects that had been delayed by the COVID pandemic are recommencing and there would be further opportunities in the market over the next few years. The Company would need to put itself in a position to secure these projects.
As you would be aware, the Company is undertaking ongoing negotiations which the Company hopes to advance with (i) a potential refinancing party (the ?Refinancing?) or (ii) a potential strategic investor (the ?Investment?). These negotiations and the underlying transactions are mutually exclusive.
The Company has been exploring these options as the construction industry continues to compete in a highly competitive operating environment where costs have been kept high by increased energy and construction material prices, and exacerbated by a tight labour supply. The intention of undertaking either the Refinancing or the Investment is to ensure that the Company is able to have sufficient funds to service its borrowings and is able to continue as a going concern.
Given the ongoing talks with potential financier and potential investor, we have temporarily suspended the trading of Yongnam Holding Limited?s shares.
With the current dynamic situation that the Company is in, a trading suspension would avoid any irregular movement in share price and prevent any irregular trading activities that may result from the leakage of any information which the Company has no control over. A trading suspension would also provide market certainty and avoid market confusion as the Company continues its focus on concluding the negotiations for the Refinancing or the Investment, with a view to strengthen the Group?s balance sheet, improve the cash flow position of the Group and preserve value for its stakeholders.
We seek your understanding and time as the Company strives to reach a conclusion with all parties concerned.
We will keep you posted of the developments. Thank you.
Yours faithfully
For and on behalf of the Board of Directors of
YONGNAM HOLDINGS LIMITED
Seow Soon Yong Chief Executive Officer
Ausgroup
AVG
Yongnam
Sen Yue
AlphDX
Signs of trouble for counters that have negative cash flow, current liabilities more than current assets, debts more than shareholders' equity, falling cash and increasing receivables. All such counters need to avoid, unless it is used for punting only. Now cannoeven punt because it is suspended.
Recently a few penny stocks requested suspension is a very bad sign. Most likely to be delist n minor shareholder get nothing back
Another zombie stock.. sGX will becomes zombie exchange..sigh
ok..they announced suspension...
lukewong82 ( Date: 11-Aug-2022 14:51) Posted:
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Yong Nam letter to shareholders company will be suspended trading pending some discussion on going concern matters... Any forumer have info anything went wrong with company ?
What happen to YHL next ?
Hard time... gone case
FATABA ( Date: 23-Nov-2022 11:14) Posted:
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Halt what bad news ?
The authorities or SIAS look into the operations of the company. The losses in the last three years were inexplicable!!!!
cowabunga ( Date: 24-Aug-2022 14:35) Posted:
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From what I can see, insiders have been selling away their shares gradually
Maybe losing hope or confidence in company?
Eg. Director Seow used to hold more than 25% of the shares, the shares he is holding now is like around half of what he used to own
Either you follow suit and sell everything, move on to other companies
Or you can keep buying
Insider holding is around 42.54%
If you buy until you have more than 42.54%, vote all of them out and vote yourself in on the board and others you trust
Then, change the company for the better
Hahaha....
Maybe losing hope or confidence in company?
Eg. Director Seow used to hold more than 25% of the shares, the shares he is holding now is like around half of what he used to own
Either you follow suit and sell everything, move on to other companies
Or you can keep buying
Insider holding is around 42.54%
If you buy until you have more than 42.54%, vote all of them out and vote yourself in on the board and others you trust
Then, change the company for the better
Hahaha....
finjungle ( Date: 15-Aug-2022 09:38) Posted:
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This is a real real shit company. It has been losing money for years but the management and the directors are sitting comfortably. What can the minor shareholders do?
All advice and comments are really appreciated
All advice and comments are really appreciated
cowabunga ( Date: 15-Aug-2022 09:31) Posted:
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I sense panicking shortists
Most construction companies business are prospering while this company is like shit!
And owner are upgrading his bungalow citing too small wtf!
And owner are upgrading his bungalow citing too small wtf!
It is a rubbish counter. Keep going south since listed. Not sure how they got listed in the first place as the company keep making losses year after year. Is there something wrong with the management? Have not changed any better since the management remain the same people and do they keep the interest of the shareholders? What a shame!
Material Uncertainty Related to Going Concern
We draw attention to Note 2 of the financial statements. The Group reported a loss of $27,085,000 for the financial year ended 31 December 2021 (2020: $77,826,000) and as at that date, the Group&rsquo s and the Company&rsquo s net current liabilities are $64,807,000 (2020: $129,484,000) and $10,319,000 (2020: $12,613,000) respectively. These factors indicate the existence of a material uncertainty which may cast significant doubt about the Group&rsquo s and Company&rsquo s ability to continue as going concern.
As disclosed in Note 2 of the financial statements, the ability of the Group and the Company to continue as a going concern and meet its financial obligations depends on its ability to generate sufficient cash flows on a timely basis as planned through operations, scrapping idle steel beams and columns and continuing support from its lenders and bond holders. Such ability could be severely impaired should significant project delays occur as a result of events and circumstances not anticipated by management, or an adverse change in market demand for scrap steel which may limit the Group&rsquo s ability to raise funds to meet working capital needs, as and when necessary, and satisfy its debt obligations.
This type of counter can get suspended anytime and then remain suspended for many many years..
We draw attention to Note 2 of the financial statements. The Group reported a loss of $27,085,000 for the financial year ended 31 December 2021 (2020: $77,826,000) and as at that date, the Group&rsquo s and the Company&rsquo s net current liabilities are $64,807,000 (2020: $129,484,000) and $10,319,000 (2020: $12,613,000) respectively. These factors indicate the existence of a material uncertainty which may cast significant doubt about the Group&rsquo s and Company&rsquo s ability to continue as going concern.
As disclosed in Note 2 of the financial statements, the ability of the Group and the Company to continue as a going concern and meet its financial obligations depends on its ability to generate sufficient cash flows on a timely basis as planned through operations, scrapping idle steel beams and columns and continuing support from its lenders and bond holders. Such ability could be severely impaired should significant project delays occur as a result of events and circumstances not anticipated by management, or an adverse change in market demand for scrap steel which may limit the Group&rsquo s ability to raise funds to meet working capital needs, as and when necessary, and satisfy its debt obligations.
This type of counter can get suspended anytime and then remain suspended for many many years..
MichaelSchenker ( Date: 11-Aug-2022 14:31) Posted:
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Ooh...whatever happened to Yongnam? Was a 50 cent share few years ago.
Any realistic chance to go to at least 27 cents?
Any realistic chance to go to at least 27 cents?
Coming soon
Chart very bearish and ugly.. Insides selling for something bad in the making?.. Better run in case become another " Nutry farm" or......?
tofudidi ( Date: 11-Apr-2022 14:02) Posted:
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