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Total loss for FY19: USD 96618516. 😱
So much for so many prayers and hope
lol
lol
It' s almost gone..........only miracle can save this stock le.
Can write off already.. don?t need see le..
Now dun know will unsuspense.. So price won't waterfall. Ahhah
Price will Waterfall
UPDATES ON THE MUSTANG PROJECT
Fund-Raising Activities
With reference to the Company?s statement in the 19 Feb Announcement that ?the Company has been actively engaging in negotiations with stakeholders that include the Lender, its creditors, and potential investors, in attempt to restructure the Group?s assets and liabilities to achieve an outcome that is in the best interests of the Company and its stakeholders?, subsequent to receipt of the Notice (as defined in 19 Feb Announcement), the Company had approached potential investors in order to raise funds for its operations and further development of the Mustang Field which had included due diligence undertaken by two potential investors. Negotiations with both potential investors had, up till 27 February 2020, been positive.
Amid the backdrop of these discussions with the potential investors, the crude oil prices for the Alaska North Slope west coast (?ANS West Coast?) was approximately US$70 per barrel on 3 January 2020 and maintained at levels above US$55 a barrel throughout the month of January up until 3 February 2020 and before fluctuating and taking a dip towards the end of February 2020 to close at US$50 a barrel on 27 February 2020. 1
During a meeting on 28 February 2020, the first potential investor informed the Company that they will take longer than initially expected to revert with a decision. On the same day, the second investor had also informed the Group that they were not able to meet the timeline as required by the Lender and would not be proceeding with the fund raising unless the timeline can be delayed to a later date (together, the ?Delays?).
The recent downturn of the oil prices, together with the broader oil and stock market outlook at this juncture presents challenges to the Company?s fund raising initiatives.
The Company had disclosed in the 19 Feb Announcement that ?[t]he Company has on 16 January 2020 entered into a non-binding term sheet with the Lender subject to certain terms and conditions? (?Non- Binding Term Sheet?). Under the Non-Binding Term Sheet, the Group is to raise US$60,000,000 by 15 April 2020. Due to the Delays, it is now not likely that the Group will be able to meet this deadline
1Source: http://tax.alaska.gov/programs/oil/dailyoil/dailyoil.aspx
imposed in the Non-Binding Term Sheet. While the Group will continue to do its best to negotiate these terms with the Lender, there is no certainty that these negotiations will be successful. The conclusion of a binding agreement with the Lender is important to the Group being able to successfully restructure its assets and liabilities (the ?Restructuring Plan?). Without a favourable outcome to the Restructuring Plan and no further visibility of additional funds to continue operations and development of the Mustang Field, the Group would not be able to generate sustainable positive cash flows and face potential foreclosure by lenders and creditors.
DOUBTS ON A GOING CONCERN BASIS
Due to the abrupt and adverse developments highlighted above, the Board has re-evaluated its assessment of the situation, and is now of the view that there are now material uncertainties that may cast doubts about the ability of the Group and the Company to continue operating as going concern. Accordingly, the Board recommends that the trading of its shares on the SGX-ST be suspended pursuant to Listing Rule 1303(3).
Fund-Raising Activities
With reference to the Company?s statement in the 19 Feb Announcement that ?the Company has been actively engaging in negotiations with stakeholders that include the Lender, its creditors, and potential investors, in attempt to restructure the Group?s assets and liabilities to achieve an outcome that is in the best interests of the Company and its stakeholders?, subsequent to receipt of the Notice (as defined in 19 Feb Announcement), the Company had approached potential investors in order to raise funds for its operations and further development of the Mustang Field which had included due diligence undertaken by two potential investors. Negotiations with both potential investors had, up till 27 February 2020, been positive.
Amid the backdrop of these discussions with the potential investors, the crude oil prices for the Alaska North Slope west coast (?ANS West Coast?) was approximately US$70 per barrel on 3 January 2020 and maintained at levels above US$55 a barrel throughout the month of January up until 3 February 2020 and before fluctuating and taking a dip towards the end of February 2020 to close at US$50 a barrel on 27 February 2020. 1
During a meeting on 28 February 2020, the first potential investor informed the Company that they will take longer than initially expected to revert with a decision. On the same day, the second investor had also informed the Group that they were not able to meet the timeline as required by the Lender and would not be proceeding with the fund raising unless the timeline can be delayed to a later date (together, the ?Delays?).
The recent downturn of the oil prices, together with the broader oil and stock market outlook at this juncture presents challenges to the Company?s fund raising initiatives.
The Company had disclosed in the 19 Feb Announcement that ?[t]he Company has on 16 January 2020 entered into a non-binding term sheet with the Lender subject to certain terms and conditions? (?Non- Binding Term Sheet?). Under the Non-Binding Term Sheet, the Group is to raise US$60,000,000 by 15 April 2020. Due to the Delays, it is now not likely that the Group will be able to meet this deadline
1Source: http://tax.alaska.gov/programs/oil/dailyoil/dailyoil.aspx
imposed in the Non-Binding Term Sheet. While the Group will continue to do its best to negotiate these terms with the Lender, there is no certainty that these negotiations will be successful. The conclusion of a binding agreement with the Lender is important to the Group being able to successfully restructure its assets and liabilities (the ?Restructuring Plan?). Without a favourable outcome to the Restructuring Plan and no further visibility of additional funds to continue operations and development of the Mustang Field, the Group would not be able to generate sustainable positive cash flows and face potential foreclosure by lenders and creditors.
DOUBTS ON A GOING CONCERN BASIS
Due to the abrupt and adverse developments highlighted above, the Board has re-evaluated its assessment of the situation, and is now of the view that there are now material uncertainties that may cast doubts about the ability of the Group and the Company to continue operating as going concern. Accordingly, the Board recommends that the trading of its shares on the SGX-ST be suspended pursuant to Listing Rule 1303(3).
Same mentality here :)
Anything is bonus
Anything is bonus
Jesmar ( Date: 01-Mar-2020 15:48) Posted:
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I only bot couple hundred lots in this company for trial but have since written it off. Anything can get back is bonus. Unless debt can settle look bleak. Reading between the lines prepared for some share dilution if it wana come back. So dun b too hopeful come back in one piece......on the bright side I believe it will return after completion of restructure.... HAPPY TRADING FOLKS!
gravity8888 ( Date: 29-Feb-2020 22:12) Posted:
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Company?s Response:
As of today, the Group only received a notice from the Lender and the Group is currently in negotiations with stakeholders that include the Lender, its creditors, and potential investors in attempt to restructure the Group?s assets and liabilities to achieve an outcome that is in the best interests of the Company and its shareholders (?Negotiations?).
1
Given that the Group has entered into the non-binding term sheet with the Lender and taking into account the progress of the on-going negotiations with the Lender and the other creditors, to date, and the Group is exploring and/or considering fund raising opportunities, the Board is of the opinion that there are reasonable grounds to believe in the Group?s ability to continue as a going concern.
As of today, the Group only received a notice from the Lender and the Group is currently in negotiations with stakeholders that include the Lender, its creditors, and potential investors in attempt to restructure the Group?s assets and liabilities to achieve an outcome that is in the best interests of the Company and its shareholders (?Negotiations?).
1
Given that the Group has entered into the non-binding term sheet with the Lender and taking into account the progress of the on-going negotiations with the Lender and the other creditors, to date, and the Group is exploring and/or considering fund raising opportunities, the Board is of the opinion that there are reasonable grounds to believe in the Group?s ability to continue as a going concern.
gravity8888 ( Date: 29-Feb-2020 22:12) Posted:
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It seems there is a sentence "ability to continue as a going concern due to the debt " like that still got hope meh.. Jesmar.. What is your view sia
To spread some positive energy. Lol
Hahah suddenly out of nowhere..
Hope the company will delist at 5 cents like Breadtalk recently. Huat ah
IMO: this stock if write off will cause many hearts pain here.. one forummer bought nearly millions.
But have to prepare for such scenario... to keep extending the deadline doesn' t bode well.
dyodd
But have to prepare for such scenario... to keep extending the deadline doesn' t bode well.
dyodd
Going concern is also a problem. This coy if no gd news means suspend and delist Liao.. lol.. hoseh
In the statement, it was mentioned they are negotiating with potential investor. Hopefully it will be a fair deal for shareholders since mustang field has 22million barrels of oil that can pump up to 12000bopd.
At least got hope. Not like ezion.
Oh by Mar end.. Hope everything will b settled
ALPHA ENERGY HOLDINGS LIMITED (Incorporated in the Republic of Singapore) (Company Registration No: 200310813H) A. B.
UPDATE ON THE TRADING SUSPENSION APPLICATION FOR EXTENSION OF TIME TO: (I) (II) ANNOUNCE THE COMPANY UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 AND HOLD ITS ANNUAL GENERAL MEETING FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019
Unless otherwise defined, all capitalised terms shall bear the same meanings as the circular released by Alpha Energy Holdings Limited on 18 February 2019 and the Company?s announcements on SGXNet dated 31 May 2019 and 18 November 2019. INTRODUCTION The board of directors (the ?Board?) of Alpha Energy Holdings Limited (the ?Company? together with its subsidiaries, the ?Group?) wishes to announce the following: A.
UPDATE ON THE TRADING SUSPENSION As announced on 18 November 2019, the Group was notified on 14 November 2019 by a letter dated on 5 November 2019 that the Lender has elected to accelerate the repayment of the Group?s indebtedness due, inter alia, to the Group?s failure to make payment of approximately US$3.1 million on 1 October 2019, and declared the entire principal sum of all indebtedness, amounting to US$64.0 million, owed to the Lender immediately due and payable (the ?Notice?). In light of the Notice, the Company has been actively engaging in negotiations with stakeholders that include the Lender, its creditors, and potential investors (the ?Parties?) in attempt to restructure the Group?s assets and liabilities to achieve an outcome that is in the best interests of the Company and its shareholders (?Negotiations?). The Company has on 16 January 2020 entered into a non-binding term sheet with the Lender subject to certain terms and conditions. The Group is currently working towards to finalising the restructuring plans by end March 2020. In order to avoid any irregular movement in share price and prevent any irregular trading activities that may result from the leakage of any information, the Board has recommended that the trading of the shares of the Company remain suspended.
UPDATE ON THE TRADING SUSPENSION APPLICATION FOR EXTENSION OF TIME TO: (I) (II) ANNOUNCE THE COMPANY UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 AND HOLD ITS ANNUAL GENERAL MEETING FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019
Unless otherwise defined, all capitalised terms shall bear the same meanings as the circular released by Alpha Energy Holdings Limited on 18 February 2019 and the Company?s announcements on SGXNet dated 31 May 2019 and 18 November 2019. INTRODUCTION The board of directors (the ?Board?) of Alpha Energy Holdings Limited (the ?Company? together with its subsidiaries, the ?Group?) wishes to announce the following: A.
UPDATE ON THE TRADING SUSPENSION As announced on 18 November 2019, the Group was notified on 14 November 2019 by a letter dated on 5 November 2019 that the Lender has elected to accelerate the repayment of the Group?s indebtedness due, inter alia, to the Group?s failure to make payment of approximately US$3.1 million on 1 October 2019, and declared the entire principal sum of all indebtedness, amounting to US$64.0 million, owed to the Lender immediately due and payable (the ?Notice?). In light of the Notice, the Company has been actively engaging in negotiations with stakeholders that include the Lender, its creditors, and potential investors (the ?Parties?) in attempt to restructure the Group?s assets and liabilities to achieve an outcome that is in the best interests of the Company and its shareholders (?Negotiations?). The Company has on 16 January 2020 entered into a non-binding term sheet with the Lender subject to certain terms and conditions. The Group is currently working towards to finalising the restructuring plans by end March 2020. In order to avoid any irregular movement in share price and prevent any irregular trading activities that may result from the leakage of any information, the Board has recommended that the trading of the shares of the Company remain suspended.