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| NeoCorp (fka Presscrete) |
(Post 1 of 114) 12/27/1999.20:55:00 |
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Heard that the major share holder is negotiating to sell a major stake at 0.60, it could trigger a take over. I understand the offer price is 0.50. prepare to keep for a couple of months, as the negotiation is still going on due to the 0.10 gap. Please buy at your own risk, I just want to share this reliable source with you people, but don't hold me for that. Good Luck! Regards |
| (Post 2 of 114) 03/15/2000.03:27:00 |
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PRESSCRETE HOLDINGS LTD We wish to inform shareholders that the proposed first and final dividend of 2% for the financial year ended 30/11/1999 announced on 28/02/2000 will be paid net of Singapore income tax rate of 25.5%. This is in view of the reduction in Singapore corporate tax rate from 26% to 25.5% as announced at the 2000 Budget. Submitted by Chan Weng Kong, Joint Company Secretary on 14/03/2000 to the SES |
| (Post 3 of 114) 03/15/2000.06:45:00 |
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Hi, Eka I hope you agree, and don't mind me saying this. Announcements about the tax rate (26% to 25.5%) on dividends have little value for investors (or traders). Such announcements can therefore be omitted from this forum. What do you think? Rgds MC |
| (Post 4 of 114) 03/15/2000.09:15:00 |
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Hi MC *ironic* ... some may be a little more picky than you and I, what say you? Better to give more than to deliever a little less, no? Rgds |
| (Post 5 of 114) 03/15/2000.09:19:00 |
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eka,am with mccool,cos all co that pay divd,going to announce same thing,boring? |
| (Post 6 of 114) 08/11/2000.02:17:00 |
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Presscrete places 12 mln shares at 0.15 sgd each SINGAPORE (AFX-ASIA) - Presscrete Holdings Ltd said it is placing 12 mln new shares at 0.15 sgd each for a total of 1.8 mln sgd. The placement will be handled by Kay Hian Private Ltd. The price represents a 9.1 pct discount to the average price of Presscrete shares traded on Aug 7, the eve of the signing of the subscription agreement. The issue, once completed, will raise Presscrete's capital to 72.67 mln shares from 60.67 mln previously. Net proceeds of around 1.732 mln sgd will be used to repay some of the loans of its unit Ceramic Technology Pte Ltd, Presscrete said. Ceramic Technology will require about 7.0 mln sgd over the next 12 months to fund its business expansion plan. To further finance Ceramic Technology's requirement, Presscrete said it is planning to launch a rights offer, the terms of which have yet to be finalised. Presscrete was last traded at 0.165 sgd prior to its voluntary suspension this morning. Kay Hian was unchanged at 0.760 on volume of 3,000 shares. |
| (Post 7 of 114) 08/11/2000.04:27:00 |
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PROPOSED PRIVATE PLACEMENT The Directors of Presscrete Holdings Ltd (the "Company") are pleased to announce that the Company has signed a subscription and underwriting agreement on 10 August 2000 (the "Subscription Agreement") with Kay Hian Private Limited ("Kay Hian") pursuant to which Kay Hian has agreed to subscribe or procure subscription for 12,000,000 new ordinary shares of par value S$0.10 each in the capital of the Company (the "New Shares") at S$0.15 per New Share for an aggregate consideration of S$1,800,000. The Placement Price of S$0.15 for each New Share represents a discount of approximately 9.1% of the weighted average price for trades done on 7 August 2000, being the last day on which the Company's shares were traded on the SGX-SESDAQ prior to signing of the Subscription Agreement. The New Shares, when issued and fully paid, will rank pari passu in all respects with the ordinary shares of the Company existing at all time of issue of the New Shares. The Private Placement is conditional upon, inter alia, in-principle approval being granted by the Singapore Exchange Securities Trading Limited for the listing of and quotation for the New Shares on the SGX-SESDAQ. The estimated net proceeds of the Private Placement of approximately S$1,732,000 will be used as follows:- 1. approximately S$1,400,000 for the repayment of a loan facility extended to the Company's subsidiary Ceramic Technology Pte Ltd ("CT"); and 2. the balance of approximately S$323,000 for the part repayment of the construction costs and expenses of CT factory at Tuas Crescent. In addition to the proceeds of the Private Placement, the Directors estimate that CT will require approximately S$7 million over the next 12 months to refinance the acquisitions costs of its plant and machinery and the construction costs of its factory. To the capital needs of the Group, the Directors expect to shortly recommend that the Company undertakes a rights issue to increase its paid up capital. The terms of the rights issue are not finalised as at the date of this announcement. When completed, the Private Placement will increase the issued share capital of the Company from S$6,066,964 divided into 60,669,640 shares of S$0.10 to S$7,266,964 divided into 72,669,640 shares of S$0.10 each. The New Shares represent approximately 20% of the existing issued share capital of the Company. Based on the audited accounts of the Company and its subsidiaries (the "Group") as at 30 November 1999, the net tangible assets per share of the Company and the Group, after adjusting for New Shares will change from approximately S$0.1440 to S$0.1434 and S$0.1613 to S$0.1578 respectively. The approval of the shareholders to authorise the Directors of the Company pursuant to Section 161 of the Singapore Companies Act (Cap 50) to issue new shares not exceeding 20% of the Company's issued share capital for the time being was obtained at the annual general meeting of the Company held on 26 May 2000. None of the New Shares will be placed with the Directors or substantial shareholders of the Company or any of their respective related parties. None of the Directors or substantial shareholders of the Company has any interest, direct or indirectly, in the Private Placement. By Order of the Board Presscrete Holdings Ltd Submitted by Khoo Boo Tat, Executive Chairman on 10/08/2000 to the SGX |
| (Post 8 of 114) 08/18/2000.12:55:00 |
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ADDENDUM TO THE ANNOUNCEMENT MADE ON THE PROPOSED PRIVATE PLACEMENT The Directors of Presscrete Holdings Ltd (the "Company") are pleased to announce that the Singapore Exchange Securities Trading Limited has today approved in-principle the Company's application for the listing and quotation of 12,000,000 new ordinary shares of S$0.10 each ( the "Placement Shares") in the issued and paid-up capital of the Company on the Official List of the Singapore Exchange Securities Trading Limited Dealing and Automated Quotation System. As announced on 10 August 2000, the Company had on that date entered into a Subscription and Underwriting Agreement with Kay Hian Private Limited ("Kay Hian"), whereby Kay Hian had agreed to subscribe or to procure subscriptions for the Placement Shares at a placement price of S$0.15 per Placement Share. By Order of the Board Presscrete Holdings Ltd Submitted by Khoo Boo Tat, Executive Chairman on 18/08/2000 to the SGX |
| (Post 9 of 114) 08/24/2000.23:56:00 |
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Presscrete 1H Loss S$462,000 Vs Net S$205,000 Presscrete Holdings Ltd. Six Months To June 30
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| (Post 10 of 114) 09/07/2000.02:43:00 |
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ADDITIONAL INFORMATION FOR THE HALF YEAR FINANCIAL STATEMENT ANNOUNCEMENT ON 24 AUGUST 2000 Further to the announcement made on 24 August 2000 concerning the half year results of the Group, the Board of Directors wish to furnish the following additional information: A. The Group turnover decreased by 3.89% from S$7.25 million to S$6.97 million due to the continuing slowdown in the construction industry during the half year under review. The Group operating profit before interest, depreciation & tax however decreased disproportionately by 72% from S$1.06 million to S$0.29 million due mainly to the following factors: 1) The Group's subsidiary, Presscrete Engineering Pte Ltd ("PE") experienced lower margins in many projects and a loss of about S$0.44 million in the Singapore Polytechnic MRT Station ground engineering project due to unforeseen operational problems relating to difficult site and soil conditions. PE's Approved Training Centre ("ATC") suffered a set-back from March 2000 when a new test format requiring written language skills was incorporated by the Building Control Authorities. The new skills test format caused high failure rates and progressively discouraged contractors from registering their foreign workers for the test. 2) The Group's subsidiary, Presscrete (Malaysia) Sdn Bhd ("PM") was active only in recovering debts during this half year thereby incurring expenses. There were no new contracts secured. 3) The Group's subsidiary, Ceramic Technologies Pte Ltd ("CT") which had income from taking in marine clay in the first half of 1999, did not take in any marine clay in the first half of 2000 due to a delay in the commissioning of the plant. CT obtained the Temporary Occupation Permit for its marine clay recycling and brick manufacturing plant building in May 2000. The plant which was scheduled to commence operations in mid 2000 is delayed due to technical difficulties in commissioning of the machinery and equipment. The plant is now expected to commence commercial operations before December 2000. B. In the Full Year Results announced via Masnet No. 62 on 28 February 2000, Directors expected the Group's performance in the financial year 2000 to be satisfactory based on the following: 1) An annual publication by the Building and Construction Authority on "Singapore Construction Prospects 2000" on 12 January 2000. The projected outlook was "a rosier picture in 2000 with construction demand reaching about S$15.4 billion". 2) Other sectors in the economy has started on a path of recovery in late 1999 and the abovementioned report also states that the construction sector normally lags about a year in recovery after the other sectors. Thus, the construction sector was expected to pick up in the second half of 2000. C. The Directors' awareness that the bases explained in the above were no longer appropriate took place gradually over a period of time close to the end of the Company's half year results. Events which took place were: 1) Losses in the Singapore Polytechnic MRT Station ground engineering project which was completed in May 2000. ) The 2nd quarter economy survey published in the Business Times on 11 August 2000 showing that the Construction Industry is expected to recover only in the 2nd half of 2001. This led Directors to state that "the Group's second half results are not expected to improve". 3) Delays in the commissioning of CT due to technical difficulties which surfaced and compounded over a period of time during the 1st half 2000. D. The material changes in circumstances resulting in substantial change to the Group performance was recognised in the Group's Annual Report 1999 released in April 2000 in the Chairman's statement as follows: "Some sectors of the Singapore economy started to recover late last year. The construction sector, however, remained in the doldrums and is only expected to see an improvement towards the end of this year or early next year. The regional economies lag behind in recovery. Thus, the year 2000 will still be a difficult year for the Group with possibly better prospects towards the end of the year". BY ORDER OF THE BOARD Submitted by Khoo Boo Tat, Executive Chairman on 6/9/2000 to the SGX |
| (Post 11 of 114) 09/09/2000.02:36:03 |
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UTILISATION OF PROCEEDS FROM THE PLACEMENT OF 12, 000, 000 NEW ORDINARY SHARES OF S$0.10 EACH IN THE CAPITAL OF PRESSCRETE HOLDINGS LIMITED
Further to the announcements made on 10 August 2000 and 18 August 2000 in relation to the Placement, the Company wishes to announce the utilisation of the net proceeds of S$1,732,000 from the Placement received on 23/08/2000: UTILISATION OF PROCEEDS The Company has utilised S$1,044,852 on 28/08/2000 and 01/09/2000 to repay partly the loan facilities of approximately S$1,400,000 which was extended to the Company's subsidiary Ceramic Technologies Pte Ltd ("CT").The Company has utilised S$323,000 on 28/08/2000 to partly pay for the construction costs and expenses of CT factory at Tuas Crescent BALANCE OF PROCEEDS : S$364,148 The proceeds of the Placement have been utilised in accordance with the purposes of the Placement set out in the Company's earlier announcement on 10 August 2000. Submitted by Khoo Boo Tat, Executive Chairman on 8/9/2000 to the SGX |
| (Post 12 of 114) 10/09/2000.23:13:25 |
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Presscrete to raise 6.90 mln sgd via 1-for-1 rights issue
SINGAPORE (AFX-ASIA) - Presscrete Holdings Ltd said it is raising net proceeds of 6.90 mln sgd via a one-for-one rights issue involving the issuance of 72.669-73.588 mln shares at 0.10 sgd. Proceeds from the issue will be used to repay debt and provide the company with working capital, it said. Substantial shareholders including businessmen Khoo Boo Tat, Wong meng Khoon, See Lop Fu James and Tan Choon Keat, who collectively hold a 63 pct stake in the company, are renouncing their rights to subscribe to the rights issue, the company said. Sweet Success Enterprises Ltd will be taking up their rights, it said. |
| (Post 13 of 114) 10/10/2000.00:06:42 |
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SALE AND PURCHASE OF RIGHTS AGREEMENT AND OPTIONS AGREEMENT IN CONJUNCTION WITH PROPOSED RIGHTS ISSUE OF SHARES
Further to the announcement made by the Company earlier today regarding the proposed renounceable rights issue ("Rights Issue") of up to 73,588,640 new ordinary shares of S$0.10 each in the capital of the Company ("Rights Shares") at an issue price of S$0.10 per Rights Share, the Directors of the Company wish to announce the following matters: A. Sale and Purchase of Rights In conjunction with the Rights Issue, each of Messrs Khoo Boo Tat, Wong Meng Khoon, See Lop Fu James @ Shi Lap Fu James and Tan Choon Keat, Tony (collectively, the "Vendors", who in aggregate hold approximately 63% of the Company's existing issued share capital) have entered into a contractual arrangement with Sweet Success Enterprises Limited (the "Purchaser", a company incorporated in the British Virgin Islands) pursuant to which each of the Vendors will renounce his respective rights to subscribe for half of the total number of Rights Shares which he is entitled to subscribe pursuant to the Rights Issue in favour of the Purchaser (the "Sale and Purchase of Rights Agreement"). The entire existing issued and paid up share capital of the Purchaser of US$2.00 is held in equal proportions by Messrs Vernon Khoo Tiam Hock and Denis Low Siew Kheng. Under the terms of the Sale and Purchase of Rights Agreement, it is a conditional precedent, amongst others, that Mr Khoo Boo Tat and Mr Wong Meng Khoon, who are currently serving as executive directors of the Company on substantially the same terms as their respective service agreements entered into in 1996 (the "Service Agreements"), shall each enter into a service extension agreement with the Company to extend his Service Agreement on substantially the same terms for a further five (5) years effective from the date of such service extension agreements. B. Call and Put Options In conjunction with the Rights Issue, the Vendors and the Purchaser will also be entering into a call and put option agreement ("Options Agreement") pursuant to which the parties concerned will have a call option or a put option (as the case may be), and the Purchaser shall, as a result of such call or put option (as the case may be) being exercised by or on the Purchaser, acquire a substantial stake in the share capital of the Company. The call option available to the Purchaser will be in respect of (i) half of the number of shares held by each of the Vendors as at the date of the Options Agreement, and (ii) all of those Rights Shares comprising in aggregate half of the total number of Rights Shares which the Vendors are entitled to subscribe pursuant to the Rights Issue. The call option price will be S$0.185 per share. The call option may be exercised by the Purchaser within a period of 12 months commencing from the date of the Options Agreement, with the exception that the call option period in respect of all of those Rights Shares which will be subscribed by the Vendors shall be the period commencing on the relevant date on which full payment for the subscription monies in respect of such Rights Shares is received by the Company and ending at 5.00 pm (Singapore time) on the last business day on or before the first anniversary of the Options Agreement. The put option available to each of the Vendors will be in respect of (i) half of the number of shares held by each of the Vendors as at the date of the Options Agreement, and (ii) all of those Rights Shares comprising in aggregate half of the total number of Rights Shares which the Vendors are entitled to subscribe pursuant to the Rights Issue. The put option price will be S$0.175 per share. The put option may be exercised by each of the Vendors within a period of 90 days commencing one year immediately after the date of the Options Agreement. Under the terms of the Options Agreement, the Purchaser has given an undertaking that in the event of the Purchaser acquiring control of more than 25% of the issued share capital of the Company following the exercise of the call option or put option (as the case may be), the Purchaser will make a general take-over offer for all the shares in the Company pursuant to Section 213 of the Companies Act, Cap.50 and Rule 33 of the Singapore Code on Take-over and Mergers. Mr Vernon Khoo has given a personal undertaking to the Vendors that he will place the Purchaser in funds to enable the Purchaser to at all times meet all of its payment obligations under the Sale and Purchase of Rights Agreement and the Options Agreement. C. Put Option by the Underwriter Kay Hian Private Limited, which has been appointed by the Company to underwrite up to a maximum of 27,000,000 Rights Shares (the "Underwriter"), has entered into an agreement with Messrs Vernon Khoo and Denis Low (collectively, the "Purchaser Shareholders") pursuant to which the Underwriter shall be entitled (but not obliged) to exercise a put option on the Purchaser Shareholders for all or any of the Rights Shares underwritten and subscribed by the Underwriter pursuant to an underwriting agreement dated 9 October 2000 between the Company and the Underwriter. The Underwriter's right to exercise the said put option on the Purchaser Shareholders shall cease in the event of an exercise of a call or put option under the Options Agreement which triggers an obligation on the part of the Purchaser to make a takeover offer for the shares of the Company. The put option on the Purchaser Shareholders is exercisable by the Underwriter commencing on the date immediately following the expiry of the 15-month period spanning the call and put option periods under the Options Agreement and ending at 5.00 p.m. (Singapore time) on the last business day falling on or before 30 days after such date of commencement, at the option price of S$0.11 per Rights Share. By order of the Board Submitted by Khoo Boo Tat , Executive Chairman on 09/10/2000 to the SGX |
| (Post 14 of 114) 10/10/2000.00:11:53 |
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PROPOSED RIGHTS ISSUE OF SHARES
INTRODUCTION The Directors of Presscrete Holdings Limited (the "Company") wish to announce a proposed renounceable rights issue ("Rights Issue") of up to 73,588,640 new ordinary shares of S$0.10 each in the capital of the Company ("Rights Shares") at an issue price of S$0.10 per Rights Share.The Rights Issue will be offered on the basis of one (1) Rights Share for every one (1) ordinary share of S$0.10 each held in the capital of the Company ("Shares") on a date to be determined (the "Books Closure Date"), fractional entitlements to be disregarded. THE PROPOSED RIGHTS ISSUE Based on the existing issued and paid-up share capital of the Company as at 22 September 2000 comprising 72,669,640 Shares, a minimum of 72,669,640 Rights Shares will be issued pursuant to the Rights Issue. However, depending on the number of Shares to be issued as a result of the exercise of the outstanding employee share options of the Company on or before the Books Closure Date, a maximum of 73,588,640 Rights Shares may be issued. The Rights Shares will not be offered to members of the Company ("Members") with registered addresses outside Singapore or who have not, prior to the Books Closure Date, provided to The Central Depository (Pte) Limited or the Company, as the case may be, with addresses in Singapore for the service of notices and documents ("Foreign Members"). The entitlements of Foreign Members will, if practicable, be sold "nil-paid" on the Singapore Exchange Securities Trading Limited ("SGX-ST"). Any entitlements of Rights Shares not taken up for any reason will be aggregated and allocated to satisfy excess applications or disposed of in such manner as the Directors may, in their absolute discretion, deem fit in the interests of the Company. The Rights Shares when issued and fully paid will rank pari passu in all respects with the then existing Shares. The Company has appointed UOB Asia Limited (the "Manager"), to manage the Rights Issue, and Kay Hian Private Limited ("the Underwriter") to underwrite up to a maximum of 27,000,000 Rights Shares. The detailed terms and conditions of the Rights Issue will be more particularly set out in the circular to shareholders and the abridged prospectus to be issued by the Company in due course. In conjunction with the Rights Issue, each of Messrs Khoo Boo Tat, Wong Meng Khoon, See Lop Fu James @ Shi Lap Fu James and Tan Choon Keat, Tony (collectively, the "Vendors", who in aggregate hold approximately 63% of the Company's existing issued share capital) have entered into a contractual arrangement with Sweet Success Enterprises Limited (the "Purchaser", a company incorporated in the British Virgin Islands) pursuant to which each of the Vendors will renounce his respective rights to subscribe for half of the total number of Rights Shares which he is entitled to subscribe pursuant to the Rights Issue in favour of the Purchaser (the "Sale and Purchase of Rights Agreement"). The entire existing issued and paid up share capital of the Purchaser of US$2.00 is held in equal proportions by Messrs Vernon Khoo Tiam Hock and Denis Low Siew Kheng (collectively, the "Purchaser Shareholders"). The Vendors and the Purchaser will also be entering into a call and put option agreement ("Options Agreement") pursuant to which the parties concerned will have a call option or a put option (as the case may be), and the Purchaser shall, as a result of such call or put option (as the case may be) being exercised by or on the Purchaser, acquire a substantial stake in the share capital of the Company. In addition, the Underwriter will be entering into an agreement with the Purchaser Shareholders (the "Kay Hian Put Option Agreement") pursuant to which the Underwriter will be entitled to exercise a put option on the Purchaser Shareholders for all or any of the Rights Shares underwritten and subscribed by the Underwriter pursuant to an underwriting agreement dated 9 October 2000 between the Company and the Underwriter. Details of the terms and conditions of the Sale and Purchase of Rights Agreement, the Options Agreement and the Kay Hian Put Option Agreement will be announced by the Company in a separate announcement following this announcement. Substantial Shareholder's Undertakings In accordance with the terms of the Sale and Purchase of Rights Agreement, the Vendors have undertaken to fully subscribe and pay for (or procure subscription and payment for) 22,833,320 Rights Shares, representing half of their aggregate full entitlements to the Rights Shares under the Rights Issue. In addition, each Vendor has undertaken (or, where relevant, to procure the registered holder of his shares) to vote in favour of all resolutions proposed at the EGM to be convened by the Company in connection with the Rights Issue and all matters relating thereto. Use of Proceeds The net proceeds of the Rights Issue is estimated to be approximately S$6,900,000. The Company proposes to utilise the net proceeds of the Rights Issue as follows: (a) approximately S$1,200,000 for the repayment of loan facilities extended to the Company's subsidiary Ceramic Technologies Pte Ltd ("CT"); (b) approximately S$3,500,000 for the payment of the machinery and equipment acquired by CT; and (c) the balance of approximately S$2,200,000 to be used for the Group's working capital purposes. Pending the deployment of the net proceeds as aforesaid, the net proceeds of the Rights Issue may be deposited with financial institutions and/or used for investment in short-term money markets and/or debt instruments, as the Directors may deem fit. Approvals The total number of Rights Shares proposed to be issued will exceed the general mandate to issue new shares not exceeding 50% of the issued share capital of the Company as conferred by the Company at its last Annual General Meeting held on 26 May 2000. Accordingly, an Extraordinary General Meeting ("EGM") of the Company will be held to approve the Rights Issue on a date to be announced subsequently. The terms and conditions of the Rights Issue are subject to the approval of the Company at the EGM to be convened. The Rights Issue is subject to the approval of the Singapore Exchange Securities Trading Limited ("SGX-ST") for the dealing in, listing of and quotation for the Rights Shares and as such, an application will be made by the Company to the SGX-ST for the dealing in, listing of and quotation for the Rights Shares on the SGX SESDAQ. By the order of the Board Submitted by Khoo Boo Tat, Executive Chairman on 09/10/2000 to the SGX |
| (Post 15 of 114) 12/18/2000.11:28:56 |
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Presscrete jumping up significantly. Anybody knows why ? |
| (Post 16 of 114) 12/18/2000.11:31:36 |
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Shouldn't they suspend Presscrete too since L&M buying over the company. L&M price shld drop after announcement. |
| (Post 17 of 114) 12/18/2000.14:21:28 |
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SALE AND PURCHASE AGREEMENT IN RELATION TO SHARES IN SWEET SUCCESS ENTERPRISES LIMITED
The Board of Directors of Presscrete Holdings Limited (the "Company") would like to announce that the Company has this morning received written notification that Messrs Vernon Khoo Tiam Hock and Denis Low Siew Kheng ("Vernon & Denis") have entered intno a sale and purchase agreement dated 18 December 2000 (the S&P Agreement") with L&M Group Investments Ltd ("L&M") in respect of the sale by Vernonn & Denis of 51% of the share capital of Sweet Success Enterprises Limited ("SSEL") to L&M. The Comany does not have any information on the terms of the S&P Agreement. The Company had on 9th October 2000 announced a proposed renounceable rights issue ("Right Issue") of up to 73,419,640 new ordinary shares of S$0.10 each in tthe capital of the Company ("Right Shares") at an issue price of S$0.10 per Rights Share. It was also announced on 9th October 2000 that SSEL had on 9th October 2000 entered into a sale and purchase agreement ("the Sales and Purchase of Rights Agreement") with Messrs Khoo Boo Tat, Wong Meng Khoon, See Lop Fu James and Tan Choon Keat, Tony (the "Original Shareholders") who in agreegate hold 63% of the Company's existing issued share capital pursuant to which each of the Original Shareholders will renounce his respective rights to subscribe for half of the total number of Rights Shares which he is entitled to subscribe pursuant to the Rightss Issue in favour of SSEL. The Company had also on 9th October 2000 announced that the Original Shareholders and SSEL had entered into a call and put option agreement ("Options Agreement") pursuant to which the parties concerned will have a call option or a put option (as the case may be), and SSEL shall, as a result of such substantial stake in the share capital of the Company, comprising (i) half of the number of shares held bby each of the Original shareholders as at the date of the Options Agreement, and (ii) all of those Rights Shares comprising in agreegate half of the total number of Rights Shares which the Original Shareholders are entitled to subscribe pursuant to the Rights Issue. Under the terms of the Option Agreement, SSEl has given an undertaking that in the event of SSEL acquiring control of more than 25% of the issued share capital of the Company following the exercise of the call option or put option (as the case may be), SSEL will make a general take-over offer for all the shares in the Company pursuant to Section 213 of the Companies Act, Cap. 50 and Rule 33 of the Singapore Code on Take-over and Mergers. Mr Vernon Khoo Tiam Hock and on 9th October 2000 given a personal undertaking to the Original Shareholders that he will place SSEL in funds to enable SSEL to at all times meet all of its payment obligations under the Sale and Purchase of Rights Agreement and the Options Agreement (the "Vernon Khoo's Undertaking"). There has been no change of the terms of the Rights Issue and Company is currently awaiting the approval of the Singapore Exchange as regards the Rights Issue. There has also been no change to the terms of (i) the Sale and Purchase of Rights Agreement, (ii) the Option Agreement, and (iii) the Vernon Khoo's Undertaking. Submitted by Khoo Boo Tat, Executive Chairman on 18/12/2000 |
| (Post 18 of 114) 12/19/2000.15:25:49 |
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Presscrete To Manage L&M's Jakarta Project
Source : Dow Jones 19/12/2000 09:07 SINGAPORE (Dow Jones)--Singapore Sesdaq-listed engineering firm, Presscrete Holdings Ltd. (P.PRC) said Tuesday, it has been appointed by L&M Group Investments Ltd. (P.LGM) to "manage L&M's involvement in the Jakarta-MRT project on terms to be further agreed upon." L&M is a potential major shareholder of Presscrete after acquiring a 51% stake in Sweet Success Enterprises Ltd. Monday. Sweet Success on Oct. 9 had entered into an agreement to become the controlling shareholder of Presscrete. L&M's acquisition of Sweet Success thus makes it Presscrete's controlling stakeholder too. On Dec. 14, L&M formed a joint venture company with Indonesian firm, PT Kuda Perkasa to promote and develop The Jakarta MRT project - a mass rapid transit project in Jakarta, Indonesia. Prior to this, PT Kuda Perkasa had been the sole promoter and developer of the project. -By Chiong Woan Shin; Dow Jones Newswires; 65-421-4802; Chiong.Woan-Shin@dowjones.com |
| (Post 19 of 114) 02/05/2001.16:23:45 |
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Shortists are trapped...how can short this counter..near the historical low..i bet it will close at the high of at least 0.165...If got luck maybe $0.18 |
| (Post 20 of 114) 02/05/2001.16:31:11 |
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sell to pick up 1 for 1 rights at 10 cents? |
| (Post 21 of 114) 02/05/2001.23:00:20 |
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(1)SALE AND PURCHASE OF RIGHTS AGREEMENT DATED 9 OCTOBER 2000 (2)CALL AND PUT OPTION AGREEMENT DATED 9 OCTOBER 2000
With reference to the Company's announcement made on 9 October 2000 and to the Sale and Purchase of Rights Agreement (the "S&P Agreement") made on 9 October 2000 between (i) Messrs Khoo Boo Tat, Wong Meng Khoon, See Lop Fu James @Shi Lap Fu James and Tan Choon Keat Tony (who collectively own approximately 63% of the Company's existing issued share capital, the "Substantial Shareholders") and (ii) Sweet Success Enterprises Limited ("Sweet Success"), the Company wishes to announce that it has been informed that Sweet Success has taken the following positions:- (a) that the S&P Agreement has ceased to apply with effect from 9 January 2001 for the reason that certain of the conditions under the S&P Agreement have not been fulfilled within 3 months of the date of the Agreement; and (b) that, in view of the cessation of the S&P Agreement for the reason described in (a) above,the Call and Put Options Agreement made on 9 October 2000 (the "Options Agreement") between the Substantial Shareholders and Sweet Success has accordingly ceased and determined. The Company is currently seeking legal advice regarding the implications of the above events on its proposed rights issue, and once there is any further development or when the Company has decided on its course of action, the Company will make the necessary announcements. In addition, the Company has been informed that the Substantial Shareholders are seeking legal advice regarding their respective rights under the S&P Agreement and the Options Agreement in the light of the above events. Submitted by Khoo Boo Tat, Executive Chairman on 5/2/2001 |
| (Post 22 of 114) 02/13/2001.22:01:21 |
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1) REPLY TO EXCHANGE'S QUERY ON SUBSTANTIAL CHANGE IN PRICE AND TRADING VOLUME ON 2 FEBRUARY 2001; AND (2) MASNET ANNOUNCEMENT ENTITLED "(1) SALE AND PURCHASE OF RIGHTS AGREEMENT DATED 9 OCTOBER 2000 (the "S&P Agreement"), (2) CALL AND PUT OPTIONS AGREEMENT DATED 9 OCTOBER 2000 (the "Options Agreement")" DATED 5 FEBRUARY 2001
In reply to SGX's query of 12 February 2001, The Board of Directors of Presscrete Holdings Ltd wishes to announce as follows: (1) Up to and until 2 February 2001, Messrs Khoo Boo Tat and Wong Meng Khoon, who are both directors and substantial shareholders of the Company, had been working with Mr. Vernon Khoo of Sweet Success Enterprises Limited ("Sweet Success") to resolve the outstanding conditions and issues relating to the S&P Agreement. As of 2 February 2001, the Company had received no indications, whether oral or otherwise, from Sweet Success concerning its decision to treat the S&P Agreement as having ceased. It was on this basis that the Company's announcement of 2 February 2001 had been made. (2) The solicitors for Sweet Success had, at around 1800 hrs on 5 February 2001, sent a written notice to the solicitors for the three substantial shareholders of the Company (namely Messrs Khoo Boo Tat, Wong Meng Khoon and Tan Choon Keat Tony), indicating Sweet Success' decision to treat the S&P Agreement and Options Agreement as having ceased. Following the Company's receipt of such notice, the Company made the relevant announcement on the evening of 5 February 2001. Prior to the Company's receipt of the notice from Sweet Success, none of the directors (save for Mr. Vernon Khoo) or substantial shareholders is privy to the information that Sweet Success would decide to treat the S&P Agreement and Options Agreement as having ceased. (3) Accordingly, the Company has made the required announcements as and when the developments relating to the above matters had occured. Submitted by Khoo Boo Tat, Executive Chairman on 13/02/2001 |
| (Post 23 of 114) 02/21/2001.20:54:17 |
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(1) REPLY TO EXCHANGE'S QUERY ON SUBSTANTIAL CHANGE IN PRICE AND TRADING VOLUME ON 2 FEBRUARY 2001; AND (2) MASNET ANNOUNCEMENT ENTITLED "(1) SALE AND PURCHASE OF RIGHTS AGREEMENT DATED 9 OCTOBER 2000 (2) CALL AND PUT OPTION AGREEMENT DATED 9 OCTOBER 2000" DATED 5 FEBRUARY 2001
Further to the Company's announcement on 13 February 2001, and in reply to SGX's query of 15 February 2001, the Board of Directors of the Company wishes to announce as follows:- 1. The Directors had consulted Mr. Vernon Khoo (who was then a Director of the Company) at around 1810 hrs on 2 February 2001 in connection with the negative statement to be released thereafter by the Company. Mr. Vernon Khoo had replied at the material time that he did not know of any reason why there was any substantial change in the price or the trading volume of the Company's shares. 2. Regarding the Sale and Purchase of Rights Agreement dated 9 October 2000 (the "S&P Agreement") between (i) Messrs Khoo Boo Tat, Wong Meng Khoon, Tan Choon Keat Tony and See Lop Fu James @Shi Lap Fu James (collectively, the "Vendors") and (ii) Sweet Success Enterprises Limited ("Sweet Success)", Mr. Vernon Khoo has confirmed that the relevant provisions in the S&P Agreement relating to the cessation of the S&P Agreement came to his attention only after 1900 hrs on the evening of 2 February 2001. 3. Mr. Vernon Khoo then consulted his solicitors on 5 February 2001, and subsequently instructed his solicitors to send the notice dated 5 February 2001 to the solicitors for the Vendors indicating the position taken by Sweet Success under the S&P Agreement. Submitted by Khoo Boo Tat, Executive Chairman on 21/02/2001 |
| (Post 24 of 114) 02/26/2001.09:38:05 |
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MASNET ANNOUNCEMENT ENTITLED "(1) SALE AND PURCHASE OF RIGHTS AGREEMENT DATED 9 OCT 2000 (2) CALL AND PUT OPTION AGREEMENT DATED 9 OCT 2000" DATED 5 FEB 2001
In reply to SGX's query of 22 Feb 2001, the Board of Directors of the Company wishes to announce as follows : 1. Under the terms of the Sale and Purchase of Rights Agreement dated 9 Oct 2000 (the "S&P Agreement") between (i) Messrs Khoo Boo Tat, Wong Meng Khoon, Tan Choon Keat Tony and See Lop Fu James @ Shi Lap Fu James (collectively, the "Substantial Shareholders") and (ii) Sweet Success Enterprises Limited ("Sweet Success"), there is no requirement for Sweet Success to provide a written notification of termination. 2. It is provided under the S&P Agreement that in the event that certain conditions are not fulfilled by the date falling 3 months after the date of the S&P Agreement (ie. by 9 Jan 2001) by reason other than a default by any of the Substantial Shareholders, the S&P Agreement will ipso facto cease and determine with no further liability on the parties other than any accrued liability. Following the queries received from the SGX, the Substantial Shareholders have informed the Company as follows : 2.1 During the period between 9 Jan 2001 and 2 Feb 2001, there had been a series of discussions and negotiations between the Substantial Shareholders and Sweet Success in relation to the matters contemplated under the S&P Agreement, including the continuing efforts to prepare for the Company's proposed rights issue. 2.2 On the basis of such ongoing discussions at the material time, the Substantial Shareholders take the position that, notwithstanding the provisions under the S&P Agreement, the parties have continued to treat the S&P Agreement as being in effect even after 9 Jan 2001. 2.3 The Substantial Shareholders were only informed by Sweet Success on 5 Feb 2001 of Sweet Success' decision to treat the S&P Agreement as having ceased. Accordingly, the Company was not in the position to make any earlier announcements on the cessation unless it is informed of such cessation. 3. It should be noted that Sweet Success did not indicate its position regarding the cessation of the S&P Agreement until 5 Feb 2001, which is almost one month after the "deadline" of 9 Jan 2001. Once the Company was informed on 5 Feb 2001 by the Substantial Shareholders regarding the position taken by Sweet Success, it had immediately made the necessary announcement. Submitted by Khoo Boo Tat, Executive Chairman on 26/02/2001 |
| (Post 25 of 114) 02/28/2001.23:56:05 |
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Presscrete Hldgs FY Loss S$1M Vs Net S$0.8M
Source : Dow Jones 28/02/2001 18:06 Full Year to Dec. 31: - 2000 vs 1999 Revenue - S$12,552,000 vs S$15,658,000 Pretax Profit -(1,279,000) vs 1,017,000 Net Profit -(962,000) vs 769,000 Per Share Net Profit -(1.51) cents vs 1.25 cents Dividend - na vs na |
| (Post 26 of 114) 03/14/2001.14:13:58 |
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SALE AND PURCHASE OF RIGHTS AGREEMENTS IN CONJUNCTION WITH PROPOSED RIGHTS ISSUE
Introduction Further to the announcements made by the Company on 9 October 2000, 18 December 2000, 2 February 2001, 5 February 2001, 13 February 2001, 21 February 2001 and 26 February 2001, concerning its proposed renounceable rights issue ("Rights Issue"), the Directors of the Company wish to announce that the Company shall proceed with the proposed Rights Issue of a minimum of 45,666,640 new ordinary shares of S$0.10 each and a maximum of 73,379,640 new ordinary shares of S$0.10 each in the capital of the Company ("Rights Shares") at an issue price of S$0.10 per Rights Share on a non-underwritten basis. UOB Asia Limited shall continue to be the Manager of the Rights Issue, but Kay Hian Private Limited will cease to be the Underwriter for the Rights Issue. Substantial Shareholders and Undertakings The four substantial shareholders of the Company who currently own in aggregate 62.81% of the Company's issued share capital are namely, Messrs Khoo Boo Tat ("KBT"), Wong Meng Khoon ("WMK"), See Lop Fu James @ Shi Lap Fu James ("JS") and Tan Choon Keat Tony ("TT") (collectively, the "Substantial Shareholders"). JS and TT, who currently own 6,497,400 and 5,980,400 shares respectively, have each undertaken to fully subscribe and pay for (or procure subscription and payment for) their respective entitlements to the Rights Shares under the Rights Issue. KBT and WMK currently own 17,794,290 and 15,394,550 shares respectively. KBT has undertaken to subscribe and pay for (or procure subscription and payment for) 8,897,145 Rights Shares under the Rights Issue. WMK has undertaken to subscribe and pay for (or procure subscription and payment for) 7,697,275 Rights Shares under the Rights Issue. KBT and WMK have as of today entered into a sale and purchase of rights agreement with JS pursuant to which KBT shall renounce his right to subscribe for 6,397,145 Rights Shares in favour of JS, and WMK shall renounce his right to subscribe for 5,197,275 Rights Shares in favour of JS. KBT and WMK have also as of today entered into a sale and purchase of rights agreement with Fiveca Holdings Ltd ("Fiveca") pursuant to which KBT and WMK shall each renounce his respective rights to subscribe for 2,500,000 Rights Shares in favour of Fiveca. Fiveca is an investment-holding company incorporated in the British Virgin Islands with a paid-up capital of US$2. Its sole shareholder is T.Y. Wong Pte Ltd (a Singapore company). The two sale and purchase of rights agreements mentioned above are conditional upon, inter alia, the following: - approval in principle from the SGX for the Rights Issue; - the members of the Company authorising at a general meeting the allotment of the Rights Shares under the Rights Issue; - no party to the said agreements being required under the Takeover Code to make a general takeover offer for the shares in the Company as a result of the terms of the agreements. Each of the Substantial Shareholders has undertaken (or, where relevant, to procure the registered holder of his shares) to vote in favour of all resolutions in connection with the Rights Issue as proposed at the EGM to be convened by the Company in due course. Gross Proceeds from the Rights Issue Based on the undertakings for the Rights Shares above, the Company is assured of receiving minimum gross proceeds of approximately S$4.57 million. In the event that the Rights Issue is fully subscribed, the gross proceeds would amount to approximately S$7.27 million (assuming that none of the options granted so far under the Company's employee share option scheme will be exercised in the interim) and S$7.34 million (assuming that all of the options granted so far under the Company's employee share option scheme will be exercised in the interim). Approvals An Extraordinary General Meeting ("EGM") of the Company will be held to approve the Rights Issue on a date to be announced in due course. The terms and conditions of the Rights Issue are subject to the approval of the Company at the EGM to be convened. The Rights Issue is subject to the approval of the SGX for the dealing in, listing of and quotation for the Rights Shares and as such, an application will be made by the Company to the SGX for the dealing in, listing of and quotation for the Rights Shares on the SGX SESDAQ. Submitted by Khoo Boo Tat, Executive Chairman on 14/03/2001 |
| (Post 27 of 114) 03/15/2001.12:08:00 |
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How will the rights announcement affect the price? |
| (Post 28 of 114) 04/08/2001.08:16:45 |
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BBR< L&M and Presscrete are doing similar business. now there is no business. one of them have to close down ??? |
| (Post 29 of 114) 04/23/2001.09:04:03 |
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APPROVAL IN PRINCIPLE FOR THE LISTING AND QUOTATION OF UP TO 73, 379, 640 NEW ORDINARY SHARES OF S$0.10 EACH ("RIGHTS SHARES") ON THE BASIS OF 1 RIGHTS SHARE FOR EVERY 1 ORDINARY SHARE HELD AT A PRICE OF S$0.10 PER RIGHTS SHARE ("THE RIGHTS ISSUE")
Further to the Company's announcement on 14 March 2001, the Company wishes to announce that the Company has received in-principle approval from the Singapore Exchange Securities Trading Limited ("SGX") for the listing and quotation of the Rights Shares under the Rights Issue, subject to the following: (a) shareholders' approval for the Rights Issue to be obtained at a general meeting to be convened in due course; (b) confirmation from their respective financial institutions that Messrs Khoo Boo Tat, Wong Meng Khoon, Tan Choon Keat Tony, See Lop Fu James @ Shi Lap Fu James (collectively, the "Substantial Shareholders") and Fiveca Holdings Ltd ("Fiveca") have sufficient funds to irrevocably fulfill their respective obligations set out under (i) the Substantial Shareholders' Undertakings dated 14 March 2001 and (ii) the Sale and Purchase of Rights Agreements dated 14 March 2001; (c) adequate disclosure in the circular and the abridged prospectus on the Group's performance and financial position for the past 3 financial years, as well as its prospects; (d) justifications by the Company in the circular and the abridged prospectus on the Group's ability to meet its financial obligations as and when they fall due and to continue operating as a going concern, or inclusion in the circular and abridged prospectus of appropriate warnings on its financial position, as the case may be; (e) periodic announcements on any material use of the Rights Issue proceeds; and (f) in the allotment of any excess Rights Shares, preference should be given to the rounding of odd lots, and that the Directors and the Substantial Shareholders should rank last in priority in the allotment of any Rights Shares. In the annoucement dated 14 March 2001, it was stated that the Sale and Purchase of Rights Agreements are conditional upon, inter alia, the following: - approval in principle from the SGX for the Rights Issue; - the members of the Company authorising at a general meeting the allotment of the Rights Shares under the Rights Issue; - no party to the said agreements being required under the Takeover Code to make a general takeover offer for the shares in the Company as a result of the terms of the agreements. The Substantial Shareholders and Fiveca are currently seeking confirmation from the Securities Industry Council that none of them is required to make a general takeover offer for the shares in the Company as a result of the terms of the Sale and Purchase of Rights Agreements. The Company will make the necessary announcement once such confirmation is obtained. The SGX's approval-in-principle is not to be taken as an indication of the merits of the Rights Issue Submitted by Khoo Boo Tat , Executive Chairman on 21/04/2001 |
| (Post 30 of 114) 04/30/2001.17:54:16 |
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ADDITIONAL INFORMATION RELATING TO ANNUAL REPORT 2000
We wish to announce the following additional information relating to the Company's Annual Report for the financial year ended 30 November 2000.(a) Under the Practice Note 9h of the Listing Manual on Share Option Schemes, the information on employees who received 5 per cent or more of the total number of options available under the Scheme is as follows:-
(b) There were no options granted at a discount of 10% or less during the financial year under review. (c) There were no options granted at a discount of more than 10% during the financial year under review, and; (d) The breakdown of direct and deemed interest of each substantial shareholder is as follows:- Direct Interest Deemed Interest No. of Shares % No. of Shares % Khoo Boo Tat 17,794,290 24.47 Nil Nil Wong Meng Khoon * 15,394,550 21.17 Nil Nil See Lop Fu James @Shi Lap Fu James 6,497,400 8.94 Nil Nil Tan Choon Keat Tony * 5,980,400 8.23 Nil Nil * Includes beneficial shareholding registered in the name of nominees Submitted by Khoo Boo Tat, Executive Chairman on 30/04/2001 |
| (Post 31 of 114) 05/09/2001.22:57:36 |
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PROPOSED RENOUNCEABLE RIGHTS ISSUE OF UP TO 73, 339, 640 NEW ORDINARY SHARES OF S$0.10 EACH ("RIGHTS SHARES") ON THE BASIS OF 1 RIGHTS SHARE FOR EVERY 1 ORDINARY SHARE HELD AT A PRICE OF S$0.10 PER RIGHTS SHARE (THE "RIGHTS ISSUE")
Further to the Company's announcement on 21 April 2001 and 14 March 2001, the Company wishes to announce that Khoo Boo Tat, Wong Meng Khoon, See Lop Fu James @ Shi Lap Fu James, Tan Choon Keat Tony (collectively, the "Substantial Shareholders") and Fiveca Holdings Ltd have obtained confirmation from the Securities Industry Council that none of them is required to make a general takeover offer for the shares in the Company following their respective proposed acquisitions of Rights Shares pursuant to (i) the Rights Issue, (ii) the Sale and Purchase of Rights Agreement dated 14 March 2001 between Khoo Boo Tat, Wong Meng Khoon and See Lop Fu James @ Shi Lap Fu James, and (iii) the Sale and Purchase of Rights Agreement dated 14 March 2001 between Khoo Boo Tat, Wong Meng Khoon and Fiveca Holdings Ltd. Submitted by Khoo Boo Tat , Executive Chairman on 9/5/2001 |
| (Post 32 of 114) 05/25/2001.23:47:08 |
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PROPOSED RENOUNCEABLE RIGHTS ISSUE (THE "RIGHTS ISSUE") OF UP TO 73, 339, 640 NEW ORDINARY SHARES OF S$0.10 EACH ("RIGHTS SHARES") IN THE CAPITAL OF PRESSCRETE HOLDINGS LTD (THE "COMPANY") ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY ONE (1) ORDINARY SHARE HELD BY SHAREHOLDERS OF THE COMPANY AS AT THE BOOKS CLOSURE DATE (FRACTIONAL ENTITLEMENTS BEING DISREGARDED) AT A PRICE OF S$0.10 PER RIGHTS SHARE
On 19 May 2001, the Company despatched a Circular to the Shareholders of the Company in relation to the Rights Issue and enclosing therewith the Notice of Extraordinary General Meeting of the Company (the "EGM") for the EGM to be held on 6 June 2001. NOTICE IS HEREBY GIVEN THAT subject to the approval of members of the Company for the Rights Issue and the increase in the authorised share capital of the Company at the said EGM, the Transfer Books and Register of Members of the Company will be closed from 5 p.m. on 12 June 2001 ("Books Closure Date") up to and including 13 June 2001 for the purpose of determining the provisional allotments to members of the Company (other than those whose registered addresses with the Company or with The Central Depository (Pte) Limited ("CDP"), as the case may be, are outside Singapore and who have not, prior to the Books Closure Date, provided to the Company or CDP, as the case may be, addresses in Singapore for the service of notices and documents) (the "Entitled Shareholders") under the Rights Issue. Entitled Shareholders (being Depositors) whose Securities Accounts with CDP are credited with $0.10 Shares as at 5.00 p.m. on the Books Closure Date will be provisionally allotted the Rights Shares on the basis of the number of $0.10 Shares standing to the credit of their Securities Accounts with CDP as at 5.00 p.m. on the Books Closure Date. Entitled Shareholders whose names appear in the Register of Members (i.e. whose $0.10 Shares are not registered in the name of CDP) as at 5.00 p.m. on the Books Closure Date will be provisionally allotted the Rights Shares on the basis of the number of $0.10 Shares held by them as stated in the Register of Members as at 5.00 p.m. on the Books Closure Date. Members who hold physical share certificates for the Existing Shares ("Existing Share Certificates") in their own names and who wish to deposit the Existing Shares with CDP must do so no later than 5.00 p.m. on 5 June 2001, being five (5) Market Days prior to the Books Closure Date in order for their Securities Accounts to be credited with the $0.10 Shares by the Books Closure Date. Members who hold Existing Share Certificates not in their own names and who wish to transfer the Existing Share Certificates to their own names must lodge all duly completed and stamped transfer forms together with the Existing Share Certificates and registration fees with the Company's Share Registrar, Lim Associates (Pte) Ltd, 10 Collyer Quay #19-08 Ocean Building, Singapore 049315, by 5.00 p.m. on the Books Closure Date. Duly completed and stamped transfer forms will be registered to determine Entitled Shareholders' provisional allotments of Rights Shares. Unless otherwise defined, terms used in this announcement shall have the same meanings as defined in the Circular dated 19 May 2001. Submitted by Khoo Boo Tat, Executive Chairman on 25/05/2001 |
| (Post 33 of 114) 06/15/2001.22:40:26 |
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RENOUNCEABLE RIGHTS ISSUE (THE "RIGHTS ISSUE") OF UP TO 73, 339, 640 NEW ORDINARY SHARES OF $0.10 EACH (THE "RIGHTS SHARES") IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF $0.10 FOR EACH RIGHTS SHARE, ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY ONE (1) ORDINARY SHARE OF $0.10 EACH IN THE CAPITAL OF THE COMPANY HELD BY SHAREHOLDERS OF THE COMPANY ("SHAREHOLDERS") AS AT THE BOOKS CLOSURE DATE, FRACTIONAL ENTITLEMENTS BEING DISREGARDED
The Directors of the Company wish to announce that the abridged prospectus dated 13 June 2001 (the "Abridged Prospectus"), together with the Provisional Allotment Letter for Rights Shares ("PAL"), the Application Form for Rights Shares and Excess Rights Shares ("ARE") and the Application Form for Rights Shares ("ARS"), in relation to the Rights Issue have been despatched on 15 June 2001 to all the shareholders of the Company whose registered addresses with the Company or The Central Depository (Pte) Limited ("CDP"), as the case may be, as at 5 p.m. on 12 June 2001 ("Books Closure Date") were in Singapore or who had, prior to the Books Closure Date, provided to the Company or CDP, as the case may be, addresses in Singapore for the service of notices and documents ("Entitled Shareholders"). The above documents have not been and will not be despatched to shareholders of the Company who are not Entitled Shareholders. Acceptances of provisional allotments of Rights Shares and applications for excess Rights Shares can only be made (in the case of Entitled Shareholders whose Shares are registered in their own names) on the PALs and (in the case of Entitled Shareholders whose Shares are registered in the name of CDP) on the AREs issued with the Abridged Prospectus. Entitled Shareholders should note the following important dates and times for the Rights Issue:- Last date and time for Splitting : 25 June 2001 at 4.45 p.m. Last date and time for Acceptance and Payment : 29 June 2001 at 4.45 p.m.(9.30 p.m. for electronic applications) Last date and time for Renunciation and Payment : 29 June 2001 at 4.45 p.m. Last date and time for Excess Application and Payment : 29 June 2001 at 4.45 p.m.(9.30 p.m for electronic applications) Entitled Shareholders who do not receive the above documents by 20 June 2001 should immediately notify the Share Registrar of the Company, Lim Associates (Pte) Ltd or CDP, as the case may be, in writing at their respective addresses as follows:- Lim Associates (Pte) Ltd 10 Collyer Quay #19-08 Ocean Building Singapore 049315 The Central Depository (Pte) Limited 20 Cecil Street #06-03/08 The Exchange Singapore 049705 CORRIGENDUM : Please note that in the ARSs and AREs, references to the Abridged Prospectus dated "15 June 2001" should read as "13 June 2001" instead. Submitted by Khoo Boo Tat, Executive Chairman on 15/06/2001 |
| (Post 34 of 114) 06/25/2001.13:22:28 |
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this company lost millions recently in some venture project. perhaps shareholders should be asking management on this.
anyway, company needs re-capitalisation and hence rights issue in progress. deal by vk to flip it over the LM fell through after LM found out price differential and windfall profit for dealer. so life goes on and hard work must be order of day but this biz in spore is dead! at best, this company must be shell for any interested party to backdoor inject but need to clean up balance sheet first. |
| (Post 35 of 114) 07/05/2001.18:33:57 |
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RENOUNCEABLE RIGHTS ISSUE (THE "RIGHTS ISSUE") OF UP TO 73, 339, 640 NEW ORDINARY SHARES OF $0.10 EACH (THE "RIGHTS SHARES") IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF $0.10 FOR EACH RIGHTS SHARE, ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY ONE (1) ORDINARY SHARE OF $0.10 EACH IN THE CAPITAL OF THE COMPANY HELD BY SHAREHOLDERS OF THE COMPANY ("SHAREHOLDERS") AS AT THE BOOKS CLOSURE DATE, FRACTIONAL ENTITLEMENTS BEING DISREGARDED
The Directors of the Company are pleased to announce that as at the close of the Rights Issue on 29 June 2001, valid acceptances and excess applications for a total of 46,274,640 Rights Shares had been received, representing approximately 63.10 per cent of the maximum number of 73,339,640 Rights Shares offered pursuant to the Rights Issue. The details of the acceptances and excess applications are as follows: (i) 118 valid acceptances of provisional allotments and allocations of a total of 46,081,640 Rights Shares, representing approximately 62.83 per cent of the maximum number of 73,339,640 Rights Shares offered pursuant to the Rights Issue; and (ii) 46 valid applications for a total of 193,000 excess Rights Shares, representing approximately 0.26 per cent of the maximum number of 73,339,640 Rights Shares offered pursuant to the Rights Issue. The balance of 27,065,000 Rights Shares not accepted by the shareholders of the Company or their respective renouncees shall be used to satisfy excess applications for the Rights Shares or otherwise disposed of or dealt with in such manner as the Directors may in their absolute discretion think fit in the interests of the Company. Entitlements which are not taken up or allotted after satisfying excess Rights Shares applications will lapse and become void. Where any applications for excess Rights Shares are unsuccessful or where the number of excess Rights Shares allotted is less than that applied for, the amount paid on applications or the surplus application monies, as the case may be, will be returned to applicants without interest or any share of revenue or other benefit by ordinary post at their own risk (if they had applied to the Company or through The Central Depository (Pte) Limited) or by crediting their respective accounts with the NETS Banks or Participating Banks at their own risk (if they had applied through the Authorised Trading Centres or the Participating Banks), in each case, within 14 days of the close of the Rights Issue on 29 June 2001 in accordance with the terms and conditions of the Abridged Prospectus to shareholders dated 13 June 2001 relating to the Rights Issue (the "Abridged Prospectus"). Unless otherwise defined, terms used in this Announcement shall have the same meanings as defined in the Abridged Prospectus. Submitted by Khoo Boo Tat, Executive Chairman on 5/7/2001 |
| (Post 36 of 114) 08/22/2001.16:30:54 |
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This company has huge debts, look closely at their balance sheet. Maximum 12 months, they will probably wind-up. |
| (Post 37 of 114) 08/22/2001.16:37:32 |
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hi buttercake...dont think so...they recently had a non underwritten cash call  |
| (Post 38 of 114) 11/15/2001.13:12:15 |
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watch out for this counter guys! |
| (Post 39 of 114) 11/15/2001.13:17:47 |
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merging with BBR or chew eu hock ??? |
| (Post 40 of 114) 12/31/2001.09:23:31 |
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PRESSCRETE HOLDINGS LTD
SUSPENSION IN TRADING OF SHARES The Company would like to request for a suspension in trading of the Company's shares on Monday, 31 December 2001 pending an announcement with immediate effect. Submitted by Khoo Boo Tat, Executive Chairman on 31/12/2001 to the SGX |
| (Post 41 of 114) 01/01/2002.22:49:45 |
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well, well....company is placing sub into chapter 11 which will probably be sold off (cheap?) and comapany will have to honor its guarantee of about $7m which it hasn't got. shareholders not willing to do another rights issue after recent cash call and not to mention an embarassing takeover which did not materialise ie buyer backed out last minute...why? why? Maybe he knew more than minorities.
It's a case of not sticking to what u know best and too highly geared in new venture. Good chance, company may be taken over...cheap too esp like now. |
| (Post 42 of 114) 01/02/2002.09:02:37 |
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PRESSCRETE HOLDINGS LTD
ANNOUNCEMENT The Board of Directors (the "Board") of Presscrete Holdings Limited (the "Company") wishes to announce that the Company has today petitioned to the High Court for the appointment of Messrs. Wee Aik Guan and Chaly Mah Chee Kheong of Deloitte and Touche, Certified Public Accountants, as judicial managers for its 56.3% subsidiary Ceramic Technologies Pte Ltd ("CT"). Pending the hearing of the Company's petition, the Company has also applied to the High Court for the appointment of Messrs Wee Aik Guan and Chaly Mah Chee Kheong as interim judicial managers of CT. 1. CT's Business CT offers waste soil treatment services and undertakes the recycling of waste soil (in particular marine clay) into building products such as bricks. It operates a marine clay recycling plant at Tuas Crescent. CT commenced commercial operations in December 2000. CT is part of the environmental engineering division of the Company. Although the Company is optimistic of CT's business prospects in the long term, the investment in the construction of the plant, machinery and research and development have exacted a heavy financial burden on the Company and its other subsidiaries (the "Group"). To-date, capital investment in building and plant and machinery in CT total approximately S$35.0 million. The Group has also advanced S$12.8 million to CT. This amount includes the sums of S$1.7 million from the proceeds of the private placement of new shares by the Company in August 2000 and S$2.8 million from the proceeds of a rights issue by the Company in June 2001. With the capital investments, the Company had anticipated that the CT plant would be able to generate sufficient revenues to cover a substantial part of its operating costs in the near term. However, notwithstanding the capital investments, CT has only been able to increase production capacity to the current 20% utilisation rate owing to technical issues. Further capital investment will be needed to modify the CT plant to achieve optimum production capacity. In view of the severe slowdown in the local economy, it is not possible for the Group to continue to finance the investment and operational needs of CT. Consequently, the Board considered that it would be in the best interests of the Company's shareholders that CT be placed under judicial management. This will enable CT to either source for additional capital to complete the modification of its plant or to realise its assets at more favourable values than if it is put into liquidation. At the same time, it is necessary for the Company to preserve and protect the Group's core businesses of providing structural engineering services, ground engineering services, special construction services (the "Engineering Services") and adventure training systems (the "Adventure Systems") (collectively the "Core Businesses"). 2. CT's Liabilities As at 30 November 2001, CT has liabilities to banks and other creditors totaling S$32.2 million made up as follows: (a) bank loans of S$3.8 million secured by a mortgage over the CT factory at Tuas Crescent and which includes a S$0.80 million overdraft facility secured by a corporate guarantee of the Company; (b) a sum of US$7.1 million (S$13.0 million) owing to an equipment supplier that is secured by a corporate guarantee of the Company; (c) a sum of S$12.8 million being the aggregate amount of advances made by the Group (the "Group Advances"); and (d) S$2.6 million owing to sundry and trade creditors. In addition to the foregoing, there are other liabilities totaling S$5.2 million that are disputed by CT. This amount comprise sums due to other creditors, directors and companies related to a minority shareholder-cum-director of CT. This minority shareholder-cum-director of CT is unrelated to any directors or substantial shareholders of the Company. The decision of the Company to cease funding CT will result in CT defaulting on payments of US$0.3 million (S$0.5 million) due to an equipment supplier and S$0.1 million due to a bank at the end of December 2001. 3. Financial Effects on the Group The Company's contingent liabilities to CT's debts totaled S$13.8 million in respect of the corporate guarantees given by the Company details of which are set out under paragraphs 2 (a) and (b) above (the "CT Guarantees"). On the assumption that CT is unable to secure further capital investment and that its business and assets have to be sold, the Company estimates that a sale of the CT's assets will yield approximately S$14.0 million. The proceeds from the sale attributable to the Company of approximately S$6.5 million will go towards reducing the Company's contingent liabilities under the CT Guarantees to approximately S$7.3 million. At the Company and individual subsidiary levels, provisions will also need to be made in respect of Group Advances and the Company's investment in CT. These provisions will have a material adverse effect on the Company's net assets. The Company is therefore taking steps to increase the capital base of the Company. At the same time, the Company is in discussions with the Group's bankers, suppliers and customers to seek their support for the Core Businesses that continue to be viable. The Company will promptly inform its shareholders and the SGX as and when there are further developments. By Order of the Board Submitted by Khoo Boo Tat, Executive Chairman on 31/12/2001 to the SGX |
| (Post 43 of 114) 01/02/2002.18:10:32 |
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PRESSCRETE HOLDINGS LTD
ANNOUNCEMENT Further to the announcement dated 31 December 2001, Presscrete Holdings Limited (the "Company") would like to announce that the High Court has today approved the appointment of Messrs Wee Aik Guan and Chaly Mah Chee Kheong of Deloitte and Touche, Certified Public Accountants as the interim judicial managers of the Company's 56.3% subsidiary Ceramic Technologies Pte Ltd ("CT"). In addition, the Company would like to provide the following information on the Company and its subsidiaries (the "Group") on the impact of CT on the Group. 1. Provisions in connection with CT At the Company level, the Company will need to make the following provisions in its accounts in connection with CT: (a) the Company's investment in CT's share capital: S$5.6 million (b) advances made to CT (the "Advances"): S$12.6 million (c) contingent liabilities in respect of CT guarantees: S$13.8 million Total S$32.0 million These provisions will reduce the Company's net assets and working capital by S$32 million and S$26.4 million respectively. At the Group level, the provisions set out above do not have an impact on the Group's accounts as the liabilities in paragraphs 1(b) and (c) above have been incorporated in CT's accounts. 2. Financial Effect On Group's Net Assets and Working Capital At CT level, provisions will have to be made to write down its assets to their estimated net realisable values. These provisions together with the operational loss of CT for the financial year ended 30 November 2001 will result in a loss attributable to the Group of approximately S$30 million. This will reduce the net assets and working capital of the Group by the same amount. This amount will have the effect of reducing the net asset backing per share of the Group by 25.24 cents (computed on the basis of the Company's existing share capital of 118,980,280 ordinary shares) and also have the effect of reducing the earnings per share of the Group by 32.65 cents (computed on the weighted average share capital of 91,986,740 shares). 3. Proceeds from Sale of CT Assets The Company estimates that a sale of CT's assets will yield approximately S$14 million based on the Company's estimate of realizable values assuming a liquidation of CT. The proceeds will be applied to repay firstly, the secured creditors and thereafter, the unsecured creditors in accordance with the realizable proportions. Accordingly, the Company estimates that it will recover approximately S$6.5 million of the Advances. On the basis that all amounts payable to the Company shall be used towards settling the Company's contingent liabilities under the CT guarantees, the Company's contingent liabilities in this regard will be reduced to approximately S$7.3 million. 4. Going Concern To-date, the Group's bankers (excluding CT) have not demanded repayment of the Group's existing loans at short notice. On this basis, the Group (excluding CT) has sufficient working capital for its current needs. On the assumption that the Group (excluding CT) is able to secure the continued support of its bankers, the Company's contingent liabilities under the CT guarantees can be successfully restructured and that the Company is able to increase its capital base, the Directors of the Company is of the opinion that the Group (excluding CT) can continue as a going concern. 5. Disclosure of Information On the basis of the information provided above and in the announcement of 31 December 2001, the Directors of the Company are of the view that sufficient information has been disseminated to the market to allow for the orderly trading in the Company's shares. By Order of the Board Submitted by Khoo Boo Tat, Executive Chairman on 02/01/2002 to the SGX |
| (Post 44 of 114) 01/02/2002.21:10:17 |
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well...well... just read the first announcement from company re: its sub and today's announcement on same and it does not take a genius to see the difference. The impact on company can and maybe a lot worse, so much so that the company as a going concern is now in doubt.
Read on...company says: "On the assumption: (1) that the Group (excluding CT) is able to secure the continued support of its bankers, (2)the Company's contingent liabilities under the CT guarantees can be successfully restructured and (3)that the Company is able to increase its capital base, the Directors of the Company is of the opinion that the Group (excluding CT) can continue as a going concern" As I read it, the above imply that assuming ALL 3 can be achieved (and this can be a TALL ORDER), then the directors think the company can continue to operate. BUT if any one of the 3 assumptions are NOT met, then company goes under! Also the contingent liability has now ballooned to $32m and NOT the lower figure as in first announcement. Directors and company has duty to FULLY disclose extent of problems and achievements alike. Let's see how things unfold here......... |
| (Post 45 of 114) 01/03/2002.09:55:45 |
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Reproduced with permission from Phillip Sec
03 Jan 02 Presscrete - More information to be issued by the company Construction company Presscrete Holdings Ltd. requested for a further suspension in the trading of its shares, pending more information to be issued by the company. Presscrete shares were suspended Monday, prior to an announcement that its unit, Ceramic Technologies, has liabilities totalling S$32.2 million and would be placed under judicial management. They last traded at 5 Singapore cents a share. |
| (Post 46 of 114) 01/05/2002.20:56:36 |
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another sad story unfolds here..........
proceeds from recent rights issue all spent except for 400+K but now company ladden with guarantees to subsidiary CT under liquidation of up to 13million!! looks like parent company may go down with sub. Needs an urgent cash injection....another rights? or more likely a new white knight to take over company. |
| (Post 47 of 114) 01/07/2002.09:04:53 |
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PRESSCRETE HOLDINGS LTD
UTILISATION OF PROCEEDS FROM THE RENOUNCEABLE RIGHTS ISSUE (THE "RIGHTS ISSUE") OF UP TO 73, 339, 640 NEW ORDINARY SHARES OF $0.10 EACH (THE "RIGHTS SHARES") IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF $0.10 FOR EACH RIGHTS SHARE, ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY ONE (1) ORDINARY SHARE OF $0.10 EACH IN THE CAPITAL OF THE COMPANY HELD BY SHAREHOLDERS OF THE COMPANY ('SHAREHOLDERS") AS AT THE BOOKS CLOSURE DATE, FRACTIONAL ENTITLEMENTS BEING DISREGARDED In accordance to your in-principle approval letter dated 20 April 2001 for the listing and quotation of the Rights Issue on the Official List of SGX Sesdaq under the above mention Rights Issue, the Company wishes to inform you that utilisation of the net proceeds from the Rights Issue were utilised as follows:- (a) The Company have utilised S$0.6 million for partial repayment of the current portion of the secured term loan facilities extended to the Company's subsidiary Ceramic Technologies Pte Ltd ("CT") by a financial institution. (b) The Company have utilised S$0.89 million for payment of machinery and equipment acquired by CT. (c) The Company have utilised S$2.32 million towards the Group's working capital purposes. To -date, there is a balance of proceeds amounting to S$0.47 million. The proceed of the Rights Issue have been utilised in accordance with the purpose of the Rights Issue set out in the Company's earlier announcement on 14 March 2001 and 21 April 2001. Submitted by Khoo Boo Tat, Executive Chairman on 05/01/2002 to the SGX |
| (Post 48 of 114) 01/11/2002.09:36:40 |
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PRESSCRETE HOLDINGS LTD
Appointment of Company Secretary The Directors of Presscrete Holdings Ltd wish to announce the appointment of Mr. Abdul Aziz Bin Abdul Rashid as the Company Secretary with effect from 9 January 2002. Forthwith upon the aforesaid appointment, the secretaries of Presscrete Holdings Ltd are Mr. Abdul Aziz Bin Abdul Rashid and Ms. Chong Yea Ling. Submitted by Khoo Boo Tat, Executive Chairman on 10/01/2002 to the SGX |
| (Post 49 of 114) 01/19/2002.20:10:32 |
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any more news on subsidiary's problems CT or even that of parent company since appointment of consultant...shareholders need to know............. |
| (Post 50 of 114) 01/26/2002.10:50:13 |
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PRESSCRETE HOLDINGS LTD
ANNOUNCEMENT Further to the announcements made on 31 December 2001 and 2 January 2002, Presscrete Holdings Ltd (the "Company") would like to announce that the High Court has today approved the Company's petition to place its 56.3% subsidiary Ceramic Technologies Pte Ltd ("CT") under judicial management and that Messrs Wee Aik Guan and Chaly Mah Chee Kheong, of Deloitte & Touche, Certified Public Accountants are appointed judicial managers of CT. By Order of the Board Submitted by Abdul Aziz Bin Abdul Rashid, Company Secretary on 25/01/2002 to the SGX |
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