Post by oldman on Mar 3, 2014 8:38:45 GMT 7
Even though the share price is down 61% at 0.9cts, it is still higher than its stated NAV of 0.6cts, which consists mainly of cash of $1.1 mil and a 20.2% stake in the US company Multimedia Commerce Group which it valued at $4.6 mil. When a company delists, one expect the share price to reflect a significant discount to its NAV.
I remembered that when it first listed, a fellow fundamental investor tried to interest me by sharing pointers on why it should be valued at $3! To me, there is no unique business model on the internet. Whatever model can be copied easily and at the end of the day, it boils down to the strength and business acumen of the management. But, this is very hard to judge. I rather own or control an internet company than to invest in one.
Pity all those who bought into the story.
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NOTIFICATION OF DELISTING
The Board of Directors of the Gems TV Holdings Limited (the “Company”) refers to the Company’s
announcement previously released on 23 January 2014 and 28 February 2014 (collectively, the “Previous
Announcements”). Unless otherwise defined, all capitalised terms used in this announcement herein shall
bear the same meanings ascribed to them in the Previous Announcements.
The Company wishes to inform shareholders that it had, on 28 February 2014, received from
SGX-ST a notification of delisting (the “Notification”) as the Company had not met SGX-ST’s
requirements in relation to the Further Extension.
Pursuant to Rule 1306 of the Listing Manual, the Company or its controlling shareholder(s) must
comply with Rule 1309 of the Listing Manual which requires the Company or its controlling
shareholder(s) to provide a reasonable exit offer to shareholders. In the Notification, the SGX-ST
requested that the Company inform the SGX-ST of its exit offer proposal as soon as practicable
and no later than one month from 28 February 2014. SGX-ST will grant the Company an
extension of time for the Company or its controlling shareholder(s) to make a reasonable exit
offer to shareholders.
Trading in the Company’s securities will continue until 5 p.m. on 27 March 2014 and the trading
will remain suspended from 28 March 2014 until completion of the exit offer.
The Company will keep shareholders informed of any developments in this regard and will make
such further announcements as and when appropriate.
The Company would like to reiterate that investors and shareholders of the Company
should exercise caution when trading in our shares, and if in doubt, they should consult
their financial or other professional advisor(s).
By Order of the Board
Gems TV Holdings Limited
I remembered that when it first listed, a fellow fundamental investor tried to interest me by sharing pointers on why it should be valued at $3! To me, there is no unique business model on the internet. Whatever model can be copied easily and at the end of the day, it boils down to the strength and business acumen of the management. But, this is very hard to judge. I rather own or control an internet company than to invest in one.
Pity all those who bought into the story.
--------------
NOTIFICATION OF DELISTING
The Board of Directors of the Gems TV Holdings Limited (the “Company”) refers to the Company’s
announcement previously released on 23 January 2014 and 28 February 2014 (collectively, the “Previous
Announcements”). Unless otherwise defined, all capitalised terms used in this announcement herein shall
bear the same meanings ascribed to them in the Previous Announcements.
The Company wishes to inform shareholders that it had, on 28 February 2014, received from
SGX-ST a notification of delisting (the “Notification”) as the Company had not met SGX-ST’s
requirements in relation to the Further Extension.
Pursuant to Rule 1306 of the Listing Manual, the Company or its controlling shareholder(s) must
comply with Rule 1309 of the Listing Manual which requires the Company or its controlling
shareholder(s) to provide a reasonable exit offer to shareholders. In the Notification, the SGX-ST
requested that the Company inform the SGX-ST of its exit offer proposal as soon as practicable
and no later than one month from 28 February 2014. SGX-ST will grant the Company an
extension of time for the Company or its controlling shareholder(s) to make a reasonable exit
offer to shareholders.
Trading in the Company’s securities will continue until 5 p.m. on 27 March 2014 and the trading
will remain suspended from 28 March 2014 until completion of the exit offer.
The Company will keep shareholders informed of any developments in this regard and will make
such further announcements as and when appropriate.
The Company would like to reiterate that investors and shareholders of the Company
should exercise caution when trading in our shares, and if in doubt, they should consult
their financial or other professional advisor(s).
By Order of the Board
Gems TV Holdings Limited
